The Rates are Way Back Down….

General Mark Goode 22 Jan

Well that was an attempt to play on ‘the boys are back in town’
my whistful wish for summer days.
Though the heat in here is all because of these HOT HOT rates on offer.

I’ve put Mark’s rate sheet up here for you all to check out!
Remember that we can hold rates for up to 120 days.
Feel free to give us a call or come on in and we can go over what would work best for you

Great rates are something but the term that dictate them are another thing to consider when seeking financing for

your home…

RateSheet_JAN.pdf

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

 

Scotchmints.com

 

Canadian seniors with massive personal debt a trend that will continue

General Mark Goode 15 Jan

Daniel and Sarah of Abbotsford reached the end of their financial rope in 2011 when Canada Revenue Agency abruptly froze their accounts for unpaid taxes.

Their personal debt had climbed to about $50,000. Daniel had suffered reversals in his small construction service business and the couple continued to spend more than they had.

Creditors were eager to continue extending them credit, assuring them finances would improve for them next year. They didn’t.

The couple — whose names have been changed for privacy — were deeply ashamed.

“You feel guilt and wonder ‘How did I let things get to this point?’” says Daniel, 61. “Eleven years ago, we were debt free.”

In desperation, they went to see a bankruptcy trustee. After considering the options, they decided to file for bankruptcy.

Daniel had just joined the ranks of B.C.’s grandpa debtors.

People over the age of 55 are the most rapidly growing group of debtors in B.C., according to bankruptcy trustee Sands & Associates.

And New Year, when bills for Christmas spending come due, is when their ranks grow the fastest.

“From mid to late January we’ll start to see a big ramp-up of people getting their bills and not knowing what to do,” Sands senior vice-president Blair Mantin says.

“You almost know based when the credit card bills have arrived after Christmas based on the call volumes we see.”

The number of seniors coming through the doors of Sands’ Lower Mainland offices has soared in recent years.

The number of debtors aged 65 and older whom Sands has helped file bankruptcy or make consumer proposals jumped 217 per cent from 2009 to 2011. These numbers rose 193 per cent for those age 60 and up, and 166 per cent for people 50 and over.

Mantin predicts the numbers of grandpa debtors will continue to climb as seniors struggle with misfortune or spend their way into debt in retirement.

“There is nothing I’ve seen that would give me an idea this trend is going to stop,” he says.

“It was pretty rare for me to see people aged 75-plus but in the last month, there have been five in that demographic.”

Some seniors go bust from helping children who have remained dependent long into adulthood, Mantin says.

Others are forced to declare bankruptcy after unnecessarily paying off the debts of family members who die, Mantin says.

Seniors, unlike other age groups, don’t try to “game the system” or commit fraud when they come to see Sands, he says.

They may also suffer the most from physical effects of financial stress.

“If you’re already weakened because of some of the medical conditions associated with growing older — strokes or heart disease or hyper-tension — money stress may be something your health can’t withstand.”

pluke@theprovince.com

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

 

You can BUY A HOUSE without saving your pennies ?

General Mark Goode 15 Jan

It would seem that regulators want to dissuade Canadians from buying homes with nothing down. Yet despite all of the recent changes, buyers can still get into the real estate market with little cash on hand.

Ottawa did away with Canada Mortgage and Housing Corp .-insured 100 per cent financing back in 2008. Home buyers with few savings searching for an alternative were left with cash-back down payment mortgages. (That’s where a lender gives you your 5 per cent required down payment, in exchange for a higher rate.) But those didn’t last long because in 2012, regulators barred banks from offering cash back for down payments.

Purchasing a home without your own down payment is often risky. One exception is when a borrower is well-qualified (apart from the down payment), has enough potential resources to withstand a loss of income and falling home prices, and is better off owning than renting. But exceptions are just that, and not the rule.

Young people use alternative down payment sources more often than most. Why? The main reason is a lack of savings. At a time when the average national home price has jumped to $356,687, the Canadian Association of Accredited Mortgage Professionals finds that more than one in four renters have less than $5,000 saved for a down payment. Yet, many of these folks are dead set on owning a home, so they end up using one of the down payment methods listed below.

Borrowing from other credit sources
When buying a home, you generally need at least 5 per cent of the purchase price as a down payment. Ottawa prohibits you from borrowing that 5 per cent from your mortgage lender if that lender is a bank or federal trust company.

