Tag: Canada

Tips To Getting Car Loans Canada

Tips For Getting Car Loans CanadaWhether you want to buy your first car, a second one, or you just want to add to the list of your existing cars, making such a big purchase is often hard without taking a loan. In more often than not, saving enough money to buy a car in cash is never attainable for most people. In such a case, going for car loans Canada is usually one of the options you might consider. So, what do you do when you get to this point? Well, the following tips will help you a great deal.

Understand your finances

When you are preparing yourself for any loan process, you should start by knowing your finances. This way, you will have a good defense to help you with the process. For instance, take a close look at your monthly income, how much you have saved and how much money you owe. In other words, it’s good to re-evaluate your finances before you start the loan process. If you understand your finances, you will definitely know your financial capabilities. You will know whether you will be able to service the loan and still pay for maintenance, insurance, repairs and to cater for fuel costs.

Compare car loan providers

Getting car loans Canada is not a complicated affair. However, it’s advisable that you do a thorough research and find out the lenders whose terms and conditions are most favorable. Instead of applying for a car loan with the first bank you come across, you should come up with a list of the top five lenders with the best terms and conditions. After which, compare their interest rates, conditions of loan approval, and repayment period. That way, you will be in a position to choose the bank with terms and conditions that favor your financial situation and expectations.

Develop a good savings plan

Few months before you order for your first or new car, you should develop a good savings plan with an aim of raising the down payment. This way, your car expenses will be more manageable. When you make a down payment, the amount you owe your lender will reduce. A down payment also minimizes the monthly payments. This way, it will be easier for you to repay your loan, which will also help you build a good credit.

Do a thorough research

Do research on the type of car you would want to buy based not only on your personal wants, but on needs as well. This will help you have a shorter list of cars to choose from. Find out more about these cars and research where you can buy them. Research on the dealers and sellers that offer the type of car you want to buy, and their prices. Comparing prices may help you save some extra money.

Doing a thorough research on the type of car you want to buy, the dealers/sellers and comparing prices will help you know exactly how much money you need. The process of getting car loans Canada would be easier after doing a thorough research because you will know the exact amount of money you need to borrow.

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Bank of Canada Holds Benchmark Rate For The Seventh Time

Bank of Canada Holds Benchmark Rate For The Seventh Time May - June 2016According to the last week announcement, The Bank of Canada has kept holding its key interest rate steady for the seventh time, there are things that can affect the ongoing straight and unchanged rates like, as you know that “the economy’s structural adjustment to the oil price shock continues,” and the wildfires in Alberta will cause a weaker than predicted second quarter, although it is expected that the Canadian economy will rebound in the third quarter when oil production will resumes and reconstruction begins.

While looking outside of Canada as justification; it is expected that the growth in the global economy is evolving in due course while the American economy is returning to solid growth. Canadian inflation is evolving as anticipated. In the light of above, the Bank of Canada judges that the current stance of monetary policy is appropriate and to keep hold on the key rate.

All that means, you are enjoying stable interest rates for the seventh time, it will not make any effect on interest rates over your personal loans and credit products. If you’re looking to get mortgage loan, you should contact your favorite mortgage lender or broker to receive their short-term rate promotions that are sometimes not posted online due to short term availability, the best way to keep your eye on the best rate specials is the newsletter, so you should try to subscribe yourself with your desired mortgage company to keep receiving updated rates, news and offers.

Moreover, great news for all those people having a variable-rate mortgage that are looking mortgage renewal, need to consolidate debt at the lowest-cost funds and, or willing to get a new mortgage; July 13, 2016 is the next rate-setting date.


Foreclosure Listings Canada Review

Looking for the bank foreclosure listings to find repossessed houses for sale throughout Canada to buy foreclosed homes up to 50% below market value!Looking for the bank foreclosure listings Canada to find repossessed houses for sale throughout Canadian provinces and territories to buy foreclosed homes up to 50% below market value!

How to find foreclosure listings Canada review? Foreclosure Search Ca offers largest database of bank foreclosure listings, real estate listings information through its website that help you in finding cheap houses for sale, whether you are looking for foreclosed properties in Scarborough Ontario, Toronto Ontario, Vancouver BC, Edmonton Alberta and or other provinces and cities of your interest, you will always find an updated list of fresh foreclosure listings daily via email alerts about new properties in your area.

