walletmoney.ca

05/10/2023

Are you struggling with record-high credit card debt? You're not alone. Canadians across the country are feeling the pinch of the current high-interest environment. But did you know that you can use the equity in your home to pay off those high-interest debts? Start with a home equity line of credit (HELOC) or redo your current mortgage and see your monthly cashflow improve dramatically. Our mortgage brokerage get you back on track financially.

05/10/2023

The recent surge in variable mortgage rates has emerged as a significant concern for Canadians with variable mortgages, resulting in an increase in negative amortization. For those unfamiliar with the concept, negative amortization occurs when the bank strives to maintain a constant monthly payment, despite the rise in interest rates from a 1.5% APR to an unsettling 6%. As a consequence, the current monthly payment becomes insufficient to cover the interest and principal sum. Their mortgage balance is growing instead of being paid down.

This leads to an elongated amortization period, stretching from 25 years to a daunting 75 years for some, or even 90 years as seen in the media lately. Clearly, this is not an ideal scenario for either the borrower or the banks.

Real estate observers say a new mortgage code of conduct promised in the federal budget will be handy for Canadians facing financial difficulties, but they still feel the economic plan was lacking needed housing affordability measures.

12/30/2022

As interest rates rise, it can become more challenging for Canadians to manage their debt load. Here are a few options that Canadians may consider when dealing with increasing debt:

Renegotiate the terms of their loans: Homeowners with variable-rate loans may be able to negotiate a lower payment with their lender if they are struggling to make their monthly payments.

Consolidate their debts: Canadians with multiple debts may be able to lower their monthly payments by consolidating their debts into one loan with a lower interest rate.

Consider a debt management plan: If you are struggling to pay off their debts, we may be able to develop a debt management plan that helps them pay off their debts over time.

Seek professional help: Canadians who are having difficulty managing their debt may want to consider seeking professional help from a financial advisor or bankruptcy trustee.

It's important to keep in mind that each person's financial situation is unique, and what works for one person may not work for another. It may be helpful to seek professional advice to determine the best course of action.

10/05/2022

If you're self-employed, then you know how much of a hassle it is to get a mortgage at a bank. It doesn't have to be this way. There are financial institutions that will approve your mortgage at great rates without hauling in your entire file cabinet of paperwork. We work with banks, credit unions and financial companies to offer more choices at competitive rates.

10/05/2022

The cost of borrowing has spiked! Canadian homeowners are now beginning to feel the pinch. Recently, we've been receiving inquiries about rates and options. Consumers are demanding better mortgage options. To learn more, just message us below