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 moreWe Ain’t Afraid of no Debt!
A new study conducted for the Royal Bank of Canada shows that Canadians are no longer afraid of the word ‘debt.’ Is this because, on average per person, we’re starting to lower our debt? Unfortunately, it’s nothing quite that optimistic. And it’s not because as a country we’re starting to become more determined about paying off our debt, either. The fact that we’re no longer afraid of the word simply means that we’re getting used to it. And when you think about it, that might not be such a good thing
Read moreInterest Rates will Remain Low, How Does that Affect Borrowing
The speculation is over. Analysts and experts can stop talking about “what if” interest rates are hiked by The Bank of Canada, because they’re not going to be. Mark Carney, governor of The Bank of Canada, said today that due to the uncertainty of the global economy, the bank will keep the interest rates low. While this news obviously has all Canadian homeowners rejoicing, it also has them asking some questions about what to do now for their borrowing needs.
Read moreTapping Into Home Equity to Deal With Credit Card Debt
A Statistics Canada report released on Monday presents some startling facts about the level of household debt that we as Canadians have taken on. In total, household debt among Canadians has reached $1.5 trillion. This equates to $176,461 for each two-child household. While we have long taken pride in being more fiscally responsible than Americans,…
Read moreHome Reno Fever
Irrespective of market conditions, home renovation is always a good way to improve the quality of one’s home. Dianne Nice of the Globe and Mail recently mentioned a story that any homeowner would appreciate. Seeing the truck made her consider whether her home needed new eavestroughs which made her wonder if she and her neighbours…
Read moreConsidering Buying A US Property? You Aren’t Alone.
Considering Buying A US Property? You Aren’t Alone. With the recent meteoric rise of the Canadian “Loonie” to above parity with the US dollar recently, Canadians are enjoying an experience that might come along just once in a lifetime.
Read moreAre HELOCs The Hot Mortgage Product of 2011?
If you don’t know what the term HELOC means, then you’re probably just coming out of your annual winter hibernation. H.E.L.O.C.s, also known as Home Equity Lines of Credit are one of the fastest growing segments of the mortgage industry. Its not hard to understand why. An article in the Montreal Gazette recently investigated the…
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