.....Tom Stolecki I will not only find you the lowest rates possible. ..... ..... I will show you how to pay your mortgage off faster. ....

Tel. 416 873 6660

Fax 905 785 3675

How and When to Cancel a Credit Card
44 weeks 1 day ago | view full post

Cancel That Credit Card?

 

_confused-man.gifif you have more credit than you need? Should you cancel an unused card, or keep it? How does canceling a credit card affect your credit rating? Take a look with us at the answers to some of these common questions.

Understanding credit utilization

To know whether you should cancel an unused credit card, you first have to understand the concept of "credit utilization" (otherwise known as your "debt-to-credit ratio"). This is the ratio of the credit you use compared to the amount of credit available to you.

A major factor in determining your credit score is this utilization rate – not the size of your credit limits or the amount you have charged to your cards. What matters is the...

The Early Warning Signs of Debt
44 weeks 3 days ago | view full post
 
Overwhelming debt seems to catch people by surprise, but there are a few early warning signs of an impending credit problem that you should be aware of. Once you know what to look for, be quick to take action and turn your finances around.

Who’s the most likely to fall into debt?

According to Where Has the Money Gone?, a report released earlier this year by the Certified General Accountants Association of Canada, there are several demographic groups that are most likely to have credit problems. These are:

  • Young people
  • Households with children
  • Low-income...

Can Credit Repair Companies Really "Fix Your Credit"?
44 weeks 3 days ago | view full post

Advertisements by companies promising to "fix your credit score" are in newspapers, in your mailbox, and on the internet. How many times have we seen the line, "We can erase your bad credit"? No matter how bleak your credit report may seem, don't believe those statements. There's only one road to take in order to clear bad credit: Create a personal debt repayment plan, stick to it, and be patient.

Be warned

These "credit repair" companies understand basic human psychology: When we feel trapped and hopeless, we become vulnerable. Once in that state of mind, the promise of credit repair becomes exceedingly tempting. But crossing that line may only bring about another debt – to that company.

If you choose to respond to a credit repair offer, beware of companies that:

  • Tell you to pay up front before any service is provided.
  • Tell you to dispute everything in...

variable rate mortgages or “lock-in”

44 weeks 3 days ago | view full post

Today we’re going to quickly go over variable rate mortgages and the convertibility or “lock-in” feature that you get with most variable rate mortgages. I personally am a huge fan of variable rates and I would take a variable mortgage myself, however I find that a lot of people who are considering a variable are actually considering it for the wrong reasons and the convertibility feature is the main one.

In a variable mortgage, as you know, the rate will go up and down with the prime rate changes meaning every month you could be paying more or less. This uncertainty means that in the future you might be paying more than you started out with and if you don’t have more income or you have been spending all of your savings you might get yourself in a bit of trouble. Here’s where the convertibility feature comes into, supposedly, save the day, you can lock your mortgage into a fixed rate at any time with...

5 Steps to Get a Good Mortgage Now
46 weeks 4 days ago | view full post

 

With interest rates at historic lows and housing prices dropping, the thought of purchasing your first home – or trading up to a larger one – has likely crossed your mind. Before you sign on the dotted line, however, keep these tips in mind when hunting down the best mortgage deal:

1. Get your credit up to snuff

While interest rates are great right now, banks and lenders are tightening up their guidelines, reserving the better deals for homebuyers with a 700 score or higher. Order a free credit report from Equifax and TransUnion a few months before you start your house hunt.  This will give you time to ensure there are no mistakes – or outstanding debts – dragging down your credit rating.

2. Do your research

Knowledge is power. Understanding...

New Mortgage Rules.
46 weeks 6 days ago | view full post

Mortgage news date march 18, 2011

Canadian Minister of Finance, Jim Flaherty announced new mortgage rules for Canadians on January 17, 2011 that would start being implemented on March 18, 2011.

The federal government announced that Canadian mortgage insurance rules would be tightened because of concerns about rising household debt in the current low interest rate environment, placing consumers at significant financial risk once rates inevitably rise.

“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty.

The Bank of Canada and Mark Carney consistently warned Canadian consumers to rein in their debt in the latter part of 2010. However, the fragile Canadian economic recovery, moderately high unemployment, high Canadian dollar and subdued inflation signaled that...

Which Credit Card is Right for You?
1 year 33 weeks ago | view full post
 

There are lots of credit cards out there to choose from, but how do you know which one is right for you? Here, we offer a breakdown of the types of cards available. Read through the descriptions to find the card type you should apply for.

Low interest credit cards

Credit card companies often get new customers by offering competitive low rates on credit cards. Low interest credit cards offer low rates of interest on new purchases, balance transfers, and sometimes the balance owing. It's very important to find out how long the low interest rate will last, though, before signing up. Often, these are simply introductory rates that shoot up after the first six or 12 months....

How The New Mortgage Rules Will Affect Your Mortgage.
1 year 46 weeks ago | view full post

Mortgage news date April 9, 2010

Ministry of Finance has introduced new mortgage lending rules to prevent the creation of housing bubble similar to the one in the United States. Here are the new rules (which affect insured mortgage only, less than 20% down payment):

  1. Effective April 9th: Self employed will require 10% to purchase a home (from 5% currently) and can refinance up to 85% of home value (from 90% currently)
  2. Effective April 9th: Commissioned applicants will not be considered under the self employed program. They have to show their income
  3. Effective April 19th: Canadians will be able to refinance their homes up to 90% of the current market value (from 95% currently)
  4. Effective April 19th: Investment (rental properties) will require 20% downpayment. Cottages or second homes, as long as the owner can prove they plan to...

Government Helps to Protect Canadian Credit Card Users
2 years 24 weeks ago | view full post

After numerous public consultations, the Canadian government announced on September 30 that new credit card regulations were approved.

The Canadian Bankers Association has some opposition to these changes and they hope that these regulations do not have the unintended consequence of doing more harm than good to the consumer, as evidenced in the US.

Most of the new regulations will be effective on January 1, 2010. But others, like the 21-day interest-free grace period on all new purchases, won...

Harder to Get Approved for a New Mortgage
2 years 29 weeks ago | view full post
 

Acquiring a mortgage in Canada became a little more difficult this month as two more lenders announced that they will no longer continue their mortgage lending services in Canada.

Wells Fargo, which proved to be a solid alternative for homeowners with less-than-stellar credit, followed in the footsteps of a slew of other US-based alternative lenders by announcing that it was pulling out of the Canadian market.

While GE Money and Accredited Home Lenders pulled out at the brink of the US economic meltdown at the end of last year, Wells Fargo's Canadian business remained strong. But the company's poor performance in the US made it impossible for it to continue lending north of the...
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