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

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”