If you’re facing a financial crisis, it can be difficult to know where to turn for help. Fortunately, there are several types of mortgages that can provide relief in different situations. From business line of credit to refinance cash back, here are some of the most common types of mortgages you can use to get out of a financial jam.
Business Line of Credit
It is a type of mortgage that provides flexible access to funds for small business owners. With it you can borrow up to a certain amount and pay interest only on the amount you use. This can be a useful option for businesses that need short-term financial support, such as to cover unexpected expenses or bridge a gap in cash flow.
Startup Loans
If you’re starting a new business, a startup loan can provide the capital you need to get off the ground. Startup loans typically have more flexible requirements than other types of mortgages, as lenders understand that new businesses may not have a long track record of success. However, they may also come with higher interest rates or require collateral to secure the loan.
Business Lending
Business lending is a broad term that encompasses a wide range of mortgage options for businesses. From term loans to equipment financing, there are many different types of business lending available to suit different needs. Whether you need funds to expand your operations, purchase new equipment, or cover unexpected expenses, there is likely a business lending option that can help.
Lantern Loans
Lantern loans are a type of mortgage that is specifically designed to help people who are facing financial hardship. These loans are typically offered by nonprofit organisations or government agencies, and may come with more flexible terms or lower interest rates than traditional mortgages. Lantern loans may be a good option if you’re struggling to make ends meet and need a short-term solution to get back on track.
Refinance Cash Back
If you already own a home and have built up equity, a refinance cash back mortgage may be a good option to get some financial relief. With a refinance cash back mortgage, you can refinance your existing mortgage and receive a lump sum of cash back based on the equity in your home. This can be a useful option if you need funds for a large expense, such as home repairs or medical bills.
It’s important to note that mortgages are not one-size-fits-all solutions. The type of mortgage that is best for you will depend on your individual financial situation, as well as the specific needs you are trying to address. Before taking out any type of mortgage, it’s important to do your research and understand the terms and requirements of the loan.
Additionally, it’s important to consider the long-term implications of any mortgage you take out. While mortgages can provide short-term financial relief, they also come with long-term costs in the form of interest and fees. Before taking out a mortgage, make sure you have a clear plan for how you will pay it back and how it will fit into your overall financial picture.
There are several types of mortgages that can provide financial relief in different situations. From business line of credit to startup loans, refinance cash back, and more, there are many options to choose from. However, it’s important to carefully consider your individual financial situation and the long-term costs and implications of any mortgage before making a decision. With the right approach, a mortgage can be a valuable tool to help you get out of a financial jam and move toward a more stable financial future.
The Canadian Mortgage market is experiencing a roller coaster ride of epic proportions ever since the early 2020 decline of Interest Rates. Earlier this year The Royal Bank Of Canada decided to steadily raise the Interest Rates to tackle the inflation. The current Mortgage Market is buzzing with rumours of the Interest Rates being at their peak. Here we are discussing the relevancy of these Stress Tests.
How the Stress Test works
The Canadian Mortgage Stress Test requires both insured and uninsured borrowers to present proof of being able to pay monthly payments based on the rate of 5.25% or two percentage points above their contract rate, whichever is higher at the time. This has become a problem today as borrowers are being tested for rates above 6% and 7%.
Why the spike in Interest Rates
We understand that the Interest Rates were hiked to control the overpricing in the real estate market and bring about a balance to this frenzy. It had to be done to curb the rate of inflation that was not witnessed since the 1980s.
To give some credit to The Royal Bank Of Canada, the increase in Interest Rates has resulted in declining prices of properties. Still, these are tough times for common Canadians as they are still struggling to pass the Mortgage Stress Test.
Where’s the problem
The period of early 2020 to 2021 was a golden opportunity for Canadians to buy homes for themselves as the Interest Rates were at a record low but still dreams of a lot of them were shattered due to the prevailing Mortgage Stress Test. Although the actual Interest Rates were low, they still had to withstand the Mortgage Stress Test Rates which stood considerably high at 5.25%. This was the story of the borrowers wanting to go with the fixed rate mortgages.