Meanwhile, you’re free to borrow your down payment from a line of credit, personal loan or even a credit card. That’s right, if you’re creditworthy you can throw your down payment on a VISA at 20 per cent interest. Mind you, not all lenders allow this and the ones that do check that you can afford the extra debt payment.

One obvious problem with borrowing your down payment is the higher interest cost. Even if you use a line of credit, the interest rate on your down payment loan can be much higher than a regular mortgage, or have a riskier variable rate.

“Borrowing a down payment from less suitable sources is a potential issue,” acknowledges Gord McCallum, broker and president of First Foundation Inc. “Often times, with new mortgage regulations there can be unintended consequences that are worse than the problem they’re purported to solve, and this may be one of them.”

Getting a cash-back down payment mortgage
In many provinces, lenders that aren’t federally regulated (like credit unions) can still offer cash-back down payment mortgages. The few that actually do will give you 5 per cent cash to use for your down payment. You then need to cough up only your closing costs, which include legal and inspection fees, the land transfer tax and so on.

Not surprisingly, the interest rate on cash-back mortgages is well above a normal mortgage. But when you factor in the “free” cash, the overall borrowing cost isn’t that horrible. The main downside of a cash-back mortgage is that you have little equity cushion if home prices fall and you need to sell. And if you break the mortgage early, your lender can take back much or all of the cash it gave you.

Going forward, the days of cash-back down payment mortgages may be numbered. There is speculation that they’ll be eliminated in 2013–by either mortgage insurers, provincial regulators or both. For now, however, a handful of credit unions still offer them to people with strong credit, with Ontario-based Meridian Credit Union being the biggest such lender.

Using a gifted down payment
If you’re a young home buyer with a generous relative, you may be lucky enough to get your down payment as a gift. Most lenders will consider a gifted down payment if the donor is a parent, grandparent or sibling.

Unfortunately, while not an epidemic problem, it’s no secret that a small number of borrowers fraudulently claim their down payments as “gifts,” even though they fully intend to repay the money. That raises the risk level for lenders because the borrower’s debt obligations increase. Of course, both the borrower and giftor must attest in writing to gifted funds being non-repayable, but that is hard to police after closing.

RRSP Home Buyers Plan (HBP)
First-time buyers can borrow up to $25,000 from their RRSP as a down payment. But this is a very different kind of loan, for three reasons:

1. You’re borrowing from your own retirement savings, as opposed to a third party.

2. You don’t have to start repaying the loan until the second year after the year you make your withdrawal.

3. Even though Revenue Canada wants the funds paid back in 15 annual instalments, lenders don’t include those repayments in a borrower’s debt calculations. As a result, some people get approved for a mortgage only to find themselves caught in an annual cash crunch because they didn’t budget for their HBP payment.

The RRSP HBP comes with other perils. By draining your retirement savings, you risk losing years of tax-deferred investment gains. That’s a decision that some will later regret.

Moreover, any instalments that aren’t paid back on time are taxed as income in that year. And as many as one-quarter of HBP participants have missed or underpaid their instalments in the past.

Special lender and government programs
Various provinces and municipalities provide down payment assistance grants. These programs are typically for people with low or moderate income. Despite these borrowers being higher risk, in some cases, they’re permitted to buy a home with nothing down.

There are also specialized programs at individual lenders. For example, Canada’s biggest credit union, Vancity, currently finances an affordable condo project in Vancouver whereby it lends 90 per cent of the purchase price while the developer provides a 10 per cent second mortgage with no interest and no payments.

All of these down payment alternatives have one thing in common. They all come with some degree of added risk. It’s curious how Ottawa encourages people to have their own skin in the game, yet sanctions various substitutes to the traditional 5 per cent down payment.

If you do use one of these down payment alternatives, remember these two things: Buying a home without your own cash is not a decision to take lightly. And qualifying for a mortgage doesn’t mean can successfully carry one.

Special to The Globe and Mail

Robert McLister is the editor of CanadianMortgageTrends.com and a mortgage planner at VERICO intelliMortgage. You can also follow him on twitter at @CdnMortgageNews

A very VERY cool walk through the mortgage process

General Mark Goode 8 Jan

http://prezi.com/73w_bihfly7g/5-easy-steps-to-getting-your-home/?kw=view-73w_bihfly7g&rc=ref-24756619

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners reposted articles. ~ Article may have been altered or edited from original. Corin Payie MMDLC Scotchmints.com

Ontario Protecting Consumers Seeking Financial Help

General Mark Goode 8 Jan

“There is evidence of harmful practices used by some debt settlement companies and that is why our government is taking steps to protect consumers. We want to put a stop to abusive practices in the marketplace. Consumers should know their rights before they sign contracts and they should not make any payments until they get results.”

