Mississauga Debt Elimination Tips To Help You Become Debt Free
Are you trying to do everything you can to become debt free, but can’t seem to manage it no matter how hard you try? Then you need to know some debt elimination tips that will allow you to achieve your goal easier.
There are three skills that you have to learn so you can become debt free. This may be hard to do, but using these techniques will allow you to finally start seeing an end to your mountain of debt, which is not something everyone will achieve in their life.
By using the following tips, you will have a much higher chance of seeing your dream of being debt free come true.
One: Cash flow control – You have to keep track of where your money goes every month. This will allow you to get control of your money, so you are spending only on the things that are necessary and not for buying new clothes or other things that are not needed.
Getting control over your money and knowing where it is going each month is crucial to becoming debt free. If you can’t learn to control the money you have, then you can count on being in debt for a long time in the future.
Write down everything you spend your money on because having a visual of where your money goes will help you get more control over it. The sooner you can achieve this skill, the sooner you will be on your way to being free from debt.
Two: Exert control over your spending habits – Once have control over where your money is going, you have to be sure that you stick to it. Controlling the money is the easy part because this is just how you will know where it goes every month.
The hard part is exerting control over yourself and not spending money on items that are not needed.
No one, but you can control your money, so take control over yourself and you will be able to achieve this skill and before you know it, you will see your dream of getting out of debt starting to become a reality.
Three: Start using your money to wisely eliminate debt – Instead of spending your money on items that are not necessary, you want to use it to start paying off your debt as quickly as you can.
It may take some help from an expert to achieve this goal. They can help you get it down to one monthly payment by using debt consolidation. This will allow you to make bigger payments each month on the one debt you have left so you can get your debt reduced faster.
Now that you know these debt elimination tips to help you become debt free, you just need to be smart and start using them. If you are serious about eliminating your debt, then you want to get started immediately because the sooner you do, the sooner you will see the light at the end of the debt free tunnel.
Summary: Are you trying to do everything you can to become debt free, but can’t seem to manage it no matter how hard you try? Then you need to know some debt elimination tips that will allow you to achieve your goal easier.
Paul Mangion
http://www.gtamortgagematters.com/
Wednesday, February 23, 2011
Monday, February 21, 2011
Rate Shopping for Low Canadian Mortgage Interest Rates – Do’s and Don’ts
If you are thinking of purchasing a home or locking in a low mortgage rate on a home you already own, you may already be doing research to find the lowest interest rate.
We always recommend doing lots of research when trying to obtain the lowest mortgage interest but always caution consumers when it comes to actually obtaining “pre-approvals” from multiple financial institutions.
Each time you apply for credit, it is reported to your credit report. You really should not make more than four credit applications in one calendar year. If you make too many applications for credit it could pull down your beacon score.
Canadian banks can be very sticky and require you to have a minimum credit score of 680, so if you want to get a mortgage and the best Canadian mortgage interest rates your credit score will have to be higher than that.
Some Trust Companies and Credit Unions offer CMHC high ratio mortgages for consumers who have a credit score of 620-680 but usually, these companies won’t offer discounted interest rates under these circumstances.
We always recommend that you consult a local mortgage broker if you are shopping for Canada’s best mortgage interest rates. They will be able to tell you what all the banks are offering and are also able to offer discounted rates with some banks. Also, if you don’t have a strong enough credit score they will be able to come up with other solutions for you.
If you are preparing to apply for a mortgage:
Do: Obtain a copy of your credit report with “FICO” score to see what it is there
Do: Start a relationship with a local mortgage broker
Do: Follow the Bank of Canada website to stay in the loop on rate announcements
Don’t: Go from bank to bank applying for mortgages to see what you can get. This could seriously damage your credit and ability to qualify for a mortgage at all.
For more information about shopping for low Canadian mortgage interest rates visit http://www.gtamortgagematters.com/
We always recommend doing lots of research when trying to obtain the lowest mortgage interest but always caution consumers when it comes to actually obtaining “pre-approvals” from multiple financial institutions.
Each time you apply for credit, it is reported to your credit report. You really should not make more than four credit applications in one calendar year. If you make too many applications for credit it could pull down your beacon score.
Canadian banks can be very sticky and require you to have a minimum credit score of 680, so if you want to get a mortgage and the best Canadian mortgage interest rates your credit score will have to be higher than that.
Some Trust Companies and Credit Unions offer CMHC high ratio mortgages for consumers who have a credit score of 620-680 but usually, these companies won’t offer discounted interest rates under these circumstances.
We always recommend that you consult a local mortgage broker if you are shopping for Canada’s best mortgage interest rates. They will be able to tell you what all the banks are offering and are also able to offer discounted rates with some banks. Also, if you don’t have a strong enough credit score they will be able to come up with other solutions for you.