Canada Foreclosures - Insider Access To Foreclosure Homes For Up To 50% Below Market!How to find free foreclosure listings Canada review? Foreclosure Search Canada is one of the best foreclosure websites that offers online services through simple to use membership site that contains various features to make it easy for home buyers who want to save on their next home purchase. You can sign up for free to receive daily email updates; however, you must join as a paid member to receive complete and detailed information on the listings. Joining is relatively inexpensive through trial membership that will help you in making decision to continue your membership for the longer term.

Foreclosure Search Canada provides foreclosures as bellow:

  • Bank Foreclosures – Bank Repossessed Homes and Repos
  • Bank-Owned Homes and Government Property
  • Foreclosures Auctions and Tax liens
  • Affordable real estate at Huge Savings

Who is it for? Canadian home buyers who want to buy homes at a discount price. You will get full address, contact and property details along, maps, satellite and street images that allow you to experience virtual tour of the neighborhood and nearby amenities like parks, schools, shopping centers, hospitals and or restaurants. As a member you will get full access to the extensive list of properties-on-sale, foreclosure listings, tax sales listings and real estate information on foreclosures, bank-owned property, government-owned homes, auctions, and else that will help you in making sound real estate business decisions.

Can I get a mortgage on a foreclosed home? Yes, it can assist consumers looking to get home on credit; you can get a mortgage for a home listings found on its website, as long as you are qualified for the loan. You can find out if you qualify for the mortgage loan by submitting an application. To apply, simply click on the “Loans link” on the site. Moreover, if you have bad credit or poor credit, you can still buy these homes, as at Foreclosure Search Canada you will find all types of lenders that offer loans to people under varied credit levels where sometimes even you will find 100% financing offer! Moreover, to avoid foreclosure; you should always go after getting a mortgage loan if you think you will fulfill your mortgage obligations.

What it is? It’s Bank Foreclosure Listings Canada that can assist you buying foreclosure homes AFTER they are repossessed by the bank and listed with a Realtor.

  • Find homes typically 23% below market value
  • Get more property selection
  • Get more property information
  • Get an easy property access/viewing directly through an agent

How much is the cost? With your risk free C$7 for a 7 day trial membership that you can cancel any time, you will also get Free Foreclosure Buying Guide ($49.95 Value) and everything that you need to find your dream home! Moreover, if you want to continue with your membership, it will cost you C$47 per month. Where longer term subscriptions are offered on discounted rates, like you will pay C$77 for 3 months or C$197 annually.

If you’re considering buying foreclosure, being sure to evaluate advantages and disadvantages prior to make your decision, buying a foreclosure requires careful selection of the property, your budget while having the right real estate team or a professional that help you guide and go through with all the process it required. Moreover, as you’re going through the foreclose website it also require an additional things to workout, here’s some of the pros and cons that you should consider;

Pros

Easy to use site where you can find hundreds of foreclosure properties by city and Province for thousands below market value! Get full contact details and address, maps, satellite and street images and property details such as bedrooms, bathrooms, floor area, lot area, type of building, type of listing, city, Province etc. Receive daily email alerts about new properties in your area. Free foreclosure tutorial and buyers guide ($49.95 value) with your trial subscription. Moreover, its risk free that you can cancel any time.

Cons

Foreclosure Search Canada provides all types of foreclosures; foreclosure sale/auction and bank-owned foreclosures; unfortunately it doesn’t offer pre-foreclosure listings Canada that allow investors to buy foreclosure homes before the bank repossession and listed with a Realtor. Where real estate investing point of view pre-foreclosures are ideal for experienced and creative real estate investors who want to flip homes for fast profits and or bigger payday or want to flip/buy property with no credit or no-money-down.

Conclusion

Foreclosure Search Canada is one of the best foreclosure website that offers guidance and extensive database of ready to pick fresh and local foreclosures online for homebuyers who simply want to buy home at a discount. Moreover, the MLS doesn’t offer foreclosure information makes it the best site for foreclosure listings in Canada.

Suggestions

Tips for foreclosed home buyers

Finding cheap houses for sale is an exciting experience that can possible through foreclosures; you’re getting fantastic pricing, but it’s quite general, you need to spend extra money to pay for its repair and or customization according to your requirement and sometimes you have to go through by lot of offers to get the home you want. Buying foreclosed homes is not a simple job; you have to take care of some important steps by yourself and or through some real estate professional that is familiar with the process of buying and selling foreclosed properties. The good thing about bank-owned homes is, most of them are vacant that will help you in speeding up the process of moving in. Anyway, here are some tips that may help you in buying foreclosed homes in Canada for you:

  • Foreclosed homes come as-is, and it’s up to you, the buyer to pay for repairs.
  • You should compare sale prices with the homes in your area.
  • It’s a big investment, get the answer how buying a foreclosed property helps your financial position; Consult with home inspectors, builders, financial professional and or real estate agent specializing in foreclosures.
  • If you’re looking to get advantage of the credit, get preapproved for a mortgage.

