4 Ways to Pay Off Your Mortgage Early

Most people who buy a home take out a mortgage loan for an average of 25 to 30 years. Longer or shorter terms may be available, depending on the applicant’s financial factors. This average loan period represents approximately one-third of a person’s lifetime, which is a long time to make monthly payments on personal property. However, many loans are available without a prepayment penalty clause, which means that home mortgages can usually be paid off early if the buyer is able to do so. While the typical monthly house payment is often large enough to preclude additional payments for a regular household, there are ways to pay additional amounts on the mortgage to pay off the loan faster, potentially saving thousands of dollars in interest overall and freeing up the monthly budget from a sizable house payment that can then be spent on other things.

Make extra payments.

Paying just one or two extra house payments annually can take years off the total loan period and reduce interest paid by thousands of dollars. Check with the lender to ensure the additional payments are credited to the loan principal as extra payments, not late fees or other loan costs.

Apply windfalls.

Job bonuses, rebates, cash gifts, and tax refunds provide extra income to pay off mortgages sooner. There is no loan commitment to pay extra on a regular basis, so just apply whatever additional income becomes available to the loan’s principal balance to reduce the total remaining amount owed. This in turn will lower the amount of interest paid over the life of the loan.

Add small amounts.

You can make even small payments each month on the principal balance of the mortgage loan. Paying just $10 or $20 can make a dent in the mortgage balance over time. Larger amounts can make an even bigger impact. For example, when you pay off the car loan, apply that monthly amount to the mortgage balance each month for additional long-term savings.

Refinance the mortgage loan.

Mortgage rates are still low enough to make it worthwhile to consider refinancing your home loan. Replacing a 5 percent interest loan with one that is 3.5 percent for 15 years may keep the monthly payment at a similar level, but the interest rate will drop substantially, meaning that the house will be paid off more quickly.

You don’t need huge sums of money to pay down your mortgage ahead of schedule. Making occasional extra payments, adding windfalls, applying small monthly amounts, and refinancing your loan can save considerable interest and pay the home off sooner. Imagine your monthly budget without a house payment and the home’s value for emergency equity as incentives to get started. The Windsor Family Credit Union website is a useful reference for more information.

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Top Benefits of Debt Consolidation

If you are in a lot of debt, such as from credit cards or loans, you might be wondering if there is any way that you can get some debt relief. Luckily, you do have an option: debt consolidation. These are a few reasons why debt consolidation can be worth it.

Get Your Creditors Off Your Back

If you find yourself dealing with collections calls all the time, you probably know just how terribly stressful they can be. One great thing about debt consolidation is that you will be paying off all of your debts with a loan. Then, you won’t have to worry about all of your creditors calling and harassing you.

Pay Off Debts More Quickly

In many cases, people are able to negotiate their debts and actually pay less than what they owe. This can be a good way for you to focus on paying off your debts more quickly and without having to spend as much money.

Reduce Interest Rates and Fees

Depending on the credit cards and loans that you have, there is a good chance that you are paying out a lot of money in interest and fees. The good thing about debt consolidation is that the loans often have much lower interest rates than credit cards. This means that you can save a ton of money in interest and fees while you are paying off your debts.

Salvage Your Credit

If you are paying some or all of your debts late each month, there is a chance that your credit score is taking a big hit because of it. This can be a bad thing, since a low credit score can make it a lot harder for you to qualify for things like home and car loans. By paying off these debts now with a consolidation loan, you can actually salvage your credit score.

Pay Lower Monthly Payments

Right now, you might find that what you are paying in credit card bills is putting a huge damper on your budget and making things a lot more difficult for you to afford. If you take out a consolidation loan to consolidate your debts, however, you will often find that your monthly payment amount is a lot lower than what you were paying before. This can help with monthly budgeting and can give you a little bit of breathing room.

As you can see, if you are in a lot of debt, consolidating that debt can be a very smart option for debt relief. If you contact a company that specializes in helping people to consolidate their debts, you can find out more about debt management and how you can consolidate your debts. More information can be found on the Credit Counselling Services of Atlantic Canada website.

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Take a Forward-Thinking Approach When Applying for a Mortgage

Whether you are applying for a first or a second mortgage for refinancing or buying plans, you understandably want to make an informed decision that helps you to achieve your goals and that is right for your financial future. Unfortunately, when many people apply for a new mortgage, they only think about their immediate financial state. For example, you may ensure that you can afford the new mortgage payment based on your current budget. While this is an important step to take, you also need to think farther ahead to ensure that the mortgage terms are right for you.

