We revisit the mortgage stress test and how it is affecting Canadian homebuyers.
To approve you for a line of credit, loan or even a mortgage, lenders usually look at your debt-to-income ratio. This ratio is simply how much of your income is spent on debt. To calculate your own debt-to-income ratio, first tally up…
Real estate can be a sound investment, and there are a lot of resources out there to help you determine if it’s a good move for you, and how to help ensure it pays off in the long run. First off, talk to your accountant and/or financial advisor to find out if you’re in a position to invest in something as pricey and long-term as real estate.
So you finally went and landed that new job or promotion you’ve been after. Give yourself a pat on the back. But have you thought about what you’ll do with the extra money you’ll be earning? It’s human nature to quickly grow accustomed to what we’ve got, so if you don’t make a plan for your sudden windfall, you’ll find yourself frittering it away on inconsequential items. Here are a few better options for making use of your bonus bucks.