4 Signs You’re Ready to Be a Homeowner

4 Signs You're Ready to Be a Homeowner

How do you actually know when you are ready to be a homeowner? Many people will say that homeownership is one of the greatest investments you can make. And while those people aren’t wrong with that statement (if you do it right!), homeownership isn’t always the best fit.  But if you’re on the fence between owning or not, these are the top 4 signs I usually see in folks who are ready to be a homeowner. Sign #1: You’re Tired Of Renting Rent increases. Overbearing landlords. Limitations on rental options. Whatever the reason is, the first sign you’re ready to…

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Why do Lenders ask for Employment letters?

employment letters

Why do Lenders ask for Employment letters? Checking for employment letters might seem like just one more piece of paper, but it’s important.  It’s due diligence.  And it works on your behalf. A borrower will provide employment letters if requested when applying for a mortgage.  You will also need a current pay stub dated within 60 days. The mortgage broker informs the borrower for additional income documents.  A lender requests the most recent 2 years Notice of Assessments or T1 Generals (tax return) or T4s certainly if overtime or bonus income is used to qualify. Employment letters should provide the…

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4 Tips to Manage a Layoff

4 Tips to Manage Your Finances When Faced with a Layoff The Canadian economy is in a recession and there are uncertain times for many. Low oil prices and the change of both Provincial and Federal government leadership has had a tremendous impact on the economy, resulting in many layoffs in 2015. More layoffs are predicted in the upcoming months. What happens if you have lost your job or are faced with a huge income cut? Losing a job or facing an income reduction is an emotional time when many are already living pay check to pay check. Step out…

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Be Life Rich, Not House Poor

be life rich not house poor

BE LIFE RICH, NOT HOUSE POOR! Buying at the top end of your pre-approval price could be setting you up for many dull years to follow. WHY? Because, your home cost is more than just a mortgage payment. There are property taxes, maintenance, utilities and more due every month. If those add up to 35% of your total income, you’re on the right track. If not you might have to sacrifice in other categories such as vacation, debt repayment or savings. Budgeting is really a piece of cake, or a pie in this circumstance. The pie chart here illustrates a…

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