Tips for Foreclosure Search Canada website users

  • We highly recommend every new homebuyer should first prefer to get free subscription to “Free Listing Alerts” by just submitting your email to the site. In relation to paid, free foreclosure listings will let you know same information but with limitation that will give you better idea to continue or not.
  • If you are not satisfied with the 7 day trial offer, you should cancel your subscription any time before it expires; otherwise it will cost you subscription fee for the next month.
  • As a paid member you will get full contact information of the Realtor that allows you to book an appointment to view the home that you like and want to submit an offer. Don’t delay in responding to your favorite offer because these deals generally tend to be bought up quickly. Otherwise don’t worry in case you missed one, just stay subscribed as a member and you will keep receiving up to 30 new listings everyday right into your email inbox.

Canadian bank foreclosure listings will help you find BC Foreclosures, Ontario Foreclosures, Toronto Foreclosures for sale, and or other cities or provinces; repossessed houses for sale and or cheap houses for sale throughout Canada to buy foreclosed homes up to 50% below market value!

Foreclosure Listings Canada Review – an overview: 

How to find foreclosures?

Simply, you can get foreclosure listings from the Realtor, MLS, banks and the law courts;

Why To find foreclosures at Foreclosure Search Ca?

Where Realtor’s make their commissions from you by being your “buyer’s agent”, searching through the vast MLS (multiple listing service) one property at a time is just not practical considering the time wasted and energy spent, banks generally don’t give information on properties they have foreclosed on and court documents are expensive and cumbersome to get but finding foreclosures through Foreclosure Search ca, you can get the latest foreclosure listings right on your computer, email or your mobile phone.

Foreclosure Search Canada Review is written in the light of its features that make it easy to use, economical, fast and offering fresh foreclosure listings daily direct to your email. While looking at its online presence, Alexa ranking and inside statistics from Clickbank; site looks professional without any negative reviews, its global rank stands at 486,387 with an upward trend of 219,864 where it got popularity rank of 22,276th site in Canada that attracts 47.3% Canadian visitors. Clickbank marketplace shows its tracking started as a vendor with the title “Foreclosure Listings Canada” since 01st August 2013 in the category Business / Investing : Real Estate that shows its gravity at 2.76, although its low but it’s been looking fine in relation to the market demand. ForeclosureSearch.Ca provides Canada foreclosure listings, foreclosures auctions, bank foreclosure listings to find local foreclosures, repossessed houses for sale at below market value that work great to home buyers who simply want to buy a home at a discount. How to find free foreclosure listings Canada Review? You will get free foreclosure listings with pictures and or videos, may find it very useful in terms of getting all the information related to foreclosed properties available for sale but you have to get paid subscription to find out physical address and contact information for all those property listings to proceed.

Foreclosure Listings Canada is a legit site and if it were a scam then it wouldn’t stay online since 2013, it also offer unconditional 60 days money back guarantee to paid members, moreover, your free subscription is one of the best way to find out yourself either it will work for you or not. Anyway, visit the official website to get insider access for buying foreclosed homes at discount up to 50% below market value!


TY15 TurboTax Canada Peak Times For The Tax Season Canada 2016

TY15 TurboTax Canada Peak Times For The Tax Season Canada 2016The tax rules have been getting federal income tax rate higher for the Canadians making income over $200,000 in year 2016, the new tax bracket will not affect people making less than that but there is a need to make a review on their financial plans. Although most of the Canadians will not come under the new tax bracket but it is expected that every tax payers will reduce in their tax-free savings account contribution limit to $5,500.

Usage of online income tax software has been increased in last few years to file and prepare business and personal income tax return in Canada. Income tax preparation software; TurboTax Canada offers one of the best tax software programs that let you easily prepare your taxes by yourself where filing is simple. Turbo Tax Canada claims as the best-selling income tax software today and disclose some of the important information about their program including key dates and peak times in the light of consumers that uses their tax software to prepare and file income tax return online. Below are the TY15 TurboTax Canada peak times that are expected for the tax season Canada 2016.

First peak of the tax season begins mid-February when NETFILE opens and ends in early March.

February 10-15, 2016: First Peak of Tax Season – NEFILE Opens; Customers can file their personal income tax returns directly to the Canada Revenue Agency (CRA) online.

