Personal Savings getting you down? There are always smart ways to increase your savings.
Laurentian Bank says it expects to finish its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any mortgages that failed to meet the proper criteria..... More »
As the saying goes – it takes a village. Even when embarking on your home purchase, it’s essential to put together a dream team of mortgage professionals to make the process as smooth as possible. Connecting with a real estate agent is step one for many prospective buyers, but there are a numbe.... More »
1. Set a goal If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track. 2. Track your dollars.... More »
There are many ways to ensure you don't save enough money to achieve your goals, writes Gail vaz-Oxlade. Here are seven..... More »
You spent decades scrimping and saving to build up your retirement nest egg. And yet a lot of Canadians let inflation eat into their precious portfolio by leaving too much of it exposed, in cash. Sure, there is a role for some cash. You’ll want to keep some accessible for household emergencies. A.... More »
The two most common types of loans are secured and unsecured loans. Whether you’re looking to borrow money for a new car or even a vacation, it’s best to understand your options before applying.
What is a secured loan?
Secured loans are generally more customizable and negotiable. They can have either have a fixed or variable interest rate and can last for a set or variable amount of time.
You can likely borrow a lot more at a lower interest rate with a secured loan, because you are generally required to put up some form of collateral for approval. A common example of a secured loan is a mortgage, in which your home is the collateral. If you are unable to make your mortgage payments, your house can be taken away, in what’s known as foreclosure.
And though your credit history will be considered, your current credit score doesn’t bare as much weight in the approval process. Secured loans can still be a great option for those who are having a hard time getting a loan due to their poor credit rating…