Realizing you have a problem is your first step to recovery. Even if you are just slightly credit impaired, there is no time like the present to give yourself, and your finances a helping hand.
With a second mortgage (home equity loan), you can pay off your current bills, reduce your monthly payments and balance your budget. You'll have more money to spend each month and have fewer bills to pay.
Why pay more than you really need to every month?
I could help you to pay off your debts and provide you with one lower monthly payment.
Here's an example of how bill consolidation second mortgage can work.
Let’s say you have $50,000 in home equity (difference between home value and 1st mortgage) and you owe about $45,000 on 5 different credit cards with minimum monthly payments of $1,350 at 18.5% interest rate.
I could replace it with a second mortgage home equity loan and lower your monthly payment to around $500 dollars per month.
This would be a painless way for you to save $850.00 monthly.
If you were to invest that cash somewhere instead of giving it to your credit card companies then in 5 years you would have at least $60,000 and that would be a big difference from your current situation!
Now what if you were to take this one step further and use some of your savings to start a home based business? You could become a member of my network marketing team and turn that cash to several thousands of dollars of extra monthly income in 12 months or less!
But first let’s take care of your bills...
Go to http://www.centum.ca/mustapha_maynard/ to apply on-line and we’ll call you to discuss your situation further.
Thank you
Mustapha Maynard
http://www.centum.ca/mustapha_maynard/
1-888-530-3024
Monday, September 10, 2007
Tuesday, July 10, 2007
Mortgage rates are up again and nobody knows if they will continue to climb or if this was the last increase before a long pause.
I just know that we are in a period of uncertainty and therefore this may be a good time to review “the financial disaster warning signals” .
Ask yourself these 3 questions:
How do you know if you are just falling little behind or if you are on your way to bankruptcy?
How can you keep bankruptcy from happening when the bills just won't stop coming?
How do you climb out of the debt hole without causing irreparable damage to your credit report - not to mention your quality of life?
Here are some of the common warning signals which if corrected in time, can help you to steer clear of financial disaster.
Spending increasing amounts of your income to pay your bills
Putting off paying your bills for few days because you don't have enough money to cover them
Being near, at or over limit on your credit accounts
Being turned down for credit because your ratios are over limit
Making only minimum payments on your bills
Juggling your bills by paying minimum monthly payments on another credit card
Using credit card for small expenses because you don't have enough cash to pay for them
Paying bills with money which was supposed to go for something else
Using credit to pay for normal living expenses
Using saving account to pay your bills
Have no savings
Having your credit cards cancelled by the issuer because you have been consistently over your limit
Had your auto or life insurance cancelled because you can't afford them
Putting off medical visits because you can't pay for them
Working overtime or two jobs to have extra cash
Received utilities shut-off notices in past
Being overdrawn at the bank
Worrying a lot about your money
Argue with spouse about money problems
Being afraid that someone can find out how far in debt you are
If you answered yes to one or more of the questions, you may or may not have cause for alarm, depending on the context of your answers, however if you are drawing down your savings to make minimum monthly payments on all of your credit card bills, then the alarm bells should be ringing loud and clear.
If you answered yes to many or most of the warning signals, you definitely have a problem and should seriously consider taking care of it before it's too late!
Feel free to complete my on-line application at http://www.centum.ca/mustapha_maynard and I’ll do my best to help you.
Thank you
Mustapha Maynard
http://www.centum.ca/mustapha_maynard
I just know that we are in a period of uncertainty and therefore this may be a good time to review “the financial disaster warning signals” .
Ask yourself these 3 questions:
How do you know if you are just falling little behind or if you are on your way to bankruptcy?
How can you keep bankruptcy from happening when the bills just won't stop coming?
How do you climb out of the debt hole without causing irreparable damage to your credit report - not to mention your quality of life?
Here are some of the common warning signals which if corrected in time, can help you to steer clear of financial disaster.
