Trusted Tips and Resources

Trusted Tips & Resources

Pay Your Mortgage Down Faster With Advice From Trusted Saskatoon Mortgage Brokers

Purchasing your home is one of the biggest and most important decisions that you can make. In the latest Saskatoon Mortgage tip we explain how you can pay your mortgage down faster! 

How You Can Pay Your Mortgage Down Faster 

You found a house. You made an offer, and you got approved for your mortgage.

You locked down a phenomenal mortgage rate and chose a lender with flexible repayment options.

Don't Stop There 

There are LITTLE ways you can make a BIG impact on your mortgage’s overall balance and life (amortization).

If you chose a variable rate mortgage:

  • Assuming you got a fantastic discount, your rate was (and likely still is) significantly lower than a fixed-rate mortgage.
  •  Use this opportunity as a strategy and increase your payments as soon as possible to what they would be equal to a fixed-rate mortgage payment
    • That will mitigate some risk with fluctuating Bank of Canada Prime lending rate changes and avoid seeing a payment shock if rates move up a touch.
    • Increasing your payment slightly will mitigate some long-term risk in the variable vs fixed conversation.
    • Assuming the Prime lending rate stays low, you will be saving significant interest in the first years of the mortgage, mitigating the risk of increases on the back end of the mortgage term.
    • This strategy allows you to see the biggest ‘bang for your buck’ while rates are low.
      • More money every month is going to your principal (vs interest) because rates are already so low
      • Every penny in addition to your regular payment goes directly to your principal balance and pays down the mortgage significantly faster.

Payment Frequency Options:

There are multiple options on how you can make your payment

The TWO options that will save you the most money in interest will be ACCELERATED Biweekly and ACCELERATED Weekly

(the accelerated is the crucial part)

An accelerated bi-weekly mortgage payment is when your monthly mortgage payment is divided by two, and the amount is withdrawn from your bank account every two weeks

(vs a Semi-Monthly payment:  your monthly mortgage payment is divided by two and the amount is withdrawn on the 1st and 15th (twice per month) VS every 2 weeks.

Let’s look at an example:

  • The example below uses an example 5-year insured variable rate discount as of June 22/2021
  • The example below is assuming the Bank of Canada Prime lending rate does not adjust through the entire 5-year term
  • Bank of Canada Prime lending rate is subject to change (up or down)
  • Lender discounts (variable and fixed) are subject to change
  • The information below is for example and illustration purposes only

In June of 2021, you took a 5-year variable rate mortgage at Prime (2.45%) Less 1.10 =1.35%

  • Purchase $400,000
  • Downpayment (5%) $20,000
  • A total mortgage with CMHC premium =$395,200.00
  • Amortization=25 years


MONTHLY required payment (assuming Prime stays at 2.45%)=$1552.15/month 

Balance at maturity making MONTHLY payments=$326,422.03


ACCELERATED BIWEEKLY required payment (assuming Prime stays at 2.45%)=$776.08/every 2 weeks (=approx $1681.50/m when we average it over the year)

Balance at maturity making ACCELERATED BIWEEKLY payments=$318,366.65

(that is a difference of $8055.38 owed in 5 years)

Taking it one step further: 


Increase that minimum required payment (calculated on the low variable rate discount) to a payment equal to a fixed rate (we are using 2.09% in this example)


Balance at maturity =$309,963.24

(that is a difference of $16,458.79 owed in 5 years) 

Prepayment Options:

Every lender has flexible prepayment options (allowing you to make extra payments on the mortgage throughout the year without penalty)

This can be done by increasing regular payments (usually a 10-20% increase per year option depending on the lender) OR by doing lump sum extra payments throughout the year.

Each lender has a different policy relating to this- but the flexibility is there, and we are here to help you navigate those options.

By considering OPTION (3) above – you are using your prepayment options to manipulate your payment and lower the amortization (life) and interest paid on the mortgage.

  • HRun some example amortization schedules for you so that you can see the different options and balances owed at maturity depending on your affordability
  • Move in, get your feet wet with the new bills for the first 3-6 months.
  • Then do a review on if you can afford to do even a touch more than your required payment
  • Every little bit counts!
  • Need some help calculating your best options?  
  • We are happy to do complete reviews for our clients whenever you require some extra info! 

