Poverty Stories: Growing Up Poor Made Me Rich But Not Happy

SOMETIMES WE KEEP LOCKED UP THINGS THAT HURT US THE MOST.   Fan Submission to Poverty Stories My parents married when they were 17 years old back in the early 70’s and lived in a town just outside of Toronto. Shortly after I was born into what was a loving family environment that did what normal families do. This was the happiest and scariest moments for my parents because financially they were just getting started. Luckily both of their parents lived in the same city and they were able to get help from them with babysitting and anything else they needed. Both my parents are the youngest of many siblings who watched their brothers and sisters grow up to become successful in their careers.   Walk down the aisle   Back in the early 60’s and 70’s it wasn’t uncommon to get married before the age of 20 years old so naturally having a baby was the next step. My mother was an accomplished musician among her peers and my father followed his passion as a plumber in the trades. By the time they were in their mid-twenties they were both working steady jobs and life was getting busy. My […]

Rent-to-own can be an easy debt trap : The Saturday Weekend Review #99

KNOW WHAT YOU ARE GETTING INTO…   Rent-to-own is a popular way to get stuff for your home that you can’t afford to buy new or you lack the credit for a payment plan option. I was reading an online article yesterday about a couple Tom and Debbie McKercher in Manitoba who got in over their heads with the rent-to-own option available at their local Easy Home store. I guess people rent-to-own because they want or in some cases need “stuff” for one reason or another. Back in the day hand me downs or donations worked just as well, not to mention having to go with-out until it was affordable. There are plenty of options available including rent-to-own but it comes with a price tag that often motivates people because it is so small. Easy Home after all is a legitimate business and offers a service that may help people who seem to need it. Often people don’t have the money upfront to buy brand new furniture so they turn to these rent-to-own shops. One friend of ours didn’t like the size of the television in their family room so they opted for the rent-to-own option at Easy Home. It […]

Becoming a Single Homeowner – Part 1 “The Plan”

I’ve noticed a trend lately. The usual client that darkens my door is changing. There is a marked increase in Single person – home purchase applicants. And this trend is being led by the ladies. And I’m not the only one noticing this. Single ladies hooking up with homes is coming to a neighbourhood near you. Mr. CBB asked me to share the experiences of the unique requirements of how the Single person approaches purchasing a home. He was very emphatic in ensuring this covers single women, men, and single parents. As there are potential additional risks and vulnerabilities with a single income and/or dependents – I submit this information to you with great respect and full gravity. With this said – I am very excited at what is transpiring here! Making the move from renting to home ownership carries a direct historical correlation to wealth accumulation and an increased net worth. And one thing all of my single clients are in agreement on is having an opportunity to increase their financial position. So with this in mind – here are some simple steps to increase your shot at owning your home. It All Starts With A Budget – And A Plan […]

Killing Your Mortgage In 3 Easy Steps

Killing your mortgage in 3 easy steps I was honoured when Mr. CBB invited me to share some mortgage tips on CBB.  It’s evident that he really values his readers so this is a real honour. I’m speaking from experience. Derek and I became mortgage free at 28 (we purchased our first home at 23, and built a new, bigger home when we were 25.)  These are the 3 most important actions we took in killing our mortgage early.  In the interest of full disclosure our current home is worth between $280,000 and $300,000.  It’s a lovely home, but the bank would prefer us in something bigger and more expensive. Pay your mortgage first and last. We’ve all heard the concept that you should pay yourself first. If you’ve been living under a rock, avoiding any personal financial advice, this means that you should set aside your savings as soon as you’re paid before you spend a dime.  The story goes that if you never have access to the savings you won’t miss it, and you’ll be forced to live within your means. This works unless you’re a credit addict, then cut up your cards and return to step one. Decide how much […]

What Are Bad Credit Mortgages?

What are Bad Credit Mortgages? Before you look at any type of financing you need to make sure it’s right for you, and bad credit mortgages are no exception! Here we’re going to go over the benefits of these kinds of mortgages. Bad credit mortgages are great for people with bad credit, no credit, or just people who need to work on their credit. Just because you have bad credit doesn’t mean you can’t get a mortgage. What is Bad Credit? Bad credit can be a highly subjective term, but for most mortgage lenders it will be a FICO score under 600 points. If you have anything less than that you could have trouble getting a mortgage, even from bad credit mortgage lenders. You’ll want to first think about credit repair like debt consolidation; even if you do qualify for a bad credit mortgage you could wind up paying much more in interest where it doesn’t make sense to take the mortgage. Is a Bad Credit Mortgage Right for You? You’ll need to talk to a mortgage broker to make sure that this is the right kind of financing for you. There are many ways that a bad credit mortgage can go wrong; you’re going […]

What Is the Difference Between a Mortgage Lender vs a Mortgage Broker?

What’s the Difference between a Mortgage Lender vs a Mortgage Broker? There are so many terms thrown around in the finance world that it can be hard to figure out what means what. A mortgage lender lends money, while a mortgage broker finds money. Here we’re going to talk about the differences and roles that these two play when you’re trying to finance or refinance your home, and you’ll be able to enter the process with your eyes wide open. You’ll be able to see through the curtain and different tactics so you make the right decision for your financial future instead of theirs. Let’s get started. What Does a Mortgage Lender Do? Unlike your local Toronto mortgage broker, a mortgage lender lends you money. This could be a bank, a credit union or a private mortgage lender. You’ll have to fill out a mortgage application with them, then you’ll have to go through a whole process where they tell you they either want to work with your or not. This can be a stressful process, but in the end you’ll either get the financing that you need to buy a home or you won’t. It’s a very binary procedure. Depending […]

Building Credit In Canada As A New Permanent Resident

Building Credit all over again in a new Country is not easy but is certainly possible to do. I’m still here and living it up and don’t fancy heading back any time soon. I’ve battled through all the permanent resident requirements with my lovely wife at my side and it’s been such a learning experience that I hope to share with all of you. It took me just over 100 days from the time I sent out my package that I prepared to Immigration Canada to being accepted as a Permanent Resident of Canada. I am truly blessed to be living in such a beautiful country like Canada and all the opportunities it has given me. Now I’m doing my part and giving back. Many people who land in Canada as new residents often find themselves lost when trying to establish credit to build a credit history. New Permanent Resident When I moved to Canada from the United Kingdom I was what they used to call a “Canadian Landed Immigrant” now called a “Canadian Permanent Resident”. Although I did some research on a Canada Immigration Forum it was more about the legal aspect rather than the financial. I already knew how to […]