Using Lifecycle approach to manage our finances make sense.
I found these two interesting websites that are easy to follow and useful.
Firstone is from New Zealand: www.sorted.org.nz
Second, from the UK: www.moneymadeclear.fsa.gov.uk
Enjoy
Saturday, July 25, 2009
Friday, June 19, 2009
Monday, May 18, 2009
One Man's advise to Mr. President
This was an article from the St. Petersburg Times Newspaper on Sunday.
The Business Section asked readers for ideas on "How Would You Fix the Economy?"
I thought this was the BEST idea.
I think this guy nailed it!
Dear Mr. President,
Patriotic retirement:
There are about 40 million people over 50 in the work force; pay them $1 million a piece severance with stipulations:
1) They give up their jobs. Forty million job openings - Unemployment fixed.
2) They buy NEW American cars. Forty million cars ordered/sold - Auto Industry fixed.
3) They either buy a house or pay off their mortgages- Housing Crisis fixed.
40 million people retire, 40 million American autos sold, 40 million houses bought or mortgages paid up.
All this and it's still cheaper than the "bailout."
The Business Section asked readers for ideas on "How Would You Fix the Economy?"
I thought this was the BEST idea.
I think this guy nailed it!
Dear Mr. President,
Patriotic retirement:
There are about 40 million people over 50 in the work force; pay them $1 million a piece severance with stipulations:
1) They give up their jobs. Forty million job openings - Unemployment fixed.
2) They buy NEW American cars. Forty million cars ordered/sold - Auto Industry fixed.
3) They either buy a house or pay off their mortgages- Housing Crisis fixed.
40 million people retire, 40 million American autos sold, 40 million houses bought or mortgages paid up.
All this and it's still cheaper than the "bailout."
Friday, May 15, 2009
Guess which one?
Here is an interesting email I received from a friend. With current Malroney Inquiry going on,I wonder how do our clowns in Ottawa measure up to this test?
GUESS WHICH ONE!!
Is it a member of NFL & NBA?
36 have been accused of spousal abuse
7 have been arrested for fraud
19 have been accused of writing bad checks
117 have directly or indirectly bankrupted at least 2 businesses
3 have done time for assault
71, repeat 71 cannot get a credit card due to bad credit
14 have been arrested on drug-related charges
8 have been arrested for shoplifting
21 currently are defendants in lawsuits,
and
84 have been arrested for drunk driving in the last year
Can you guess which organization this is?
NBA Or NFL ?
Give up yet?
Scroll down,
Neither,
it's the 535 members of the United States Congress
The same group of Idiots that crank out hundreds of new laws each year designed to keep the rest of Americans in line.
GUESS WHICH ONE!!
Is it a member of NFL & NBA?
36 have been accused of spousal abuse
7 have been arrested for fraud
19 have been accused of writing bad checks
117 have directly or indirectly bankrupted at least 2 businesses
3 have done time for assault
71, repeat 71 cannot get a credit card due to bad credit
14 have been arrested on drug-related charges
8 have been arrested for shoplifting
21 currently are defendants in lawsuits,
and
84 have been arrested for drunk driving in the last year
Can you guess which organization this is?
NBA Or NFL ?
Give up yet?
Scroll down,
Neither,
it's the 535 members of the United States Congress
The same group of Idiots that crank out hundreds of new laws each year designed to keep the rest of Americans in line.
Thursday, May 7, 2009
Can You Trust Your Financial Advisors?
Here is an interesting investigative presentation from SUNDAY a show aired by the peoples TV better known as the CBC! COPY and PASTE the following link...
http://www.cbc.ca/sunday/2009/04/041209_3.html
and enjoy this presentation on buyer be aware
http://www.cbc.ca/sunday/2009/04/041209_3.html
and enjoy this presentation on buyer be aware
Tuesday, May 5, 2009
What is happening with the low,low interest rates?
I am paste-ing a discussion between a realtor and a reply. The reply, in my view as a trained/practsing economist, hits the problem right on head. It is makes a humorous reading!
