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Labour Force Report with Dr. Sherry Cooper
General Kimberly Coutts 6 Jan
General
Getting a Mortgage When Your New to Canada!
General Kimberly Coutts 5 Jan
Canada has seen a surge of international migration over the last few years. In 2022, we welcomed a total of 431,635 immigrants to the country, shattering 2021’s previous high!
With all these new faces wanting to plant roots in this great country, we wanted to touch base on how new immigrants can qualify to be homeowners!
PERMANENT RESIDENTS
If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you are eligible for a typical mortgage with a 5% down payment – assuming you have good credit.
NOT YET PERMANENT RESIDENTS OR HAVE LIMITED CREDIT
For Permanent Residents with limited credit, or individuals who have not yet qualified for Permanent Residency, there are still options! In fact, there are several ‘New to Canada’ mortgage programs. These are offered by CMHC, Sagen and Canada Guaranty Mortgage Insurance, and cater to this group of homebuyers.
NEW TO CANADA PROGRAMS
To qualify for New to Canada programs, you must have immigrated or relocated to Canada within the last 60 months and have had three months minimum full-time employment in Canada.
Individuals looking for 90% credit, a letter of reference from a recognized financial institution. Or, you will be required to provide six (6) months of bank statements from a primary account.
If you are seeking credit of 90.01% to 95%, you will need to produce an international credit report (Equifax or Transunion) demonstrating a strong credit profile. Or you will need to provide two alternative sources of credit, which demonstrate timely payments for the past 12 months. The alternative sources must include rental payment history and another alternative. This could be hydro/utilities, telephone, cable, cell phone or auto insurance.
ALTERNATIVE LENDERS
Another option for New to Canada residents, depending on your residency status and credit history, are alternative lenders such as B-Lenders and MIC’s (Mortgage Investment Operation). If you do not qualify for the New to Canada programs, or a standard mortgage, reach out and I can help you navigate the alternative options!
New to Canada? Here are some times before submitting your mortgage application…
Utilizing a mortgage professional will ensure you understand your options. They can also help determine the best program and mortgage choice for you. Before you speak to a mortgage professional like myself, there are a few things you need to know when it comes to submitting an application – and getting approved – for your first mortgage in Canada:
SUPPORTING DOCUMENTS!
If you’re new to the country but have weak credit, supporting documents will be needed. These may include: proof of income, 12 months worth of rental payments or letter from landlord, documented savings, bank statements and/or letter of reference from recognized financial institution. These documents all paint the picture of whether you are a safe investment for a lender.
BUILD YOUR CREDIT RATING!
This is one of the most important aspects to getting a mortgage! Your credit rating determines your reliability as a borrower. In turn, this will determine your down payment rate. A great way to build your credit is by getting a credit card to use and pay off each month. Paying other bills such as utilities, cell phones and rent can also contribute to your credit score and reliability.
START SAVING!
One of the most expensive aspects of home ownership is the down payment, which is an upfront cost but is vital to securing your future. As mentioned, the down payment can either be 5% or 10% depending on your status. However, if the purchase price exceeds $500,000, the minimum down payment will be 5% for the first $500,000 and 10% of any amount over $500,000 – regardless of your residency status.
CHOOSE A MORTGAGE PROVIDER!
Once you are ready to get your mortgage I can help you review your options and find the best mortgage product to suit your needs.
Buying a house is an exciting step for anyone, but especially for individuals who are new to the country. As daunting as it may seem, purchasing a home is completely possible with a little knowledge and preparation. If you are new to Canada and looking to get a mortgage let’s book a time to have a Discovery Call.
5 House Hunting Mistakes to Avoid
General Kimberly Coutts 5 Jan
5 House Hunting Mistakes to Avoid.
Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few key mistakes to avoid and be aware of before you start your journey:
- Not Getting Pre-Approved: One of the most important aspects of buying a home is the mortgage application and approval process. No matter what type of home you are looking for, you will need a mortgage. One of the biggest mistakes when it comes to the home-buying process is NOT getting pre-approved prior to starting your search. Getting pre-approved determines the actual home price you can afford as it requires submission and verification of your financial history to ensure the most accurate budget to fit your needs.
