Page 30 - Sports Energy News, Cornwall, Issue No 141
P. 30

30                 Issue 141 October 2024                                                         www.sportsenergynews.com





         Neighbourly
         Neighbourly Advice From Our Local Professionals
                                                                 om Our
                                         Advice Fr
                                                                                                            ofessionals
                                                                                      Local Pr
                                                                      homeowners may be asking themselves a  often make it up on the back end, adding
                            By Brian Johnston
                            Mortgage Specialist                       critical question: Should they break their  that the cost to the borrower could be
                                                                      current mortgage and pay the prepayment  significant.
                             Is breaking your mortgage for a lower    penalty to secure a lower rate? While the   Understanding  Mortgage Prepayment
                             rate worth the prepayment penalty?       allure  of a lower rate  is tempting,  Matt   Penalties
                                                                      Imhoff, founder of  Vancouver-based
                             As interest  rates  continue  to  drop,   Meticulous Mortgages, cautions that the   For  most  fixed-rate  mortgages,  the
                             borrowers might wonder if  they  should                                             penalty for breaking the loan before the
                                                                      way prepayment penalties are structured
                             renegotiate  their  fixed-rate  mortgage.   could catch borrowers off guard. If you   term ends is calculated using one of two
                             But  at  what  cost?  With  both  fixed  and                                        methods: either three months of interest
                                                                      tend to chase the lowest rates, lenders
                             variable mortgage rates dropping rapidly,                                                             Continued on page 31


                             By Michael VanderMeer                    (OREA        and     CREA).       These various charities, such as Realtors
                             Real Estate Agent                        boards are run  by realtors and  Care supported by realtors across
                                                                      provide  different  services  to  your  Ontario, which help communities
                             REALTORS - WE DO MORE                    local realtors, plus we lobby the  both locally, provincially, and right
                             THAN YOU THINK                           government on your behalf for  across the country. When you use a
                             Your local realtors are members          various things that may affect your  realtor, you are not only protecting
                             of provincial and federal boards         home ownership, such as taxes  your property rights, but you are also
                                                                      and property rights. There are also  helping to support various charities.




                            Max Ming P.Eng. CFP   ®                   has so far provided relatively pleasing  the turbulence. Let’s take a step back
                            Financial Planner                         equity  and  fixed  income  returns  for  for a second. Some readers may know
                                                                      many investors, it’s important to pause  the term but are thinking, “What is
                             This month we thought it would
                             be  a timely  reminder  of one of the    and remember that markets don’t go up  Rebalancing?”
                             most important  aspects of a proper      uninterrupted forever.                     When  we create  an investment  plan,
                             investment  plan  – rebalancing.  Over   The next market  decline  will arrive  we recommend  an  appropriate  mix
                             the years, keeping a disciplined process   again, an unavoidable  (yet necessary)  of  assets,  which  align  with  your  risk
                             to investment management is important    part of investing. Of course, the timing  tolerance and time horizon, that we feel
                             to minimize the impact of human          of that may seem  important  on the  will help take you towards your long-
       emotions – namely fear and greed.  When markets are on         surface, but of far more importance  term objectives. What happens is that
       the rise, investors become greedy and make decisions that      is how investors react  and behave  as some assets do better than others in
       expose themselves to unnecessary risks. Having a disciplined   during  market  declines.  Disciplined  certain years, over time the portfolio
       process can remove a lot of those risks, but you may be asking   rebalancing is one of the key investment  starts to look a lot different than what
       why are we talking about this right now? Given that 2024       principles  to remain  invested through
                                                                                                                                   Continued on page 36

                                                    With our 2024 “Just Homes Listing Program”, Homeowners will never pay more than

                                                     3 3/4%+ HST commission which includes                     full weekly local newspaper


           Owned and Operated by M. Jean Cameron Real Estate Limited  advertising until sold, internet promotion and even an open house program when needed.
            Serving the Community since 1959
                    613-933-3283                         The savings may not stop here. When we sell your home directly to a buyer
                  check us out on the web at:         without another real estate brokerage involved in the sale, we further reduce our
                      www.soldsmart.ca
                     sandy@homesnet.ca                                             commission to only 2% + HST
           “Not intented to solicit properties already listed for sale”
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