21 Dec

How To Pay Off Debt Faster – 25 Secret Tips Your Banker Doesn’t Want You To Know

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Posted by: Bonnie Hudson

How To Pay Off Debt Faster – 25 Secret Tips Your Banker Doesn’t Want You To Know
By: Len Anderson

How To Pay Off Debt Faster - 25 Secret Tips Your Banker Doesn't Want You To Know1. Make a double mortgage payment whenever you can. Doing this once a year can shave over 4 years off the mortgage! Sometimes you can skip a payment later on too…if you really, really need to. Try not to. If your payment is $2,000 a month, four years of no payments is $96,000!!

2. Increase frequency of payment. For Example going from monthly to bi-weekly accelerated can shave over three years off your mortgage! $2,000, three years of no payments is $72,000!!

3. Increase your payment. For example a one-time 10% increase can shave 4 years off the mortgage. That’s $96,000! Imagine if you bumped the payment 10% every year from the get go!!! You would be mortgage free in 13 years! Start to finish! Can’t do it? How about 5% every year….you would be mortgage free in 18 years! How about increasing the payment by the amount of your annual raise?

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9 Dec

BC & Ontario Poised For Canada’s Strongest Economic Growth In 2016

Posted by: Bonnie Hudson

Lower oil prices, alongside a continued slump in mining and metals, has weighted on growth. Oil-dependent provinces such as Alberta, Saskatchewan and Newfoundland and Labrador have seen their economies hardest hit. That includes a drop in housing activity. Meantime, the more diversified economies of Ontario and B.C. are picking up, and housing sales and prices continue to climb rapidly in Toronto and Vancouver. Will this mixed economic and housing picture continue in the months ahead? Dr. Sherry Cooper, Chief Economist with Dominion Lending Centres, offers her outlook on what Canadians can expect in 2016:

 

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9 Dec

Obstacles for First Time Home Buyers

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Posted by: Bonnie Hudson

With mortgage interest rates at historical lows, it is a wonderful time for first time home buyers to take the leap into the market. But there are some considerations and preparations to be made before starting the process.

A higher level of bank scrutiny has come into play now that the governance of CMHC has been shifted to the Office of the Superintendent of Financial Institutions (OSFI). The banks have been jumping through hoops to meet stricter lending policies and so must potential mortgage borrowers.

Mortgage rule changes that came into effect in July 2012 shortened the maximum allowable amortization on mortgages from 30-years down to 25-years. This has made it more difficult for buyers to meet debt-servicing requirements of lenders due to the higher monthly payments of the shorter repayment structure.

 

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