- June 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
My wife and I (M32/F32) have recently faced a significant issue with our house, and we are uncertain if insurance will cover the costs. While we are in the process of making a claim, we are also considering alternative options in case we need to cover the expenses independently. The estimated cost of repairs amounts to approximately $40,000.
## Possible Solutions
1. Utilize our combined TFSA funds, totaling around $33,000, and supplement the remaining amount from our vacation savings or credit card, which can be paid off within a month or two.
2. Consider obtaining a loan or line of credit to cover the full cost and subsequently merge it into our mortgage when it is due for renewal in three years. Anticipated interest rates for this approach would be around 9.5% over the designated period, with plans to aggressively pay down the loan.
3. Explore the option of renewing our mortgage immediately to secure a HELOC or incorporate the repair expenses directly into the mortgage. With three years remaining on our current mortgage, we are currently on a 5-year variable rate at prime -1.1, translating to 6.25% interest. Despite the risk associated with variable rates, we are making substantial additional payments towards our mortgage.
## Concerns and Considerations
We are reluctant to deplete our TFSA funds as they are earmarked for retirement and currently yield returns exceeding the 9.5% interest on a LOC. However, we acknowledge that future returns are subject to market fluctuations.
## How AI Legalese Decoder Can Help
Utilizing AI Legalese Decoder can simplify the complex language often found within insurance policies and financial documents, allowing us to better understand our coverage options and potential liabilities. By inputting the relevant legal terms and clauses into the system, we can receive clear and concise explanations, aiding us in making informed decisions regarding our insurance claim and financial strategy.
Please feel free to ask additional questions if further information is required to provide comprehensive recommendations.
Thank you.
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Your TFSA money can’t be earmarked for retirement if you don’t have an emergency fund. I would pull from there as long as it’s not at a loss. Minimize all debt in this economy.
Who is your current lender? You could have an option to add a HELOC with them if they provide it. If you have to refinance, they will charge the penalty which in your case will likely be three months of interest.
Foundation issues?
I am sorry to hear about that. Unexpected things like that must be very difficult to deal with. Personally I think the best thing to do is take it out of your Tfsa. This is already stressful enough why make it more stressful with payments. If you pay it with your Tfsa then that’s it , the situation is done and you move forward . I feel if you take on a loan, the loan will remind you of this unfortunate circumstance . So option 1.
I am a broker. I see you are with TD.
Tell them that you want to apply for a HELOC or a new mortgage portion for $50K. Do not tell them it is to fix foundation issues.
Assuming you have the equity and income, it should be reasonably easy for them to add this. You can do a 3 year mortagge, or variable or HELOC.
Ask the company if they are willing to do no interest installments. When getting quotes try to negotiate that as part of the deal.
Do not put any amount on a credit card that cannot be paid off in the very first bill. Avoiding credit card debt of any kind must be the #1 priority. I know it’s not a major part of your plans, but I mention it because you noted cc as part of option 1.
Pull your TFSA like yesterday, pay for repairs, apply for heloc, save for emergency fund, replenish tfsa in that order.
Just add a HELOC to your existing mortgage. There maybe a couple k in fees and appraisal to do so but it’ll give you flexibility and only pay for how much/long you borrow