How Much do you Need to Retire?
The magic number for this question seems to be “a million dollars,” and many experts will give you various reasons as to why you need one million in cash before you retire. But how much do you really need before you give up the working lifestyle and start enjoying your golden years?
Read moreCan You Really get a Mortgage Without a Down Payment?
There’s always a lot of talk about how people with bad credit have the money for a monthly mortgage payment, and maybe even have money for a down payment. But because they don’t have the necessary credit, they think that being approved for a home loan is out of their reach. But what about the flip side? What about those who have an impeccable credit history, but no money for a down payment? Is it still possible for those who fall into this group to obtain a mortgage?
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 moreCan You get a Second Mortgage on a Commercial Loan?
A few days ago we talked about the differences between a commercial mortgage and a residential mortgage. And while the two certainly do have their differences, that post also outlined some of their similarities. One of those similarities, that was not covered in the earlier post, was that second mortgages can be obtained on both. However, there are still some differences between a second mortgage on a residential loan and one on a commercial mortgage. And the reasons a homeowner wants a second mortgage are probably going to be different than the reasons of a business owner.
Read moreHow Much will You Spend this Christmas?
Every year it seems, people tap into their HELOCs and run up credit card charges, all in an effort to buy gifts for those they love (and maybe even try to make it bigger and better than last year.) But, we as Canadians are going to be a little smarter with our money this year. While we’ll still buy gifts, and probably make sure that ‘everyone has a little something,’ we’re not planning on spending as much as we have in the past.
Read moreWould Your Canadian Money be Considered Official Currency?
You would never pay your mortgage payment by searching your couch for loose coins and paying in pennies. But, how many of us have searched our pockets and coin jars for nickels, dimes – and maybe even some loonies and toonies! – when you really need a bag of milk or something at the grocery store? Many of us have, but how many of us have been turned away, with heavy pockets, because we weren’t carrying “legal tender?” That’s just what happened to a woman in Portland earlier this week, and it’s raised some interesting questions.
Read moreCommercial Mortgages and Residential Mortgages: What’s the Difference?
If you’re already a homeowner with a residential mortgage, and are also a business owner looking for a commercial mortgage, you might think the process is going to be exactly like when you got your home loan. But the two do have some differences among them. And being prepared for those differences will help you be better prepared for not only applying for that commercial mortgage, but it will also help you be approved for it!
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