February 28, 2016: T4 Slips Deadline; Canadian T4 tax slips (Statement of Remuneration Paid) are issued by employers by the end of February. The slips detail how much employees were paid during a tax year and the amount of income tax that was deducted. One is used to attach to the Canadian federal tax return, and the other to provincial or territory tax return. T4 slips remind customers it is time to file their taxes.

March 1, 2016: RRSP Deadline; This is the deadline for customers to contribute to their Registered Retirement Savings Plan (RRSP) accounts for the current tax year and reduce the amount of taxes they owe.

April 15-30, 2016: Second Peak of Tax Season; Second peak of tax season occurs in the last two weeks of April as people are hurrying to meet the April 30th deadline

June 15, 2016: Small Business Tax Deadline; CRA tax deadline for self-employed individuals

Financial Consumer Agency of Canada offers up-to-date information on federal income tax; you should visit their site prior to your personal tax deadline and or consult your tax adviser to find out more about your tax brackets and rates and how the new revised rules affect your bottom line. Wishing you Happy New Year! May it turns into happiness, health, financial freedom and the strength to chase your dreams in 2016. The tax season Canada 2016 has begun; TY15 TurboTax Canada peak times and key dates require you to prepare yourself as early as possible for you to prepare and file your tax return with or without the income tax software Canada before the deadline.

Business and personal tax software online and desktop!


Looking For Alternatives To Bankruptcy In Canada

Bankruptcy Alternatives in CanadaGoing for the personal bankruptcy may often be an option that people in Canada think they have to take when they felt severely in debt. However, before taking this route that declares you bankrupt, it’s wise to find out an objective opinion in the view of your financial situation. There are variety of alternatives to bankruptcy in Canada that you can avail throughout Canada in all provinces and territories.

Bankruptcy Alternatives in Canada

Following are the personal bankruptcy alternatives that are available in Canada:

  • Debt Consolidation Loan
  • Debt Management Program (Payment Consolidation)
  • Orderly Payment of Debts (OPD); please find out its availability in your province prior to taking it.
  • Consumer Proposal

You are facing the possibility of personal bankruptcy but are not willing to give in yet; is it so? There are several alternatives to bankruptcy in Canada. Finding out what is right for you is an important task that you can talk with a professional about the options for you. There are trained peoples like bankruptcy lawyers that can help you in making the decision about what alternative may be right for you.

You will find most of the creditors who are willing to work with you because they will make more money helping you solve your debts than to have it written off in a court of law where they will not recoup their losses. In other words they do not want to write of the loans. When you are seeking help to keep from a bankruptcy you will want to either hire a lawyer or a professional negotiator. A professional negotiator can be found at nonprofit organizations for debt counseling. You can also find these individuals online or in the phone book. You will of course want to check references to make sure you are dealing with a reputable company. Those who are in debt know that creditors will send them to collection services that will hound the person. In order to lower stress it is important to have someone field the calls while you are trying to negotiate terms you and the company can live with.

It can be difficult to find the money to afford a bankruptcy lawyer especially when you are already struggling so remember the nonprofit organizations do hire professionals to help you. A credit negotiator can establish a deal for a smaller cash payment to help you settle the claim against you from that company. You may pay less on a monthly basis or you may be able to give them a lump sum to make the company settle without the bankruptcy. This lump sum can have you pay off the debt so you can concentrate on other debts.

The percentage you may have to pay could just be the balance without the attachment of interest if you can pay it right away. They may invoke an Individual Voluntary Arrangement that states you have a certain period of time to pay of a percentage of the loan.

You will want to try alternatives before seeking bankruptcy because it can affect your credit score. If you still have decent credit is behooves you to try an alternative such as refinancing your loans to perhaps one over all loan. You may find a lower annual percentage rate with the consolidated loans and still save your credit.

There are alternatives to bankruptcy in Canada the trick is to know where to find them. You do not want to listen to bad advice so you should seek a reputable company even a nonprofit organization that will give you the advice and guidelines that you want to avoid bankruptcy.

For update and authentic information about alternatives to bankruptcy, you should consider reading here at Office of the Superintendent of Bankruptcy Canada. It’s strongly recommended to adopt best possible alternatives to bankruptcy in Canada that you can afford in relation to your personal financial situation; it’s always in your best interest to check out and find your other options before declaring personal bankruptcy. Moreover, you should consider finding what assets you may have to give up in case you are going to file for bankruptcy and how long it will take to rebuild your credit history after the bankruptcy process is completed.


