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.”
Something strange has been going on over the past decade. We’re often being told – and, in many cases, convinced – that it’s better to rent than to own.
I firmly believe everyone should own their home. In fact, I think we should own at least one investment property… and, in many cases, more than one, but I’ll get to that in a minute…
I can understand why many people, particularly Millennials, are believing it’s better to rent than own. After all, it’s easier to rent. Just look online for a condo or house for rent. Apply, sign the lease and you’re done. We’ll call this the Convenience factor.
Continue reading “Why are We Being Poorly Advised Against Homeownership?”
Many mortgage brokers and other sales/service professionals keep track of numbers to measure whether we’re on track for growth year-over-year.
So, I did some math. Since becoming a broker in 2004, my team and I have successfully funded more than $920 million in mortgages. That’s a big number, and I’m proud of my accomplishments – but not only because of the monetary value. Of course, everyone has to earn a living, but I also get to help people make their home dreams come true everyday. Now, that is among my proudest accomplishments by far!
Continue reading “My mission is to help keep mortgage consumers informed!”
When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time.
Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-year amortization. At the end of five years, you’ve paid off an extra $6,444. The balance owing is $249,435. And the remaining amortization is 17 years and 9 months instead of 20 years. This also represents an interest savings of $11,423 over the life of the mortgage. Not bad!
Now let’s look at paying an extra $200 per month. At the end of five years, you’ve paid off an extra $12,888. The balance owing is $242,991. And the remaining amortization is 15 years and 11 months. This represents an interest savings of $20,708 over the life of the mortgage! Continue reading “How can an extra $100 boost your mortgage?”
Rental properties are a secure long-term investment. Note the emphasis on “long-term”.
Check out any seven-year period over the past 50 years (anyone who has read this news site knows that I always recommend buying and holding for at least seven years). Property values have almost always risen.
Sure, the last five or 10 years have seen fantastic appreciation in almost every part of Canada. But, let’s leave capital appreciation out of the equation for now.
Why aren’t we talking about rental income? Or, how about the equity growth through your mortgage being paid down each year?
RENTAL INCOME IS UP, UP, UP!
Rents have definitely gone up with inflation (or even higher, in many cases, as we have seen in urban markets like Toronto and Vancouver). This is part of what makes rental properties attractive – rent rises with inflation and, in many cases, even higher. This is how you create your own pension or retirement income! Continue reading “Rent is up, vacancy is down… rental properties make sense”
They say about half of all marriages end up in divorce. In Canada, it’s around 48%. In the U.S., it’s around 53% according to Stats Canada. You’ve probably heard these stats before.
But what happens when a couple splits and all the financial matters were being handled by just one spouse? In most cases (but not all), it’s the woman who is left with no knowledge of money matters. Over the years, I’ve seen hundreds of marital splits and in an overwhelming majority of cases, the woman is left in the dark when it comes to finances (that trend is changing as today’s women are becoming more financially astute.. good for them.. let’s continue that trend).
There is HOPE and HELP. Here are some things you can do to take charge of your finances before or after a marital split: Continue reading “Marital splits… woman seem to be at higher risk when it comes to finances.”
It’s rare that I talk about something that isn’t directly related to mortgages, real estate or finances. Today is one of those days. I want to share this pretty cool podcast channel I stumbled upon. Maybe you’ll find it as useful as I did.
Cut the Crap.
Yup, that’s the name of this podcast channel. Ok, at first, I thought, what can this be about? Maybe it’s a spinoff from the old Penn and Teller show?? But then, I saw the headline at the bottom “Never read a book again”. I thought, okay, let’s check this out. And I’m glad I did. Continue reading “Not about Mortgages… Cut the crap!”