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6 month mortgage deferral

6 month mortgage deferral will help, not harm, despite what media say.

6 month mortgage deferralWe’ve all heard about the 6 month deferred mortgage payment option.  It was thrown out there by the government in an attempt to help property owners.  We now have some more info that I’d like to share.

I’m getting a little sick and tired of the media being so negative and pessimistic.  The banks and other financial institutions are offering to defer mortgage payments for 6 months. This is GOOD news. While it might not seem that way if you read some of the media posts, let’s clear things up:

  •  NO, it won’t harm your credit rating.
  •  NO, it isn’t expensive. Read on…
  •  NO, this isn’t automatic. Your mortgage payments will not be forgiven for 6 months without calling anyone. But most lenders are happy to postpone your payments without much fuss.

Continue reading “6 month mortgage deferral will help, not harm, despite what media say.”

Get a secured line of credit while you can qualify.

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.”

New First Time Home Buyer Incentive Happy Couple Buying New Home Gets Key From Builder

New First-Time Home Buyer Incentive.. the quick facts.

New First Time Home Buyer Incentive Happy Couple Buying New Home Gets Key From Builder

The First-Time Home Buyer Incentive (FTHBI) program is a Shared Equity plan that came into effect Sept 2nd (just before an election, what coincidence).  The program was created to stimulate new home construction and to fill a lack of housing supply.

Here are the quick facts about the program and how you can actually qualify.  Spoiler alert, this program isn’t for everyone, and actually, it’s going to be more relevant for smaller cities and towns where home prices are below $500k.  Still, it’s worth reviewing to see if you do qualify… Continue reading “New First-Time Home Buyer Incentive.. the quick facts.”

50+ with little or no Mortgage? You Need a Line of Credit!

Blog Image, Line of Credit, May 2019

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 “50+ with little or no Mortgage? You Need a Line of Credit!”

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