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Mortgage News 2022

How to recession-proof your mortgage

6/26/2022

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The economy is forecast to take a turn for the worse in the next few years, with a recession expected to hit Canada in 2022 or early 2023.

While this may seem like bad news for homeowners, there are actually some things you can do to protect yourself from the potential effects of an economic downturn.

One of the most effective ways to recession-proof your mortgage is by making sure you have a large enough buffer built up in your savings account. This will help you make your mortgage payments even if you experience a drop in income or lose your job altogether.

It's also critical to have a solid plan for how you'll manage your debt if the economy takes a turn for the worse.

If you're carrying a lot of debt, now is the time to pay it down or look to debt consolidation to help you gain more cash flow, which will be necessary during a recession.

And finally, make sure you have a thorough understanding of your mortgage terms and conditions. This will help you know what to expect if interest rates start to rise or your property value declines.
You shouldn't just sign off on your mortgage renewal as the renewal rates will probably be higher than your current rate. It is wise to explore your options before committing to another term.
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By following these tips, you can help protect yourself from the potential impacts of an economic downturn and keep your finances on track.

We would be happy to review your mortgage and help you customize a recession-proof solution. Please feel free to call or write. Call 647-773-4849 or email colucci.s@mortgagecentre.com 

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    By: Sarah Colucci

    Senior Mortgage Agent, Lic. M14000929

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?