Check out our Trusted Saskatoon mortgage brokers 

Trusted Saskatoon Furnace Experts at JOB Heating & Air Discuss Cracked Furnace Heat Exchangers

JOB Heating & Air Conditioning Saskatoon is eager to provide the best possible customer experience. Their aim is to be a professional resource for our clients before, during, and after the sale! Their team takes pride in service knowledge of modern equipment and training. They are recognized by peers, as  JOB offers sales, service, training & installations for residential, and commercial Heating, Cooling, and Plumbing systems in Saskatoon and area. In their latest article, they discuss what causes cracked furnace heat exchangers and why they are a problem.

Cracked Furnace Heat Exchangers: What Causes Them and Why They Are A Problem

The heat exchanger is the part of your furnace that is responsible for generating hot air. To create heat, your furnace burns natural gas. When gas is burned, exhaust byproducts travel through the heat exchanger. As the exhaust passes through the furnace’s exhaust outlet, metal is heated. Simultaneously, this hot metal heats the air. From there, your furnace system distributes hot air to your home through your air ducts.  

In order to function properly, the heat exchanger must remain sealed. That is why cracks are detrimental.

What Causes A Cracked Heat Exchanger?

The air inside your furnace and heat exchanger gets extremely hot. As a result, this extreme heat causes the metal inside the heat exchanger to expand and contract. Though well-maintained heat exchangers are built to tolerate this heat, eventually this stress causes cracks.

If your heat exchanger is several years old, stress cracks are common. However, if your heat exchanger is under 10 years old, there are other causes of cracking. Causes of premature heat exchanger cracking include limited airflow, and your furnace being too large for your home.

Limited Airflow

Limited airflow to your gas furnace is the result of blocked registers. If registers in the home are blocked, pressure builds up inside the furnace which causes cracks. It is important to note that a clogged furnace filter or obstructed air ducts are also causes of heat exchanger cracks.

Is Your Furnace Too Large For Your Home? 

If your furnace is too large for your home, this is an issue because it may ‘short cycle’, meaning it turns on and off frequently. Therefore, your heat exchanger expands and contracts more, resulting in overuse of your furnace system and premature cracks.

Why Cracked Heat Exchangers Are A Problem

If they are not dealt with, cracked furnace heat exchangers can pose a serious safety risk. If you notice a strange smell coming from your furnace or signs of rust along the exterior, this may indicate that there is a problem.

Carbon Monoxide Leak

Because heat exchangers contain carbon monoxide, sulfur dioxide, and nitrous oxide, a crack in your heat exchanger means these harmful gases could escape into the air ducts of your home. A carbon monoxide leak can result in illness and even death. 

Flame-Out or Fire

Another risk of a cracked furnace heat exchanger is a flame-out or fire. When gas and air combust in the heat exchanger, the gas builds up. This build-up of gas often reaches a high enough volume to be explosive. As the gas becomes explosive, it will force flames and air pressure out of any hole it can find, such as a crack in the heat exchanger. 

Unfortunately, unless your carbon monoxide detector beeps or you notice rust, you may be unaware your heat exchanger is cracked. In order to know for sure, an inspection by a professional technician is required. If you suspect your furnace heat exchanger is cracked, it is important to contact a technician immediately so it can be replaced in a timely manner.

These are just a few causes of cracked furnace heat exchangers and why they are a problem. Be sure to schedule your routine furnace maintenance to ensure your furnace is safe to operate this winter. If you need any assistance with your furnace or home heating equipment, do not hesitate to contact our team at JOB Heating & Air Conditioning.

JOB Heating & Air Conditioning are Trusted Saskatoon furnace experts. They show up on time, deliver on budget, and leave the work area cleaner than when they arrived! They take pride in their work in this city and surrounding area, so nothing means more to us than testimonials from their clients as their preferred plumber in Saskatoon.

Trusted Saskatoon Financial Planners at Wiegers Financial & Benefits Help Keep Your Financial Plan Current

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance division. 