Margarett Best
Minister of Consumer Services

 

Government Taking Steps to Regulate Debt Settlement Companies
 January 4, 2013 5:30 am

Ontario intends to regulate debt settlement companies to protect consumers from exaggerated claims and abusive practices.

Through new regulations, the government will:

         Ban debt settlement companies from charging up-front fees 

         Limit the amount of fees consumers are charged 

         Require clear, transparent contracts 

         Implement a 10-day cooling-off period.

The government has posted this regulatory proposals for your public comment.

 

Taking strong action to protect Ontario consumers to educate and protect Ontario families by ensuring a fair, safe and informed marketplace.

 Quick Facts

         Ontario is joining other provinces like Alberta, Manitoba and Nova Scotia,
            which have introduced regulations to crack down on debt settlement companies.

         There are over 20 debt settlement companies operating in Ontario

         The Ontario Association of Credit Counselling Services receives over 100 complaints
            about debt settlement companies a month.

         Average consumer debt in Ontario is up to $25,447 in the second quarter of 2012,
          compared to $24,721 in the second quarter of 2011.

         For every dollar Canadians earn, they have $1.64 in unsecured debt: Statistics Canada.

 

Speak to an unbiased financial expert when considering your financial future. Financial Services Commission of Ontario  www.fsco.gov.on.ca

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

YOUTH FINANCE : 10 mistakes & solutions

General Mark Goode 2 Jan

Whether you’re a young person who recently graduated, just getting your career started or finally moving out on your own, it can be hard to keep track of your personal finances. Some of the biggest mistakes are also the most common and can seriously cost you in the long term. Here are the top ten, along with some tips on how to avoid them.

1. Misunderstanding credit cards

Services like Paypass are making them even easier to use. But credit cards are often misunderstood by young people, with small purchasing decisions often leading to long-term problems. Whether it’s cash advances, large balances, only making minimum payments, paying late or not paying at all, the small piece of plastic can be much more trouble than you realized. There’s also signing up for too many, unnecessarily increasing your limit and wrecking your credit rating.

“Credit card debt is spending your future income before you’ve earned it, and not magic money,” said Lisa Yanaky, a young woman from Toronto.

 

<< Check out the DLC VISA Cards with the benefits of low interest rate, Cell replacement & an optional consultation to explain the details. | 705 326 8523 | mark@markgoode.ca


2. Not utilizing discounts

Banks, car dealerships, even theatre tickets, travel and cultural attractions. There’s a world of special prices for students and young people out there, but you can’t get to them if you don’t ask or research them beforehand. Some of the options include the International Students Identity Card, or the Canadian Opera Company’s program for patrons under 30.

3. Signing up for a rental/mortgage that’s too much of a burden

If you choose a place that leaves you with only a little bit of money to do anything else, you’ll be stuck spending most of your time at home. You’re also more at risk of accumulating credit card debt for making up the difference in your lifestyle or paying for unexpected costs, like maintenance.
Apply online here and we can see what you can sustain! 

4. Not having a budget

If you don’t sit down to look at what’s left after your wages and fixed expenses, it’s hard to determine how much you can afford to spend on things like food, nights out, or an upgrade to your cell phone plan. Not knowing how much you have can easily lead to spending more than you can afford. A budget can help you determine what you need to do to pay for your next vacation or make you realize you need to start packing lunch more than once a week.

5. Not having a “rainy-day” fund

Setting aside money for emergencies gives you a cushion for unexpected events and helps you avoid adding to your credit card balance. You never know when your car needs repairs, you crack a tooth on a fall or your bike gets stolen and needs to be replaced. This needs to be a key part of your budget, even if you start with a small amount every month. Eventually, the money will add up. You’ll also know the next time something arises, you’ll be prepared.

6. Failing to realize how “little things” add up

Darren Calabrese/National Post

Darren Calabrese/National PostUour daily trip to Starbucks can all add up to to thousands of dollars a year.

You can call it “the latte factor,” but your daily trip to Starbucks, half-pack of cigarettes a day or $100 a week at your favourite local bar or restaurant can all add up to to thousands of dollars a year. A small modification in this kind of spending can help you put aside more for money for savings, retirement or paying down your debt.

7. ATM fees

The bar only accepts cash (of course) and you have no idea where the nearest bank machine is. So you use the conveniently-located ATM there for $20. Trouble is that transaction cost you an extra $3 and you do it four more times during the rest of the month. All those fees quickly added up to the cost of a lunch.