Spending increasing amounts of your income to pay your bills
Putting off paying your bills for few days because you don't have enough money to cover them
Being near, at or over limit on your credit accounts
Being turned down for credit because your ratios are over limit
Making only minimum payments on your bills
Juggling your bills by paying minimum monthly payments on another credit card
Using credit card for small expenses because you don't have enough cash to pay for them
Paying bills with money which was supposed to go for something else
Using credit to pay for normal living expenses
Using saving account to pay your bills
Have no savings
Having your credit cards cancelled by the issuer because you have been consistently over your limit
Had your auto or life insurance cancelled because you can't afford them
Putting off medical visits because you can't pay for them
Working overtime or two jobs to have extra cash
Received utilities shut-off notices in past
Being overdrawn at the bank
Worrying a lot about your money
Argue with spouse about money problems
Being afraid that someone can find out how far in debt you are
If you answered yes to one or more of the questions, you may or may not have cause for alarm, depending on the context of your answers, however if you are drawing down your savings to make minimum monthly payments on all of your credit card bills, then the alarm bells should be ringing loud and clear.
If you answered yes to many or most of the warning signals, you definitely have a problem and should seriously consider taking care of it before it's too late!
Feel free to complete my on-line application at http://www.centum.ca/mustapha_maynard and I’ll do my best to help you.
Thank you
Mustapha Maynard
http://www.centum.ca/mustapha_maynard
Thursday, May 17, 2007
FIRST-TIME HOME BUYERS
How exciting that you're considering homeownership! The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options.
And remember — there is no one best decision for everyone. Before moving forward, though, there are some important considerations to keep in mind.
Affordability should be a main concern. Your monthly income must cover mortgage payments and homeownership costs and still allow you to live comfortably. After all, you still need to pay for food, clothing, transportation and other living expenses, not to mention vacations and the other activities in your life. Nobody wants to end up "house poor"!
Whether homeownership is for you, however, depends on if you are ready both financially and emotionally for the change. After all, buying a home isn't just about money — you should listen to your heart…and take an honest look at your lifestyle.
Don’t forget to inspect your credit file before you apply for your mortgage and then get a mortgage broker to find the best discounted rate for you.
Mortgage brokers can beat the bank posted rates.
What is bank posted rate?
Bank posted rate in not the rate posted on some website. Bank posted rate is a rate posted at your local bank. This rate is usually 1% or as much as 1.5% above discounted rate offered by other lending institutions.
If you want to get a better than posted rate then you will need to negotiate with your bank and ask for their “special” rate or use centum.ca/mustapha_maynard to get the best discounted rate for you – without the hassle or negotiations… and from the comfort of your home.
Thank you
Mustapha Maynard
Mortgage Specialist
CENTUM.CA/MUSTAPHA_MAYNARD
1-888-530-3024
902-677-2570
And remember — there is no one best decision for everyone. Before moving forward, though, there are some important considerations to keep in mind.
Affordability should be a main concern. Your monthly income must cover mortgage payments and homeownership costs and still allow you to live comfortably. After all, you still need to pay for food, clothing, transportation and other living expenses, not to mention vacations and the other activities in your life. Nobody wants to end up "house poor"!
Whether homeownership is for you, however, depends on if you are ready both financially and emotionally for the change. After all, buying a home isn't just about money — you should listen to your heart…and take an honest look at your lifestyle.
Don’t forget to inspect your credit file before you apply for your mortgage and then get a mortgage broker to find the best discounted rate for you.
Mortgage brokers can beat the bank posted rates.
What is bank posted rate?
Bank posted rate in not the rate posted on some website. Bank posted rate is a rate posted at your local bank. This rate is usually 1% or as much as 1.5% above discounted rate offered by other lending institutions.
If you want to get a better than posted rate then you will need to negotiate with your bank and ask for their “special” rate or use centum.ca/mustapha_maynard to get the best discounted rate for you – without the hassle or negotiations… and from the comfort of your home.
Thank you
Mustapha Maynard
Mortgage Specialist
CENTUM.CA/MUSTAPHA_MAYNARD
1-888-530-3024
902-677-2570
Sunday, April 29, 2007
FIRST TIME HOME BUYERS ARE YOU READY?
How exciting that you're considering homeownership! The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options.
And remember — there is no one best decision for everyone. Before moving forward, though, there are some important considerations to keep in mind.
Affordability should be a main concern. Your monthly income must cover mortgage payments and homeownership costs and still allow you to live comfortably. After all, you still need to pay for food, clothing, transportation and other living expenses, not to mention vacations and the other activities in your life. Nobody wants to end up "house poor"!
Whether homeownership is for you, however, depends on if you are ready both financially and emotionally for the change. After all, buying a home isn't just about money — you should listen to your heart…and take an honest look at your lifestyle.
