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Dream House Can Be A RealityNews Canada NC—For many Canadians who have only dreamt of buying a home, it can now become a reality. While the actual dream may differ—a house with a big back yard for gardening, or a condo in the sky with a great view of the city—buying any home can be an important step for couples building a life together, or for singles looking for a bit of security. Home ownership often represents the largest investment in their lives, leaving some first-time buyers asking "where do I begin" The best starting point is with your finances. Before you scour through listings or attend open houses, consider advice from your financial planner or banking consultant to determine how much you can borrow and what options are available to you. A major stumbling block for many first-time buyers is the down payment. Even though you might feel ready to juggle a mortgage payment and other monthly bills, your savings account might not be enough to secure your new home. Your financial planner can help you find additional sources of cash, including your RRSP, or provincial savings programs such as the Ontario Home Ownership Savings Plan. Since conventional mortgages require a minimum of a 25 per cent down payment, many new homebuyers opt for a high-ratio mortgage, where they pay a lower percentage of the purchase price. One unique financing option, enjoyed in Australia and the UK is the flexible mortgage account. Combining the homeowners mortgage, loans and chequing and savings accounts, it results in lower interest charges and considerable savings in interest costs. Flexible mortgage accounts differ from other debt consolidation products in the way they put the homeowners income to work. Every time the homeowners income is deposited to the account, it is applied against the outstanding balance of their mortgage until it is needed for bills and other expenses. Over the years, this flow of income through the account can save thousands of dollars in interest cost and pay off the mortgage years sooner than traditionally possible. Flexible mortgages are popular in Australia, where approximately one-third of all new home loans are set up this way. In Canada, Manulife Bank is the first financial institution to offer such a product—called Manulife One. Want to know more If you would like to learn more about flexible mortgage accounts, visit the Manulife One Web site at www.manulifeone.com or call 1-877-626-8111 1-877-MANU111. - News Canada
| | | | RELATED ARTICLES 16.4% APR $5,000 Auto Loan…HELP! Are you the victim of a high interest rate auto loan If so, the following email discussion may help you.Read on: Should you choose to refinance Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and hopefully a lower interest rate. Top 10 Things to Consider on Home Loans Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of LoanResources.Net:Down-PaymentFixed Versus Adjustable RateAPRLoan TypesLoan Amount Qualification, IncomeLoan Amount Qualification, ExpensesEmployment and Credit HistoryPointsSub-Prime LoansShort-Forms Tips on Getting Your Mortgage Loan Approved What is important to lenders Private Mortgage Insurance PMI If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan. Email Deliverability Tips Ensuring requested opt-in email is delivered to subscriber inboxes is an increasingly difficult battle in the age of spam filtering. 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The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance of 2% of the balance or $15, whichever is greater, it will take 39 years to pay off the loan. And you will pay more than $10,000 in interest charges. What is a Bad Credit Personal Loan A UK Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. A bad credit rating can make your life a misery. How Long Your Mortgage Runs Determines How Much You Pay The first thing most of us think about when the time comes to take out a mortgage on a new home is the interest rate. Choosing the Best Life Insurance Option for You Life insurance in is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to consumers. Internet Marketing On A Budget Establishing a web presence on the internet is based on two factors when you are on a budget, your willingness to devote time to your marketing efforts, and knowing the true facts of what really works in the world of internet marketing.There are many site promotion companies that promise to generate traffic for your site, but if you are a business on the Internet, you want more than just hits; you want potential customers to visit your site.The techniques discussed below will give you an understanding of what is working on the Internet, and bring those customers to you if properly applied. Home Based Business: Your Ultimate Tax Shelter Starting and operating your own home based business is the ultimate tax shelter. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. If you wanted a low interest rate on a credit card back then, you often had to apply to a bank in Arkansas where interest rates were capped by state law. My Own Online Business AfterA Divorce and Almost Bankruptcy When I got divorced, I didnt know how I was going to be able to cope with my financial responsibilities which included mortgage, car, my kidss private school plus all the other expenses related to having a family without a husbands salary. Money in the Bank Recently, I was on the phone with a friend of mine from California who just purchased his first home.Hes a single father and hes in his early 30s.He was upset that his parents had never stressed the importance of owning a home or even talked to him about how to save.“Man, Im just thinking about all of the money I wasted when I was younger,” he complained.Its true, before we had kids, what were we spending our money onRemember when we could shop at the store and it was all about usDidnt have to worry about somebody putting Dora cookies or fruit roll-ups in the shopping cart Are the Credit Bureaus Really Helping Us Do you need help repairing your credit Do you need help understanding what a FICO score is Well here is a breath of fresh air… More Bang for Your Buck With Mortgages Choosing a knowledgeable mortgage lender can make a difference in the quality of home you are able to purchase with your finances. I prefer to recommend a mortgage broker to my clients, because they usually offer 50 or more programs. Regular mortgage companies are usually locked into one source. Take time to research a mortgage lender. And, remember, creative financing can be the way to go if you need a higher priced home with more space. How Much Rent is Too Much Rent You want what every apartment renter wants: the most comfortable surroundings you can get for the lowest possible monthly rent. Some of todays newly constructed apartment communities have taken luxury to an entirely new level. Some complexes have gas fireplaces, TV monitors by the front door, drive-through mail service, and office equipment for their tenants, among other creature comforts. Every renter has to consider the importance of amenities like these. Are they important enough to you to merit a rent increase of perhaps $200 more than the rent you pay now, at a modest yet affordable complex While some of us consider an apartment as just a place to hang ones hat, others place a premium on home surroundings. But how do you determine how much you can stretch your budget -- without ending up in the poorhouse in the process |
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