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Getting divorced - Should I keep the family home
Posted Mortgage News

Getting divorced? What about the family home?

Getting divorced - Should I keep the family home

Having worked on 8,000+ mortgage applications at this stage in my career, I’ve witnessed my share of separations and divorces. While I have shared a financial and personal perspective on marital splits in the past, it is always worth revisiting for those out there that are going through these life changes now or in the future.

You’ve heard the stats: 1 out of every 2 marriages fails. Actually, I think the number of failed marriages is even higher now. Wait, let me rephrase that. A marital split is not a failure. I think that’s old-world thinking. A marital split is usually a positive move for all parties involved – for the spouses who are no longer in love and the kids who don’t have to see an unhappy married couple.

Marital splits can be a very emotional and difficult time in one’s life – especially when there are kids involved. There’s always one parent who wants to keep the house because the kids grew up there or have friends there or it’s just more familiar to them.

Continue reading “Getting divorced? What about the family home?”

You will never see a U-Haul following a hearse
Posted Mortgage News

I’ll say it again. You’ll never see a U-Haul following a hearse!

You will never see a U-Haul following a hearseThat’s right, I’ve said this before, and will say it again.

Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.

This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?

Continue reading “I’ll say it again. You’ll never see a U-Haul following a hearse!”

Get a secured line of credit while you can qualify.
Posted Mortgage News

My advice is simple: Over 50? Get a secured line of credit while you can qualify.

Get a secured line of credit while you can qualify.

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.

The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.

We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.

Continue reading “My advice is simple: Over 50? Get a secured line of credit while you can qualify.”

Online shopping for Stocks, Vacations and Mortgages.
Posted Case study

Online shopping …. Stocks, Vacations and Mortgages. What’s the difference?

Online shopping for Stocks, Vacations and Mortgages.Is choosing a mortgage as easy as booking a trip or trading a stock?   Let’s find out! 

Sure, you can book a flight online or buy a stock through the web.  But, can you really choose the right mortgage product on your own?  Can you really find the absolutely lowest cost mortgage financing option?  I’ll bet some consumers can. I’ll also bet the vast majority cannot.  There’s a steady stream of horror stories, on this news site and others, that show just how costly and financially dangerous it is to be in the wrong mortgage product, with the wrong lender.

I’ve shared dozens of those experiences on this site.  Consumers who were directed into the wrong mortgage by their Banker or by some web site claiming to offer ‘the lowest rate’.  I empathize with these consumers as I believe they were just trying to save some money but instead ended up paying far more than they had to. Continue reading “Online shopping …. Stocks, Vacations and Mortgages. What’s the difference?”