Refinance and Consolidate Your Mortgage + MORE Oct 2nd

Literally hundreds and hundreds of people have contributed to positively shaping our mortgage industry. Yet, only 38 have been installed in the Mortgage Hall of Fame to date. This exclusive group will soon be joined by two more industry pioneers. At CAAMP’s 2015 Mortgage Forum Awards Ceremony, Boris Bozic, founder and president of Merix Financial, and Alan Jette, Executive Vice President, Treasury and Balance Sheet Management, TD Bank Group, will both be inducted. These men have built storied careers spanning more than two-and-a-half decades each. Below you’ll find the story of their contributions to our mortgage market, and their respective roads to success. ******* Boris Bozic, AMP Boris’s READ MORE

Q: We’re buying a home valued at $275,000 and 100% of our down payment is coming from our RRSPs. We do not have enough to come up with a 20% down payment so now we’re trying to decide: (a) is it better to put down only 5% and pay more on mortgage insurance premiums, but have more cash in hand; or (b) put down 15% on the home, pay less in insurance premiums but have less cash in hand. —Glen Slim, Ottawa
A: Owing a home is a good idea for many, but despite your best laid plans, you could be faced with unexpected expenses. If you can’t quite hit the 20% threshold to avoid mortgage loan insurance, I think you’re right to hold some money back. Joe Jacobs is a broker with Mortgage Connections and based on his calculations you should consider a third option, let’s call it option (c). “The sweet spot is likely 10% down,” he says, because of how the premiums are calculated. For the house you’re buying, the insurance premium with 5% down would be 3.6% of the total or $9,400. With 10% down you’d pay 2…

Having great credit is the base for financial security – and your key to qualifying for mortgages, auto and other loans at the best rates. But building a solid score often means using a credit card, and that can lead to a debt spiral rather than stellar consumer standing. And Canadians are charging it more than ever – the latest numbers show our nation’s debt-to-income ratio has hit a new record of 164.4%.
How can we keep debt under control and create great credit? Read on for the full story.
What Are Credit Card Grey Charges?
Are you unwittingly paying pesky hidden credit card grey charges? If you’re like most Canadians, chances are there’s a couple on your statement. Here’s how to catch these background charges – and how to stop paying them for good.

Read Amanda’s Blog | What Are Credit Card Grey Charges?
How Can Students Build Credit?
Students are often carrying a ton of debt – so is it really smart to add a credit card to the mix? Often enough, yes, as these years are the prime time for young adults to build their credit histories…

The Dirty “R” Word
If the word “Recession” fills you with unease, you’re not alone. The word doesn’t sit well with many people. Unless you are in the rare circumstance of having just come into a gratuitous fortune, or you are employed in a sector of the economy that has somehow been unaffected by it, a recession will to affect you. Even then, depending on the severity of the recession, unaffected sectors can be effected by proxy.

If you are self-employed or work on contract you may feel the pinch a little more astutely, and you may be uneasy when income is lower than usual.
Many people are panicked about what to do; they worry about what may be in store for them and what they should or shouldn’t spend money on. Conducting an audit on all of your outstanding balances is one key way to evaluate your financial security. Here is what you should be looking at:

Current mortgage balance, monthly payment and interest rate
Current balance, monthly payment and interest on vehicle loans
Monthly payments and balances on credit card and department store debts, plus interest rates
Monthly payment and balance on any other line of credit or unsecured loan and its interest rate

Don’t Get Scared, Get Prepared: Consolidate Debt, Refinance and Breathe Easy
This information will give you a rough idea of your financial situation, and will make any future decisions you make much easier…

Company: SafeBridge Financial Group Position: Mortgage Agent (Exclusive Mortgage Agent Mentorship Program) Location: Toronto, ON Mortgage Agent   About SafeBridge Financial Group At SafeBridge, our vision is to drive transformational change in the Canadian Mortgage Industry by redefining the traditional customer experience through our proprietary Mortgage Centered Financial Planning approach™. As the originators of Mortgage Centered Financial Planning™, we take pride in providing our clients with a truly coordinated approach that encompasses the three largest financial decisions most Canadians will ever make. We believe that any financial decision specific to one’s mortgage, insurance or investment portfolio should be made in READ MORE