Don’t forget to inspect your credit file before you apply for your mortgage and then get a mortgage broker to find the best discounted rate for you.
Mortgage brokers can beat the bank posted rates.
What is bank posted rate?
Bank posted rate in not the rate posted on some website. Bank posted rate is a rate posted at your local bank. This rate is usually 1% or as much as 1.5% above discounted rate offered by other lending institutions.
If you want to get a better than posted rate then you will need to negotiate with your bank and ask for their “special” rate or use centum.ca/mustapha_maynard to get the best discounted rate for you – without the hassle or negotiations… and from the comfort of your home.
Thank you
Mustapha Maynard
Mortgage Broker
http://www.centum.ca/mustapha_maynard/
1-888-530-3024
And remember — there is no one best decision for everyone. Before moving forward, though, there are some important considerations to keep in mind.
Affordability should be a main concern. Your monthly income must cover mortgage payments and homeownership costs and still allow you to live comfortably. After all, you still need to pay for food, clothing, transportation and other living expenses, not to mention vacations and the other activities in your life. Nobody wants to end up "house poor"!
Whether homeownership is for you, however, depends on if you are ready both financially and emotionally for the change. After all, buying a home isn't just about money — you should listen to your heart…and take an honest look at your lifestyle.
Don’t forget to inspect your credit file before you apply for your mortgage and then get a mortgage broker to find the best discounted rate for you.
Mortgage brokers can beat the bank posted rates.
What is bank posted rate?
Bank posted rate in not the rate posted on some website. Bank posted rate is a rate posted at your local bank. This rate is usually 1% or as much as 1.5% above discounted rate offered by other lending institutions.
If you want to get a better than posted rate then you will need to negotiate with your bank and ask for their “special” rate or use centum.ca/mustapha_maynard to get the best discounted rate for you – without the hassle or negotiations… and from the comfort of your home.
Thank you
Mustapha Maynard
Mortgage Broker
http://www.centum.ca/mustapha_maynard/
1-888-530-3024
Sunday, April 1, 2007
Bank Of Montreal Discounted Mortgage Rate .......APRIL FOOLS!!!
Did you know that Bank of Montreal stopped using mortgage brokers?
Apparently their own customers were confused when BMO was offering mortgages at discounted prices through mortgage brokers.
They made the decision to stop using mortgage brokers in February, saying to their investors that selling discounted mortgages through mortgage brokers wasn't as lucrative as selling mortgages through the bank.
If you are thinking about getting a BMO mortgage then be prepared to pay a higher interest rate.
Bank of Montreal’s 5-year “special rate” is today 5.43% but you’ll have to ask for it or you’ll get 6.49% (their posted rate).
If you want to get a discounted mortgage rate then don’t waste your time with your bank and stick with mortgage brokers… stick with CENTUM Mortgage Specialists. and stick with www.centum.ca/mustapha_maynard.
CENTUM Mortgage Specialists Inc, is a full service mortgage broker. Our goal is to help you to find the most suitable mortgage financing from over 35 institutional mortgage lenders.
As independent mortgage brokers, we arrange mortgage financing for home purchase and refinancing of residential, commercial and industrial properties ensuring we deliver the most suitable mortgage financing solution tailored to your needs.
We work as liaisons between you and the lender to negotiate mortgage loans and deliver discounted mortgage rates to our clients.
All lender terms and conditions are not created equal. Whether you are purchasing a new home, switching your mortgage, or refinancing your existing mortgage, many factors must be taken into consideration. It is our job to analyze your specific needs and find the mortgage product that best satisfies your budget and goals.
In addition, we deal with some innovative broker-only lenders who can offer even more attractive rates and features.
Don't get discouraged if you are turned away by a bank - you might still be able to obtain a mortgage at www.centum.ca/mustapha_maynard ! We have access to private lenders ranging from individual investors to mortgage investment corporations.
We strive to provide you with the fastest and most reliable service possible. Operating with the most up-to-date modern software and technology, we offer a speedy turn around time on on-line applications.
Same day approvals or within 24 hours are typical. We will take the time to explain all the terms and conditions of your mortgage, clearly explaining the interest rate, prepayment privileges and clarifying any questions you may have, which will help to save you time and money.