If you are preparing to apply for a mortgage:
Do: Obtain a copy of your credit report with “FICO” score to see what it is there
Do: Start a relationship with a local mortgage broker
Do: Follow the Bank of Canada website to stay in the loop on rate announcements
Don’t: Go from bank to bank applying for mortgages to see what you can get. This could seriously damage your credit and ability to qualify for a mortgage at all.
For more information about shopping for low Canadian mortgage interest rates visit http://www.gtamortgagematters.com/
Thursday, February 17, 2011
Canada’s Best Mortgage Interest Rate! Who Is Offering It?
Unless you have a lot of time on your hands, trying to obtain Canada's best mortgage interest rate is a lot harder than you think.
It's not hard because Canadian mortgage interest rates are high, it's hard because there are so many lenders.
Traditionally Canadians have turned to their banks for a low interest mortgage approval but now Canadians have so many other options. “No branch” banks like ING and PC Financial have no overhead and usually offer lower interest mortgages than the major banks. Also some banks have large mortgage centres and offer promotions that are not available to the public.
The best way to have your finger on the pulse of Canadian mortgage interest rates is to start a relationship with a Canadian Mortgage broker. You don’t have to be looking for a mortgage right “now”, but doing so will enable you to develop a relationship with someone who will be able to help you in the future.
Your broker can help you prepare, plan and shop around for the best mortgage interest rates, without you racking up unnecessary credit inquiries to the credit report.
A lot of Canadian mortgage lenders (including banks) don’t advertise to the public or have retail locations because they exclusively loan their money out through mortgage brokers. The only way to get these deals is to have a mortgage broker.
If you haven’t contacted a mortgage broker because you didn’t want to get onto the radar and start receiving sales follow up, then follow their blog. Following their blog enables you to receive useful information and updates. For more information visit http://www.gtamortgagematters.com/
It's not hard because Canadian mortgage interest rates are high, it's hard because there are so many lenders.
Traditionally Canadians have turned to their banks for a low interest mortgage approval but now Canadians have so many other options. “No branch” banks like ING and PC Financial have no overhead and usually offer lower interest mortgages than the major banks. Also some banks have large mortgage centres and offer promotions that are not available to the public.
The best way to have your finger on the pulse of Canadian mortgage interest rates is to start a relationship with a Canadian Mortgage broker. You don’t have to be looking for a mortgage right “now”, but doing so will enable you to develop a relationship with someone who will be able to help you in the future.
Your broker can help you prepare, plan and shop around for the best mortgage interest rates, without you racking up unnecessary credit inquiries to the credit report.
A lot of Canadian mortgage lenders (including banks) don’t advertise to the public or have retail locations because they exclusively loan their money out through mortgage brokers. The only way to get these deals is to have a mortgage broker.
If you haven’t contacted a mortgage broker because you didn’t want to get onto the radar and start receiving sales follow up, then follow their blog. Following their blog enables you to receive useful information and updates. For more information visit http://www.gtamortgagematters.com/
Monday, February 7, 2011
Use Your Home to Consolidate Debt but Choose a Lower Amortization Instead of a Lower Payment
If you have accumulated a lot of debt and you have some home equity, your home is a very affordable tool that you can leverage to negotiate a low rate consolidation loan.
In many cases homeowners who refinance their homes to consolidate debt will blend the debt into their first mortgages. Depending on the new mortgage amortization, your new mortgage payment may not increase at all and because the debt has been eliminated you will immediately free up new cash flow.
The danger here is that the debt still exists only it’s been transferred over to your home. If you are 5 years into a mortgage that was originally amortized over 25 years and have 20 years left, refinancing your mortgage amortization back out over 25 years puts you right back to step one and with an even bigger mortgage.
Your bank or broker may even quote you a payment based on the maximum amortization. Don’t be afraid to ask your mortgage broker to quote you the payment based on different amortizations so that you can compare.
Here is an example based on a consumer with a mortgage that has a 20 year amortization left on it, a balance of $220,000, a 6% interest and a monthly payment of $1,315 per/month. If the same consumer was also carrying $25,000 in debt with monthly payments totalling $1,200 per/month the consumers total monthly payments would be $2,515.
If the first mortgage was refinanced to $245,000 to pay off all the debt at the same rate based on a 25 year amortization the new monthly payment would be $1,288. The debt would be completely wiped out and the new monthly mortgage payment is almost the same as what the consumer had been paying on their existing mortgage.
The same mortgage that is paid off all the debt based on a 20 year amortization would have had a monthly payment of $ 1,480 per/mo and $ 1,808 monthly mortgage payment based on a 15 year amortization. The 15 year amortized mortgage makes the most financial sense because you have reduced your total mortgage repayment to 15 years and have still reduced your monthly payments by $700 per/month.
This is just one example of how you can use your home to pay off debt while making effective financial decisions that consider the whole picture. For more information about how to use your home to consolidate debt and choose a lower amortization instead of a lower payment please visit www.gtamortgagematters.com.
