Avoiding the Rising Cost of Home Insurance
If you’ve noticed the rise in natural disasters lately, you’re not the only one. Insurance companies, or rather reinsurers, the insurance companies that cover your insurance companies, also have. Hurricane Irene is the most recent example of a natural disaster that has caused extensive damage; but no doubt that many of us could list 5 natural disasters that have occurred in the last two years off the top of our heads. With this damage comes a lot of cost, and someone needs to be able to pay for it. Unfortunately for homeowners, most of the time it ends up being them.
Read moreHome Refinancing in Canada Down by 40% on Insured Mortgages
Home refinancing has always been a good option for Canadians who want to reduce their debt or get a better deal on their mortgage. But, according to the CMHC, home refinancing on insured mortgages is down by a whopping 40% from last year, and stringent borrowing rules outlined by the government are mostly to blame. This was outlined in the corporation’s second quarter financial report.
Read moreWhen will you be Debt-Free? Most Canadians Think by 55
There’s no doubt that if you hold a mortgage, a personal loan, or credit card debt, you’ve thought at some point of just when exactly, you will get out of that debt. But according to a recent survey done by Harris-Decima for CIBC, your visions for when you’ll be debt-free may not actually paint an accurate picture
Read moreShould Mortgage Brokers Force Exclusivity Deals?
RBC and TD Canada Trust were the first to raise their variable mortgage interest rates this week and by the time end of week came, all the others had followed suit. Consumers though, are not quick to be fooled and rarely go with the first rate they’re given. So in turn, they do their due diligence and run around town getting quotes from other lenders, most of them mortgage brokers, to try and get a cheaper rate. Once the consumer gets the cheaper rate from the broker, they then go back to their bank, asking them to match the rate. And as this week has proven, most times the banks will. So where does the unfairness lie?
Read moreCanadians are a Restless Bunch
You’d think that finding the home of your dreams, getting yourself all settled in, and finding a way to comfortably pay your mortgage every month would be enough for most people. But we Canadians aren’t happy with that. We want bigger, better, more, more, more! At least, that’s what a survey recently done by TD Canada Trust has found out.
Read moreYou’re Financially Prepared for an Emergency; are your documents?
With all the news of earthquakes and tornadoes in the GTA, and Hurricane Irene headed for Canada’s Eastern coast, there’s a lot of talk of emergency preparedness and getting ready for any disaster that may strike. And while having a storm cellar or a comfy nook in the basement is great; and having two to six months salary stashed away is even better, have you given thought to what’s going to happen to your paperwork should disaster really strike, and you end up losing significantly?
Read moreThe Forgotten Four: Reasons to Avoid Credit Cards
Having a credit card certainly brings you a certain peace of mind. Should you need a few extra dollars and not have the cash in your pocket, it can be reassuring to know that there’s a little piece of plastic in there that you can whip out to come and save the day. But just as we know how tempting credit cards are, we also know there are several reasons not to own one, exorbitant interest rates being one of them. But along with high interest rates and unheard of start-up fees, when really looking at credit cards and how they can affect your life, you may find a few other forgotten, or not-so-obvious, reasons to avoid getting in too deep with credit cards.
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