Read on...
THE BEACH. FORMERLY KNOWN AS THE BEACHES
Real Estate in the beach area is sizzling hot again. Agents can't bake the buns fast enough. Things are going through the roof. In fact RE in general is once again out of control. Sales are booming, prices are climbing. Hey! What's going on? Was all the bad news about the economy a lot of BS? You know, about all those bank failures, AIG problem, automobile mfgs demise, job losses, extensive consumer debt overload, and the list goes on. In general, public mood is good, and they're out there buying things left, right and centre. Where is the money coming from all of a sudden? Oh! I forgot. In 1990 it cost about $1100.00 per month to carry a $100,000 mortgage. Today that same mortgage costs around $350.00 per month, and furthermore, such low payment structure is secured for at least 5 years. The current boom as such, makes a lot of sense doesn't it? It all sounds good, but the big problem I see, is that we are getting back to what got us into trouble in the first place: Big sales & big price increases, copmbined with BIG GREED. This madness in my view will evetually lead us to THE GREATEST DEPRESSION THAT MANKIND HAS EVER WITNESSED. It will happen, and I am giving you advanced warning. But don't come back to me and say: "Even a broken clock is right twuce daily", or throw other insults at my superior intellingence.
posted at: 5/2/2009 11:36:24 AM
Comment on this posting
re: THE BEACH. FORMERLY KNOWN AS THE BEACHES
As a reply to above posting:
There is a very simple explanation for the current real estate market boom. It's called the 3% long term mortgage. It's like buying a $400,000 house for only *$100,000 (*based on a 12% mortgage structure). Additionally, those who were deep into debt, are now restructuring their debt load at a much lower interest rate. The thousands of dollars they are now saving on their greatly reduced monthly debt payments, is being used on making purchases on a variety of items, thus boosting the economy. The problem: You can only boost your car battery so many times. After that, it ain't accepting the boost no more baby.
Read on...
THE BEACH. FORMERLY KNOWN AS THE BEACHES
Real Estate in the beach area is sizzling hot again. Agents can't bake the buns fast enough. Things are going through the roof. In fact RE in general is once again out of control. Sales are booming, prices are climbing. Hey! What's going on? Was all the bad news about the economy a lot of BS? You know, about all those bank failures, AIG problem, automobile mfgs demise, job losses, extensive consumer debt overload, and the list goes on. In general, public mood is good, and they're out there buying things left, right and centre. Where is the money coming from all of a sudden? Oh! I forgot. In 1990 it cost about $1100.00 per month to carry a $100,000 mortgage. Today that same mortgage costs around $350.00 per month, and furthermore, such low payment structure is secured for at least 5 years. The current boom as such, makes a lot of sense doesn't it? It all sounds good, but the big problem I see, is that we are getting back to what got us into trouble in the first place: Big sales & big price increases, copmbined with BIG GREED. This madness in my view will evetually lead us to THE GREATEST DEPRESSION THAT MANKIND HAS EVER WITNESSED. It will happen, and I am giving you advanced warning. But don't come back to me and say: "Even a broken clock is right twuce daily", or throw other insults at my superior intellingence.
posted at: 5/2/2009 11:36:24 AM
Comment on this posting
re: THE BEACH. FORMERLY KNOWN AS THE BEACHES
As a reply to above posting:
There is a very simple explanation for the current real estate market boom. It's called the 3% long term mortgage. It's like buying a $400,000 house for only *$100,000 (*based on a 12% mortgage structure). Additionally, those who were deep into debt, are now restructuring their debt load at a much lower interest rate. The thousands of dollars they are now saving on their greatly reduced monthly debt payments, is being used on making purchases on a variety of items, thus boosting the economy. The problem: You can only boost your car battery so many times. After that, it ain't accepting the boost no more baby.