- Not Setting or Following a Pre-Determined Budget: Another mistake that people make when home-hunting is not setting, or following, a pre-determined budget. It can be tempting to start looking at the top of your budget, or even slightly over, but when you consider closing costs and the long-term financial responsibility of home ownership, it is best to avoid maxing yourself out. Getting pre-approved will help determine what you can afford, as well as making an appointment with your mortgage broker to determine your financial situation and the best options for you now, and in the future.
- Not Hiring a Real Estate Agent: Your mortgage broker and your real estate agent are two of the most important members of your homebuying A-Team! In today’s competitive real estate market, it can be very difficult to acquire property without the help of a realtor. One reason is that realtors can provide access to properties that never even make it to the MLS website! They can also gain access to information about homes that may come onto the market, before a listing is even signed. Most importantly though, a realtor understands the ins-and-outs of the home buying process and can tell you how to be successful in your endeavors to purchase a home by guiding you through the process from the first viewing to having your bid accepted.
- Focusing Too Much on Aesthetics: While we understand that bad interior design can really affect the perception of the home, you don’t want to be blindsided by it. At the end of the day, aesthetics can always be updated! Giving up the perfect price or location or size for a few aesthetic details (such as paint color, flooring, or even outdated appliances or light fixtures) is one of the biggest mistakes people make! Most homes have incredible bones that only need some minor tweaks to become your perfect space.
- Not Thinking Ahead: What you want and need in a house today, could be very different from what you want and need in a house in the future. It is important to be able to look ahead – are you planning on having children? Are your parents getting older and in need of a retirement space? These are things that are good to take into consideration when buying a new home. Buying a home isn’t a permanent decision as you can always sell your home later on if it doesn’t work for you in the future, but it is almost always easier to plan ahead so you can grow with—and not out of—your home whenever possible.
If you are looking to purchase a new home, whether your first space or a step-up from your current living situation, I would be happy to help! Please don’t hesitate to reach out to set up a virtual appointment and discuss your mortgage options, pre-approvals and everything you need to know BEFORE you get started.
New Year Resolutions for Your Home
General Kimberly Coutts 5 Jan
New Year Resolutions for Your Home.
Your finances aren’t the only thing that has room for new resolutions in 2023! Consider these great ideas to make your home feel brand new come January:
Purge Your Space
While most people think about purging when Spring comes around, the end of the year really is no better time. While cleaning your home is common around the holidays, purging takes that a step further. Make it part of your New Year’s resolution to purge your home of all the things you don’t need. It may seem daunting at first, but most of the decisions are already made. Look around your home and really catalogue those items you didn’t use in 2022 (or 2021!) and make it your resolution to finally get rid of them. Go room-by-room to ensure the purging remains manageable and you get the most out of the process!
Donate What You Can
Following up on purging your home, this is a great time to donate old items. While purging, make two piles – one for garbage and one for items to donate. During this time of year, those in need can use your help the most! So, while you’re purging, reconsider tossing out old items and instead donate them to someone who would benefit.
Make Sure You Are Safe & Sound
A clean house is only half the battle – you also need a safe one! While your home is going to look fresh and organized after you’ve finished purging old items from the year, now you will want to put some effort into ensuring safety. Check fire detectors and fireplaces, as well as investigate radon and carbon monoxide also (the hardware for these tests are not particularly expensive). This is a good time to check ventilation as well!
Shrink Your Bills (and Your Carbon Footprint)
Some people think the only way to “go green” these days is buying a hybrid car – but your home is a great place to cut energy too! Everything from switching off the lights when you leave a room, to dialing down your air conditioner and heating, to installing LED bulbs and energy-saving showerheads or toilets, can help you save in the long run and ensure your home is more energy efficient for the New Year!
Plan Out Home Improvement Projects
Heading into the New Year is a super fun time to plan out future home improvement projects! They don’t even have to be on the docket for 2023, but this is a great time to re-evaluate your home for any changes or additions you want to make in the coming years – and to start saving for them now.
If you would like to discuss financing options for home improvement project, let’s book a time for a discovery call!
Bank of Canada increases its benchmark interest rate to 3.75%
General Kimberly Coutts 26 Oct
Today, the Bank of Canada increased its overnight benchmark interest rate 50 basis point to 3.75% from 3.25% in September. This is the sixth time this year that the Bank has tightened money supply to quell inflation, so far with limited results. One of my favorite lenders, First National, always does a fantastic summary which is shared below.
