Below is a link to a fantastic site for helping people to understand RESPs, the CLB, and the CESG. When you click on the link, it will take you to my profile page - from there you can explore the rest of the site.
Registered Education Savings Plans - Kuldip Sharma
Enjoy!
Monday 20 February 2012
Friday 3 February 2012
How to Pay Down Your Mortgage - Part 2
Welcome back for part two of CIBC's tips to paying down your mortgage faster:
3. You use your pre-payment privilege to make a lump sum payment. A lump-sum payment is applied directly to your outstanding principal if there is no outstanding interest owing. This saves you money over the course of your mortgage.
For example, if you made a $1,000 lump-sum payment, you could save almost $28,350 in interest over the entire amortization period of your mortgage. This would allow you to own your home about four years sooner.
4. You can pay as much as possible at renewal.
For example, if you chose 5-year, fixed-rate terms, and made a $10,000 lump-sum payment every time your mortgage came up for renewal, you would save about $37,481 in interest over the entire amortization period of your mortgage, allowing you to own your home about 6 years sooner.
Source: CIBC Website
3. You use your pre-payment privilege to make a lump sum payment. A lump-sum payment is applied directly to your outstanding principal if there is no outstanding interest owing. This saves you money over the course of your mortgage.
For example, if you made a $1,000 lump-sum payment, you could save almost $28,350 in interest over the entire amortization period of your mortgage. This would allow you to own your home about four years sooner.
4. You can pay as much as possible at renewal.
For example, if you chose 5-year, fixed-rate terms, and made a $10,000 lump-sum payment every time your mortgage came up for renewal, you would save about $37,481 in interest over the entire amortization period of your mortgage, allowing you to own your home about 6 years sooner.
Source: CIBC Website
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