What Are The Advantages of A Collateral Mortgage?

Posted onSeptember 30/2014By

A mortgage is the biggest debt that most Canadians will ever incur. For this reason, it’s of utmost importance that you do you research and know what your options are to minimize the damage to your bank account before you sign any dotted lines. You’d probably like to think that you can trust your mortgage broker to make sure you get the best deal, but the only way to guarantee that is by doing your homework beforehand and being fully informed about the different types of mortgages. One of these options is a collateral mortgage. Not familiar with the term? Luckily, we’re here to walk you through to explain all the ins and outs of collateral mortgages and help you decide if this is the right option for you and your mortgage rate. What is a Collateral Mortgage? The online definition of a collateral mortgage is: “A mortgage that secures…

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Who Gets a Better Mortgage Deal: Men or Women?

Posted onSeptember 26/2014By

By now, men and women should get the same treatment when it comes to getting a mortgage, right? Money is money and both men and women make it in a lot of different ways. That being said, men and women’s differences do extend to matters of money and debt. Some Debt Differences Men tend to carry more debt than women, and women tend to use less available credit than men. They will leave some room on those cards and lines of credit, where a man is more likely to run it up to the limit. The fact that men are more comfortable taking on higher levels of debt also leads to a higher rate of money troubles. Men are more likely to fall two or more months behind on mortgage payments than women. Men tend to seek out financial help later than women, too. Of course, men tend to ask…

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Should You Pay Off Your Mortgage Before Retirement?

Posted onSeptember 22/2014By

Many homeowners both young and old have grown up with the notion that paying off your mortgage before retirement is the best way to do things. If everything is timed just right, the mortgage will be completely paid off before the age of 65, and retirement will be a lot more manageable. This concept works well, but more and more people still carry mortgages past the retirement age. The question of whether you “should” pay your mortgage off before retirement or not is a personal one, but here are a few reasons for and against it. Reasons to Pay It Off One reason to pay it off early is because if you are focusing your financial efforts on the mortgage, you’re probably spending less in other areas. You’ll be able to figure out your needs and wants a lot easier and saving money will be easier, too. Choosing a shorter,…

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How Young is Too Young to Buy a House?

Posted onSeptember 19/2014By

As long as you are a legal adult and have the income required to be approved for a mortgage, there’s really no “too young” when it comes to buying a house. Not in age, anyway. There are definitely some young people who should and some who shouldn’t, but it usually has more to do with their personal situation than their age. Are You Established? Income and credit history are two factors that are important when it comes to getting a mortgage at any age, including when you’re younger. If you’ve only been out in the job world for a few years you won’t necessarily be “established,” but having some credentials is important. Your Goals and Personality No one can really predict what they’ll want to do in the future, but you can judge your own personality to a degree and you should have a general idea of your future goals.…

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How Kids Can Make Their Own Money

Posted onSeptember 15/2014By

Many kids (for the sake of this article, we’re considering ‘kids’ anyone in the 7 to 14 range) like the idea of making their own money. They’ve been taught or have figured out that making money is how you can have the material possessions you want, so they set out to make some themselves. Since young kids can’t legally get a job, they must think of other ways to get paid. Here are a few classic methods that are still relevant today. Allowance Yes, the good old-fashioned allowance is still a good way for kids to make some money. Get a list of chores to do, perform those chores well and get financially compensated when it’s over. The weekly allowance seems to work well to keep kids moving. Odd Jobs Doing odd jobs around the neighbourhood is another way kids can earn some money. People always need their lawn mowed,…

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