Serious money saving ideas

Even if the market is starting to recover, the economy continues to challenge and threaten the lifestyle we all enjoy. We have compiled some serious and often overlooked ways to save you significant dollars that may enable you to weather this economic storm:

Low rates provide homeowners with an ideal opportunity to save thousands! Variable Rate mortgage at 2.85%, 5 year fixed mortgage at 3.54%

• Do you have debts you want to consolidate into a mortgage?
• Are you locked into a mortgage with high rates (4.75% or more)?
• Is your mortgage coming due in the next 120 days?

If so, you should be talking to us today about how to save significant money over the next few years. Now is the time for action!!

The current economic difficulties have presented us with historically low interest rates, the question is when to pull the trigger and lock in on fixed rates.

Both variable and fixed rates look good right now. Nevertheless, if you are comfortable with a little risk, we suggest variable rates at the moment. As we have recommended throughout the year (and saved clients several thousand dollars in the process), it still makes sense to set up a variable rate mortgage – as long as you ensure you can convert to fixed rates at the BEST BROKER RATE. We can help you do that.

Simply contact us with basic details of your situation and we will craft your ideal solution:

All rates subject to change and standard credit approval. Call us for details.

Simply call us to discuss:

• If it makes sense to refinance your particular mortgage
• Potential savings. We will calculate your savings and recommend how best to structure it.
• Options:
• Consolidate debit.
• Fix a lower rate
• New home purchase

CONSOLIDATE DEBT
Typical savings. This sample illustration shows the significant savings and improved cash flow that can be achieved:

Don't miss out. Call us today.

Refinance your mortagage

With interest rates at historic lows this is an ideal time to consider refinancing your mortgage. 

At TriDelta we make it really simple.

All we require from you is some basic information about your mortgage and we will crunch the numbers to demonstrate your savings, which are often significant in this environment.

All we need from you is the following:

• Outstanding balance and maturity of your mortgage
• Type of mortgage; fixed (term?), variable etc
• The penalty your bank (mortgage provider) is charging

We will prepare a detailed analysis to determine whether it makes sense to refinance to get a lower rate and if so exactly how much you will save.

TriDelta can help you to see your break even point so that you know at what point any decision will start to pay off for you.

Speaking of penalties, what does it cost to get out of your existing mortgage?  Generally you can expect to pay the greater of either, a) three months interest, or b) the interest rate differential.

Three months interest is just that, but the interest rate differential looks at your current mortgage interest rate versus prevailing rates. Given the large rate declines this year the spread between these rates is typically high and as a result so too is your penalty.

The 'interest rate differential' calculation is the equivalent of what the lenders will lose by releasing you from your mortgage obligations and lending the money at current rates.

A great trick to make these penalties lower is to “pay down” your mortgage just before the penalty is calculated. If you can make even a temporary payment, the penalty will be lower.

If you're close to the end of your mortgage term, these penalties are typically less. If however you're in the early stage of your mortgage term the penalty is typically higher.

Do not be put off by what looks like a big penalty, it is only one factor and by locking in a historic low rate can still save you thousands. These penalties can also be rolled into a new mortgage so that you don't have to 'come up with the cash' to pay up front.

Call Claire Corrie to calculate your savings at 905 845 4045.         

AVOID ALL PENALTIES
If your mortgage is due within 120 days, you definitely want to do a rate hold. We can help you guarantee today's great rates – and even better – if the rate goes lower from here, you can benefit with the lower rate. No risk, just rewards.

Call us today if your mortgage is coming due before the end of September (4 months).

Money saving websites

In today's economy, many Canadians are “tightening their belts” and looking for ways to reduce household expenses. For any consumer willing to add an extra step to their checkout, we've reviewed a handful of “money saving” websites:

www.redflagdeals.com

Redflagdeals.com searches online stores and store flyers for the best prices, free stuff, and free Canadian coupons. This online community allows you to share deals both for online and offline purchases. Since coupon codes and online deals can be hit and miss, they have a scoring system which measures which deals are the most popular (based on clicks and use) and place these on the front of the site.

www.SmartCanucks.ca

A blog that offers a daily look at the best offers in retail Canada. Items range from grocery and department store coupons to discounts on restaurants and travel. They host a special database of coupons and online codes for getting retail discounts, and post links to Canadian retailers' websites where you can find online deals and weekly flyers. Their forum is also a great resource for advice and money savings tips. For those who frequent Shoppers Drug Mart, an Optimum Points, Coupons & Savings calculator can be found as an excel spreadsheet.

www.save.ca

Save.ca allows you to browse their grocery and drugstore coupons online. You select the coupons you are interested in and they mail you the official paper coupons through Canada Post the next business day. This is a free service. Coupons have been provided by their retail clients so there's little chance of problems redeeming them (due to fraud some stores won't accept online coupons printed from home).

www.hotwire.ca

Through partnerships with leading travel companies, Hotwire offers low prices on airline tickets, hotel reservations, car rentals, vacation packages and cruises. Their partners allow them access to unsold inventory – empty seats on flights, empty hotel rooms, and unrented cars – at big savings.

Other money savings sites that you may want to check out include:

www.bargainist.com – a popular blog devoted to finding online deals, steals and discounts.

www.frugalshopper.ca – tips, coupons, flyers, reward programs and more.

www.retailmenot.com/coupons/canada - before you buy an item online, check here to see if there's a code you can use for a discount.

Are you paying too much for insurance?

We often ask the question: “What type of insurance do you have?”. Far too often the answer is: “I don't really know”.

The reality is that many Canadians are paying for insurance, but it may not be the right kind or amount of insurance for their needs.

Many people simply do not need insurance -  although many others remain underinsured and carry the burden of risk should something unforeseen happen. This unpredictability is the very reason we buy insurance and 'transfer' the uncertainty to the insurance company.

Insurance protects you and your family in ways most of us simply cannot afford to provide. It is designed to provide that financial peace of mind we all strive for in an affordable way. Quite simply, it's a contract that facilitates the transfer of your risk.

We urge you to have TriDelta Financial review your situation and although every situation is unique, experience has demonstrated;

• Significant cost savings, which can be from better products having been introduced since you purchased your policy/ies.
• Combining policies to save on duplicate admin fees.
• Cancelling policies that no longer fit your need e.g. children grown up.
• Replacing inefficient mortgage insurance with an individually owned 'term' policy.
• Understanding solutions such as Critical Illness insurance which is a relatively new area of insurance.

We encourage you to take a few moments to connect with us and we will plan a no obligation review. We will also answer all your questions:

• How much insurance do I need?
• Do I have enough protection?
• Do the policies I have correlate with my risk exposure?
• Are the policies and time frame matched to my life stage?

Please give me a call, and we would be pleased to set up a discussion.