As we enter the New Year, there are a few things that we should all think about as homeowners.

1 – Replace your furnace air filter – if you read over the instructions for your furnace you will know that you are supposed to either clean or replace your furnace filter. We are three months into the heating season so a replacement now will last you until spring.

2 – Put a copy of your last pay stub for last year with your house papers & keep an eye out for your annual mortgage statement – put this statement in with your house papers along with your last pay stub.

3 – Check all your credit card balances before they are due – as the holiday season has just ended , you may have spent more money than you have in your bank account. If there’s a shortfall between what you can pay and what you owe you will now be stuck with a credit card balance with an interest rate of 19-25%.
There’s a solution. If you have enough equity in your home, you can apply through your mortgage broker for a home equity line of credit (HELOC). This is a readvanceable account and should have an interest rate of closer to 4% . Remember you still owe this money but it’s a lot easier to pay off a balance when the interest compounds at 4% rather than 25%.
Contact your favourite DLC mortgage broker and ask them if you qualify for this money saving option. The first thing that your broker will ask you is for a mortgage statement and your last pay stub from last year which you will have easily at hand. Now there are just a few more steps and you are on the way to getting your holiday debts into a manageable situation . Dominion Lending Centres providing solutions to Canadians.