We build our reputations on timely service, reliability and a conscientious attitude towards your needs. Our priority is honoring this commitment to you.
Please don't hesitate to contact me to find out more about the benefits of using our mortgage broker services or simply www.centum.ca/mustapha_maynard
Apparently their own customers were confused when BMO was offering mortgages at discounted prices through mortgage brokers.
They made the decision to stop using mortgage brokers in February, saying to their investors that selling discounted mortgages through mortgage brokers wasn't as lucrative as selling mortgages through the bank.
If you are thinking about getting a BMO mortgage then be prepared to pay a higher interest rate.
Bank of Montreal’s 5-year “special rate” is today 5.43% but you’ll have to ask for it or you’ll get 6.49% (their posted rate).
If you want to get a discounted mortgage rate then don’t waste your time with your bank and stick with mortgage brokers… stick with CENTUM Mortgage Specialists. and stick with www.centum.ca/mustapha_maynard.
CENTUM Mortgage Specialists Inc, is a full service mortgage broker. Our goal is to help you to find the most suitable mortgage financing from over 35 institutional mortgage lenders.
As independent mortgage brokers, we arrange mortgage financing for home purchase and refinancing of residential, commercial and industrial properties ensuring we deliver the most suitable mortgage financing solution tailored to your needs.
We work as liaisons between you and the lender to negotiate mortgage loans and deliver discounted mortgage rates to our clients.
All lender terms and conditions are not created equal. Whether you are purchasing a new home, switching your mortgage, or refinancing your existing mortgage, many factors must be taken into consideration. It is our job to analyze your specific needs and find the mortgage product that best satisfies your budget and goals.
In addition, we deal with some innovative broker-only lenders who can offer even more attractive rates and features.
Don't get discouraged if you are turned away by a bank - you might still be able to obtain a mortgage at www.centum.ca/mustapha_maynard ! We have access to private lenders ranging from individual investors to mortgage investment corporations.
We strive to provide you with the fastest and most reliable service possible. Operating with the most up-to-date modern software and technology, we offer a speedy turn around time on on-line applications.
Same day approvals or within 24 hours are typical. We will take the time to explain all the terms and conditions of your mortgage, clearly explaining the interest rate, prepayment privileges and clarifying any questions you may have, which will help to save you time and money.
We build our reputations on timely service, reliability and a conscientious attitude towards your needs. Our priority is honoring this commitment to you.
Please don't hesitate to contact me to find out more about the benefits of using our mortgage broker services or simply www.centum.ca/mustapha_maynard
Sunday, March 11, 2007
Get Approved For Your New Home Purchase in Seconds Rather Then Days
Obtaining home purchase financing in today’s real estate market can be difficult for many potential home buyers.
That’s where I come in…
My job is to prepare your application so it will get approved in seconds making the home buying process simple and seamless for you.
I already explained the importance of reviewing your credit report and here is the list of supporting documents you’ll need BEFORE you apply for your new home purchase financing.
1) Letter of employment on company letterhead indicating start date, position with the company and your annual salary. This letter must be signed by the person who prepared the employment letter and it must include his or her contact phone number.
2) Most recent pay stub showing source deductions and year to date totals
3) Divorce certificate or separation agreement (if separated or divorced)
4) 3 months bank statements for proof of pension income (if you receive any pension or disability income)
5) Bankruptcy discharge with the complete list of creditors and questionnaire (if previously bankrupt)
6) Last 2 years Revenue Canada Notice of Assessment to confirm average income on line 150 (if you have other income in addition to your annual salary, bonus, overtime or if you earn a commission)
7) Last 3 years Revenue Canada Notice of Assessment (if you are self-employed and are applying under “qualified” income product)
8) Proof of down payment (if you are NOT applying under “no down” program). For proof of down payment you’ll need any of the following: gift letter, 3 months bank statements, copy of investments and if you are selling your existing home then you’ll need your sale agreement and confirmation of current mortgage balance(s)
9) Purchased agreement signed by all parties with all schedules (if you already have one)
10) MLS (if you already have a house in mind and if the home is not a private sale)
Of course you don’t need all the above documents, but please make sure you gather the supporting documents which do apply to your situation before you make the application for your home purchase financing.
Having these documents at your fingertips will speed up your approval and make the home buying a pleasurable experience.