In many cases homeowners who refinance their homes to consolidate debt will blend the debt into their first mortgages. Depending on the new mortgage amortization, your new mortgage payment may not increase at all and because the debt has been eliminated you will immediately free up new cash flow.
The danger here is that the debt still exists only it’s been transferred over to your home. If you are 5 years into a mortgage that was originally amortized over 25 years and have 20 years left, refinancing your mortgage amortization back out over 25 years puts you right back to step one and with an even bigger mortgage.
Your bank or broker may even quote you a payment based on the maximum amortization. Don’t be afraid to ask your mortgage broker to quote you the payment based on different amortizations so that you can compare.
Here is an example based on a consumer with a mortgage that has a 20 year amortization left on it, a balance of $220,000, a 6% interest and a monthly payment of $1,315 per/month. If the same consumer was also carrying $25,000 in debt with monthly payments totalling $1,200 per/month the consumers total monthly payments would be $2,515.
If the first mortgage was refinanced to $245,000 to pay off all the debt at the same rate based on a 25 year amortization the new monthly payment would be $1,288. The debt would be completely wiped out and the new monthly mortgage payment is almost the same as what the consumer had been paying on their existing mortgage.
The same mortgage that is paid off all the debt based on a 20 year amortization would have had a monthly payment of $ 1,480 per/mo and $ 1,808 monthly mortgage payment based on a 15 year amortization. The 15 year amortized mortgage makes the most financial sense because you have reduced your total mortgage repayment to 15 years and have still reduced your monthly payments by $700 per/month.
This is just one example of how you can use your home to pay off debt while making effective financial decisions that consider the whole picture. For more information about how to use your home to consolidate debt and choose a lower amortization instead of a lower payment please visit www.gtamortgagematters.com.
Tuesday, February 1, 2011
How to Get the Lowest Mortgage Interest Rates in Brampton
If you own your home in Brampton and are thinking about buying another home or refinancing; or you don’t own a home yet and simply want to purchase a home in Brampton, you may be starting to think about how you can get the lowest mortgage interest rate.
Your first thought may be to speak with your bank. While your bank may offer you a good deal, it still may not be the best mortgage interest rate with the best mortgage terms. Shopping around could be scary because the last thing you want to do if you are looking for a mortgage is rack up inquiries on your credit report which will drag down your credit score.
Also, going back to the idea of going to your bank as your first choice, well it may also just be a better idea to diversify your portfolio establishing relationships with different creditors. For example, if your bank account, RRSP, and mortgage are with different banks, you will have more borrowing power in the future as all three will know you. If you put all of your credit products in the same place, then only one financial institution will know you.
Your best bet is to look for a local mortgage broker. They will have access for mortgage interest rate information about all of the major banks as well as other lenders at the local level, like Trust Companies, Credit Unions, Mortgage Investment Corporations and more. They also have access to major banks that don’t have a retail presence like ING, PC Financial and some others that often offer lower mortgage interest rates than the major retail banks.
It doesn’t cost anything to speak with a mortgage broker about what’s available and in many cases, the bank or financial institution that you choose will cover the broker’s fee, so in most situations you don’t have to pay the mortgage broker anything!
What is important is that you do a lot of research because a home and mortgage is a huge financial undertaking. We are not talking about thousands of dollars here, we are talking about hundreds of thousands of dollars and even a 1% savings interest can make a substantial difference in your principal mortgage repayment and monthly mortgage payment. For more information visit www.gtamortgagematters.com.
Your first thought may be to speak with your bank. While your bank may offer you a good deal, it still may not be the best mortgage interest rate with the best mortgage terms. Shopping around could be scary because the last thing you want to do if you are looking for a mortgage is rack up inquiries on your credit report which will drag down your credit score.
Also, going back to the idea of going to your bank as your first choice, well it may also just be a better idea to diversify your portfolio establishing relationships with different creditors. For example, if your bank account, RRSP, and mortgage are with different banks, you will have more borrowing power in the future as all three will know you. If you put all of your credit products in the same place, then only one financial institution will know you.
Your best bet is to look for a local mortgage broker. They will have access for mortgage interest rate information about all of the major banks as well as other lenders at the local level, like Trust Companies, Credit Unions, Mortgage Investment Corporations and more. They also have access to major banks that don’t have a retail presence like ING, PC Financial and some others that often offer lower mortgage interest rates than the major retail banks.
It doesn’t cost anything to speak with a mortgage broker about what’s available and in many cases, the bank or financial institution that you choose will cover the broker’s fee, so in most situations you don’t have to pay the mortgage broker anything!
What is important is that you do a lot of research because a home and mortgage is a huge financial undertaking. We are not talking about thousands of dollars here, we are talking about hundreds of thousands of dollars and even a 1% savings interest can make a substantial difference in your principal mortgage repayment and monthly mortgage payment. For more information visit www.gtamortgagematters.com.
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