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Category Archives: Debt Management

When should you consider consolidating your debt with your mortgage and why?

I'm getting my financial house in order. What are you doing?

 

If you are unable to pay off your debts each month and your total debt exceeds $5000.

Interest rates and how they are calculated vary widely.

  • Interest on a mortgage is calculated twice a year
  • A Line of Credit loan is calculated monthly and usually carries a higher interest rate
  • Credit cards are calculated daily so your compounded debt accelerates at a frightening rate
  • Mortgage loans are larger in comparison, and therefore take longer to amortize or pay off. But you generally will pay less interest on every $100 borrowed.

With discipline and a plan, you can eliminate your debt up to $5000 any more than that, and most people have difficulty managing their monthly financial load.

Contact us, and we’ll help you work out a plan with your existing mortgage and become debt free. And remember, banks don’t help you with your liabilities. Excuse the pun,…. it’s not in their INTEREST.

Banking Regulator sees potential risks; Current home values are stabilizing in most regions

    Banking regulator sees potential risks in high home prices, debt loads. The Office of the Superintendent of Financial Institutions (OSFI) is set to finalize changes to residential lending guidelines (B-20) by the end of this month. They are proposing changes that will see a ‘stress test’ applied to those borrowers buying a home… Read More

Economic Growth; The OECD has raised expectations for Canada. Should we expect interest rates to continue to rise?

The Organization for Economic Co-operation and Development has raised its expectations for economic growth in Canada this year compared with a June forecast. The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7. That is up from its forecast in June… Read More

Clear up debt for 2016: a great financial goal because of low rates

  About a quarter of my mortgage practice consists of people who come to ask advice and help around paying off debt. Considering that a mortgage is normally a person’s largest liability, there are a couple of simple things you can do if you’re carrying balances on credit cards, or lines of credit. As companies… Read More