Saturday, May 2, 2009
Renegotiating a Mortgage
Mortgage Renegotiating Tips
Rates on mortgages have fallen a lot in the past several months, prompting many people to think about renegotiating their mortgage in order to cut monthly mortgage payments. Are your thinking about breaking your mortgage? In other words "refinancing" your mortgage. But there is cost involved. The problem in breaking a mortgage is the penalty that mortgage lenders charge. Its doesn't matter which bank you deal with, all banks including RBC, TD Canada Trust, Cibc, BMO - Bank of Monreal, Scotia bank and all other credit unions and mortgage companies like MCAP, Fist National etc. charge you a hefty break up fee or "penalty". Previously, lenders and banks would charge the equivalent of three months' interest payments, but now they're starting to move towards what is called the interest rate differential (or IRD). The interest rate differential is the difference between your current mortgage rate and today's interest rates. Essentially, it's the amount of money a lender would lose from taking the amount of your mortgage and lending it out today at a lower interest rate. The interest rate differential penalty is usually much higher than the three months' interest penalty.
The first step in renegotiating a mortgage is to ask your lender what your penalty would be. There's no standard method for calculation of penalties, so your number will depend on your lender's own policies and personal circumstances like the amount you've borrowed and the number of years left on your mortgage amortization or term. Another possibility is a blend and extend, where you jump into a new mortgage that blends your existing rate with the lower current rate and extends your term by a few years. There's no penalty charged in a blend and extend, but you won't save as much as you would if you paid the penalty and got the best possible current interest rate. If you have any thoughts of breaking your mortgage, get on it today. If mortgage rates fall further, and they could ease a little bit more, then interest rate differentials will grow in size and cost you more.
Rates on mortgages have fallen a lot in the past several months, prompting many people to think about renegotiating their mortgage in order to cut monthly mortgage payments. Are your thinking about breaking your mortgage? In other words "refinancing" your mortgage. But there is cost involved. The problem in breaking a mortgage is the penalty that mortgage lenders charge. Its doesn't matter which bank you deal with, all banks including RBC, TD Canada Trust, Cibc, BMO - Bank of Monreal, Scotia bank and all other credit unions and mortgage companies like MCAP, Fist National etc. charge you a hefty break up fee or "penalty". Previously, lenders and banks would charge the equivalent of three months' interest payments, but now they're starting to move towards what is called the interest rate differential (or IRD). The interest rate differential is the difference between your current mortgage rate and today's interest rates. Essentially, it's the amount of money a lender would lose from taking the amount of your mortgage and lending it out today at a lower interest rate. The interest rate differential penalty is usually much higher than the three months' interest penalty.
The first step in renegotiating a mortgage is to ask your lender what your penalty would be. There's no standard method for calculation of penalties, so your number will depend on your lender's own policies and personal circumstances like the amount you've borrowed and the number of years left on your mortgage amortization or term. Another possibility is a blend and extend, where you jump into a new mortgage that blends your existing rate with the lower current rate and extends your term by a few years. There's no penalty charged in a blend and extend, but you won't save as much as you would if you paid the penalty and got the best possible current interest rate. If you have any thoughts of breaking your mortgage, get on it today. If mortgage rates fall further, and they could ease a little bit more, then interest rate differentials will grow in size and cost you more.
Thursday, April 30, 2009
Toronto Star April 30 2009
What a surprise this morning! Spotty, our dog, picked up the paper at the end of the driveway containing a gift!!
I open the Toronto Star this morning to find a whole supplement on Residential Mortgages. It is an excellent coverage on the borrowing and who may and may not qualify.
Over all it is a positive supplement, except for an article on page 2 by Momoko Price, with tons of good information. I mostly disagree when Realtors are blamed for today educated consumers'greed.
I was particularly pleased to see that Naomi Carniol has cover "The Green Mortgage" Green not as in TD Canada trust but Green as in the Environment!
I recommend that all those who are thinking of buying or are buying read the Supplement.
Bravo to The Editors of the Toronto Star Newspapers for this issue.
I open the Toronto Star this morning to find a whole supplement on Residential Mortgages. It is an excellent coverage on the borrowing and who may and may not qualify.