Once you have all of your supporting documents you are ready to make the next step which is completing your home purchase pre-approval application.
Go to my website to complete the on-line application, fax your supporting documents to me and I’ll get you approved in seconds.
Sincerely,
Mustapha Maynard
CENTUM Mortgage Specialist
http://www.centum.ca/Mustapha_Maynard/
That’s where I come in…
My job is to prepare your application so it will get approved in seconds making the home buying process simple and seamless for you.
I already explained the importance of reviewing your credit report and here is the list of supporting documents you’ll need BEFORE you apply for your new home purchase financing.
1) Letter of employment on company letterhead indicating start date, position with the company and your annual salary. This letter must be signed by the person who prepared the employment letter and it must include his or her contact phone number.
2) Most recent pay stub showing source deductions and year to date totals
3) Divorce certificate or separation agreement (if separated or divorced)
4) 3 months bank statements for proof of pension income (if you receive any pension or disability income)
5) Bankruptcy discharge with the complete list of creditors and questionnaire (if previously bankrupt)
6) Last 2 years Revenue Canada Notice of Assessment to confirm average income on line 150 (if you have other income in addition to your annual salary, bonus, overtime or if you earn a commission)
7) Last 3 years Revenue Canada Notice of Assessment (if you are self-employed and are applying under “qualified” income product)
8) Proof of down payment (if you are NOT applying under “no down” program). For proof of down payment you’ll need any of the following: gift letter, 3 months bank statements, copy of investments and if you are selling your existing home then you’ll need your sale agreement and confirmation of current mortgage balance(s)
9) Purchased agreement signed by all parties with all schedules (if you already have one)
10) MLS (if you already have a house in mind and if the home is not a private sale)
Of course you don’t need all the above documents, but please make sure you gather the supporting documents which do apply to your situation before you make the application for your home purchase financing.
Having these documents at your fingertips will speed up your approval and make the home buying a pleasurable experience.
Once you have all of your supporting documents you are ready to make the next step which is completing your home purchase pre-approval application.
Go to my website to complete the on-line application, fax your supporting documents to me and I’ll get you approved in seconds.
Sincerely,
Mustapha Maynard
CENTUM Mortgage Specialist
http://www.centum.ca/Mustapha_Maynard/
Monday, February 5, 2007
Mortgage "Smarts" Can Save You Money
(NC)-If you are shopping for a house, you may have heard of some new mortgage products on the market, with amortization periods of up to 30, 35 and 40 years. While they can mean an attractive smaller monthly payment, you should be aware of the potential consequences - such as the amount of interest you would have to pay, over the years.
Do the math and know your options before signing a mortgage contract
The Financial Consumer Agency of Canada (FCAC) recently released an update to its suite of on-line mortgage tools. FCAC's mortgage qualifier calculator and mortgage payment calculator are designed to help consumers determine, first, if they qualify for a mortgage - given their current income level and debt load
- and then how to calculate their optimum schedule of payments. FCAC's mortgage calculator can show you how many years and how much money you can save by making pre-payments on your mortgage.
These tools, together with the Agency's FCAC's on-line mortgage quiz and its publication The ABC's of Mortgages, can help you better understand your rights and responsibilities as a consumer, as well as the terms and conditions associated with the different mortgage products that are available.
Despite knowing the extra costs involved, you may still have a good reason to opt for a 30- or 40-year mortgage product. A longer amortization period may be the only way you can afford a house in today's expensive housing market. However, if you are thinking about a long-term mortgage, you should consider making accelerated bi-weekly payments. By doing so, you can save tens or even hundreds of thousands of dollars in interest over the years.
You can find more information on mortgages by consulting FCAC's Frequently Asked Questions (FAQ) database, which contains answers to a number of mortgage-related questions - from penalty calculations, to insurance products, to interest rates. To view the Frequently Asked Questions, visit the Agency's Web site at: www.fcac.gc.ca and go to the "For Consumers" section.
To obtain a free copy of The ABC's of Mortgages, call FCAC, toll-free, at:
1-866-461-3222 or visit their website at www.fcac.gc.ca.
FCAC is a federal government agency that protects consumers' rights and provides them with information about the financial products and services.
