You just made the tax deadline (phew!) but yet again, during the tax filing process, found yourself wondering where all your money went last year. Why not take some time now, while your income and expenses are top-of-mind, to make some changes to the way you approach your money?

Start by looking at your mortgage. If you're receiving a tax refund this year, don't view it as an opportunity to go on a spending spree. Instead, find out what your mortgage pre-payment allowance is, and consider applying your refund to your loan balance. A mortgage pre-payment privilege allows you to make a lump-sum payment directly toward your outstanding mortgage principal, immediately lowering your loan obligation and potentially saving you not only thousands of dollars in future interest payments, but also allowing you to pay off your mortgage months or even years earlier.

If you don't already have a household budget, set one up now, and make a resolution to follow it. Whether it's an online tool or a simple spreadsheet, it makes sense to track money coming in versus expenses going out, to see exactly where you stand.

Remember that a mortgage broker does more than just provide new mortgages. Please call today with your budgeting questions too!

From The Virani Team April 2016 Newsletter - Courtesy of Market Connections Inc.