Over all it is a positive supplement, except for an article on page 2 by Momoko Price, with tons of good information. I mostly disagree when Realtors are blamed for today educated consumers'greed.
I was particularly pleased to see that Naomi Carniol has cover "The Green Mortgage" Green not as in TD Canada trust but Green as in the Environment!
I recommend that all those who are thinking of buying or are buying read the Supplement.
Bravo to The Editors of the Toronto Star Newspapers for this issue.
Tuesday, April 28, 2009
Buyer Be Aware of NO Frills Mortgage or Lowest Rate Mortgage!
With the competition from Mortgage Lenders on the increase, I have noticed this trend. Buyers will be attracted to a particular lender by very low interest rate.
However, please be careful that with lower interest rate many features are missing.
What are these features or "Bells and Whistles" as we'd call them.
With no frill mortgage please check if you can
a) Make a bulk payment
b) Early Payout available
c) Increase your monthly payment
d) Transfer the mortgage instrument.
e) Portability
f) Payout if you sold your home
Many or all of the no frills do not allow most of the above listed features, thus NO Frills! Please ask questions before committing your self to a 'No Frill"of ''Lowest Interest Rate" loan.
However, please be careful that with lower interest rate many features are missing.
What are these features or "Bells and Whistles" as we'd call them.
With no frill mortgage please check if you can
a) Make a bulk payment
b) Early Payout available
c) Increase your monthly payment
d) Transfer the mortgage instrument.
e) Portability
f) Payout if you sold your home
Many or all of the no frills do not allow most of the above listed features, thus NO Frills! Please ask questions before committing your self to a 'No Frill"of ''Lowest Interest Rate" loan.
Wednesday, April 8, 2009
What the experts say to Where the Housing is Headed?
Got up early this frosty Spring Morning. I think I was awakened by jet noise of an overhead aircraft. Took the dog for a walk, walked in and made my grandson a hot chocolate and myself a mug of java and caught up some magazine on real estate. I read something that I'd like to share with you. A well know financial magazine, in their wisdom got some Bay Street housing industry observers to answer some tough questions. I have abbravated their long winded answers to the best of my ability to an understandable level for us guys on the main street. The panel consists of
Brad Lamb - owner of the top selling condo firm in Downtown Toronto,
Sherry Cooper -chief Economist BMO Capital Markets,
Garth Turner - Real Estate commentator and a former MP,
Elise Kalles - leading sellers of carriage trade homes,
Harry Stinton - Real Estate Developer,
Richard Wengle - Toronto Premier luxury architect and
Mike Eppel - Business Editor 680News
Question: Whats happening in the Housing market?
Elise Kalles: Well maybe now is not the time to put the home on the market, but as far as buyers go, I encourage them to buy today. Those who want to wait for a clearer view of the future, I tell them that when the future is again clear, the present bargains will have vanished!
Q: So, is everybody just waiting?
Lamb: There are people who are motivated to sell.
Stinson: There are people who have a reason to buy,sell, move instead of treating their home like it is a stock in the stock market and make money in selling their home. they are now buying or selling for a reason.
Eppel: And you actually have time to go through a property without the fear that someone is going to snap it up the next day if you hesitate.
Turner; Now it is getting more into a situation where it is actually more traditional what the home was intended to be: a home.
Q: Is the bidding wars over?
Lamb: I would say 5% of our deals still have more than one offer.
Wengle: Before people were lining up against three or four people and now it has slowed down considerable.
Kalles: There is no feeling of immediacy.
Q: Has the housing market caught up to the reality of what's going on in the global economy?
Copper: I think that many Canadians are still in denial and that there's lot of la-la land still around. They're deer in the headlights. the last thing they're going to do is make an important residence decision. It'll get worse before it get better.
Turner: I think Sherry is right. If you look at what's happened in the financial services, it is likely to happen again in the real estate markets.
Lamb: well ask me if they should wait. I actually think the worst is behind us. I think now is a great time to buy.
