What is an Underwater Mortgage?
Thankfully, even with the recession that hit in 2008, the Canadian housing market never really suffered all that badly, and we didn’t have thousands of underwater mortgages on the market. But the U.S. did, and lots of people lost their homes because of it. Now, the housing market in the United States is the best it’s been in 5 months, and people are rejoicing at the number of underwater mortgages going down. While this is obviously great news, it has a lot of people (in Canada and the U.S.) asking the same thing: just what the heck is an underwater mortgage?
Read moreHow to Wisely Use Home Equity
Home equity is a great thing and the more you have, the better off you are. When you have home equity, you are either a lot closer to paying off your mortgage, or you can use it to obtain a second mortgage. But before you go ahead with the latter, first make sure that you’re using your home equity wisely, so that you don’t pay more than you have to and so that you can still be a lot closer to paying off that mortgage!
Read moreA New Year’s Resolution – Review Your Home Equity
Every December, people start thinking about how they’re going to change their lives in the New Year. They’re going to quit smoking, or they’re going to lose weight, or they’re going to fix some other bad habit they currently have. But New Year’s resolutions shouldn’t just revolve around your lifestyle and what you’d like to change about it – they should also be about your life, and what you’re going to do with it in the coming year! That’s why this December, every homeowner should review their home equity, and determine if it could help them in 2012.
Read moreDo You Have Too Much Debt?
We talk about debt a lot on this blog. Good debt, bad debt, how to get out of debt, how to wisely take on more debt, and how to rearrange your debt so that you don’t pay so much on it. But, the one thing people don’t often ask themselves is: Am I in too much debt? Either they think they’re fine because they were just approved for a loan, or they automatically assume that they do have too much debt, even though they may only be carrying a mortgage. So, how much debt is too much? And are you in too deep?
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 moreThe Power of Home Equity
In today’s financial climate it is becoming more and more important to expand and diversify financially. Many people have left the “security” of their full time, salaried jobs for the uncertainty of self employment. The reason being that there is no security in today’s corporate atmosphere. Restructuring and cut backs have been the norm for the…
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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