Earlier this year, the fixed rates started to swell before the variable rates which made people opt with the latter as that was the only way they could qualify for a mortgage. In fact, data released from the Canada Mortgage and Housing Corporation indicates that about 56.9% of the mortgages taken out earlier this year were variable rate mortgages. All thanks to the 5.25% rate of Stress Test for variable rate mortgages that was considerably lower than the rate at which people were Stress Tested if they opted for the fixed rate mortgages.
Even this scenario has drastically changed since the 100 basis points increase in Interest Rates introduced on 13th July this year. Even the variable rate mortgages have started to look out of reach for a lot of people, simply because of the steep asks of the Stress Test.
Alternatives
Private lenders are a very good alternative for such people in the current situation where they are not able to qualify the Mortgage Stress Test. Private lenders usually do not require such tests and are quite easy to work with, although their interest rates may be higher.
Till there is a substantial change brought about to the Mortgage Stress Test, one cannot simply wait for it to happen. You need a time-tested Mortgage Broker to guide you through this confusing situation. Their experience and industry connections make them the perfect professionals to take well calculated decisions despite the financial turmoil going on. You can count on Pankaj Aggarwal to safely assist you towards your goals with minimal effort from your side. His dedication for work and exceptional customer handling make him the perfect Mortgage Broker, what are you waiting for? Contact us now to discuss further details!
The Canadian mortgage market has been experiencing a very turbulent time since March of 2022. The interest rates have seen overnight increases from The Bank of Canada. Let us roll over back to 2020 in order to understand today’s situation better. The COVID 19 pandemic forced countries to enforce lockdowns and this resulted in massive economic crashes across the globe.
The Canadian government decided to tackle this situation by decreasing the interest rates to a record low. This initially paid dividends as people flocked to the real estate market and demand soared. This massive demand for real estate eventually caught up with the availability and started causing shortages. With interest rates this low, the demand never slowed down causing the property rates to rise steeply. This started the inflation wave in Canada and now to control this situation, the government started spiking the interest rates to slow down the market. The bond yields took a dive over 30 basis points on Friday and now the fixed mortgage rates fell to 2.84%, which were 3.15% a day earlier. Market analysts see this as the early signs of the inevitable recession.
Effects on Fixed Mortgage Rates
Well this is still early to make any predictions but still experts believe that the fixed mortgage rates might experience a further dip in near future. Still inflation can not be so simply dealt with a single financial instrument as it has more complexities to it.
Effects on Variable Mortgage Rates
Variable mortgage rates do not seem to be slowing down anytime soon with The Bank of Canada set to increase overnight rates again at its next meeting. Based on recent calculations the average monthly mortgage payment has increased by more than $1100 over the past 10 months.
What should you do?
We understand this is a very technical set of information’s to dump on anyone in a pinch. These are quite turbulent times and we would strongly suggest consulting an expert on the matter. A mortgage broker with good knowledge can successfully guide you through this. As they have the industry insider information, they are always in a much better position to make decisions for you.
Mr. Pankaj Aggarwal from Mortgage Alliance is an industry stalwart with years of experience and sound knowledge. He has guided his innumerable clients to financial safety and a beautiful home, which they can call theirs.
You can make your dream of buying a home come true with Mortgage Alliance , even in the current chaotic economic circumstances. We are here to help you, book a free consultation now!
Canada is currently facing problems with inflation as interest rates have peaked to a 30 year record. This has caused a lot of commotion in the market and now The Bank of Canada has come forward to outline a few of the vulnerabilities of Canada’s financial future.
In a big statement, The Bank of Canada made a prediction that some of the mortgage payments may see an increase of up to 45% by the year 2025. The Bank of Canada conducted a review of the financial system and released a report on 9th June 2022. The review report states that Canadians are likely to face a problem with housing affordability.
In a simulation run for the review, it stated that those who took out a mortgage in 2020-21 would face massive trouble in the form of monthly mortgage payments, seeing an increase of up to 44% with their 2025-26 renewal. If their mortgage to income ratio is high, this rate could climb to 45%.
Even those with fixed rate mortgages could see a jump of up to 24% with their mortgage renewals and that rate could reach 26% if their mortgage to income ratio is considered high.
