The Smart Way to Use a Credit Card
We all know that when it comes to borrowing, it’s always smarter to tap into your home equity using things like a home equity loan or a HELOC instead of using high-interest credit cards. But in an ideal world, we also like to have that small piece of plastic tucked away for emergencies, or to use while we’re rebuilding our credit. Credit cards can be very helpful, but you can get even more out of the one you use if you know how to use it wisely.
Read moreCanadians and the Secured Line of Credit Test
Having, or getting, a ‘secured line of credit’ has become a very trendy term these days. With interest rates so low and the government imposing new rules to actually encourage this type of borrowing, it’s no wonder why. Secured lines of credit can be very beneficial, and are the answer many homeowners have been looking for. But, results from a poll recently done by Leger Marketing were released on Tuesday – and the results are enough to make any Canadian sit up and take notice. Especially if they have a secured line of credit.
Read moreReport Shows ‘Sizable Minority’ of Canadians Could Not Afford a Rate Increase
So our interest rates right now are pretty low. They’ve been pretty low for some time, and they’re going to remain low for at least a little while longer. But what would happen if they were to increase, even just one percent? While many Canadians have been so busy trying to choose between a variable or fixed rate over the past few weeks, a report from the Canadian Association Accredited Mortgage Professionals looks at another question: what if Bank of Canada’s rate increased, even slightly? The results might be somewhat surprising.
Read moreBecoming a Landlord in Ontario, Canada
So often we talk about people buying properties and obtaining mortgages so that they can move into their dream home. But what about those mortgages we take on (or want to take on) for those houses we don’t want to live in? Ah yes, it’s the envied rental property! With interest rates so low, and the stock market being somewhat shaky at the moment, investment property does seem to be the smart place to put your money. But hold up. Before you start signing new mortgage papers and interviewing tenants, you need to know a few things.
Read moreWhat’s the Difference Between a Second Mortgage and Home Equity Loan?
Second mortgages, home equity loans, home equity lines of credit – what’s the difference? If you’re a homeowner and looking to borrow money by tapping into your home equity, these are just a few of the different terms you’re likely to hear, and you might be wondering what the difference is. Is there a difference between a second mortgage and a home equity loan? And how does a home equity loan differ from a home equity line of credit?
Read more4 Questions to Ask Before Taking Out a Home Equity Line of Credit
If you’re looking to invest in a new car, a remodel, or any other expense that you’ll need to borrow for, you might think that a home equity line of credit is a good way to do it; and you wouldn’t necessarily be wrong. But, before taking on a home equity loan, or any type of borrowing, you first need to ask yourself a few questions. Just because you’re able to pay your bills now, including mortgage payments and other debt, your situation could change in the future and you don’t want to find yourself drowning in debt
Read moreWe Ain’t Afraid of no Debt!
A new study conducted for the Royal Bank of Canada shows that Canadians are no longer afraid of the word ‘debt.’ Is this because, on average per person, we’re starting to lower our debt? Unfortunately, it’s nothing quite that optimistic. And it’s not because as a country we’re starting to become more determined about paying off our debt, either. The fact that we’re no longer afraid of the word simply means that we’re getting used to it. And when you think about it, that might not be such a good thing
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