Some economists had assumed the increase this time around would be higher, but the BoC decided differently based on its expert economic analysis. We summarize the Bank’s observations below, including its all-important outlook:
Inflation at home and abroad
- Inflation around the world remains high and broadly based reflecting the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices
- Energy prices particularly have inflated due to Russia’s attack on Ukraine
- The strength of the US dollar is adding to inflationary pressures in many countries
- In Canada, two-thirds of Consumer Price Index (CPI) components increased more than 5% over the past year
- Near-term inflation expectations remain high, increasing the risk that elevated inflation becomes entrenched
Economic performance at home and abroad
- Tighter monetary policies aimed at controlling inflation are weighing on economic activity around the world
- In Canada, the economy continues to operate in excess demand and labour markets remain tight while Canadian demand for goods and services is “still running ahead of the economy’s ability to supply them,” putting upward pressure on domestic inflation
- Canadian businesses continue to report widespread labour shortages and, with the full reopening of the economy, strong demand has led to a sharp rise in the price of services
- Domestic economic growth is “expected to stall” through the end of this year and the first half of next year as the effects of higher interest rates spread through the economy
- The Bank projects GDP growth will slow from 3.25% this year to just under 1% next year and 2% in 2024
- In the United States, labour markets remain “very tight” even as restrictive financial conditions are slowing economic activity
- The Bank projects no growth in the US economy “through most of next year”
- In the euro area, the economy is forecast to contract in the quarters ahead, largely due to acute energy shortages
- China’s economy appears to have picked up after the recent round of pandemic lockdowns, “although ongoing challenges related to its property market will continue to weigh on growth”
- The Bank projects global economic growth will slow from 3% in 2022 to about 1.5% in 2023, and then pick back up to roughly 2.5% in 2024 – a slower pace than was projected in the Bank’s July Monetary Policy Report
Canadian housing market
- The effects of recent policy rate increases by the Bank are becoming evident in interest-sensitive areas of the economy including housing
- Housing activity has “retreated sharply,” and spending by households and businesses is softening
Outlook
The Bank noted that its “preferred measures of core inflation” are not yet showing “meaningful evidence that underlying price pressures are easing.” It did however offer the observation that CPI inflation is projected to move down to about 3% by the end of 2023, and then return to its 2% target by the end of 2024. This presumably would be achieved as “higher interest rates help rebalance demand and supply, price pressures from global supply chain disruptions fade and the past effects of higher commodity prices dissipate.”
As a consequence of elevated inflation and current inflation expectations, as well as ongoing demand pressures in the economy, the Bank’s Governing Council said to expect that “the policy interest rate will need to rise further.”
The level of such future rate increases will be influenced by the Bank’s assessments of “how tighter monetary policy is working to slow demand, how supply challenges are resolving, and how inflation and inflation expectations are responding.”
In case there was any doubt, the Bank also reiterated its “resolute commitment” to restore price stability for Canadians and said it will continue to take action as required to achieve its 2% inflation target.
As noted by DLC’s Chief Economist, Dr. Sherry Cooper, don’t expect for mortgage interest rates to ever go back to 1.5% – 2% as these were brought on due to the emergency measures that were required by the pandemic. Those rates are likely never to return, however perhaps in late 2023 or early 2024 we can see mortgage rates return to a more normal 3.5% – 4%. For a history of the Bank of Canada Prime since 2004 see here.
December 7, 2022 is the BoC’s next scheduled policy interest rate announcement.
As always, feel free to book in a call should you have questions about your mortgage.
What does this morning’s Bank of Canada Interest Rate Hike Mean?
General Kimberly Coutts 13 Apr
Loving the headlines this morning.
Here’s just a couple of them:
Bank of Canada hikes rate by biggest amount in 20 years in push to tame red hot inflation
Bank of Canada announces .5% increase, the first oversized hike in decades
As we know the media loves a good headline however when you break it down we all knew we couldn’t borrow cheap money forever. When the pandemic first started the Bank of Canada Prime rate had remained unchanged at 3.95% since October 2018. Then March 2020 and COVID happened and in that one month the Bank of Canada reduced the Prime Rate by 1.5% over the course of the month where it then sat unchanged for 2 years.
