↓ Archives ↓

Category → Finance

The Power of the 15 Year Fixed Kelowna Mortgage

Jacklin SmithOne of the classic arguments among Kelowna notary professionals is whether it is more prudent for home buyers to select a 15 year or 30 year fixed mortgage. While there are compelling arguments from both sides; here are three sensible reasons why the 15 year fixed rate mortgage is the hands down winner.

1. Interest Savings: This one should be pretty obvious, but when you crunch the numbers it is even more astounding. Compare two similar 5 percent fixed rate home mortgages for $100,000; one for 30 years and the other for 15. Making regular monthly payments, the amount of interest paid over the life of the 30 year mortgage comes to $93,255. That is almost equivalent to the entire amount of the original loan! In comparison, the amount of interest paid over the life of a similar 15 year mortgage is $42,344. That amounts to more than a $50,000 savings in interest payments! I don’t know about you, but I would rather have that money in my pocket than hand it over to my friendly neighborhood corporate bank.

2. The Power of Immediacy: One of the biggest arguments for choosing a 30 year mortgage over a 15 year goes something like this: “I can always make additional principal payments each month but I like the flexibility in knowing that if I have an emergency, I can just make the regular payment”. The truth of the matter is that emergencies will always come up. Whether it be braces for the kids, tires for the car, a new roof for the house; something will always come up. So what starts out as skipping an additional principal payment for a month or two can quickly turn into 1 or 2 years. Having a slightly higher monthly payment will automatically force you to become a better saver and budgeter.

kelowna-notary3. Financial Freedom: Every time you sign your name to a mortgage you are receiving more than just a loan, you are taking a risk. Risk comes in a lot of different forms and can greatly affect your ability to make the necessary monthly payments. At a moment’s notice almost anyone can lose their job, suffer a debilitating injury or fall victim to a natural disaster. So it boils down to a simple question: would you rather have these risks and all of the stresses that come with them for 15 years or for 30?

Credit Card Debt

Jacklin SmithPersonal debt is a large problem in the US and Canada, which causes strain along with problems for anyone as well as their families. Debt consolidation loans can be a potential remedy for all who posses debts by a variety of different financial institutions.

Consolidation loans are in it’s most elementary rationale, a process of producing just one particular brand new financial loan that combines your established loans into one. The assumption is you will just need to bother about responding to just one broker in comparison to undertaking quite a lot of transactions using numerous instances and also to varied companies.

Though very commonly recognized as being a consumer debt loan, there’s various types of consolidation loans. Subject to your needs as well as your choices, a number of debts might be guaranteed up against collateral such as that of your own home. Other types might be unguaranteed and incorporate just simply converting the account balance of your own credit cards down into 1 new charge card to take advantage of a fixed period low interest rate timeframe. In addition there are general credit consolidation loans which in turn aren’t a credit card and can mix together a person’s various financing products with each other for example a mortgage loan, car loan package, and a credit card.

A result of the many hundreds of loan consolidation products and solutions available for sale currently, it is well-advised that you choose to find a professional Toronto debt consolidation service to successfully explain to you to be able to find the right products or services in your situation.

Is it the right time for you to purchase a house?

Jacklin SmithOwning a house is a dream that nearly all of us cherish. All of us dream about the time when we would be capable of purchasing a place that we will be able to call our home and that we would be able to design and decorate based on our likings without having to think twice. However, this is a dream that needs to be approached with a lot of caution. It needs to be ensured that the dream does not become a burden to you. When you contemplate purchasing a house, there are several things that you need to keep in mind.

Look at your finances

The first thing that you need to do is sort out your finances. Do you have enough money for the down payment? Are you contemplating taking out a Toronto debt consolidation loan? If you are going to take a loan, do you think you would be able to pay the installments with ease? Are you going to use all your savings to buy the house? These are some of the questions that would have to be answered if you are looking to purchase a house. It is not advisable for you to use all your savings in buying a house as you need to have some money set aside for rainy days. You should also ensure that you have a proper plan for paying the installments of the loan that you are going to take. Attention would also have to be paid to the interest.

TorontoAre you prepared to settle?

Before purchasing a house, this is something that you would have to be clear about. Are you prepared to be tied down to one place? For adults who are just establishing themselves in their careers, they need to remember that they might have to move from one place to another for better prospects. Having a house would bind you. Thus, you need to ensure that you have settled down and are confident that you are going to stay in the area for the long haul before you purchase a house.

The house you want

CosignerDreams should not be fulfilled with compromises. All of us have a dream house, and it is a goal which we work to achieve. You should ensure that you do not compromise your dream. Thus, the house you purchase should be the one that you always wanted.

Buying a house is no easy feat and is something that needs to be done with a lot of caution. You need to ensure that this is the right step for you. Quite a bit of money is at stake and thus, a careless decision can prove to be costly. Sort out your finances, find a location that suits you, and make a bid that you can afford. Do not stretch yourself thin in your attempt to get your dream house. Wait for the right time. Do not overburden yourself and ensure that when you do get a house, it is something that will bring nothing but happiness to you.

USA Fast Cash Loans

Jacklin SmithAre you tired of dealing with overdue charges on your medical bills, power bills or maybe credit cards? If you are, you might want to try applying for fast cash loans. Although these three words may sound confusing, you will be shocked when you realize that short term cash can significantly help you solve your endless debt issues.

If we look at a person who has three credit cards where all cards have reached the credit limits, we can surely imagine how stressful it would be for him to pay all those debts in separate accounts. Furthermore, other bills like those mentioned above can even complicate his problems. With the help of credit card consolidation loans, these numerous accounts can be minimized into a single account.

In general, debt consolidation loans can help you pay all your debts in an easier method. You are a candidate for this program if you can’t handle multiple payments, you would prefer one account with regards to paying all your bills, or you want to save a lot of money and other factors related to financial problems.

By taking advantage of debt consolidation, you would no longer feel the stress that has been bugging you for a long time.

Four easy tips to avoid periodic cash problems

Living a financially stable life may seem a little farfetched for most of us. Financial stability is often easier said than done even for people with steady sources of income. However, it is important to do everything within your power to avoid periodic cash problems that are in most cases attributed with endless debts. The great thing is when it comes to financial stability its always about getting the small things right and in fact, the following are four easy tips that can help you avoid money problems every now and then.

Avoid debt as much as you can – Although there are those who might think that debt is part of daily life, the truth is in order to work your way up towards financial stability you need to manage your debts accordingly. The trick is to always live within your current financial means. In case your financial needs outpace your current revenue, the best solution will be to find alternative sources to supplement your income rather than borrowing.

Have an expenditure plan every month – A significant percentage of people don’t know exactly how they spend their money. The fact is very few people know how they spend their money and having an expenditure plan will allow you to buy the things that you only need. In addition to this, with an expenditure plan you can easily track your spending and know exactly how you can save on a regular basis.

Saving is crucial – thirdly, it is also very important to make sure that you save a little money even if your budget is tight. Most people who often face cash problems have no savings of note and as such, it is  imperative to have a comprehensive savings plan regardless of how limited your income is. The good thing is you don’t need to save a lot of money, you can start by putting a way at least 10% of your earnings on a weekly or monthly basis for future use.

Diversify your income sources by investing the little you have – investing your Los Angeles money in a business or even the financial markets is a great way of safeguarding your financial future. Additionally, investing your money can go a long way in diversifying your current revenue sources. With additional revenue you can manage to get the surplus needed to avoid debt and also save remarkably. Avoiding cash problems doesn’t have to be a difficult task and with these tips, anyone should pull through quite easily.