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Consolidate debt pay less interest
Posted 1 Comment on Want to pay off debt? Pay less interest! Consumer Debt

Want to pay off debt? Pay less interest!

Consolidate debt pay less interest

It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.

January is usually a tough financial month for most of us.  Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment.  If December is the Holiday Season, then January feels like a hangover!

Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%.  Wait, before you get too depressed, there could be a better option.  There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”

New year new home - Learn About the Home Buyers Plan
Posted Money saving tips

Home Buying Goals? A New Year’s Resolution to Keep.

New year new home - Learn About the Home Buyers Plan

New year, new home? It’s a good time to take another look at the Home Buyers’ Plan (HBP).

If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.

But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).

You can withdraw up to $35,000 ($70,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.

Continue reading “Home Buying Goals? A New Year’s Resolution to Keep.”

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!”