This is some troubling news for everyone, as a lot of people had bought property with mortgages when the interest rates dipped to record low in 2020. The housing market was climbing slowly and regularly until pandemic took the world by storm and every economic system halted. This was the first time, for what we consider our modern world, stood completely still. To kick start the economy back into action, the Canadian government reduced interest rates, invoking everyone’s attention towards real estate market.
The housing market saw a frenzy that was never witnessed before. Everyone wanted a piece of the low interest pie. The overcrowding in the housing market meant that demand was always going to be higher than supply and this was always going to result in price hikes. Even people with properties started thinking about selling, to take advantage of the recent price hikes and started overpricing. Even then people kept buying because of the record low rates.
Now this news brought to light by The Bank of Canada will financially trouble all these buyers who were never prepared to see such steep interest rate increases. People are already worried as to how they are now going to survive this inflation wave. With limited incomes and ever increasing interest rates, more and more people will be financially suffocated to sell off their properties.
A good mortgage broker is crucial in such circumstances. As they have the skills and experience to tackle such intricate challenges and to survive financial turmoils. They can assist their clients to successfully navigate these troubling waters to keep afloat and have a comfortable future. They are the professionals that can help consumers ride this wave of inflation, by helping them make the right decisions. Decisions like choosing between fixed rate and variable rate mortgages, when to buy and so on.
My Mortgage Consultant is your best bet when it comes to taking financial advice and finding the best mortgage. Pankaj Aggarwal, our best broker, has in-depth understanding of market conditions and a natural talent of reading the industry trends. If you are looking to buy a home for yourself, he is the person you want to consult. He can safeguard you from future market inconsistencies while getting the best deals for you to make your dream a reality. Don’t hold your decision to buy a home. Just book a free consultation to get your doubts cleared.
The Bank of Canada hiked its key overnight interest price for the first time in three years, kicking off a string of increases which might be geared at curtailing warm inflation at the same time as Russia’s invasion of Ukraine provides worldwide uncertainty.
The Bank of Canada introduced that it is elevating its key overnight rate by a quarter of a percentage point to 0.5 in line with cent, as it is attempting to fight inflation driven higher by energy prices to supply chain woes caused by the COVID-19 pandemic.
A few experts agree that this would make it harder for Canadian households already struggling with heavy debt degrees. People who had been shopping for real property at report charges, and a number of that have been with variable costs. Which hints at higher monthly prices for anybody wearing debt.
In January, the financial institution surprised markets by holding rates even as it said the economy had broadly recovered, taking the more measured approach of formally casting off its commitment to keep rates low and clearly signaling that the increases were on its way.
The hikes have been anticipated for so long that they’re already blanketed in the fixed mortgage rates. As far as the variable mortgage rate , there’s no question prices are actually going to move up.
A few modern economists wondered whether or not the rate hike will have plenty of effect on inflation in Canada.To slow inflation with fee hikes, they’d need to be so excessive that it may bring the economy to a screeching halt.
The remarkable hike might also have the biggest impact on how households manipulate their debt, but the Bank of Canada would need to increase rates by a full percentage point earlier than there may be an effect on the United States’ housing market. This increase is warmly welcomed by means of our United States’ monetary experts who look to the Bank of Canada to pour some bloodless water on our ‘hot potato’ housing market.
The BoC rate was at 1.75% before the pandemic hit in early 2020. Many experts are suggesting that the BoC will pursue a target ‘neutral rate’ of at least 1.75-2.0% within the next year or two.
With variable rates at all-time lows for months now, those with variable-price mortgages may also all of sudden experience a new situation about their monthly mortgage payments. The BoC rate was at 1.75% before the pandemic hit in early 2020. Many experts are suggesting that the BoC will pursue a target ‘neutral rate’ of at least 1.75-2.0% .Of course, no one has a crystal ball to know where rates will eventually end up, or how economic factors (like high inflation) may interfere. But there’s still room before reaching pre-pandemic rate levels.
We were all aware that this was coming.We are available to help, our broker can answer your questions about your future mortgage. Make sure your mortgage plan isn’t left in the wind.
