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Pian your mortgage wisely

FOR THE past few years most
homeowners with mortgages have
been lulled by the comfort of rela-
tively stable interest rates.

By FRED DUCK, CA
Contributing Writer

But now, as economic forecasts
call for higher inflation and up-
ward pressure on interest rates,
many are eager to plan the best
defence when it comes time to
renew their mortgage.

Among the most successful will
be those who know that the best
strategy for dealing with rising in-
terest rates involves more than one
defensive move.

Part of a sensible game plan for
the near future will be locking into
a five-year term for your mor-
tgage. It provides a hedge against
inflation and, into the bargain,
eliminates annual administrative
fees associated with renewing
one-year term mortgages.

Locking into a five-year mor-
tgage could be a particularly im-
portant strategic move for first-
time buyers who are not yet sure of
all the operating expenses related
to their home. By fixing the largest
payment, the mortgage, for five
years, the new homeowner can
then budget accordingly.

Keep in mind, too, that in to-
day’s market most mortgages are
portable, so locking into a long-
term agreement won’t necessarily
restrict your mobility. In most
cases, you should be able to carry
your mortgage with you if you sell
your home, or you can have the
buyer assume it.

If your current mortgage is not
yet due, but you don't want to
gamble on what interest rates will
be when it’s time to renew, you
might consider exercising an early
renewal option as part of your
defence.

By doing so, you will fix your

Decorate safely

BE SURE to follow these safety
guidelines when decorating your
home interior with Christmas
lights.

© Use lighting designed for indoor
use.

© Before using any lights or electric
decoration, check all wiring,
sockets and plugs for fraying,
cracks or Icose connections. If at
all in doubt, replace the old sets.

© Be sure to check that bulb reflec-
tors have insulation, consisting of
either plastic or another non-
metallic material, placed between
the lamp and the metal part of the
reflector.

* Do not plug lights into a circuit
already burdened with lamps and
appliances.

© If a normal circuit cannot take
several sets of tree lights, do not
replace the fuse with one of a
higher amperage.

© Never leave a bulb socket empty
for small fingers to explore.

© Always disconnect Christmas
lights when your family is asleep or
away from home.

© Do not coil or bunch an exten-
sion cord as it may cause
overheating. Extension cords
should not be walked on or run
under a rug. Place extension cords
sO aS not to present a tripping
hazard,

* Do not allow a cord to become
trapped under appliances or heavy
furniture which might result in
crushing of the cord.

Give something you'd like to get.

son WALKMAN,

“eaag asset,
Like

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mortgage for another term at cur-
rent rates. Be prepared to pay a fee
for this service, however.

As a homeowner, you cannot
control the going interest rates.
But you can control the total in-
terest you pay by paying down
your mortgage as quickly as possi-
ble.

For example, by making weekly
mortgage payments you can reduce
the amount of principal owing
more quickly than through mon-
thly installments. Also, most in-
stitutions allow mortgage holders
to pay down 10 per cent of the
original principal once a_ year.
Homeowners with cash can make a
significant dent in their debt by
taking advantage of such oppor-
tunities.

See it all at

19 - Friday, December 16, 1988 — North Shore News

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