An Important Lesson in Debt Consolidation Loans
Debt consolidation loans can be a great option if you find yourself buried underneath debt, with seemingly no way of ever getting out from under the pile. But just like with everything else, there are some do’s and don’ts that go along with these loans. One of the biggest don’ts is to avoid personal loans through…
Read moreUsing Your Existing Home to Buy Another
Buying a home is never easier than when you already have one to begin with! By simply tapping into the equity you’ve already built up in your home, you can borrow the funds you need for the down payment on your second home, whether it’s an investment property, a home for a child, or a…
Read moreCanadians Relying too Much on Home Equity, says Bank of Canada
Early in January Canadians gave themselves a collaborative pat on the back when we found out that we’re getting better at paying off our credit card debt. But, we might want to hold up just a second on that congratulatory pat. The Bank of Canada now says that we have another kind of debt to…
Read moreWhat is the Overnight Rate?
Canadians watch the Bank of Canada’s interest rate like hawks, wondering what’s going to happen to the overnight rate and the prime rate. But aren’t these two the same thing? That is where it can get a little confusing. Historically the prime rate was the same as the overnight rate, so if you were referring…
Read moreWhat is a REIT?
So often on this blog we talk about investing in real estate. But most of that time, we’re referring to taking out a second mortgage for an investment property, or taking part in the elusive “flipping” of properties that is just now becoming popular in Canadian real estate. But if you’re not interested in doing…
Read moreVariable or Fixed: The Question Remains
With so many banks in Canada offering such hugely discounted rates, homeowners looking to refinance and home buyers looking for their dream home are once again faced with that age-old question: should we get a variable or fixed rate on our mortgage? Truthfully, this is a question people are going to be asking their entire…
Read moreCanadians Getting Better at Paying Off Credit
Finance Minister Jim Flaherty and the government of Canada were so worried about household debt levels early last year that they imposed tighter rules on home loans including new mortgage insurance rules and tightening amounts loaned on secured lines of credit. That seemed to work for a little while, until later in 2011 when our…
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