Guide to Improved Family Finances

Submitted by Daniel on Wed, 2006-09-20 01:12.

Garth's Summer Report to Halton Residents (in Acrobat PDF format).

Mortgages

Interest rates have been rising, so should you lock in to a fixed-rate long term home loan?

My advice is to stay short, and stay with a below prime or variable-rate mortgage. You will have lower monthly payments, get rid of your debt faster, and still retain the flexibility to convert your mortgage in the unlikely event rates really jump. Remember that historically, borrowers have always been money ahead by not paying the extra interest required to lock into long-term loans.

This is just one of the tips Garth Turner, MP sent to people in his riding reminding them of the recent tax cuts, and setting out some practical stuff on real estate and retirement savings.

Garth is also a financial guru and Parliament of Canada maintains a long list of his other publications.