Mortgage refinancing can provide various benefits, depending on the individual. Refinancing is usually done for two general reasons: to reduce debt or to be able to borrow more for investment purposes. Below are the most common reasons for refinancing a mortgage:
To reduce monthly payments
To reduce, or alter, risk
To consolidate debts
To take advantage of lower interest rates
To take equity out of your home for:
Education
Home Renovations
Investments
Retirement Planning
To purchase second properties
The mortgage industry is constantly changing. For that reason it is very important for you to re-evaluate your current mortgage on an annual basis. The market is continually changing and new products are being introduced all the time, so what may have been a perfect fit a short time ago may not be today. If current interest rates or other mortgage variables have changed since your original mortgage you should compare the costs of refinancing to the amount of money you could save. However, if the costs of refinancing, such as penalties, outweigh possible savings it is better to stay with your current mortgage.
Call us today to schedule your free TUNE UP appointment. Let us help your investment work for you. Call today at 416-410-6663.
Thursday, December 22, 2011
Tuesday, December 20, 2011
Shoppers feeling frugal amid debt, global woes
Shoppers feeling frugal amid debt, global woes
Published On Thu Dec 15 2011Email Print Rss Article
Raveena Aulakh/TORONTO STAR
With Christmas less than two weeks away, Canadians are still in a frugal mood, the latest surveys of shoppers’ intentions reveal.
Only 6 per cent of Canadians say they plan to spend more on gifts this year than last year, while 41 per cent say they plan to spend less, an Angus Reid Public Opinion poll shows.
The rest, 52 per cent, say they plan to spend about the same amount as last year.
“I see lots of people shopping. I don’t see lots of people carrying bags. What that tells me is people are being a little bit more careful,” said Ken Wong, a professor with Queen’s University’s School of Business. “I think you’re going to see people giving fewer gifts, maybe spending a little more time thinking about what they’re giving. Certainly I don’t see any reason to believe the fact that it’s Christmas is making people any less value conscious than they’ve been since the recession.”
The Angus Reid poll, conducted the week of Nov. 21, comes on the heels of more warnings Canadians are already carrying worrisome levels of household debt.
The average ratio of debt to personal disposable income is now 152.98, Statistics Canada said Tuesday. Households with high debt loads are move vulnerable to unexpected events, such as a job loss or interest rate hike.
Canadians feel relatively optimistic about the domestic economy, but the bad news out of Europe and the U.S. is dampening their spirits, a separate report released Wednesday said.
Canadians say they’re worried about their job prospects, personal finances and whether it’s wise to spend money, according to a survey by Nielsen, a global leader in market research.
Canadian consumers’ confidence fell in the third quarter to 96 points after fluctuating between 99 and 102 points for the past 18 months, Nielsen found. It’s now at the same level it was in the third quarter of 2008.
“We’ve been on a roller-coaster ride, with a lot of ups and downs and screaming along the way and the ride is not over yet,” said Carman Allison, Nielsen’s director of consumer insights. “We’re about to hit another turn.”
The Nielsen survey was conducted in late August and early September as the debt crisis in the European Union was heating up.
Retail sales in Canada are forecast to rise about 2.5 per cent this holiday season, according to an earlier report published by BMO Capital Markets. The forecast excludes cars and gas.
That’s slower than last year’s 3.1 per cent rise and also below the historic average of 4.6 per cent, BMO said.
Published On Thu Dec 15 2011Email Print Rss Article
Raveena Aulakh/TORONTO STAR
With Christmas less than two weeks away, Canadians are still in a frugal mood, the latest surveys of shoppers’ intentions reveal.
Only 6 per cent of Canadians say they plan to spend more on gifts this year than last year, while 41 per cent say they plan to spend less, an Angus Reid Public Opinion poll shows.
The rest, 52 per cent, say they plan to spend about the same amount as last year.
“I see lots of people shopping. I don’t see lots of people carrying bags. What that tells me is people are being a little bit more careful,” said Ken Wong, a professor with Queen’s University’s School of Business. “I think you’re going to see people giving fewer gifts, maybe spending a little more time thinking about what they’re giving. Certainly I don’t see any reason to believe the fact that it’s Christmas is making people any less value conscious than they’ve been since the recession.”
The Angus Reid poll, conducted the week of Nov. 21, comes on the heels of more warnings Canadians are already carrying worrisome levels of household debt.
The average ratio of debt to personal disposable income is now 152.98, Statistics Canada said Tuesday. Households with high debt loads are move vulnerable to unexpected events, such as a job loss or interest rate hike.
Canadians feel relatively optimistic about the domestic economy, but the bad news out of Europe and the U.S. is dampening their spirits, a separate report released Wednesday said.
Canadians say they’re worried about their job prospects, personal finances and whether it’s wise to spend money, according to a survey by Nielsen, a global leader in market research.
Canadian consumers’ confidence fell in the third quarter to 96 points after fluctuating between 99 and 102 points for the past 18 months, Nielsen found. It’s now at the same level it was in the third quarter of 2008.
“We’ve been on a roller-coaster ride, with a lot of ups and downs and screaming along the way and the ride is not over yet,” said Carman Allison, Nielsen’s director of consumer insights. “We’re about to hit another turn.”
The Nielsen survey was conducted in late August and early September as the debt crisis in the European Union was heating up.
Retail sales in Canada are forecast to rise about 2.5 per cent this holiday season, according to an earlier report published by BMO Capital Markets. The forecast excludes cars and gas.
That’s slower than last year’s 3.1 per cent rise and also below the historic average of 4.6 per cent, BMO said.
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