Tips To Stay Debt Free And Rebuild Credit After Bankruptcy Discharge

How to rebuild credit and stay out of debt after bankruptcy discharge in Canada?

Life After Bankruptcy Discharge

How to rebuild credit and stay out of debt after bankruptcy discharge in Canada? Here are some helpful tips you can consider to start rebuilding your credit and or fixing your credit score after you’ve been bankrupt and successfully discharged from hardest financial crises:

Life After Bankruptcy

So you’ve finally been discharged from your bankruptcy, and now you are free to do whatever you want again. The world is your oyster!

But before you grab a bucket and head for the beach, there are a few things you need to know. First of all, a bankruptcy discharge is not a license to shop. That itch to celebrate your new found freedom might almost impossible to ignore, but if you want to stay debt-free, you are going to have to lay low for awhile, especially in the three months after your discharge.

Here’s why: you probably feel like you’ve been in debt forever, but you’re not the only one who knows it. Credit card companies have caught the scent too, and chances are you’re getting applications left, right and center these days. Talk about tempting! The best thing you can do is to throw those applications right into the recycle bin, regardless of how much this or that company says they want to help you rebuild your credit. The truth is they don’t want to help you rebuild; they want to help you get back in the position that caused you to go bankrupt in the first place.

Those ‘high-risk’ cards come with a lot of caveats – the fee you pay to get the card, for instance. Some cards will actually charge you for the card by placing it on your card. So if your card has a $100 limit and it cost you $75 to get, guess what? You only have $75 in credit. Go over that, and get ready for some nasty fees.

So how can you get your life back to normal? Before you do anything else, you have to change your spending habits. Really think about the cost and quality of things and put yourself in control. For example, is it really worth it to buy that brand-name bread when the store brand is just as good and costs a dollar less? It’s a small-scale example, but if you can apply that kind of thinking in baby steps, pretty soon you’ll be able to apply it to everything you buy, no matter how large. So clip coupons, try to buy when things are on sale, and don’t go hog wild when you do buy.

Second, prioritize your bills. Your most important, must-pay-on-time bill every month should be your rent or mortgage. It’s your shelter, and without it, handling anything else that comes your way becomes a lot more difficult. Your utilities are next, because you have to be able to cook and store your food. Your third most important bill might be the telephone, the fourth your cable TV or satellite, and so on. Take an average of how much of your pay check goes for rent/mortgage and bills. Then, set aside a little bit of each check to put toward each bill. It might be tedious, but trust me; it will be worth it once you get into the flow.

The second thing you have to do is save up $500, doing the same as you’ve done for your bills – take a bit out of each pay check. Only this time, open a new account. Once you’ve saved $500, run to your nearest bank and request a secured bank loan for that amount. The bank should have no problem granting your request, as the money’s already there. For the next 90 days, make your payments on time, every time. You will be amazed at how much faster this will build your credit than those high-risk cards!

If you have to use credit, why not do so to your advantage? Here’s how: purchase an item that’s on sale with your credit card. Then, when your credit card bill arrives, pay the item off in full. That’s it! You get to enjoy your new item for a month before you have to pay for it. If you can stick to this, your credit will have nowhere to go but up.

By applying the above tips, your credit will be given a boost at a time when you need it the most – in the first 3 or 4 months after a bankruptcy discharge. You’ve been given a second chance. Don’t give up – you can do it!

Tips to stay debt free and rebuild credit after bankruptcy discharge is a private label rights article that is especially selected to our blog reader.


Installment Loans Canada Is A New High Interest Loan For Canadian Consumers

Installment Loans Canada

Installment Loans Canada Is A New High Interest Loan For Consumers

Installment loans are relatively new loan product to the Canadian financial market but looked as it has been designed by the same school of private lenders that offer payday loans to the people often having lower income, less financially literate, struggling with bad debts and or bad credit; it come under same as an unsecured, subprime, high-interest, short-term loans with a twist of flexibility that generally suits most of the people looking for extended terms to pay off the loan over shorter or longer period of time, repayment options and indeed more cash. Installment loans Canada has been getting attraction of more and more lenders to take the place where payday loans have already been established and some of the lenders are setting up their offices or stores in many of the same depressed areas that once used by payday lenders.

Installment loan vs payday loan

Of course installment loans and payday loans are different kind of unsecured personal loans but both carries high interest rates. Unlike payday loans in Canada, which generally offer cash advances for a few hundred dollars like $100 to $1,500 that have to be repaid in next few weeks till payday, where installment loans allow you to borrow money that may be up to $15,000 with an option up to three years of repayment period.

