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Latest News
What happens when a buyer backs out of a real estate deal? + MORE Sep 2nd
When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever y.... More »
Mortgage renewal calculator + MORE Aug 18th
When it’s time to renew your mortgage, you can either stay with your current lender or shop around for a new one that offers a lower interest rate or different . Using a mortgage renewal calculator can help you pick the best mortgage offer available to you at the time of renewal.
.... More »
Laurentian Bank slips to loss as mortgage book shrinks + MORE Mar 10th
Residential book declines amid softer housing activity while commercial lending expands as the bank pushes ahead with its transformation strategy.... More »
We’re 10 years apart. Can we retire together? + MORE Feb 26th
Ask MoneySense
My wife and I plan to retire at the end of 2027. I am 63 and my wife is 53. All our investments are split 50/50 between RRSPs and LIRAs for a total of about $1,450,000. We anticipate needing about $110,000 a year after tax in retirement. We have a line of credit, and we are paying it .... More »
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »
How not to overspend on your next car
– moneysense.ca
Car-buying case study: Melissa and DaveA car is the second-largest purchase you’ll ever make in your life, and you’re likely to make it many times over. Yet, unlike the home-buying process where you might have the professional assistance of a Realtor, mortgage broker, lawyer, and Certified Financial Planner, Canadians often handle the car-buying process alone—and not very well. Here’s a breakdown of the cost of Melissa and Dave’s decision:
Melissa’s SUV
Dave’s SUV
Notes
Down payment
$10,000
$10,000
They both put $10,000 down, and only at the end of signing the financing papers did Michael say that the monthly amount would be “slightly more” than the $600 they had budgeted.
Monthly financing cost
$650 a month for 6 years
$625 a month for 5.5 years
Subtotal
$46,800
$41,250
They both bought similar SUVs, but Melissa’s was a bit more expensive.
Total
$88,050
Decided upon in under two hours.
Where they went wrong
Let’s dissect where Melissa and Dave went wrong and how you can avoid making the same mistakes…
