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Tag Archives: Financial Planning

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.

Getting separated is never easy: learn how to move ahead with your living arrangements

Aside from the emotions involved with a separation, there are several things to consider and act upon relative to your current mortgage. The first important step is to finalize the separation and get an agreement together. This important document outlines how your assets will be divided and how other important financial decisions will made. There… Read More

OSFI Tightens Supervisory Expectations for Mortgage Underwriting

OTTAWA ─ July 7, 2016 ─ Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions Canada (OSFI) today released a letter to all federally regulated financial institutions (FRFIs) reinforcing its expectation that federally regulated financial institutions engage in prudent underwriting of residential mortgage loans. With Canadian household debt levels… Read More

Should I buy a house now or wait until I have more money saved?

Canada Mortgage Housing Corporation (CMHC) has some interesting statistics available on home purchases. It normally takes people nine to fourteen months to decide to move. However, once someone has made the decision, they normally act promptly when they see a house they’d like to buy. For the first time in 2015 more first time home… 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

Housing Market Outlook 2015 and projection for 2016

New Home Market In the Kitchener-Cambridge-Waterloo (KCW) and Guelph areas, housing starts will be lower in 2016 and 2017 compared to 2015. There will be a greater decline in apartment starts (both condominium and rental) in KCW however, single-detached starts will increase slightly as the demand will remain strong and more land will become available… Read More

Trends in 2016 which will impact mortgage borrowers

Trends in mortgage financing that have impacted buyers and sellers in 2015 The overall sentiment of mortgage lenders, be it bank’s or wholesale banks, is more restrictions to lending money and this will continue for 2016. However, if you know these key factors you can use them to your advantage. Working with a seasoned mortgage… Read More

Watching the Mortgage Market: Where do you stand?

Canada Mortgage and Housing Corporation (CMHC) recently published its Consumer Survey for 2015 and sheds some interesting trends. Here’s a summary of what Canadians are doing with their mortgage. When you understand people’s habits around financing, it can help you get a better mortgage. Here’s a summary of the report… Renewing your mortgage We have… Read More

Selling your house? Think there should be no issues in qualifying for another mortgage? Think again.

If you’re contemplating selling your house and buying another one and you don’t think that getting approved for a mortgage will be an issue, think again. In the 15 years that we’ve brokered mortgage, we’re finding more and more people declined by their own bank for their next mortgage. Why? Tighter mortgage regulations are making… Read More