What is installment loan?

According to Wikipedia:

”An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan.

The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards.”

Lenders are growing

Business opportunity to lenders seem quite attractive, that’s the reason more and more installment loan lenders are trying to get place in the market, it has already got good popularity in the UK and the USA market that makes not even Canadian lenders but other non-Canadian lending companies are also looking forward to explore more opportunities in Canada. Here is an excerpt from introductory message received through email from one of the lending company ready to begin installment loans Canada:

Installment Loans Canada New Lender“To provide a little background, we are one of the largest U.S./UK near prime consumer lenders and plan to expand to Canada in the coming months. We will offer unsecured personal loans between $1,500 and $30,000 for 12 to 48 month terms with APRs starting at 19% and going up to 49%. We are focused on providing our customers an exceptional experience through quick approvals, same day deposits and a large call center staff to help answer questions.”

Intention to invest billions of dollars to offer installment loans Canada by foreign lending company into relatively new market clearly indicate, there is a huge potential for the said loan.

There is no doubt it’s a high interest loan but in presence of Canadian legal restriction on maximum rate of interest on loans do provide protection to the borrowers, remember; anything over 60 per cent is treated as the criminal interest rate in Canada.

Although installment loans Canada is offered to consumers with a poor credit rating but taking these types of loans is not ideal for consumers having poor or bad credit because it will affect a risk factor that will determine your rate of interest over your loan, as high the risk as high rate of interest you will be charged on your instalment loan.

Marketplace Outcome

In relation to market critics an installment loans Canada is a new high interest loan for Canadian consumers. According to CBC; instalment loans the new high-interest danger for consumers, installment loans in Canada have been rapidly increasing recently, with a total of $132 billion owed – 8.7 per cent of Canada’s total debt distribution, the majority of which is held by major banks. CBC News investigation reveals true cost of borrowing by interviewing several Canadians with bad credit that have being turned away from banks to other lenders with hope to obtain a loan. According to Equifax, a credit monitoring company, instalment loans are the second fastest growing type of debt in Canada after auto loans.

Other options to installment loans Canada

Most of the people looking for unsecured bad credit personal loans seem really in hurry; all they usually wants quick cash, when they find out they are not qualified for a bank loan, they usually turn toward private lenders that generally charge high rates, getting out of financial trouble is good but if you can’t afford it then you should adopt other options to avoid a debt trap and further problems.

  • Try to improve your credit rating to get qualify for a bank loan.
  • Always take minimum loan that solve your financial need and you should definitely afford it.
  • Consolidating debt is a good idea only if you get it on lower interest rates.
  • Better way may be a credit counseling service that can often negotiate a lower interest rate.

If you need long term installment loans, cash loan over a longer period of time or may be looking for short term installment loans with poor credit rating; Installment loans Canada works great if you carefully take it once according to your need, think twice what you can afford, don’t try to roll over and or refinance your loan for more money. Before getting your loan find out exact difference between your loan and your payments to determine your true cost of borrowing.


How Loans Can Make A Great Investment?

Secured Loans Can Make A Great Investment For Borrowers

How Loans Can Make A Great Investment

How loans can make a great investment for the borrowers? It’s a phrase that you definitely heard but if not then you might consider it with some kind of marketing trick, scam or a crazy investment scheme; believe me it’s very productive approach to gain monetary benefits. It was inherited investing strategy by the old school of financial thought known as leverage. As leverage requires very professional approach to understand right balance in which a little force from you can generate a big motion. Investment experts have been successfully doing it from many years in margin accounts to borrow stocks; after making money they sell them, where difference in price is their income like a general trading business.

This is one of the best investment schemes because every business oriented mind feel completely at ease doing it beside it is tried, tested and true way of investing method.

Every home owner can get a secured loan easily and this is what that helps you leverage the value of your home into a greater amount, here how it will work:

You know you paid a certain amount at the time when you purchased your home, although you been taking benefits of this over these years, this is not you but many other home owners like you probably hope that their home will increase in its value and at the time of selling this will return good. To make money every one wants to do that; doesn’t it?

That’s the reason secured loan comes in to take the benefit of the financial game. As you know when such loan if taken to improve your home, it can help you in increasing up the value of your home. And more certainly, in relation to your loan amount your overall value of home increases more and at a greater rate. Does it sound great? … That’s due to leverage!