Choosing to rent or buy a home is a major decision that affects lifestyle and financial health. Most of us can’t wait to get on the property ladder – right? But to buy(mortgage) or Rent, that is the question. Buying a home is indeed an enormous investment for most people. So, it is important not to rush into a hasty decision but make a well-thought-out and planned decision. However, it is believed that in the long run, buying your own space usually offers better value than renting as owning brings emotional connection and a sense of stability that renting won’t bring. Buying versus renting a home is a very individual decision but, If you are on the fence and can’t decide, read on to get an insight on how Mortgage or owning is anytime better than renting. Mortgage vs Renting Let’s be honest, buying a home, or an office is no petty expense. Owning comes with a lot of responsibilities – large upfront costs, paying a deposit, legal and mortgage set up fees, recurring property taxes and insurance payments along with the cost of maintenance and upkeep. Whereas Renting is known as Dead Money as despite paying the rent every month, it doesn’t give you anything back. However, it is flexible and requires fewer responsibilities. Keeping those costs aside, mortgage repayments are generally similar in rent but have humongous benefits beginning with gaining equity, thereby diminishing monthly outgoings each month. Let’s dive in for more benefits and comparison; ● As we know, a mortgage encompasses debt and interest, with each month’s repayment, there is a substantial decrease in the interest. So, monthly repayments get tiny as we head closer to finishing the mortgage repayments, thereby becoming the absolute owner in contrast to renting. You will only be a tenant despite paying the rent for months. ● So, the funds paid towards repaying the mortgage provider also go back into the home in the form of investment. This means one can potentially make a profit if the property prices rise or use the property as a guarantee to get a loan or use it for future passive income (renting extra space or home), which is not possible in the case of renting as all the rent payments go to the landlord without any long-run benefits. ● Mortgage payments can fluctuate, i.e., increase or decrease from year to year as the interest rate can change from year to year after an initial fixed-rate period. Still, with rent, payments can bounce considerably from one year to the next as the landlord increases the rent by a certain percentage every year. ● A mortgage has a multitude of tax benefits as it includes interest payments, i.e., the cost of financing. In the early years of a mortgage term, one pays towards reducing the interest due on loan, and then luckily can reduce/cut down the mortgage interest payments to reduce the taxable income. Still, this deduction isn’t an option with rent payments. ● Mortgages include homeowner’s insurance, whereas renters don’t have insurance, so are not shielded in the event of fire or theft as a landlord’s insurance policy doesn’t cover a tenant’s belongings. Now, few more privileges and perks for the owners in contrast to the tenants. ● Owners will have more rights and can spend money altering fixtures, modifying and thereby improving the home and increasing its value without the landlord’s permission. ● Soon after paying off the mortgage, one can live in their home for free and set up for a comfortable retirement. That’s not something you’ll ever be able to do as long as you’re renting. ● Owning a home allows you to build wealth to purchase future homes as their homes gain value, and buying could also increase the net worth in ways renting can’t.
As we all know, due to the pandemic mortgage rates have fallen to an all-time low. So, it’s worth looking at the average costs and various options to help you own your home or office. Our Mortgage Broker at My Mortgage Consultant in association with Mortgage Alliance can help you decide which option is best for you and make the entire process hassle- free and seamless with our experienced and professional financial experts.
Mortgages seem to be the most intricate and daunting process especially for people with little or no experience in borrowing or dealing with debt.
When searching for a new home, you may begin by counting rooms, windows and bathrooms. But other important elements need to be taken care of to avoid the biggest mortgage mistakes when buying the property.
For example, a small mistake or error like Paying even 0.5% higher in interest on a mortgage amount can end up costing big money over the entire mortgage term.
So, it is imperative not to make a mistake and do some research before wading into the world of financing.
Understanding these mistakes is crucial: If you avoid them, you will be able to uplift the odds that your mortgage application moves smoothly through the process. If you don’t avoid them, you will either probably slow the process or you will even scuttle your chances to even be eligible for the mortgage.
Dodging the numbers whether for income or debts is never a good idea. New numbers can lead to a delay and you might never be eligible for the mortgage. So be upright and truthful throughout the process. Also, mistakes made before or during the process can lead to a higher interest rate or not getting approved for the mortgage.
