Can You be an Extreme Couponer in Canada?
We usually gather on this blog to discuss the latest Canada mortgage news and discuss how you can get and use things like home equity loans. Today though, we’d like to talk about a way to use that mortgage (and those loans) to save you even more money – we’re talking about extreme couponing!
Read moreHow to Wisely Use Home Equity
Home equity is a great thing and the more you have, the better off you are. When you have home equity, you are either a lot closer to paying off your mortgage, or you can use it to obtain a second mortgage. But before you go ahead with the latter, first make sure that you’re using your home equity wisely, so that you don’t pay more than you have to and so that you can still be a lot closer to paying off that mortgage!
Read moreThe Self Employed and Private Mortgages
When you’re self-employed, a private mortgage can be your best friend. Private mortgages are loans that are financed through a private individual or organization that are not a bank or other lender. You may have seen advertisements for homes with the banner ad “Owner-Financed” splashed across it – that’s a simple way of saying that property comes with the offer of a private mortgage. And when you’re self-employed, it can be just what you’re looking for.
Read moreHow to Pay Off Your Student Loan
As Toronto mortgage brokers, there is one thing we see all the time that either stops people from getting a mortgage, or at least makes them a little wary of doing so – student loan debt. Today, more than half of college and university graduates leave school with this kind of debt hanging over their heads, thinking that they’ll soon get a career, pay it off, and move on with their life. Why then, are so many people still stuck with that debt 5, 10, even 15 years after they’ve finished school?
Read moreHow to Retire Your Mortgage Before You’re 65
A Royal Bank of Canada housing study done in the past couple of weeks has everyone all in a flurry, after that report stated that the majority of Canadians will be carrying their mortgage with them into their retirement years. But just because a study says it, does that mean that’s what’s actually going to happen? Of course not, it’s simply a reminder of where we are, and what we need to do to get where we want to go. And in order to make sure that you’re not one of the majority taking your mortgage with you, here are a few things you can do to avoid it.
Read moreThe 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 moreSelf-Employed Mortgage Option #1: The Stated Income Mortgage
On Friday we looked at a few reasons why it can be so difficult for the self-employed to obtain a mortgage. And if you’re self-employed and have already tried to obtain a mortgage, you already know many of those obstacles. One of the main ones being that often, the self-employed don’t have an actual income to prove and verify. While you may have tax documents, you still don’t have the security of that paycheque every two weeks, and lenders can often look unkindly on that. But, find the right lender with the right kind of mortgage, and you might just be their perfect applicant.
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