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Try hiding an extra $40 in your wallet for emergencies and stick to withdrawals from machines that belong to your bank.

8. Falling into the trap of automatic pre-payments

You linked your gym to your bank account figuring you’d never have to worry about having to pay a bill. That is, until you forgot it hadn’t come out yet and took out $40 for drinks with friends and left barely anything left. If the bank goes to get the monthly amount and finds nothing there, you’ll be hit with a giant insufficient-funds fee.

You can easily track this by setting up email reminders or calendar alerts, so you’ll know when you need to keep a little extra in your account.

9. Opening an account with a significant other

You’re in love. What could show your commitment more than moving in, opening an account and sharing all your financial responsibilities? Doing so too early or without a clear plan for who pays what (and exactly how much) could be one of the most expensive financial mistakes you ever make. Even with a steady job, your personal and financial situation can rapidly change, along with the status of your relationship. If trust issues occur, problems can quickly develop and lead to one person shouldering a majority of the financial burden.

10. Not regularly planning for the future

Have plans to eventually own your own place, go to graduate school or travel the world? You may think planning for the future is only for people thinking about retirement, but everyone can benefit from financial advice. Speaking to a financial advisor or financial services manager can help you figure out what you need to do to afford your dreams. Also, don’t forget to check in when major life changes occur, as your financial priorities will probably shift too.

 

Let us know if this helped or how we might help you better!

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

Resolve to start Clean in 2013….

General Mark Goode 2 Jan

 Make resolutions if you must: When you vow to track every dollar and never waste money again, you feel all clean and shiny for at least a few hours into the new year.

But that doesn’t usually last. Resolutions get broken because they are too lofty and too ill-defined. It is better to break your resolutions down into a specific to do list: here are the money moves to make now and in the coming weeks that will insure you’re in a better financial place before 2013 ends.

  •  Analyze your entertainment budget. Television service used to be free, except for the electricity to run it. Now you have to choose cable versus satellite dish and then add on movies from a host of services (like Amazon, Hulu and Netflix) via a host of devices (like Roku, Apple TV and internet-enabled Blu-ray players). Monthly budgets for a family run well over $100, just for television, so it’s worth figuring out what you watch and how you watch it and comparison shop for the cheapest way to do that. Often, cable and satellite providers will cut you a better deal if you say you’re ready to quit their service. In today’s fast-shifting environment, re-do this analysis once a year at contract renewal time.
  • Put one savings on auto-pilot. There is nothing new or revolutionary about this particular exercise, but it works. Choose a low-cost stock mutual fund from a direct-seller like Vanguard, Fidelity Investments or T. Rowe Price. Authorize the fund to sweep a set amount out of your chequing account every month. Even $100 will make a difference over time. Just ignore this fund, except to watch it build over time.
  • Max out your credit cards — not with borrowing, but with rewards. After five years of tight credit, card issuers are coming back at consumers with a new waves of rewards. Look at all of the cards you already have — if you haven’t paid them off, send all of your available money to the highest rate card until you kill the balances, one at a time, as quickly as possible. Then compare the rewards they pay for travel, groceries, gas and any other categories that are important to you. Check the best offers out there now at Nerd Wallet ().
  •  Refinance your mortgage. Make your move now if you expect to be in your home for at least five years. Rates hover near historic lows, and bankers are still willing to lend money for 30 years at 3.25% and for 15 years at 2.5%. Nobody can predict when rates will rise, but they aren’t likely to go down. At some point over the next 10 years, those rates are likely to look excellent. Furthermore, many people who were unable to refinance before because they didn’t have enough equity in their homes may get relief from recent increases in home prices. To shop for a good rate, check the listings at MortgageMarvel.com and Bankrate.com, and compare with a couple of local mortgage lenders and your own credit union.
  • Buy life insurance. If you have a family that depends on you, and you don’t already have six times your income in term coverage, it’s time to buy. Rates have been falling for more than a decade, but now that’s over and some are heading back up, says Byron Udell of Accuquote.com. Furthermore, some life insurance companies are giving up on some product lines that they believe are unprofitable in today’s low interest rate environment.
  • Adjust your pension plan settings. If you just let your company auto-enroll you in the program, there’s a good chance you aren’t saving enough. Bump up your regular contributions at least to the level your company will match, and higher if you can afford it. Authorize the company that manages your pension fund to rebalance your assets once a year, to keep your mix of stocks and bonds where you want it to be. That will automatically have you buying lower and selling higher.
  • Update your resume. Many workers have been stalled at work for five years or more. But the economy is improving, so it’s a good time to brush up on needed skills, rewrite your resume and start networking via LinkedIn, Twitter, Facebook and your own personal connections. Even if you want to stay where you are, it’s a good career move to stay abreast of what’s going on all around.
  • Organize your info and look at your money. All good financial planning starts here. If you have balances on your credit cards, make a list of all of your cards, with their effective interest rates and balances. Your debt-payoff strategy will become clear. If you don’t know how you spend your money, embrace a program like Quicken or an online aggregator like Mvelopes or Mint. Investing for retirement or otherwise? Find a program or system that allows you to track your investment mix and your returns on a quarterly basis. Set it up now, and your investment decisions will be made easier all year long.