- News Canada
Pre-paid Cards: Balancing The Benefits With The Costs
(NC)-A new kind of payment card is now available in Canada. It's called a "pre-paid" card. You can get this type of card in several places such as cheque-cashing outlets, retail stores, financial institutions and on the Internet. Although pre-paid cards look just like credit cards and can be used in a similar way, they are not credit cards.
In contrast with regular credit cards, with a pre-paid card the money you spend is your money - which you "load" onto the card, before using it. These cards offer the same type of convenience as a credit card, but this convenience comes at a price. The fee structure of a pre-paid card is quite different than that of a credit card. You often have to pay different types of fees to take advantage of the benefits they offer.
PRE-PAID CARD BASICS
The Financial Consumer Agency of Canada (FCAC) recently released a booklet for consumers, called Pre-paid Cards, which outlines the different types of pre-paid cards that Visa and MasterCard offer, and explains what they are, how they work and the various types of fees consumers must pay to use them.
Since there are different types of pre-paid cards on the market, before choosing a card it is best to shop around. FCAC's Pre-paid Cards booklet compares the features and fees of 16 pre-paid cards that are now available in Canada. With many of these cards, you have to pay a fee for different types of transactions - such as making purchases, reloading money onto the card and making inquiries about card balances. Some cards also have monthly maintenance fees, and several have time limits on how long you can use them before the remaining balance becomes subject to a fee or, in some cases, is forfeited outright.
If you do find a pre-paid card that interests you, make sure it's a good fit for how you want to use it, and be sure you understand the terms and conditions associated with it. By shopping around, you may find another product, or combination of products, that suit you better. For example, a low-rate credit card, or a low-cost bank account with a debit card, might be a more attractive option.
Pre-paid Cards is the latest addition to FCAC's comprehensive credit card information kit Credit Cards and You. The electronic and print versions of this publication contain data on nearly 200 credit cards available in Canada.
Consumers can use the interactive, on-line version of Credit Cards and You, or they can download Pre-paid Cards and other FCAC publications, by visiting the Agency's Web site at: www.fcac.gc.ca.
You can also obtain a print copy of these publications free of charge by calling FCAC, toll-free, at: 1-866-461-3222.
FCAC is a federal government agency that protects consumers' rights and provides them with information about financial products and services.
- News Canada
Pensioners, Watch For This Important Tax Change
Keeping up with the latest tax changes can be a challenge for all of us.
This year the biggest change for pensioners is an increase in the maximum eligible pension income credit. Previously $1,000, this credit is now available on the first $2,000 of pension income.
Money-saving changes like this one will be programmed into reputable income tax preparation software. This year, consider an Internet product like UFile.ca, which allows you to try it before you buy. UFile also does not charge for taxpayers with total income of $25,000 or less; it also offers a special day when seniors aged 60 and over can 'sign up' to file for free regardless of their income (though they needn't actually file that day). This year, "Free File Friday" is scheduled for February 23, 2007.
Mustapha Maynard
CENTUM Mortgage Specialist
http://www.centum.ca/Mustapha_Maynard/
Do the math and know your options before signing a mortgage contract
The Financial Consumer Agency of Canada (FCAC) recently released an update to its suite of on-line mortgage tools. FCAC's mortgage qualifier calculator and mortgage payment calculator are designed to help consumers determine, first, if they qualify for a mortgage - given their current income level and debt load
- and then how to calculate their optimum schedule of payments. FCAC's mortgage calculator can show you how many years and how much money you can save by making pre-payments on your mortgage.
These tools, together with the Agency's FCAC's on-line mortgage quiz and its publication The ABC's of Mortgages, can help you better understand your rights and responsibilities as a consumer, as well as the terms and conditions associated with the different mortgage products that are available.
Despite knowing the extra costs involved, you may still have a good reason to opt for a 30- or 40-year mortgage product. A longer amortization period may be the only way you can afford a house in today's expensive housing market. However, if you are thinking about a long-term mortgage, you should consider making accelerated bi-weekly payments. By doing so, you can save tens or even hundreds of thousands of dollars in interest over the years.
You can find more information on mortgages by consulting FCAC's Frequently Asked Questions (FAQ) database, which contains answers to a number of mortgage-related questions - from penalty calculations, to insurance products, to interest rates. To view the Frequently Asked Questions, visit the Agency's Web site at: www.fcac.gc.ca and go to the "For Consumers" section.