How Long You Plan to Own the House
Many applicants work with mortgage brokers when applying for a Canadian mortgage, and this is a great way to find the best rate possible on your loan. However, while much emphasis is focused on the interest rate and the resulting monthly payment, less emphasis is placed on the term of the loan. The term of your loan will impact how quickly you can pay off the loan, how much interest is charged over the life of the loan and even how affordable it may be for you to sell the house in the future. For example, if you plan to retire in the house within 15 years, a 15-year mortgage may be ideal. If you plan to sell the house within five years, you may need to consider how much equity you will have in the home by then. Your term length will greatly affect equity appreciation.

How Quickly the Debt Will Be Repaid
When you choose a shorter term length, your payments will be higher. However, in exchange for the higher payments, the loan balance will be paid off more quickly. Equity will accrue faster, and less interest will be paid over the life of the loan. This can affect your ability to sell the home for a profit in the near future, the date you are able to retire without a mortgage payment and more. Your mortgage broker can assist you in exploring this in greater detail.

How Your Budget May Change in the Future
Another factor to consider is fluctuations in your budget. Most people have minor budget adjustments throughout the year, but there may be major life events that can dramatically affect your budget. For example, you may plan to start a new business soon, to have a baby or to send a child to college. Remember that your budget will be affected by your mortgage payment for the life of the loan, and this may span across decades.

The best mortgage is one that is affordable for your budget now and that helps you to achieve goals you have for the future. Explore each of these points carefully before you apply for mortgage financing to ensure that you are making the right financial decision. The Canadian Mortgage Services website is a good reference if you want to find more information online.

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How to Improve Your Financial Future Without Filing Bankruptcy

Filing bankruptcy can be messy, expensive and embarrassing. No one enjoys having to explain in court why they feel unable to pay back creditors. A great alternative solution allowed by bankruptcy law is a consumer proposal.

What Is a Consumer Proposal?

A consumer proposal is an offer of agreement to pay creditors a portion of what is owed, with the benefit of having them forgive the remaining balance. It is a legal agreement when both parties sign to the terms of the repayment obligation. It is a preferred way to resolve long-standing debt issues for both sides. The creditor will not have to take a complete loss and the individual in debt can improve the future financial outlook.

A Workable Alternative to Filing Bankruptcy

The Bankruptcy and Insolvency Act allows for an option that is an alternative to bankruptcy case filings in court. The overseer of the entire process is a bankruptcy trustee. They are knowledgeable about all of the laws and how to get you the most affordable agreements possible. The creditors are in no way obligated to agree to your proposal, but many will to avoid having to write the debt off completely.

Improving Your Credit Rating

Loans and lines of credit have to handled with care to avoid negative marks on your credit rating. Slow payment and a history of non-payment put hard hits on your credit score. Offering a proposal and sticking with it is one way to start improving your credit score fairly quickly. One of the most important things to remember is to pay the agreed upon amount as it is due, or early. Keep up with all of your other debt obligations and the score will begin to move up.

Developing Responsible Credit Habits

Changing the bad debt management habits that landed you in a tough position are an essential part of the overall debt relief process. Limiting the number of credit applications, reducing the amount owed on each card and paying at least the minimum amounts each month will keep high interest from skyrocketing your debt totals.

Lifting the Burdens of Overwhelming Debt

The feeling of freedom from overwhelming amounts of debt can be uplifting and encouraging. Nearly everyone has made a share of bad credit and debt management decisions. There are ways to avoid the hassles and scourge of bankruptcy and get debt-free. There is a little paperwork involved,negotiating for the best terms on both sides, but ultimately both end up walking away a winner.

Contact bankruptcy specialists to find out about this effective alternative to bankruptcy today!

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4 Reasons Why Choosing a Cash Loan is a Good Plan

When you are struggling to pay the bills, make your rent payment, put food on the table or take part in any of the other responsibilities that life has to offer, you may be on the lookout for monetary assistance at times.

Quick cash online loans can be the answer to money troubles, especially if you don’t have the best credit and could use a bit of help. Consider the reasons that fast cash loans are a good choice in today’s world.

💰 [1] If Your Credit Score is Low, It’s OK!

Many people don’t bother applying for a loan because they know their bank will turn them down because of their credit score. Missing just one payment is enough to drop your average, which then makes it harder to get a traditional loan.

Applying for cash loans online is a much simpler process for anyone with bad credit, as most loan companies do not look into your credit history. They simply check to make sure you have a steady stream of income before granting you a cash loan, no questions asked!