To save yourself money, time and headaches, and avoid making a financial mistake that can plague you for decades. Start your journey to homeownership and secure a financially sound mortgage by avoiding these most common mortgage mistakes;
1. Shopping for a house before a mortgage
It is thrilling to look for homes, visiting various properties and dreaming about homeownership than to focus on finances. But this is a common mistake that can be costly in the long run. It is not a smart decision to not learn about the amount you can borrow before finalising the property as it can lead to rejection at a later stage. So, get your pre-approval letter to know the estimated amount you can borrow before finalising the home. It will show the sellers that you are a serious buyer.
2. Not checking credit reports or scores and Erroneous Information.
If you are planning to buy a house, pull your credit report and score well in time to know where you stand. As borrowers with higher credit scores tend to get a low-interest rate and those with a bad credit score will have to make changes to improve their credit score. So, it is best to get the full picture well in time. Also, scout for erroneous or incorrect information in your credit report that might have slipped through the cracks as with these mistakes you will end up paying more interest rates and shelling out money from the pocket!
3. Applying for additional credit before closing
The period while you have applied for a mortgage is the most critical, try and leave your credit alone during this time. Applying for a new credit card even though you don’t use it or buying a new car etc. can hamper your credit score thereby affecting the mortgage process.
Though it is true new credit cards can be alluring and enticing but it could be an admonishment to the lenders that can lead to further sinking of the credit score.
4. Changing Jobs/Employment
Steady employment most probably a job for two years is considered as financial stability by the lenders to be eligible for the mortgage. New job opportunities can have a myriad of benefits but a change in job or employment can affect your mortgage deal so avoid shifting or changing your job before closing.
5.Waiting Too Long After Finding a Good Rate
Though homeownership is a critical decision and one should not hastily decide, once you get a good rate that suits you it is imperative to bring it to a conclusion well in time before the rates change. As mortgage rates tend to change over the months, embrace it before the situation changes and opportunity vanishes.
6.Not Shopping Around
Many people are fearful and apprehensive of shopping or exploring too many lenders. Though there are slight drawbacks, it is not wise to miss out on a bag full of benefits for minor shortcomings. As even the slightest or fraction of a lower interest rate can save you boatloads of money over the years (till the mortgage term). Trust us, a cluster of inquiries and exploring different lenders will not hurt your credit score as much as the hard pull for monthly credit card payments.
7. Overlooking the other hidden costs of homeownership
As we all know homeownership is a life-changing decision and includes countless expenses but most of us fall into the trap that by applying for a mortgage, we only need to bear the expenses of down payment and the rest will all be taken care of. This is another major mistake made by homeowners as apart from down payment be prepared for expenses like home inspection, appraisal, title fees on top of the down payment. Apart from these expenses like routine maintenance, utility bill payments etc. should also be calculated as these will also need your attention soon after the purchase.
Purchasing a home is a decision that needs to be pondered, calculated and planned a bit before jumping to the conclusion. Make sure to contact MMC, we have lenders and financial advisors to see the correct options that suit your specific financial situation.
Mortgages seem to be the most intricate and daunting process especially for people with little or no experience in borrowing or dealing with debt.
When searching for a new home, you may begin by counting rooms, windows and bathrooms. But other important elements need to be taken care of to avoid the biggest mortgage mistakes when buying the property.
For example, a small mistake or error like Paying even 0.5% higher in interest on a mortgage amount can end up costing big money over the entire mortgage term.
So, it is imperative not to make a mistake and do some research before wading into the world of financing.
Understanding these mistakes is crucial: If you avoid them, you will be able to uplift the odds that your mortgage application moves smoothly through the process. If you don’t avoid them, you will either probably slow the process or you will even scuttle your chances to even be eligible for the mortgage.
Dodging the numbers whether for income or debts is never a good idea. New numbers can lead to a delay and you might never be eligible for the mortgage. So be upright and truthful throughout the process. Also, mistakes made before or during the process can lead to a higher interest rate or not getting approved for the mortgage.