Secured loans can make a great investment! That’s why taking a secured loan works great in increasing home value, you should take it to build some addition, give your home a new look, paint, repair, remodeling, may be new doors, floor and or windows work great for you house. Whatever attracts you will definitely attract other; all of such effort on your side will help to increase the value of your home that’s an investment you will enjoy until you don’t sell it.

Where a secured loans Canada works for you and on less rates. It’s inexpensive because of the security of an asset that you are being offered to secure a loan. The potential risk is the major factor that affects every lender in making decision whether it’s good or bad to extend the loan to the applicant. Although you’re good credit rating plays a vital role in getting all kinds of loans but secured loan against some solid guarantee from you like your home, car, bonds, stock certificates and other kind of assets pull lenders toward you to offer loan on competitive rates because lenders feel less risk, as know they can potentially take the quartered asset and earn back their borrowed cash by selling it off in case you would fail to make your loan payments.

You can make money on your home like most of the other people but if you don’t understand this financial investment strategy and want to learn about how it will go in your specific environment and in today’s market condition then you are advised to consult some financial consultant for better understanding on how it’s feasible for you. Although if you own a house you can get a secured loan for your house improvement to latter sells it for a greater amount, you should consider getting a Canadian secured loan to help you leverage; this is your own personal and private money investing opportunity and that is how loans can make a great investment.


How Important Is Your Credit Score?

How Important Is Your Credit Score Canada

How Important Is Your Credit Score

Generally most of the people don’t care about their credit score in the first phase of their life after turning 18; although it’s the perfect time to start thinking about the things that make life easier for them to enjoy the benefits of financial freedom throughout their life. If you start doing it right from the beginning, it’s like you will be building credit history from scratch naturally without spending money, any pressure and or effort on your side. If you are a person that may not using credit cards and use to purchase things on cash and or never get involved in any kind of transactions like buying a house and or getting a mortgage then it can make you think that credit score may not important for you; it’s wrong.

Your credit score not even determines your ability to borrow money, applying for a mortgage or purchase something on credit but it can affect other things of your normal life. Your no, limited or poor credit score adversely affects you in getting a job, taking an apartment on rent and every other things of life which require accessing your level of responsibility. Moreover, it also determines your insurance rates and interest rate you will pay on your credit and loans.

How important is your credit score when applying for a mortgage loan

Buying a house is one of the largest investments that can bring huge savings to the creditworthy class of potential borrowers, as they are awarded with the lowest interest rates. Sub-prime borrowers are those classes of people that hold poor credit history, face high interest rates with less possibility and choices. Your credit score is an important calculating factor when applying for a mortgage loan but lenders may also consider number of other factors such as income, savings, debt-to-income ratio and large down payment from borrowers.

How important is your credit score when applying for a job

In response to your job application most of the employers now have adopted the policy to check your creditworthiness to determine your level of responsibility. Can your credit score affect getting a job? Yes, if your bad credit history makes a negative impact on getting a job then even your no credit profile can make the employers uncertain. Good and or an excellent credit score can help you in getting a job; remember, your credit check through your employer for the purpose of job screening would not impact your credit score.

How important is your credit score when renting an apartment

For all those people without a home ownership obviously go after renting an apartment. After getting your rental application for an apartment the potential landlord will generally run a credit check to see your credit history. Your credit report and credit score will help the apartment owner in determining how responsible person are you in paying your bills, whether you have positive debt to income ratio and your rental history with the previous landlord; if any.

Your credit score Canada is the most important factor that affects your life, your negative credit rating will stop you in many ways to enjoy the benefits of being creditworthiness and on the other hand your positive credit rating will definitely let you enjoy your life without a break, confidence and savings, but it require your continues struggle to not even maintain a good credit score but improve it to an excellent credit score to get more advantage of the system. How to improve credit score fast? Is difficult, as it will take time; For those that hold bad credit score, they should begin improving it without a delay, as there are many ways to improve your score; Credit Repair Canada? Credit repair loans vs secured credit cards, you can get on the right path if followed seriously. The very best and productive thing is your realizing the fact; how important is your credit score.


Bank Of Canada Lowers Overnight Rate Overview

Bank of Canada lowers overnight rate target to 3/4 per cent January 21, 2015

Bank of Canada Lowers Overnight Rate

When the bank of Canada lowers the overnight loans rate the Canadian dollar depreciated against U.S. and other major counterparts, savings accounts and bonds yields plunged, effected stock market and the commercial banks cut prime lending rate to match bank of Canada move; it all happened unpredicted!