💰 [2] Pay Down High-Interest Credit Cards

You may have avoided loans in the past and opted for taking out cash advances on a credit card. Now you are stuck paying every month on bills that are more finance charges than anything. Using fast cash loans to knock down the balance on a few high-interest credit cards can save you money both now and later. While you will owe a small fee on the loan, it will ultimately be worth getting your credit card payments down to manageable amounts.

💰 [3] Complete Anonymity Online

Since you never have to drive to a storefront or talk to anyone face-to-face, cash loans online are perfect for borrowers who wish to remain anonymous. No one wants to let on that they need a loan, even to strangers at a brick-and-mortar location. The application process can be done online without ever having to make a phone call. You’ll simply get the money that you need without the hassle of talking to lenders.

💰 [4] Cash Deposits Almost Instantly

After applying for the loan online you’ll be given an answer within minutes, letting you know whether or not you qualify. From there, it generally takes one to two business days for the company to direct deposit the money into your account. Many times, borrowers get their cash within 24 hours or less. You won’t find this with your local bank, as they generally take a week or more to even accept or deny their customers for a loan.

Online cash loans are the easiest way to borrow money when you need it the most. Take advantage of fast cash loans and apply today at Lendgreen.com.

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Rules for Currency Exchange Businesses in Canada

Money exchange businesses play an integral in the global market. Without people who specialize in currency exchange, many cannot buy goods and services in foreign countries. According to analysts, the forex exchange business is one of the most lucrative ventures that require little capital. However, there are some rules that govern this business we thought you should know.

Good record-keeping is essential

The success of business in forex depends on how you keep complete and accurate records of daily transactions. Record-keeping is mandatory if you run the business from Canada. Authorities use the records to keep track of transactions and identify illegal activities, including money laundering. The government requires that you keep a daily cash sheet and retain all the bank and check registers statements. All these documents must be available for public scrutiny.

All forex dealers must be licensed

A license is required by the authorities to run a currency exchange business in Canada. Failure to obtain a license can result in legal ramifications. In most places, it is considered a serious criminal act that is punishable by several years in prison. A license shows that your business if fully compliant with the OSC and BCSC standards. You must have enough capital and no criminal history to qualify for a forex business license. Also, the application must include the Articles and Memorandum of Association. This means that you must have a pre-existing company.

Fees

The fees that you charge depend on the target market and where you plan to operate from. Some municipalities limit the amount you charge while others allow free trading without regulations. However, most places have limitations to prevent unfair competition among traders. These limitations also protect buyers from exploitation. The amount you can charge often depends on the money being exchanged. For instance, if you are cashing a check worth $1,000 you are allowed to charge a maximum interest of 3 percent of the face value of the check.

You are required to report taxes

Like any other business in Canada, you are required to report taxes on an annual basis. The taxes should be in Canadian dollars and not in the foreign currency in which you conduct the business. You should report both the profits and losses during a fiscal year and make them available for scrutiny by tax agencies. The Canadian government currently taxes 50 percent of capitals gains. The tax rate is at 43 percent. For instance, if you have a capital gain on profits of $100, you will attract a tax rate of $21.50. This methodology also applies to losses. Keep in mind that the government does not tax unrealized capital gains.

In summary, you must be aware of the rules governing forex trading in your country to avoid future problems. Additional resources can be found at Interchange Financial.

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Simple Steps for a Bad Credit Loan

If you are looking for a bit of extra money but are not comfortable taking out a bank loan, you’ll find that bad credit loans are the right choice for you. A loan company that provides bad credit personal loans can be an excellent choice when you need just a little extra money to tide you over until your next payday.

Quick Loans and Easy Payoffs

Many people think that applying for a bank loan is the proper step to take when you need extra cash. However, a bank loan comes with a lot of rules and stipulations and can take months to pay off. If you have bad credit, you won’t be eligible for a loan anyway. Even if you are, you’ll be asked to provide a lot of paperwork and it will take a lot of time to get the loan, and you typically won’t receive it for at least a week. The amounts of the loans are generally in the thousands, which can take months and months to repay.

A money provider who offers loans for people with bad credit is a better choice if you just need some quick cash. You won’t have a pesky credit check to undergo and you won’t have to wait a week to get your money. It takes just minutes to apply and you will be approved right after you send in the application via the Internet. You don’t even have to drive anywhere as everything is done electronically! The loan will be taken out of your next paycheck, so you won’t be faced with months of extra bills and worries.