To save yourself money, time and headaches, and avoid making a financial mistake that can plague you for decades. Start your journey to homeownership and secure a financially sound mortgage by avoiding these most common mortgage mistakes;
1. Shopping for a house before a mortgage
It is thrilling to look for homes, visiting various properties and dreaming about homeownership than to focus on finances. But this is a common mistake that can be costly in the long run. It is not a smart decision to not learn about the amount you can borrow before finalising the property as it can lead to rejection at a later stage. So, get your pre-approval letter to know the estimated amount you can borrow before finalising the home. It will show the sellers that you are a serious buyer.
2. Not checking credit reports or scores and Erroneous Information.
If you are planning to buy a house, pull your credit report and score well in time to know where you stand. As borrowers with higher credit scores tend to get a low-interest rate and those with a bad credit score will have to make changes to improve their credit score. So, it is best to get the full picture well in time. Also, scout for erroneous or incorrect information in your credit report that might have slipped through the cracks as with these mistakes you will end up paying more interest rates and shelling out money from the pocket!
3. Applying for additional credit before closing
The period while you have applied for a mortgage is the most critical, try and leave your credit alone during this time. Applying for a new credit card even though you don’t use it or buying a new car etc. can hamper your credit score thereby affecting the mortgage process.
Though it is true new credit cards can be alluring and enticing but it could be an admonishment to the lenders that can lead to further sinking of the credit score.
4. Changing Jobs/Employment
Steady employment most probably a job for two years is considered as financial stability by the lenders to be eligible for the mortgage. New job opportunities can have a myriad of benefits but a change in job or employment can affect your mortgage deal so avoid shifting or changing your job before closing.
5.Waiting Too Long After Finding a Good Rate
Though homeownership is a critical decision and one should not hastily decide, once you get a good rate that suits you it is imperative to bring it to a conclusion well in time before the rates change. As mortgage rates tend to change over the months, embrace it before the situation changes and opportunity vanishes.
6.Not Shopping Around
Many people are fearful and apprehensive of shopping or exploring too many lenders. Though there are slight drawbacks, it is not wise to miss out on a bag full of benefits for minor shortcomings. As even the slightest or fraction of a lower interest rate can save you boatloads of money over the years (till the mortgage term). Trust us, a cluster of inquiries and exploring different lenders will not hurt your credit score as much as the hard pull for monthly credit card payments.
7. Overlooking the other hidden costs of homeownership
As we all know homeownership is a life-changing decision and includes countless expenses but most of us fall into the trap that by applying for a mortgage, we only need to bear the expenses of down payment and the rest will all be taken care of. This is another major mistake made by homeowners as apart from down payment be prepared for expenses like home inspection, appraisal, title fees on top of the down payment. Apart from these expenses like routine maintenance, utility bill payments etc. should also be calculated as these will also need your attention soon after the purchase.
Purchasing a home is a decision that needs to be pondered, calculated and planned a bit before jumping to the conclusion. Make sure to contact MMC, we have lenders and financial advisors to see the correct options that suit your specific financial situation.
Yay! found your new address? Excited to begin your new journey?
But wait, that would be only after overcoming the stress of completing the entire moving process.
As per the study, moving is toilsome, and it tops the list of most stressful moments in life, it is one of the top stressors that a person can experience, defeating crucial moments like beginning a new job or even divorce! Moving can bring a rollercoaster of emotions, including excitement to start a new chapter or new adventure; eagerness to meet and explore new people but sorrow of leaving friends and neighbours, mood swings, anxiety and nervousness of moving as it involves a lot of change. So coalescence of emotions results in moving stress. After all, moving is a major life-changing moment in a person’s life. But what exactly makes moving so burdensome and nail-biting? Well, relocating or moving is an exhausting process of scheduling, packing and transiting with a bunch of small worries that make your move stressful. So fortunately to minimise the stress and maximize the good, there are few steps that can help you chill, keep your anxiety levels within limits and make it plain sailing. Read on to know the stages of moving stress and ways to minimise the mayhem;
Preparation before Moving Preparing, planning and proper strategy can make your move easy and can avoid making it a tumultuous event.’ For strategic planning and to stay organized make a list of all the tasks and divide them into weeks as per the priority. So that you have enough days and time to finish everything. If you don’t follow your plan verbatim, it can make the process topsy turvy involving confusion and pressure. So make sure to have a strategy to keep things on track and have a comfortable move.