To obtain a free copy of The ABC's of Mortgages, call FCAC, toll-free, at:
1-866-461-3222 or visit their website at www.fcac.gc.ca.
FCAC is a federal government agency that protects consumers' rights and provides them with information about the financial products and services.
- News Canada
Pre-paid Cards: Balancing The Benefits With The Costs
(NC)-A new kind of payment card is now available in Canada. It's called a "pre-paid" card. You can get this type of card in several places such as cheque-cashing outlets, retail stores, financial institutions and on the Internet. Although pre-paid cards look just like credit cards and can be used in a similar way, they are not credit cards.
In contrast with regular credit cards, with a pre-paid card the money you spend is your money - which you "load" onto the card, before using it. These cards offer the same type of convenience as a credit card, but this convenience comes at a price. The fee structure of a pre-paid card is quite different than that of a credit card. You often have to pay different types of fees to take advantage of the benefits they offer.
PRE-PAID CARD BASICS
The Financial Consumer Agency of Canada (FCAC) recently released a booklet for consumers, called Pre-paid Cards, which outlines the different types of pre-paid cards that Visa and MasterCard offer, and explains what they are, how they work and the various types of fees consumers must pay to use them.
Since there are different types of pre-paid cards on the market, before choosing a card it is best to shop around. FCAC's Pre-paid Cards booklet compares the features and fees of 16 pre-paid cards that are now available in Canada. With many of these cards, you have to pay a fee for different types of transactions - such as making purchases, reloading money onto the card and making inquiries about card balances. Some cards also have monthly maintenance fees, and several have time limits on how long you can use them before the remaining balance becomes subject to a fee or, in some cases, is forfeited outright.
If you do find a pre-paid card that interests you, make sure it's a good fit for how you want to use it, and be sure you understand the terms and conditions associated with it. By shopping around, you may find another product, or combination of products, that suit you better. For example, a low-rate credit card, or a low-cost bank account with a debit card, might be a more attractive option.
Pre-paid Cards is the latest addition to FCAC's comprehensive credit card information kit Credit Cards and You. The electronic and print versions of this publication contain data on nearly 200 credit cards available in Canada.
Consumers can use the interactive, on-line version of Credit Cards and You, or they can download Pre-paid Cards and other FCAC publications, by visiting the Agency's Web site at: www.fcac.gc.ca.
You can also obtain a print copy of these publications free of charge by calling FCAC, toll-free, at: 1-866-461-3222.
FCAC is a federal government agency that protects consumers' rights and provides them with information about financial products and services.
- News Canada
Pensioners, Watch For This Important Tax Change
Keeping up with the latest tax changes can be a challenge for all of us.
This year the biggest change for pensioners is an increase in the maximum eligible pension income credit. Previously $1,000, this credit is now available on the first $2,000 of pension income.
Money-saving changes like this one will be programmed into reputable income tax preparation software. This year, consider an Internet product like UFile.ca, which allows you to try it before you buy. UFile also does not charge for taxpayers with total income of $25,000 or less; it also offers a special day when seniors aged 60 and over can 'sign up' to file for free regardless of their income (though they needn't actually file that day). This year, "Free File Friday" is scheduled for February 23, 2007.
Mustapha Maynard
CENTUM Mortgage Specialist
http://www.centum.ca/Mustapha_Maynard/
Friday, January 19, 2007
First National Launches New Mortgage Concept
Canadian Homeowners Reduce Their Monthly Mortgage Payments
— First National Financial LP is pleased to be one of the first Canadian lenders to offer the Canada Mortgage and Housing Corporation (CMHC) insured Interest-Only Mortgage, a new mortgage concept that can help qualified homebuyers lower their monthly mortgage payments and improve their monthly cash-flow flexibility.
The Interest-Only Mortgage gives qualified homebuyers the option of paying interest only for the first five or 10 years of their mortgage. Following the interest-only period, payments will be adjusted to allow for principal and interest payments. Homebuyers must still qualify for a mortgage based on the ability to support monthly principal and interest payments amortized over a period of up to 25 years.
"This new mortgage will appeal to two different groups: qualified first-time buyers and existing homeowners who want to reduce their monthly payment for a period of time," says Scott McKenzie, Vice President of Residential Mortgages at First National.