Q: Final Question to all: What's your opinion? Would you advise to buy now or wait?
Turner: Media has under reported the financial crisis, however, the low interest rates are here to stay, so avoid rush buys. Shop around if you are buying, take your time.
Cooper: the worst is yet to come, but housing will rebound.The downturn has been worse than expected.
Harry Stison: Buy a home to live in, not to make a profit on. things will stabilize in about 6 months.
Elise Kalles: More high-end homes are sitting on today's market.
Brad Lamb: Real estate has bottomed and is on the upswing.
Mike Epple: Doom and gloomers are getting the most prominent voice.
Wengle: I have found that we are getting back to proper quality building and finishing again, and they are getting better. there is no rush to finish the product anymore.
Brad Lamb - owner of the top selling condo firm in Downtown Toronto,
Sherry Cooper -chief Economist BMO Capital Markets,
Garth Turner - Real Estate commentator and a former MP,
Elise Kalles - leading sellers of carriage trade homes,
Harry Stinton - Real Estate Developer,
Richard Wengle - Toronto Premier luxury architect and
Mike Eppel - Business Editor 680News
Question: Whats happening in the Housing market?
Elise Kalles: Well maybe now is not the time to put the home on the market, but as far as buyers go, I encourage them to buy today. Those who want to wait for a clearer view of the future, I tell them that when the future is again clear, the present bargains will have vanished!
Q: So, is everybody just waiting?
Lamb: There are people who are motivated to sell.
Stinson: There are people who have a reason to buy,sell, move instead of treating their home like it is a stock in the stock market and make money in selling their home. they are now buying or selling for a reason.
Eppel: And you actually have time to go through a property without the fear that someone is going to snap it up the next day if you hesitate.
Turner; Now it is getting more into a situation where it is actually more traditional what the home was intended to be: a home.
Q: Is the bidding wars over?
Lamb: I would say 5% of our deals still have more than one offer.
Wengle: Before people were lining up against three or four people and now it has slowed down considerable.
Kalles: There is no feeling of immediacy.
Q: Has the housing market caught up to the reality of what's going on in the global economy?
Copper: I think that many Canadians are still in denial and that there's lot of la-la land still around. They're deer in the headlights. the last thing they're going to do is make an important residence decision. It'll get worse before it get better.
Turner: I think Sherry is right. If you look at what's happened in the financial services, it is likely to happen again in the real estate markets.
Lamb: well ask me if they should wait. I actually think the worst is behind us. I think now is a great time to buy.
Q: Final Question to all: What's your opinion? Would you advise to buy now or wait?
Turner: Media has under reported the financial crisis, however, the low interest rates are here to stay, so avoid rush buys. Shop around if you are buying, take your time.
Cooper: the worst is yet to come, but housing will rebound.The downturn has been worse than expected.
Harry Stison: Buy a home to live in, not to make a profit on. things will stabilize in about 6 months.
Elise Kalles: More high-end homes are sitting on today's market.
Brad Lamb: Real estate has bottomed and is on the upswing.
Mike Epple: Doom and gloomers are getting the most prominent voice.
Wengle: I have found that we are getting back to proper quality building and finishing again, and they are getting better. there is no rush to finish the product anymore.
Tuesday, April 7, 2009
Spring Project
This is just in time for the spring projects...enjoy
http://www.cmhc.ca/en/co/maho/yohoyohe/heho/heho_002.cfm
http://www.cmhc.ca/en/co/maho/yohoyohe/heho/heho_002.cfm
Title Insurance
What a wonderful email to wake up to!
My client's mom, Hazel, wrote to thank me for making it easy for Jess her daughter and Jeremy (Jess's partner), to obtain a mortgage for their first home - a beautiful townhouse in Oakville, Ontario.
These kind of emails make my day!!
At the office, my assistant pointed out an article in the Toronto Star (April 7th - 2009) GTA Section. A mother on disability lost her home to fraud. This lady is being evicted from her home. Read the article here.