© Thomson Reuters 2012 

 

Other Related Articles : Now offering Great Rates and Terms on your Visa too! Mark Goode is aiming to bring financial literacy to Orillia’s youth

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
This article may have been reposted. All credits and copyrights to their respective owners. ~ Article may have been altered or edited from original. Corin Payie MMDLC Scotchmints.com

Get on track with Healthy Money Decisions, Starting NOW!

General Mark Goode 2 Jan

EnRICHed Academy is the first of its kind program designed to teach teens and young adults how to EARN, SAVE AND INVEST their MONEY in a way that is totally entertaining and easy to absorb.

Over the last several years, through hundreds of live speaking events at schools all across North America, EnRICHed Academy has been on a mission to teach students the key skills and lessons behind wealth creation and career success. While the topic of Financial Literacy can be dry, dull and boring, EnRICHed Academy has created an incredibly powerful program that will both educate AND entertain all of its viewers.

Mark Goode is working with enRICHed Academy to bring financial freedom and sound decisions to the residents and youth of Simcoe County. Contact us today to learn more about how you and your family can be involved and benefit from this program. 

Mortgage Man – Dominion Lending Centres | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | Ph: 705-326-8523 | Fx: 705-326-8645 | Mark@markgoode.ca

Introducing EnRICHed Academy

Dominion Lending Centres is proud to announce the launch of EnRICHed Academy’s “Smart Start for Financial Genius”! This program has been designed to educate young adults (13-23) and their families on the fundamentals that build wealth in an entertaining, funny and entirely interactive way.

No program like this currently exists, and the need and demand across North America is at an all-time high. This is our way of giving back to communities across Canada, ensuring our youth embrace financial literacy.

Click here to view the EnRICHed Academy trailer on YouTube.

Why we created EnRICHed

  • Statistically, 6 out of 10 Canadians live paycheque to paycheque, which means if their income stopped for only one pay period they’d have to rely on a Line of Credit or Credit Card to make ends meet
  • From 1989 to 2006, total credit card charges rose from $69 Billion to $1.8 Trillion; a 2,600% increase
  • Today the average household credit card debt is $16,007
  • The yearly savings rate of an average Canadian has gone from over 12% of income in the early 90s to under 2% today
  • Household debt in Canada has more than doubled over the past 10 years
  • 84% percent of college graduates in North America indicated they needed more education on financial management topics. Parents expect the schools to teach financial literacy and schools expect parents to. The fact is, most parents and teachers are ill equipped to teach students and kids on this subject and, therefore, don’t
  • The average college graduate is $23,186 in debt

What EnRICHed looks like

The program comes in a box and contains 5 DVDs of entertaining but highly educational video on creating a foundation for building wealth. There is a 100-page workbook that the family will work through that includes activities and exercises as well as other materials that correspond with the topics covered in the program.

15 key topics covered by EnRICHed

  1. Understanding money 101
  2. Why some people don’t save money… no matter how much they make
  3. How much we actually spend at an early age
  4. Saving money vs Making money
  5. Why starting to save at an early age is critical
  6. The magic behind compound interest and how it works
  7. How to buy your first investment property by the age of 23
  8. How to get into the stock market
  9. How credit cards work
  10. Good debt vs Bad debt
  11. How taxes work on a paycheque
  12. Why goals are critical to building wealth
  13. The difference between a dream and a goal
  14. How to write down goals and take action
  15. The importance of building your personal brand

Mark Goode is working with enRICHed Academy to bring financial freedom and sound decisions to the residents and youth of Simcoe County. Contact us today to learn more about how you and your family can be involved and benefit from this program. 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com