For example, the monthly payment for a traditional five-year fixed mortgage of $175,000 at today's rate (5.30 per cent) is approximately $1,050. With an Interest-Only Mortgage, the payment would be $765. That's a net difference of $285 per month, or $3,420 per year.
"That extra money can be used to perhaps accommodate RRSP contributions, other investment opportunities, tuition fees or home renovations," Mckenzie added.
Qualified borrowers can get an interest-only mortgage for up to 90 per cent of their home's purchase price. And of course, like all loans offered by First National, clients always have the option of using their prepayment privileges to make principal payments. They also have the option of switching to a principal and interest payment before their five- or 10-year conversion date.
"The Interest-Only Mortgage option is one of CMHC's innovative financial solutions that will offer more flexibility to Canadians. CMHC is pleased that First National is offering the interest-only option to qualified borrowers", said Pierre Serré, Vice President, Product and Business Development, CMHC.
CMHC announced the interest-only feature on June 28, 2006 along with other mortgage insurance product enhancements designed to offer more flexibility to future and existing Canadian homeowners. Information about
— First National Financial LP is pleased to be one of the first Canadian lenders to offer the Canada Mortgage and Housing Corporation (CMHC) insured Interest-Only Mortgage, a new mortgage concept that can help qualified homebuyers lower their monthly mortgage payments and improve their monthly cash-flow flexibility.
The Interest-Only Mortgage gives qualified homebuyers the option of paying interest only for the first five or 10 years of their mortgage. Following the interest-only period, payments will be adjusted to allow for principal and interest payments. Homebuyers must still qualify for a mortgage based on the ability to support monthly principal and interest payments amortized over a period of up to 25 years.
"This new mortgage will appeal to two different groups: qualified first-time buyers and existing homeowners who want to reduce their monthly payment for a period of time," says Scott McKenzie, Vice President of Residential Mortgages at First National.
For example, the monthly payment for a traditional five-year fixed mortgage of $175,000 at today's rate (5.30 per cent) is approximately $1,050. With an Interest-Only Mortgage, the payment would be $765. That's a net difference of $285 per month, or $3,420 per year.
"That extra money can be used to perhaps accommodate RRSP contributions, other investment opportunities, tuition fees or home renovations," Mckenzie added.
Qualified borrowers can get an interest-only mortgage for up to 90 per cent of their home's purchase price. And of course, like all loans offered by First National, clients always have the option of using their prepayment privileges to make principal payments. They also have the option of switching to a principal and interest payment before their five- or 10-year conversion date.
"The Interest-Only Mortgage option is one of CMHC's innovative financial solutions that will offer more flexibility to Canadians. CMHC is pleased that First National is offering the interest-only option to qualified borrowers", said Pierre Serré, Vice President, Product and Business Development, CMHC.
CMHC announced the interest-only feature on June 28, 2006 along with other mortgage insurance product enhancements designed to offer more flexibility to future and existing Canadian homeowners. Information about
Mustapha Maynard
http://www.centum.ca/Mustapha_Maynard/
Welcome To My Mortgage Blog!!
It has been a long time coming but it is finally here… a place where I can share my random thoughts, ideas, insights, etc. as they land in my head with you, my website visitors, my clients and subscribers, wherever I am in the world, no matter what I am doing
So what can you expect from my blog? Great question… glad you asked!
Every month, as often as possible, I will share...
Industry Updates: What is happening in mortgage industry.
Announcements! Be the first to know about new mortgage products before they are the headlines of your local paper.
If you want to get to know me and what is going on in the mortgage industry then this is the place to be!
So once again, welcome and please check back on a regular basis for new mortgage strategies and ideas so you can be debt free faster!
Mustapha Maynard
CENTUM Mortgage Specialist
mustapha_maynard@centum.ca
View Company Website: http://www.centum.ca/Mustapha_Maynard/
So what can you expect from my blog? Great question… glad you asked!
Every month, as often as possible, I will share...
Industry Updates: What is happening in mortgage industry.
Announcements! Be the first to know about new mortgage products before they are the headlines of your local paper.
If you want to get to know me and what is going on in the mortgage industry then this is the place to be!
So once again, welcome and please check back on a regular basis for new mortgage strategies and ideas so you can be debt free faster!
Mustapha Maynard
CENTUM Mortgage Specialist
mustapha_maynard@centum.ca
View Company Website: http://www.centum.ca/Mustapha_Maynard/
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