Now is not the time to lock into Fixed Rates or panic! If you’re looking at the uninsured variable vs fixed interest rates there is approximately 1.5% difference and you would be giving this extra money straight to the bank. Of course if you consult a banker, they’ll tell you to lock in however when you lock into a fixed rate that’s when the banks make money. When interest rates are higher, banks make more money as they take advantage of the difference between the interest banks pay to customers and the interest the bank can earn by investing.
Let’s remember the math, for every .25% increase it increases your mortgage by $12/month for every $100,000. See below for a table for an example of variable vs fixed rates and what the difference per month would be.
If you’re looking for a history of the Bank of Canada Prime Rate check out this easy table to review what the Prime Rate has been since 2004.
Take note as well that if you’re about to jump into the Spring Market with a purchase if you choose to go Fixed you may be reducing the amount of mortgage money that you qualify for as you’ll be forced to use the contracted rate +2% as the Stress Test rate vs 5.25%. If you earn approximately $100,000 this would reduce your purchasing power from $474,058 to $446,088. Check out a video that I shared on LinkedIn.
As always, if you have any questions don’t hesitate to reach out to me and book in a call.
Happy Wednesday,
Kimberly
Get Better Credit with The 5 Cs
Mortgage Tips Kimberly Coutts 13 Oct
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Let’s Talk Mortgage Payments
General Kimberly Coutts 6 Oct
So you’re all set and you’ve found your new home. You’ve now received a commitment from your mortgage broker and lender however there’s an area on the commitment form that provides all these payment options and you’re unsure of what it all means and how it affects your mortgage then look no further for a quick and easy explanation.
In Canada when you take on a mortgage you typically have the option of five mortgage payment options:
- Monthly
- Bi-Weekly
- Accelerated Bi-Weekly
- Weekly
- Accelerated Weekly
A monthly mortgage payment, which is typically the most common is when your mortgage payment is withdrawn from you bank account on the same day of every month (i.e. on the 1st). You would make 12 payments per year in this scenario.
A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 26 pay periods in a year, thus making 26 payments per year. You’re dividing up the payments in two per month however still paying the same amount as the monthly option.
An accelerated bi-weekly mortgage payment is when your monthly mortgage payment is divided by two and the amount is withdrawn from your bank account every two weeks. With an accelerated bi-weekly mortgage payment, you still make 26 payments per year, but the payment amount is slightly more than the regular bi-weekly mortgage payment.
A weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 52 weeks in a year. You would be making a payment every week however the total amount paid per year is still equivalent to the monthly payment option.
An accelerated weekly mortgage payment is when your monthly mortgage payment is divided by 4 and the amount is withdrawn from your bank account ever week. It’s still 52 payments in a year, but the payment is slightly higher than that of a regular weekly mortgage payment.
Although the regular and accelerated payments sound very similar, with the accelerated you will end up making approximately one extra payment a year which helps save you thousands of interest and helps pay off your mortgage that much quicker a few years quicker than anticipated.
Should you have any questions about your current mortgage or obtaining a mortgage don’t hesitate to reach out for a complimentary discovery call.
Sugar Free & Dairy Free Fudgesicles – Too Good to Not Share
General Kimberly Coutts 24 Jun
Happy Thursday,
It’s going to be a hot one over the next week here in Vancouver and we’ll be sitting under a heat dome. And while we typically don’t have them in our part of the world, we’ll be experiencing an intense high-pressure system. We may be heading into the hottest period of time ever in Vancouver! I’d recommend heading to the nearest Home Depot to purchase that AC unit you’ve been thinking of today or tomorrow.
Given the heat, thought this recipe that our marketing team shared with us was too good not to share! For a sugar free & dairy free fudgesicle recipe look no further! If you make them let me know how they turn out.
“These are so lusciously creamy, sinfully rich-tasting – the kind of thing you put in your mouth and kind of can’t believe what’s happening. Vegan, almost raw, and full of whole food ingredients, they are also downright filling! They make a fabulous mid-morning or afternoon pick-me-up, especially with the raw cacao component, a deliciously effective, energy-boosting food. Dress them up with your favourite add-ins, or keep it simple and enjoy them as the five-ingredient bliss bars that they are!”