...Is there anything this lady or her Lawyers could have done to prevent this from happening? The answer is: Yes!!....Title insurance.
Title Insurance is a special kind of insurance that protects against loss from fraud, forgery, title defects and survey problems. It can insure against problems that could affect future ownership. One such insurance company is - First Canadian Title. Literature from this insurer claims that - Title insuance issued through first Canadian Title is the most comprehensive title insurance policy in Canada. For title matters covered under the policy, the insured is compensated both for the loss or damage experienced and/or legal costs incured in defending the title.
As of 2.23pm this afternoon the cost of title insurance for a property under $500,000 was $378.00, taxes included, for as long as you own the home. A very affordable fee for any family.
I recommend all home owners to ensure that they have Title Insurance on their properties. With electronic registration and white collar crimes on the rise - for under $400 you could save yourself a huge headache somewhere down the road.
My client's mom, Hazel, wrote to thank me for making it easy for Jess her daughter and Jeremy (Jess's partner), to obtain a mortgage for their first home - a beautiful townhouse in Oakville, Ontario.
These kind of emails make my day!!
At the office, my assistant pointed out an article in the Toronto Star (April 7th - 2009) GTA Section. A mother on disability lost her home to fraud. This lady is being evicted from her home. Read the article here.
...Is there anything this lady or her Lawyers could have done to prevent this from happening? The answer is: Yes!!....Title insurance.
Title Insurance is a special kind of insurance that protects against loss from fraud, forgery, title defects and survey problems. It can insure against problems that could affect future ownership. One such insurance company is - First Canadian Title. Literature from this insurer claims that - Title insuance issued through first Canadian Title is the most comprehensive title insurance policy in Canada. For title matters covered under the policy, the insured is compensated both for the loss or damage experienced and/or legal costs incured in defending the title.
As of 2.23pm this afternoon the cost of title insurance for a property under $500,000 was $378.00, taxes included, for as long as you own the home. A very affordable fee for any family.
I recommend all home owners to ensure that they have Title Insurance on their properties. With electronic registration and white collar crimes on the rise - for under $400 you could save yourself a huge headache somewhere down the road.
Monday, March 23, 2009
Introduction
When you go fishing the best fish will not fall into your lap, you have to work at it!
Hi, my name is Salim Kanji and as a Mortgage Broker in Toronto Canada and I bring over 31 years experience in the Financial Industry. There is a wide choice of financing available out there; finding the right one for your needs is important, because this is the largest amount of money you will ever borrow in your entire life!
Top notch customer service and quality for the clients are my guiding principals and I intend to continue with this policy because it has served me well over the past many years.
Tiger Woods is someone I admire very much because, like him, I want to be the best at what I do. That means doing the best I can for my client! I don't go anywhere without my cell phone.
So if your a first-time home buyer, purchasing a new or existing home, building that dream house, readjusting your existing mortgage rate or wish a simple consolidation loan, then please call me.Give me a call, and we'll find the solution that's a "hole in one"!
Put my team to test!!
Offfice: 416 444 1470
Toll Free: 800 265 2694
Cell: 416 819 0912
Hi, my name is Salim Kanji and as a Mortgage Broker in Toronto Canada and I bring over 31 years experience in the Financial Industry. There is a wide choice of financing available out there; finding the right one for your needs is important, because this is the largest amount of money you will ever borrow in your entire life!
Top notch customer service and quality for the clients are my guiding principals and I intend to continue with this policy because it has served me well over the past many years.
Tiger Woods is someone I admire very much because, like him, I want to be the best at what I do. That means doing the best I can for my client! I don't go anywhere without my cell phone.
So if your a first-time home buyer, purchasing a new or existing home, building that dream house, readjusting your existing mortgage rate or wish a simple consolidation loan, then please call me.Give me a call, and we'll find the solution that's a "hole in one"!
Put my team to test!!
Offfice: 416 444 1470
Toll Free: 800 265 2694
Cell: 416 819 0912
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