In a surprise move, the Bank of Canada announced an overnight rate update on Wednesday, 21st January, 2015 that it is lowering its key interest rate down to 0.75 per cent in order to keep balance against the risks to the economic growth, inflation and housing market downturn posed by the sharp drop in oil prices. This is the first time the overnight interest rate has changed since September 2010.

How the Bank of Canada’s interest cut will affect loans and mortgage rates? The cutting in rate would affect in lower interest rates for consumers that hold variable rate mortgages, lines of credit and other loans that based on prime rates besides it will make cheaper for companies to borrow money to grow their businesses; let’s see if banks lower their prime rates.

Declining in rates will not bring any benefits for credit cards consumers and borrowers of fixed-rate mortgages and on auto loans that’s a fixed-rate loan. Moreover, interest on things like savings accounts, straight GIC and government debt will also comes down but at the same time it does provide incentives for people to invest in other types of assets that have higher returns.

Canadians taking out variable-rate mortgages, new fixed-rate mortgage, renewing their old mortgages right now, or want to consolidate debt at the lowest cost funds could see rates edge down.

The sudden rate cut announcement become a shocking news; there were many economists predicting rate hold and or interest rate hike for the future but none of them were expecting a rate cut, beside The Canadian dollar fell down against a variety of major currencies after that. The Bank of Canada believes low oil prices will bring overall negative impact on the Canadian economy.

Here’s the official statement concerning lowers overnight lending rate issued by the Bank of Canada:

Bank of Canada lowers overnight rate target to 3/4 per cent

Press Release: Ottawa, 21 January 2015

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.

Inflation has remained close to the 2 per cent target in recent quarters. Core inflation has been temporarily boosted by sector-specific factors and the pass-through effects of the lower Canadian dollar, which are offsetting disinflationary pressures from slack in the economy and competition in the retail sector. Total CPI inflation is starting to reflect the fall in oil prices.

Oil’s sharp decline in the past six months is expected to boost global economic growth, especially in the United States, while widening the divergences among economies. Persistent headwinds from deleveraging and lingering uncertainty will influence the extent to which some oil-importing countries benefit from lower prices. The Bank’s base-case projection assumes oil prices around US$60 per barrel. Prices are currently lower but our belief is that prices over the medium term are likely to be higher.

The oil price shock is occurring against a backdrop of solid and more broadly-based growth in Canada in recent quarters. Outside the energy sector, we are beginning to see the anticipated sequence of increased foreign demand, stronger exports, improved business confidence and investment, and employment growth. However, there is considerable uncertainty about the speed with which this sequence will evolve and how it will be affected by the drop in oil prices. Business investment in the energy-producing sector will decline. Canada’s weaker terms of trade will have an adverse impact on incomes and wealth, reducing domestic demand growth.

Although there is considerable uncertainty around the outlook, the Bank is projecting real GDP growth will slow to about 1 1/2 per cent and the output gap to widen in the first half of 2015. The negative impact of lower oil prices will gradually be mitigated by a stronger U.S. economy, a weaker Canadian dollar, and the Bank’s monetary policy response. The Bank expects Canada’s economy to gradually strengthen in the second half of this year, with real GDP growth averaging 2.1 per cent in 2015 and 2.4 per cent in 2016. The economy is expected to return to full capacity around the end of 2016, a little later than was expected in October.

Weaker oil prices will pull down the inflation profile. Total CPI inflation is projected to be temporarily below the inflation-control range during 2015, moving back up to target the following year. Underlying inflation will ease in the near term but then return gradually to 2 per cent over the projection horizon.

The oil price shock increases both downside risks to the inflation profile and financial stability risks. The Bank’s policy action is intended to provide insurance against these risks, support the sectoral adjustment needed to strengthen investment and growth, and bring the Canadian economy back to full capacity and inflation to target within the projection horizon.

http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/

The next scheduled rate-setting date is March 4th, 2015. Moreover, Monetary Policy Report will be published on April 15th, 2015 that will reflect the next full update of the BoC’s outlook for the economy and inflation, including risks to the projection.

When the bank of Canada lowers the overnight loans rate last Wednesday, there was great expectation that all the banks and lenders would lower their prime rate subsequently; Royal Bank of Canada was the first major bank that reduced its prime rate from 3% to 2.85% and then Bank of Montreal, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada followed the RBC to offer 15 basis point cuts on their rates. Market felt surprised because 15 basis-point cut from these Canadian largest banks seem unmatched in reference to the Bank of Canada’s 25 basis-point reduction. Anyway, if your favorite banks or lenders have not lower their rates now, don’t worry, it will come down by market pressure for consumers soon.


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