Applying is Simple and Easy

Anyone can apply online when they need a loan. There are only a few stipulations necessary in order to receive loans for bad credit when you apply, and most people are already eligible. Almost every company will ask for contact information, banking information and your checking or savings account. They will want to see that you have a steady source of income so that they know you can and will repay the loan. Some companies will allow you to procure a loan if you receive disability, social security or a pension. You will need a checking account in order to have the actual loan deposited into. This is also the way you will repay the loan when it is due back.

If you find that you can’t repay the loan right away, ask your money provider if you can extend the payment plan another payment period. Most companies will allow you to rollover the loan as long as you pay the finance charge on the original due date. This allows you extra time to pull together the money you need and get your finances straightened out. You can find more resources available at the We Loan Money website.

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Job Hunting Myths You Should Never Listen To

If you are of the idea that all job-hunting advice is created equal, kindly reconsider your thoughts. Whether the advice is from your friends who wish you well, your competitors who may not mean that well or from old websites, some job hunting advice is terrible and should not be taken. Take for instance the following terrible tips-qualified finance recruitment agencies Toronto will advise you never to follow any of this wrong advice.

Always apply in person
Many employers will state how potential employees should apply for a job posting. Unless they include an “Apply in person” clause, it is not advisable to make a real life appearance. Most employers find it disruptive for a stranger to appear unannounced at their doorstep. Most hiring managers are not ready to talk to a candidate before prior preparation.

Don’t hunt for a job during the holidays
Is it possible for hiring managers to be occupied reaching quotas and planning their holidays to look at your resume during the holiday season? The truth is that companies will do whatever is required to fill up significant gaps regardless of whether it is a holiday or not. By any chance other employees keep taking this bad advice; it means that you will have less competition.

Nobody reads cover letters nowadays
On the contrary, a well-crafted cover letter can escalate your resume to the top of the pile. Even though not every hiring manager will care to read the cover letter, as the job seeker, you never know who you are dealing with. Thus, if you want to stand out among other candidates for most finance jobs; accompany your application with a stellar cover letter.

Send as many job applications as possible
Hear it now, regardless of the number of resumes you send out, and you are not qualified for those positions, you will not get the job. Consulting The Mason Group will assist you to focus your efforts on the promising opportunities.

List all jobs you ever held in your resume
It is not necessary to present an exhaustive account of all your professional and academic history to the potential employer. Your resume is a document that you use to show your qualifications for a particular job. Thus, some gigs such as a bartending shift you did while in college are not relevant. The rule is that if it is not related to that posting do not include it.

Do your entire job hunting online
Successful job applicants reach out to family, friends and professional networks such as accounting recruitment agencies and finance recruiters. Apart from applying online, talk to your connections and find out if any of them is an employee at the firm. If yes, ask them to deliver your resume personally to the hiring manager.

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The Best Debt Recovery Solutions for Your Business

No business wants to go so far as commercial litigation Toronto just to collect a debt from a consumer. Such may be necessary as a last resort, but you can try one of these methods before you take into the courtroom.

Send Debt Letters

Letter sending is a tactic that many businesses use these days to try to get their customers to pay their debt. Your letter can be as forceful as allowable by the laws of debt recovery, or it can be or as mild as you want it to be. It can be personalized so that the debtor knows that you are not a cold and calculating third-party company. You can speak to the debtor like a human being and request that he or she resolve the situation of the owed money. Many debtors respond better to kindness and understanding than they do to harsh collections tactics. Some debtors sincerely do not have the monies, however. No tactic is going to make the money appear in that case.

Outsource Your Collections Team

One thing that you can do to improve the amount of debt that you recover from defaulted customers is that you can hire a third-party company or a corporate debt collection agency to do your collections work for you. Hiring such people can help you in more ways than one. First, it can save you some time. Secondly, the specialists may be able to get results for you because of their rigorous training.

Write Off the Debts

You can write off the bad debts and go through less trouble if they are small debts. You may want to make many efforts to collect large debts, but the small debts should perhaps be handled lightly. You can claim the bad debts on your business taxes as long as you can prove that you made reasonable attempts to collect the debt, and the person did indeed owe the debt. You will get a tax break on the unpaid funds.

Agree to a Settlement Amount

Another thing you can do before you call a commercial litigation lawyer is offer the debtor the settlement deal. This tactic works best for debtors that you think will never pay you back the full amount no matter what you do. If you can get the debtor to pay just part of the debt, you can at least have that money back in your business. You can have a collections specialist call the debtor, or you can send the person a letter. The debtor will contact you if the deal seems like something that he or she can do.

The previously mentioned tactics can help you to collect monies that people owe to your business. You will always have +120 Days as a tactic, but you can try the other methods first to avoid long processes.

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