See more on www.mynewroots.org
5-INGREDIENT VEGAN MAGICAL FUDGESICLES
Makes 4 cups / 1 Liter / 10 fudgesicles
INGREDIENTS:
- 1/2 cup / 75g unroasted, unsalted cashews
- 1 14-oz can / 400ml full-fat coconut milk
- 1 large, ripe avocado
- 1 cup / 250g pitted, packed soft dates
- 1/2 cup / 55g raw cacao powder (cocoa powder will also work)
DIRECTIONS:
- Place cashews in lightly salted water and let soak for 4-8 hours (overnight is fine).
- Drain the cashews and rinse well. Add to a blender (a high-speed blender is highly recommended) with the remaining ingredients (and any flavourings, if using) and blend on high until as smooth as possible. Add water only if necessary – you want to mixture to remain quite thick.
- Spoon the mixture in popsicle molds. Firmly knock the molds on the counter a few times to remove any air bubbles. Insert a popsicle stick into each mold and place in the freezer until set – at least 6 hours. To remove popsicles, run the mold under hot water until you can easily pull a fudgesicle out.
- If you want to decorate your fudgesicles, dip or drizzle them with melted chocolate and sprinkle with desired toppings. Eat immediately, or place back in the freezer to set until ready to enjoy.
OPTIONAL ADD-INS
- A pinch of Sea Salt
- Vanilla (seeds from 1 pod, powder, or extract)
- Food grade essential oils (a few drops of peppermint, orange, almond etc.)
- A pinch Cayenne Pepper
- Espresso powder
- Finely chopped toasted nuts (cashews, hazelnuts, almonds, pistachios etc.)
OPTIONAL TOPPINGS (as seen in photo)
- Melted Dark Chocolate
- Cacao Nibs
- Finely Chopped Toasted Nuts (Cashews, Hazelnuts, Almonds, Pistachios Etc.)
- Dried Fruit
- Citrus Zest (Lemon, Orange, Lime)
- Hemp Seeds
- Unsweetened Desiccated Coconut
- Bee Pollen
As you know my business is built on personal referrals or recommendations so if you hear of anyone chatting about mortgages and wanting to learn more about how to get into the real estate market and the steps that need to be taken feel free to connect me. I can promise you I’ll be providing them with 5-Star service.
Stay healthy and cool,
Kimberly
25 Secrets Your Banker Doesn’t Want You to Know
Mortgage Tips Kimberly Coutts 29 May
Lots of times, I write my own articles but I’m also fortunate to have a fantastic Marketing team that supports us. One of their most recent articles was “25 Secrets Your Banker Doesn’t Want You to Know”. There was too much good information here not to share.
Twenty-five or thirty years can sound like an impossibly long time to service a loan – and for many of us, it is. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much sooner!
- Make a Double Mortgage Payment: A double payment once a year can shave over four years off the total life of the mortgage! Better yet, if your mortgage allows for double-up payments, another option is paying an extra $100 into your mortgage – per month. This can save you over $26,000 in interest on a 5.5% fixed-rate, 25-year amortized mortgage.
- Increase Your Payment Frequency: Changing your mortgage from monthly to bi-weekly accelerated payments can shave over three years off your mortgage. At $2,000 a month, three years of no payments is worth $72,000 (not to mention the interest saved!).
- Increase Your Payment: Did you know? A one-time 10% increase can shave four years off the mortgage. That’s $96,000 in savings! 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! You can also consider increasing the payment by the amount of your annual raise.
- Lump Sum Payments: This is another option to become mortgage-free even faster! Even just one extra payment a year equivalent to one monthly payment will give you similar results as #2 above. Annual work bonuses or other extra-income is a great option for this.
- Renegotiate When Rates Drop: Revisiting your mortgage is a good idea when rates drop. However, it is always best to get expert advice from a mortgage broker to ensure it makes sense for you. If so, the benefits can be huge! For instance, a 1% reduction on a $300,000 mortgage will save $250 a month—times five years, that’s $15,000.
- Maintain a High Credit Rating: Even if you have already qualified for the mortgage you want, don’t let your credit rating slip. Pay your bills on time and keep balances low in relation to limits on credit cards, lines of credit, etc. Ideally, using 30% or less of your available credit will garner the highest results (assuming you pay the balances in full every month). Even if you’re filling your card to its credit limit max and paying it off in full each month, it will look like you are maxing out your credit limit and your credit score will drop accordingly.
