4 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 moreSaving for Your Mortgage Down Payment
For most people, it’s not the actual monthly payment that they think they can’t afford when it comes to their future mortgage, it’s the down payment. True, a down payment is a large sum of money that you’ll have to fork over all at once. And, with down payments being anywhere from 5% – 20% (and more if you really want to lower those monthly payments,) they can be tens of thousands of dollars. So how are you supposed to be able to save up that much? There are a few ways.
Read moreFour Options to Pay Off Credit Card Debt
Paying off your credit card debt is something that no one wants to do, and no one even really wants to think of. But if you ever want to get a mortgage, it’s something you’re going to have to do. You might as well go into that phone call with the credit card collector knowing what your options are for paying it off.
Read moreMore Boomers Working after Retirement
This shift in the way Canadians live their lives is certainly making an impact on the country’s economy in several different ways. But there’s one major way that’s becoming more apparent by the day – more Baby Boomers are starting to work past retirement age.
Read moreCanadian Home Prices at an All-Time High
Don’t worry about what the rest of the world is doing – if you’re Canadian and you’re selling your house right now, you’re likely to get top dollar for it, according to a recent report from the Teranet-National Bank Composite House Price Index. As of July 2011, resale home prices rose on the Index to 146.51, the highest it’s ever been. But what does that mean exactly?
Read moreThe Canadian Debate: Pay off Mortgage, or Pay Into RRSPs?
It’s a question that’s been asked ever since both mortgages and RRSPs have existed: should you pay off your mortgage first, or invest in RRSPs? The question is definitely a good one, and one that’s difficult to answer without knowing your specific situation. However, it really does all boil down to one thing – taxes. And if you’re one of those people who likes to have it all, there’s really only one answer to this burning question – do both!
Read moreWhy have Variable Rates Gone Up? Blame it on Bad Predictions
We’ve all seen it climb steadily for the past couple of weeks as first one bank, then another, then yet another started raising their variable interest rates on mortgages. Interestingly, the fixed rate has been getting a huge discount at the same time. But the fixed rate going down is just one reason why the variable has gone up. Another reason, a bigger reason, is due to the banks’ bad predictions about the prime rate in the first place.
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