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David Bowie said it best

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It was very sad to get up this morning to read about the passing of a rock legend David Bowie. I have always loved his music. The news reports talked about the impact his life has had on rock music, fashion, art and even financial securities with Bowie bonds.

I don’t know how many hundreds if not thousands of times I have listened to his song changes. Singing along and not realizing until today that I ( like many) was singing it wrong. He talked about “time may change me, but I can’t trace ( not change) time. I did not really get what he meant till today, and his career summed it up perfectly. You can’t go back in time. Bowie was always changing, and that’s what made him interesting.

Change is the one constant that we have … Read more

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New Year New You, or Same Old Story?

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Happy New Year, I hope 2015 was a great one for you and that 2016 will be even better. What are your plans for improving your life in 2016? Or are just content in just doing the same old thing day after day and getting the same results? You know that’s the definition of insanity right!

Most people including myself have been no different, use the new year as a time to write down their goals for the year. However what happens for most ( I am guilty of this as well)  is that they write them down then they forget about them. Once you have written them, that’s a great 1st step accomplished. Now you must detail a plan for accomplishing them.

The reason that I am writing about this is because I want to make 2016 the best … Read more

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Get off the treadmill, you’re not a hamster

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As the year is winding down, I have been thinking of what I have accomplished this year. What I worked on and did not finish, and what I just did not get around to doing at all. How did you do with your scorecard? Sadly if you are like most, you may not even of kept score.

It turns out that only 5% of the population actually set goals, and more importantly only a smaller percentage of those actually write them down. Are you getting up day after day, doing the same thing and expecting different results. You know that’s the definition of insanity right!

What are your personal goals? Your health goals? Your financial goals. Do you know what you want to achieve today, this week, this month and this year that will help you come closer to their … Read more

New Mortgage

The 5 C’s of credit and how they impact your buying decision.

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You have scrimped and saved and with the help of your Realtor you have picked out your house. Now comes the fun part, getting you approved for your mortgage. With the help from a experienced mortgage broker, you will be able to put your best foot forward and get approved for your purchase.  This involves telling the facts about who you are and where you work and how much you make, but it also involves telling a story about why you deserve and are able to pay back this loan. The right broker will help you do this.

It is like the old tale of a group of blind men (or men in the dark) touching an elephant to learn what it is like. Each one feels a different part, but only one part, such as the trunk or the … Read more

Mortgage Questions

All you wanted to know about mortgages but were afraid to ask, part I

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Not that it’s keeping you up at night, but I thought you should know

To some the idea of financing your first home may be daunting. Really it shouldn’t be. It’s just that the banks and other brokers or lenders may use finance terms that you don’t know what the heck they mean.

Downpayment: This is the cash that you have saved up to buy your home. This can come from your savings, your RRSP’s or from your family. Some situations as I have discussed in a previous article allow you to borrow it from your own existing credit, however this does not apply to all situations and all lenders.

LTV: Also know as loan to value. This one gets a lot of people confused if you are new to the game. It is the amount of … Read more

no downpayment on your mortgage

How to buy a house with none of your own money

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More commonly referred to as creative down payment options.

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Did you know that you can still buy a house in 2015 with no down payment (of your own money), cause sadly the days are gone where the zero down payment was available. So here are all the options including the one where you have spilled blood, sweat & tears and saved it yourself.

1) 5% saved from your own resources. You have worked long and hard and you have been able to put away a few dollars. If this is you I must congratulate you and say that you have job well done. However before you pat yourself on the back there are a few things you should know. The lender will ask for confirmation that you have had the funds in your position for at least 3 months. To … Read more

First time home buyer

Ma & Pa say it’s time to move out

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Also known as yes you can afford your own place.

They think you’re ready, your significant other thinks your ready, heck even the family dog thinks your ready. Here is why they know that.

1) You have a good job and are getting a steady pay check.

2) You have credit established and pay all your bills on time.

3) You plan on buying something that should increase in value over time, unlike that Xbox you bought a few years ago.

4) You have put away enough to cover your downpayment.

That covers a few of the major C’s of mortgage borrowing right there, so you’re heading in the right direction. In case you were wondering the 5 C’s of credit are Collateral, Credit, Capacity, Character and Capital.

Now you should find out how much you can afford to buy. … Read more

Should you grow your nest egg or pay off your mortgage?

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Sometimes the question arises that what is best option between growing on investment and paying off mortgage. Here I would like to suggest that one should take his own financial decision as per his or her circumstance. But, I will put my opinion in my own way as I see that staying out of debt has potential impact on anything I can do.

Somebody may speak rubbish when they tell you to stop paying mortgage since you forfeit your tax benefits on your mortgage. On the other side, some may suggest you to stop paying mortgage because you could utilize it for any high growth investment. This way, they suggest you the way to benefit from compounding interest. Instead of paying at low interest mortgage, you can invest in high return investment tools. This point of argument sounds good. But,

… Read more

Demystifying the 5 year fixed rate mortgage

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If this title alone does not get you I don’t know what will. Most people opt for the 5 year fixed rate mortgage because of the security of knowing what your payment will be from month to month over the next 5 years. However how do you know if you got the best 5 year product. In case you did not know there is more than one out there.

Lender’s price their fixed rate products based on how long that they have to guarantee the rate. These rate guarantee’s range from 30 days all the way up to 120 days. So as a result the quicker you can close the more likely you will get the best rate in town.

Here are a few examples.… Read more