- Increase Your Mortgage: Increasing your mortgage for the purpose of debt consolidation can be helpful for paying off credit card debt, line of credits, car loan and so on for a better rate and a set payment plan.
- Make an RRSP Contribution: By making an RRSP contribution, you can then use your income tax refund to pay down your mortgage!
- Switch to a Variable Rate: Switching your mortgage to variable-rate while keeping your payments the same as if on fixed can help you pay your mortgage faster. Since variable rates are typically lower, you will be paying more to your principal loan versus the interest.
- Caution: Variable rates are not for everyone. Always be sure to seek my help to find out if variable-rates are the best choice for you.
- Take Your Mortgage With You: When you move, switch your old mortgage to the new property to avoid a penalty or higher rate on a new mortgage. This is called “porting”, however not all mortgages have this feature so be sure to ask! It is not widely known but could save you a ton of money.
- Set Up Automatic Savings: Even setting aside $10 per paycheck can help! When your extra savings reaches the amount of one mortgage payment, apply it to the mortgage! This concept goes nicely with #4.
- Unhook From The Money Drip: Stop paying with your fancy points credit or debit card. These make it way too easy to overspend. Go old school, go off the grid and pay cash. It works and can help you stay on track!
- Don’t Buy on Layaway: You know, those don’t-pay-for-six-month “deals”, well a lot can change in six-months and you’ll still be on the hook. If you cannot afford it now, don’t buy it. Wait until you are financially able to make the investment.
- Downsize Your House: Are you living in a 5-bedroom family home but your kids are grown up and moved out? Consider downsizing to a smaller house. It will save you money on your mortgage payments and maintenance fees in the long run!
- Rent Out the Basement: Not ready to move? Consider converting spare rooms to rental and use the income to pay down debt.
- Make Your Mortgage Tax-Deductible: If you are self-employed, own rental property or have investments, this is likely possible. Check with your Dominion Lending Centres mortgage broker to see if this option is right for you!
- Prioritize Your Payments: Define your various debts by category. This can help you see where you spend your money and also help you pay off your debt faster.
- Start With the Highest-Interest Rate: Pay off loans with the highest interest rates first, as these are the ones eating into your extra income!
- Leave Tax-Deductible Until Last: Pay the non-tax deductible loans first and fastest and leave tax-deductible debt to the end.
- Focus on Ugly Debt First: Debt such as credit card balances are the worst on your credit rating. Pay these off first.
- Pay Off Bad Debt Next: Debt for items that depreciate in value, such as car or boat loans, should be the next on your priority list.
- Clear Good Debt Last: Loans such as mortgages or investments for assets that should appreciate in value are the least harmful to your net worth and can be paid out last.
- Buy a New Car – Outright! Finance it if you have to but don’t lease, unless you are self-employed in which case leasing makes more sense.
- Use Your Secret Stash: If you have $20,000 in a bank account for a rainy-day or vacation and yet owe $20,000 on a line of credit, you need to reconsider. The bank account is paying you next to no interest (which is taxable income) and the line of credit rate is way higher (and not tax deductible). You know what to do. You can keep the line of credit open and on standby for a rainy day. Make it the secret line of credit that you have but never use.
- Give your Banker More Money: No, really. Keep enough in your chequing account to meet the minimum requirement to waive your service charges. Some banks charge a fee for transactions and nothing, zero, zilch, zip if you keep $2,500 in the account. Let’s see, $10 x 12 is $120 a year to pay off debt. I’d have to earn 5% with the $2,500 in my savings account to come out ahead. No-brainer here. Oh yeah, if you need more than 25 transactions a month, see #12 above.
Let’s face it, your financial future will not get any brighter if you continue to run deficits forever. Unlike a bank or big company, you won’t get a bailout! Stop procrastinating and take charge of your own finances with the above tips!
BORROWER BEWARE:
It is always important to take things with a grain of salt. This is especially important when it comes to too-good-to-be-true, ultra-low-rate mortgages. These “no frills” mortgages are often loaded with restrictions such as pre-payment limitations, fully-closed terms, stripped-out features or unusual penalties. If you’re not looking at what you’re giving up, you may regret it in the future. These hidden terms alone could prevent you from taking advantage of tips #1, 2, 3, 4, 5, 7, 8, 9, 10, 14, 16 and 22!