Packing Your Valuables Packing the valuables, moving everything correctly without breaking the bank, lamp or your back is surely not that easy. Scour every closet, box, room to get all your daily essential and valuable things. Once you have all at once place, make sure to pack them safely and to prevent confusion and damage clearly label them as you pack. Also let your movers know the containers and boxes that have your valuables so that they are extra careful, in order to avoid the unfortunate event of them getting damaged, broken or missing during transit. Lastly, it is a good idea to unpack the valuables first and place them carefully once you have completed the moving process.
Getting Rid of Unnecessary Items It is imperative to handle decluttering on a priority basis. It can help you be more organized and ensure that you don’t pack unessential items. Eliminating and getting rid of redundant items before shifting can be cathartic and also cut your transition costs. So it’s wise to get rid of items that won’t fit your new dwelling or are of no use to you anymore. It can be frustrating to pack items that you are going to get rid of after the move. Put the rest items either in storage or donate them so that they can be utilized by others.
Moving Day Stress Once the preparation and packing are done well in time, it’s time to move. If you follow pre- moving tips, you will be calm and serene irrespective of others who get extremely anxious on the day of moving. An important tip for this is to be flexible and less rigid in expectation, don’t get furious or resentful if the move doesn’t go as per your planning i.e. if it takes too much or too less time. After all, it is better to be slow and have everything right rather than missing or forgetting. Prepare some food for yourself so that you are powered and fuelled and don’t have to fret about meals or food.
Mission Accomplished Once you reach your new dwelling, make sure to carefully unpack the valuable box containers first to avoid damage and check all your containers and boxes. Hurray! you have successfully made your move to the new abode! Was the move that bad? No right!
Remember, it’s normal to be upset when you find things out of control, can’t find the spatula or the pan or get stressed with boxes everywhere. Relax and take a deep breath, it can take a while to get things organized and on track.
At times the best piece of advice is what is needed to reduce your moving stress. The best you can do is hire a Mortgage Broker that not only finances your dreams but can also support your move with the right tips and guidance.
Everybody has a credit score and it speaks volumes about your financial health and management.
Generally speaking, the better your credit, the better you are at managing your finances. Banks and other kinds of creditors often look at credit scores to help determine whether you are creditworthy or not to extend your credit and whether you will be able to pay or not.
Though as we all know, Life sometimes throws unexpected curveballs, and certain circumstances may influence your life and your credit score. Losing a job, having an emergency repair, could put your bill payments on hold and negatively affect your credit. Luckily, your credit score is not etched in granite and there are ways to rebuild your credit if you run into financial challenges.
We present you with some quick tips that will give your credit score a much-needed quick score lift—sort of like jumper cables for credit!
Pay bills on time
This factor holds the most weight on credit score calculation and shows your responsibility towards debt payments. So be diligent and persistent with your payments. If your credit score has tripped and tumbled in the past due to missed payments, it’s imperative that you make sure these habits change. Even if you cannot pay in full, be sure to make the minimum payment.
2. Watch your credit card balances
Using your credit card in a sound manner i.e., credit utilization is important for good credit health. It is a substantial contributor to the credit score. Make sure not to max out on your credit card, try to use a little less than the limit, preferably spend less than 30% of your credit limit. But if you’re looking to spend more on your credit card, consider asking for an increase in your credit limit to give you a little more wiggle room with your credit card so that spending is within the limit.
3. Don’t senselessly open new credit card accounts.
If you apply for new cards, make sure you don’t do it too frequently. This behavior may look reckless to creditors. As it is a sign to any lender that you are repeatedly applying and being denied for new credit. This, in turn, might pose a question in their mind that you must be having a significant debt problem and that If other lenders are not approving your applications, why should they?
4. Alert banks and card companies and check your accounts online.
At times bills go overdue and unpaid as the mail didn’t go to the correct address. So, it is essential to alert your banks and companies with the correct details. Also, if you haven’t received your bill in the mail, make sure to check your accounts online for due payments to make sure payments are cleared and cards are being kept current.
