The self-employed (including small business owners) have always had a hard time getting mortgages. And pity those who’ve gone through a divorce, which can hurt in countless ways. A friend recently revealed that when she first separated from her husband, she had no credit rating. Here’s what to do when you don’t qualify for a mortgage.
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We cover fraud from time to time on Ratesupermarket, and for a good reason. It’s all over the place, and your money and personal information are at increasing risk. Why? Because all it takes to rip someone off these days is a computer, Wifi, and a remotely clever idea. In the financial sector alone, fraud incidents are worth $650 million a year in Canada. Of that, mortgage fraud makes up $400 million.
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As much as we all like seeing the balance in our savings accounts grow, aside from having enough cash on hand to pay your bills and daily expenses, it almost always makes more sense to pay off your debts first. Here’s why – and a couple exceptions to that rule.
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It’s a common story: when we reach a certain age it seems to make sense to downsize. But with the real estate market still so high, and the range of sizes and shapes of houses, townhouses and condos out there, it’s actually quite difficult to find the right place at the right price that will work for years to come. Here’s some suggestions for getting downsizing right.
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There are a handful of clever financial moves out there that you can pull to work existing banking and tax rules. Using your RRSPs to pay down your mortgage is one of them. It’s known as a self-directed mortgage. It’s not a commonly used trick, but one that might suit you if you’ve got more socked away in retirement savings than you have left on your mortgage.
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