Would 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!
Read moreIs a Secured Line of Credit the Only Way to Complete Home Renos?
So you want to add onto your home. Or redo your kitchen, or your bathroom. You need the extra space and you know that it will add a lot of value to your home. The problem is that you don’t have the extra cash laying around in your bank account to do it. So, what’s a homeowner to do?
Read moreRelax! A Steady, Low Interest Rate is a Good Thing!
Maybe it’s because we’re always looking for the catch, waiting for the other shoe to drop. Maybe by nature, we as Canadians really are a pessimistic bunch. The most pessimistic among us will tell you, that it’s because we’re realists. Whatever the reason, it’s less than one week since The Bank of Canada has announced that they would keep interest rates low, right where they are now as a matter of fact, and instead of rejoicing, what are we doing? Worrying about what that will do to our economy. How much will we borrow? Are we going to send ourselves right back into a recession?
Read moreWhat is an RDSP?
If you’ve never heard of an RDSP, you’re not alone, many Canadians don’t. But, if you’re disabled, or know some that is, it’s something you need to become familiar with. These grants work very similarly to other types of investments, such as RESPs and RRSPs, and they can be very profitable for those that are eligible. The problem isn’t that the grants are hard to obtain, or that the federal government isn’t willing to put up enough money. The problem is that those eligible simply don’t know they are – because they don’t know about the program
Read moreMerrill Lynch Thinks Canadians are in Trouble; are we?
A recent report by the Bank of America Merrill Lynch report has gotten some Canadians worried, as the report states that those of us carrying a floating rate mortgage are in trouble. But do we really have reason to be worried?
Read moreClosing Costs, Part 4: Closing and Refinancing
Over the past two weeks we’ve spent a lot of time taking an in-depth look at closing costs, in our first ever mini-series. We’ve looked at everything from what they are, to how much they can actually cost, and even how you can get other people to pay them for you. But, we’ve been focusing mainly on first mortgages. What closing costs are you facing when you refinance your home? That’s just what we’ll look at in this last part of our mini-series.
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