They explain everything you need to keep current in your financial plan in their latest Wiegers Financial tip. Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors 

Up to Date or Out of Date? Everything You Need to Keep Current in Your Financial Plan

It seems like just yesterday that we first started hearing about the COVID 19-virus, and now it’s been almost a year of uncertainty with only a blurry horizon in the future. What that horizon will look like, or when we will reach it, is still unknown but the hope is that we get there soon… and that we can hold our loved ones tight again!

As we all know, life can change in an instant, leaving our best-laid plans torn to pieces. However, it is critically important to pick up the pieces and find the new course we are to take so that despite the interruption, we can get to where we want to be. As a Certified Financial Planner with Wiegers Financial & Benefits for almost seven years, I have experienced with every client some kind of change in their lives and ultimately their financial goals. Given that life is not stagnant, it’s critically important that your plan and goals change with it to keep up.

What kind of life changes can impact your financial plan? Any number of things can change your goals but some of the most common changes are those concerning:

  • Job and pension
  • Income
  • Marital status
  • Dependents (children or elderly parents)
  • Real assets (e.g. primary residence or rental properties)
  • Other investments
  • Insurance policies
For instance, if you changed jobs due to COVID-19 or something else, your pension might have changed too, which will impact your projected retirement income. Without advising your advisor and potentially modifying your plan accordingly, you might find yourself behind, or ahead, of your retirement goals.

As another example, a change in your marital status or in how many dependents you have and who they are could make your beneficiary designations outdated. The last thing you likely want is for your insurance benefit to be paid to people you no longer want to receive it, or for any loved ones – including children – to be left out (and potentially taking the issue to court in an attempt to get it sorted out in their favour). Given that the solution to avoiding this kind of upset is a simple beneficiary change, it makes a world of sense to ensure that you regularly review your beneficiary designations to ensure that they remain current with your plans and wishes.

Life changes; so should your financial plan. If you have any questions or wish to review your financial plan, please speak with your financial advisor.

Kim Chicoine, CFP, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Securities Investment Services Inc.

Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors 

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain Employee Wellness Programs

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In this latest Wiegers Group Benefits tip, they explain flex benefits for employee wellness. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.


The Future is Flexible: Flex Benefits for Employee Wellness

A proper employee benefits program is a quintessential tool in helping to ensure employee health and well-being. As long as your employees utilize the program, it can help keep them healthy, happy, and focused at work. However, with the changing generations in the workforce – and the fact that millennials now comprise a majority of it – standard employee benefit programs need to change as well.

Younger staff are looking for flexible, digital offerings that let them get what they want out of a plan. They want solutions to support their mental health and wellness. A recent survey indicated that only 53% of Canadians indicated that their mental health was good or very good; this is quite a drop from last year’s report of 67%.[1] An easy solution is to provide an employee and family assistance program (EFAP). While counseling is at the core of an EFAP, it also has many other valuable mental health solutions for employees who are struggling.

A great way to combine the need for flexibility and for wellness is a flex account. A flex account is a pool of money that employees can direct to either a health or wellness spending account. A Health Spending Account (HSA) covers claims for health, dental, and prescription drugs, and is regulated by Canada Revenue Agency. A wellness account, on the other hand, allows you the flexibility of letting your employees choose what they want to be covered.

Some of the most common wellness expenses are gym memberships and sports fees but vet bills and even home office furniture can qualify too. This can be of huge value to employees when at least two-thirds of Canadian businesses have 60% of their staff working from home (and up to 55% of employees will continue to work remotely post-pandemic).[2]

Digital telemedicine offerings are another way that you can offer flexible wellness solutions for your employees. Available through the telephone or through an app, telemedicine offers your employees the ability to connect with a physician or nurse practitioner 24 hours a day, 365 days a year. Canadians are showing higher satisfaction rates when meeting with a doctor digitally and many are even saying that they prefer a digital meeting as a first visit.[3]

Having a range of digital and flexible wellness options for your employees gives you not only a leg up on your competition for recruitment but also lets you take care of your employees’ physical and mental wellness. It’s an investment that for most employers, is well worth making.

Matthew Hill, B.A.

Benefits Advisor, Wiegers Financial and Insurance Planning Services Ltd.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 


Previous Posts


S & E Trusted Online Directories Inc
310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150


App Store Google Play
Follow us on Facebook Instagram Linked In Twitter YouTube RSS Feed
Website hosting by Insight Hosting