Google Cans Mortgage Comparison Website + MORE Feb 24th

Most people think that obtaining a mortgage is the last step in getting the keys to your new home. Despite what seems to be a peripheral awareness, the reality is that most of the time people forget that it should actually be the first.

It is very understandable as the concept of owning the perfect home is the driving factor, so naturally people want to begin the process by looking at homes. However, all of that effort may be a waste if you have not taken into account a few key factors, namely the steps required to getting approved – not to mention what you can ultimately afford.

Indeed, the process involved in obtaining a mortgage should be treated the same way as going back to school: like a completely life-altering decision and commitment — because frankly it is. What are you expecting? Is this the right time? Can you afford this? How is this going to affect your lifestyle?

The first step in being mortgage ready is to understand your options by researching what is available within your current or future budget…

After less than a year in operation, Google is reportedly abandoning its mortgage comparison business in the U.S. It’s also closing its well-established U.K. mortgage site. Dow Jones reports that Google sent a letter to advertisers saying the sites would shut down March 23, 2016. A Google spokesperson apparently confirmed the email, which, according to SearchEngineLand.com, said: “Despite people turning to Google for financial services information, the Google Compare service itself hasn’t driven the success we hoped for. We greatly appreciate your partnership and understand that this decision will be disappointing to some. But after a lot of careful consideration, READ MORE

Q: We are currently in position to either pay down our lines of credit or pay down our mortgage. We recently sold one property and renovated and moved into another. The lines of credit were used to help renovate the property we just moved into. We now find ourselves in a debt vs debt standoff. Do we use the money to pay off the mortgage, leaving us with about $70,000 owing and about $150,000 on a line of credit, or do we tackle the line of credit, which would leave us with $15,000 in the bank and a $290,000 remaining mortgage? — Debt vs. Debt, Aurora, Ont.  

Answer 1: As with any debt, pay off the one with the highest interest first. Mortgages tend to have unfavourable interest and compounding structure, making them the better bet to pay down first. Lines of credit have more simple interest calculations, making them easier to pay down over time. I have clients who have taken out lines of credit to pay off their mortgages, once they got low enough. If you create a spreadsheet and calculate the total interest paid on the mortgage and the lines of credit, the answer will be obvious…

Company: Equity Financial Trust Position: Business Development Manager Location: Greater Toronto Area, ON Apply to: careers@equityfinancialtrust.com Business Development Manager Years of Experience: 5 Years City: Head office based in Toronto, ON. Recruiting for the following areas: Greater Toronto and surrounding areas                                    Company Overview: Equity Financial is a publicly traded Canadian financial services company serving the alternative residential mortgage market through its OSFI‐regulated wholly‐owned subsidiary Equity Financial Trust Company.   At Equity, we strongly believe our success is based on one singular factor – our people.   Overview of Position: Reporting to the Vice President, Sales & Marketing the Business READ MORE