Don't let Christmas ruin your finances

Christmas is not that far away, and that means more and more people are starting to worry how they're going to cope financially. Here are some tips on how to reduce your financial stress.

1. Save up for Christmas

If you set aside a small amount of money each month, you will hopefully have enough money by December to cover your Christmas costs and there will no need to use the credit card.

2. Budget, budget, budget

Draw up a budget. If you plan ahead and work out exactly what you need to buy, you’ll be less likely to waste money on stuff that you don’t actually need. It also makes sense to set some priorities. Do you need to buy presents for every member of your family?

3. Shop around and get cashback

You cut your Christmas costs by shopping around and see who is offering the best deal. You could get some more money back if you use a cashback credit card for your spending

4. Use only cash to purchase items. 

Avoid credit cards if possible. You could spend more than you can afford to repay and That's the situation you want to avoid most of all.

Enjoy your holidays without financial stress. 

Become an informed client.

For more information contact your Toronto Mortgage Broker 

at 416-920-9931

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Tips on how to reduce your mortgage and save for the long term.

1. Always go biweekly on your mortgage payments and NOT monthly. Monthly payments will work out to 12 installments and biweekly will end up to be 13 monthly payments a year.

2. Always try to exercise your pre-payment privilege each year. Most banks yyou can put 10-20% on the original mortgage towards the principal. So when you have extra money, your tax refund or vacation pay, put it towards the mortgage principal.

3. Go variable but make your mortgage payments based on the fixed. This way you will be throwing more principal towards your mortgage

4. Sometime’s it not only the mortgage that people have to pay. It is also the other debt such as car loans and credit cards. It is best to refinance the mortgage plus the debt and make one payment and that way you are able to save money and be more aggressive on your mortgage payment

That is why is important to speak to the mortgage broker to teach you all the options you can exercise.

Become an informed client.

For more information contact your Toronto Mortgage Broker 

at 416-920-9931

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Can I get a mortgage under a business name?

The short answer is yes.

Buying real estate with a corporation can protect you from personal liability and it is a great way to separate business from personal holdings.

Often these are set up to protect a consumer's personal assets in case litigation is brought against his or her business. Setting up a mortgage through a corporation can be challenging, but is not difficult.

 

You will Need

 

• Business Articles of Incorporation or Business registration
• Business financial statements
• Business account statements
• Personal and corporate tax returns
• Personal Guarantee…meaning whoever owns the business must sign off on the mortgage.
• You must be self  employed for at least 2 years or more
• Your must put down at least 10% or more as a down payment
• You and the company must have excellent credit

Also, if you are planning to buy a rental investment property it would make financial sense to put in under a corporate company to save on the capital gains when it is time to sell in the future.

Also be an informed client.

For more information contact your Toronto Mortgage Broker 

at 416-920-9931

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