Staying Ahead: Smart Mortgage Moves in Uncertain Times

In an economy filled with unpredictability, especially when job security feels shaky, being financially prepared can bring peace of mind. One of the most proactive steps you can take while still employed is to prepare for the “what-ifs,” and your mortgage should be a key part of that plan.

At Ezyloan & Mortgages, we encourage clients to consider setting aside funds—equivalent to six to twelve months of mortgage payments—as a financial buffer. Placing these savings into a short-term GIC (Guaranteed Investment Certificate) not only protects your home in case of job loss but also earns you interest in the meantime. And if you don’t need to tap into it, you can use the money to make a lump sum payment on your mortgage anniversary, potentially saving thousands in interest.

Tapping Into Home Equity for Breathing Room

If saving a portion of your income isn’t feasible right now, there’s another path to financial readiness: refinancing your mortgage to access your home’s built-up equity.

Refinancing can help you:

• Set aside emergency mortgage payments in advance

• Pay off high-interest debt like credit cards

• Improve monthly cash flow

• Start fresh financially with more manageable payments

  
  

With current interest rates still at historic lows, switching to a lower rate through refinancing might help you save significantly over time—even after factoring in early payout penalties. Plus, with additional funds on hand, you can also consider upgrades to your home, investments, education planning, or even a well-deserved vacation.

Just remember: while refinancing can ease short-term financial pressure, it may extend your mortgage timeline—something to weigh carefully with your mortgage professional.

Pay Down Your Mortgage Faster & Save Thousands

Looking to get ahead on your mortgage? We can show you how simple changes can make a big impact.

✅ Take advantage of prepayment privileges: Many mortgages allow you to put up to 20% toward your principal annually, helping you reduce your overall interest and amortization.

✅ Switch to accelerated bi-weekly payments: Unlike semi-monthly payments (24 per year), accelerated bi-weekly (26 per year) means you make the equivalent of one extra monthly payment every year.

Let’s break that down:

• Monthly mortgage: $581.60 → $6,979.20 annually

• Accelerated bi-weekly: $290.80 × 26 = $7,560.80 annually

• That’s an extra $581.60 paid each year

Over time, this could reduce your mortgage term from 25 to just over 21 years—saving over $12,000 in interest on a $100,000 mortgage.

Let Ezyloan & Mortgages Help You Plan Smart

Whether you’re preparing for life’s uncertainties, seeking better monthly cash flow, or planning to pay off your home faster, our mortgage professionals are here to guide you every step of the way. Let’s sit down, review your financial goals, and build a plan that works for your future—no matter what it holds.