April 5, 2008, 6:36 am

Financial Ramblings

by: The Financial Blogger    Category: Financial Rambling
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April will be a huge month in term of planning and working. First, this is my first month where I am all alone at work. I took over my client portfolio at mid March but I was still in training. I took the last two weeks to do some clean up and now I am ready to make a real start. On the other side, I will not have MBA class this month. You obviously figured that this mean more work from the students!

In fact, I plan to do all my assignments during this month in order to be ready for the final exams in May.

On top of that, I will have to prepare for my Financial Planner license. I registered for the pre-exam class and it’s starting on April. The final exam is late in June so it gives me enough time to review all my stuff. Sometimes I wonder if the human brain has a limit! One thing I know is that I didn’t find mine yet!

I will probably be able to save an additional $40 a month in a near future. In fact, the major flaw of the National Bank All-in-one is about to be compensated. Its major flaw was that you could not mix any fixed mortgage with the HELOC and having the line of credit increase when you are making your mortgage payment.

For example, if you had a 200K mortgage and a 50K HELOC; you would end-up paying down your mortgage to $0 and still have only 50K in HELOC unless you go sign new paperwork at the branch. Now, the communication between the two accounts will allow to increase the limit of your line of credit right after each mortgage payment.

I will not be able to convert my HELOC into a 5 years variable rate and keep a part of it as a HELOC for my Smith Manoeuvre. The rate on this mortgage is P-0.25% (which is added to my employee rebate). As I have about 215K in non tax-deductible debt, this makes an economy of a little bit more than $500 the first year, so $41,17 a month. I will not consider this saving into my $1,500 project as I will not change my payment structure. However, this will allow me to pay my mortgage much faster and maybe increase my Smith Manoeuvre payment in the future.

You should always look at your banks’ new mortgage products. You might save a few bucks without making much effort!

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[…] wrote in my previous financial ramblings that I could save another $40 a month on my HELOC since our bank was giving an extra -.25% on a 5 […]