Don’t be House Rich and Cash Poor. You may not have heard this term or realizing what it actually means, but being house rich but cash poor means housing costs take up most of your income your house takes up 30% or more of household income leaving you with an expensive house but little money for anything else. You may already be in this situation by realizing you are financially burdened by your home. You may already be house rich and cash poor and looking for ways on how to avoid it. There are some alternatives to relieve some of the financial burden.
Home Equity Loan – This could be a good option if you have built up equity in your home.
Create a new budget – It’s a good idea to do an annual financial check up and look at your spending habits and also at your current mortgage rates.
Renewing or refinancing with a mortgage broker with best mortgage rates Ontario – You are not tied to your current lending institution and have the option of changing lenders. You could benefit from refinancing or renewing with another lender, particularly when mortgage rates are down.
Downsizing – This may be an option you may not want to look in to, but you may want to find out all your options before making a decision and downsizing could help to relieve the financial burden.
The Oakville Mortgage team will assist you with solutions, whether you are already house rich and cash poor or if you are a first time homebuyer and want to avoid it. We have great mortgage products, best mortgage rates Ontario and offer experience and knowledge. If you are wanting to purchase a new home, renew or even refinance an existing loan or mortgage. Find out why are mortgage brokers have built their reputations on finding solutions.