5. Pay off delinquent bills/Debt
Paying down delinquent accounts will not remove missed payments from your report. But it can make you look better and a little bit responsible to creditors. Also, to boost your credit score, one of the key essential points is paying off your debt. Having too much debt on the books is not good for your credit health-overwhelming debt certainly has the opposite effect on your credit score.
6. Scour and clean errors
Sometimes information reported to the credit reporting agencies is not right or is incomplete. So, it is recommended to draw your credit report once a year, not only to see your score but also to make sure all the information is correct. If you do notice any errors, report them to the respective credit bureau to have them investigated and rectified. Fixing even the smallest error can make an influence your credit score. You can always report the inaccuracies to the credit reporting agencies.
7. Apply for a Secured Credit Card
A secured credit card is the perfect financial product for those who may have a hard time getting approved for a traditional credit card or who have a bad credit score. These cards require a deposit to be made against them, which serves as the credit limit. Technically, you are only allowed to spend whatever you have already put into the card, and every payment you make will help you slowly and steadily improve your credit score.
A good credit score can help you gain access to financial tools and products along with reasonable interest rates. If your credit score isn’t up to their standards your application but sure to adhere to best practices, routine, and measures- pay off the debt in a responsible manner, avoid overspending, and unnecessarily. Just like dental hygiene is preventative maintenance to ensure your teeth and gums are the best to follow a similar routine for your personal credit history. Be sure to follow the tips mentioned by us and take control of the financial future, understanding the correlation between your financial well-being and your credit score.
Stressed about the mortgage process due to a low credit score? Don’t be stressed, contact our mortgage broker/agent for better understanding and quick approvals at the finest rates!
The city of Toronto has held high world rankings for everything from jobs to education, economy and even quality of life. It is one of the most acclaimed cities in the world, so predictably, it is one of the hottest real estate destinations for immigrants and people looking to move within Canada.
There are nearly three million residents who call Toronto home, and that number is only going to increase. It is expected to grow to 3.95 million in 2046. It may look like a long time away, but time passes quickly these days.
It’s easy to understand why Toronto is so desirable.Apart from the city receiving high world rankings, our city is ranked second out of 60 municipalities considered in the 2021 Safe Cities Index. Indeed a privilege! Compared to other places where turbulence dominates the lifestyle, Toronto seems to be a safe haven. Relative to other places in the world where turbulence dominates the lifestyle, Toronto is seen as a safe haven. When people feel safe physically, they tend to feel mentally alive and happier.
To speak of the choices offered to people who move here, they have an extensive selection of housing types to choose from. The choice ranges from entry-level condos, townhomes, semi-detached and detached homes, luxury homes and condos, to even rental accommodations. Variety is what sets Toronto apart in Canada for sure.
As for the job market, it has plenty to offer. Newcomers are settling in,the tech industry is booming with jobs for everyone from students to older adults who aren’t ready to retire yet. The entertainment industry is huge here;It is second in line after Hollywood for filming destinations.
Students from around the world come to Toronto to pursue education in our world-class post-secondary educational facilities. With few of the world’s top universities such as University of Toronto, York University located here, it is a centre of attraction for education.We also have world-class healthcare facilities and hospitals. Considering Toronto’s transportation system,it is getting better and more comprehensive all the time.
Let’s talk about excitement! With new restaurants coming up on the block, in addition to the world cuisines that are already available to satisfy any taste, foodies love living here. Shows and concerts are starting again as well, and the city seems to buzz back to life.
Also, there’s the amazing value in Toronto real estate, which has consistently produced appreciation in double digits, even during the pandemic. Both homeowners and investors are aware of the fact that if they purchase in Toronto, they will enjoy a sizable return-on-investment when they eventually sell.
Whether you’re looking to find a place of your dreams to live or to invest your money to make it worth your while, Toronto is a phenomenal choice that continues to get better even with time. And we’re here to help you get your home! Looking to buy your first,second or even your third home. Our Mortgage agent/broker can help you lock the house of your dreams.
