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Fixed versus Variable Penalties
I sat there with tears in my eyes and a lump in my stomach and felt like a complete and utter failure.
My husband and I were parents to a beautiful one year old and we had decided for me to stay home since daycare was going to cost more than 3/4 of my income. We were young and we were in debt.
The value of our house had risen significantly and we wanted to use some equity to pay off our debt and sleep better at night. Everything was fine, we were approved without problem, then the bomb was dropped on us .
.we found out that we would have to pay almost $8000 in penalties to break our mortgage! $8000!!! We didnt have that kind of money! We were doing our best but had not realized how expensive a baby on one income was (oh, how naive we were). How did this happen? Were smart people who read all of the paperwork before we signed it (so we thought).
If wed had a variable rate mortgage, our penalty and administrative fees would have been less than $1000. We chose a five year fixed rate because thats the smart thing to do, interest rates are always changing, and you dont know what the rates are going to look like next year.
Ive since found out that interest rates are not as scary as the news portrays them. The Bank of Canada meets 7 - scheduled in advance -times each year to look at the prime rate. The prime rate has increased by more than 0.25% only ONE time in the last ten years. Were Canadian! We dont like shocks! Slow and steady could be our motto! Thankfully the Bank of Canada likes to be boring, dependable, and stay the course.
#BoringIsSexyInCanada
I never want anyone to feel like I felt that day. Understanding your options is a top priority for me. I translate industry speak into regular English so that my clients understand ALL of their options and the possible outcomes of their choices. Ill ask you lots of questions to fully understand your needs and meet those needs with a loan from one of the many lenders I deal with.
Straight answers, no surprises, an expert on your side.
Canadian home sales activity strengthens in July
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from June to July 2018.
Highlights:
National home sales rose 1.9% from June to July.
Actual (not seasonally adjusted) activity was down 1.3% from July 2017.
The number of newly listed homes edged down 1.2% from June to July.
The MLS Home Price Index (HPI) in July was up 2.1% year-over-year (y-o-y).
The national average sale price edged up 1% y-o-y.
National home sales via Canadian MLS Systems rose 1.9% in July 2018, building on increases in each of the two previous months but still running below levels recorded from mid-2013 to the end of last year. Led by the Greater Toronto Area (GTA), more than half of all local housing markets reported an increase sales activity from June to July.
Actual (not seasonally adjusted) activity was down 1.3% y-o-y. The result reflects fewer sales in major urban centres in British Columbia and an offsetting improvement in activity in the GTA.
This years new stress-test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets, said CREA President Barb Sukkau. The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range. All real estate is local, and REALTORSremain your best source for information about sales and listings where you live or might like to in the future, said Sukkau.
Improving national home sales activity in recent months obscures significant differences in regional trends for home sales and prices, said Gregory Klump, CREAs Chief Economist. Regardless, rising interest rates and this years stress test on mortgage applicants will likely prove to be difficult hurdles to overcome for many would-be first time and move-up homebuyers, heading into the second half of the year and beyond.
Hacks to slash your car expenses
(NC) When you consider the rising costs of gas and insurance, owning a vehicle can get pricey. Fortunately, these easy tips can help lower how much you spend on your car so theres more room in your budget for other expenses, like groceries and recreation.
Increase your fuel economy. Did you know that a small spark plug problem can lead to a big expense? A dirty spark plug can cause a misfire, which wastes fuel and can ultimately harm your engine. To combat this, look for a spark plug thats designed for improved fuel economy, like the those from Fram. Try the Autolite Iridium XP Enhanced Alloy Technology line, which is precisely engineered with a focused ignition point for maximum power, efficiency and life.
Get regular tune-ups. When a vehicle is properly tuned, all systems work in harmony, including the fuel, ignition, emission and computer systems. While it can be a hassle getting to regular appointments at your mechanic or dealer, remember that you are investing in the long-term performance of your car, saving you time and money. Regular engine tune-ups bring power and efficiency back to your car, ensuring that its reliable, safe and road-ready.
Change your filters. There are many ways to keep your engine in good shape, helping it to last longer. One is checking the air filter every time you have the oil changed, because engine life and durability are directly related to keeping incoming air clean. Its an air filters job to remove contaminants from the air before it goes into the engine, and neglecting this component results in reduced performance. Fram extra guard filters provide premium engine protection and are proven to let in two times less dirt than the average leading standard retail brands.
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