A client (we’ll call him John Smith) came in to see me. He owns a home worth $375,000. He told me he has $25,000 outstanding on his mortgage. He also told me he has a $250,000 secured line of credit on his home that is fully advanced. Total owing is $275,000. This is...
As I sit in a quiet office on Friday Jan 3rd, it’s hard not to notice that though the New Year has begun, seems like everyone is still off work. Richmond Rd, which I normally cross at 8 am to get my morning coffee, was eerily quiet today, reminding me that maybe I...
As we get into the Christmas spending mode, I thought I would throw out my thoughts on credit cards. I know we don’t live in a perfect world, so take what you can from below. Credit card companies are in the business of making money, lots of it actually, and...
When Scotia Bank purchased the Canadian arm of ING Direct last September with a closing Dec 31, we knew that the writing was on the wall, only question was to what degree. Obviously, there is a duplication of services, and direct competition between what would now...
A common question asked, are my thoughts on HELOC’s, or Home Equity Lines of Credit. This is not a new source of borrowing, but certainly one that has become more common today due to large increases in our residential property values. Who wouldn’t want to borrow money...
I know it’s ‘old-school’ but I still answer mortgage related questions on this ‘forum’ – until I get all of the people who are looking for mortgage and finance related answers to use my new platforms I’ll be continuing to be...
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