Q & A
Read previous answers from Gail:
July 2008
- Our dilemma is whether to put money towards our mortgage to get it paid down, so when we sell we will have more profit after paying off our loan to our parents or should we invest that money in a GIC/mutual fund or savings account and use that towards our next down payment?
- Do we use the purchase price or the mortgage amount?
- Do you recommend self-directed RRSP mortgage so you pay yourself the interest and not the bank?
- Our mortgage is up for renewal in September and we are trying to decide whether to take the money out of the company (and have to pay personal tax on it) to pay off the house, or renew our mortgage with a variable interest rate.
- At the end of the week of using the magic jars I have some money left over. Not much unfortunately, but where then is the best place to put that?
- How do you go about determining reasonable repair allowances especially as the vehicle ages and, where do the inevitable car payments fall within the budget?
- We are currently paying some $5,000 per month for our monthly debt repayments. With the new loan arrangement, the minimum repayment would be some $3,300. We would continue to pay the $5,000 per month to this. Do you think this sounds like a good idea?
- I am wondering if you would suggest refinancing our home to wipe out the line of credit and student loans as well as our vehicle lease.
- I'm just wondering if there's a (monetary) threshold at which I should consider moving from using the investing services at a bank to using a financial advisor who will tailor a plan to my specific situation.
- You say that we should pay the minimum on all credit cards and focus on paying off the largest one. When that is done, move to the next largest. Should we be focusing on the largest AMOUNT or the largest INTEREST RATE?
