Guide to Canadian Mortgages

By Amy Nutt

If you are going to buy a home in Canada, you are going to need a Canada mortgage, unless you have a store of money lying around to use to pay cash for your home. Before you sign on the dotted line for your mortgage, make sure you know what you are agreeing to. After all, your mortgage is a long-term financial agreement, so you should know as much as you can about it at the outset.

Basic Structure of a Mortgage

Since most people do not have the cash stores necessary to pay for a home in full, they will usually borrow money from a lender for the purchase of the home. The property in question is the collateral for the loan, which means that the bank or lender has the right to take the home if you do not pay the loan according to its terms.

A mortgage is considered an amortized loan. This means that you have a set number of years in which you must pay back the loan and the interest on it. In Canada, most loans are amortized for around 25 years, but this can vary based on the loan structure. The amortization period is separate from the term, which is the period that the interest rate is guaranteed. Sometimes the term and the amortization period are not the same, which means you will need to negotiate a new mortgage term when the first one is over.

Finally, a mortgage has an interest rate applied to it. This is the percent of the total loan amount that you will pay to the bank for the privilege of borrowing the money. Your goal should be to find a loan with the lowest possible interest rate.

Getting Approved

Once you have decided that you wish to buy a house, it is time to get approved for a mortgage. Shop around to find a lender with good rates, and then apply. Your approval will be based on the size of the loan, your credit rating, employment history, and current income, among other factors.

Making a Down Payment

Most lenders require you to make a down payment on the property you wish to buy. This shows them that you are responsible with your money and have a good intention of paying what you owe on the loan. It is generally recommended that you put down a 20 percent down payment. You can put down more if you wish. You can also put down less, but if you do you will have to buy mortgage insurance.

What is mortgage insurance? Under the Canadian Bank Act, federally regulated lending institutions, with a few exceptions, cannot provide loans that exceed 80 percent of the value of the home without purchasing mortgage insurance. This insurance protects the lender against the possibility of default, which statistics have shown is more likely when the borrower does not place at least 20 percent down on the home. The premium on the insurance policy is typically determined based on a percentage of the home's purchase price. You will typically pay this premium as part of your loan payment each month. This allows you to purchase a home with as little as 5 percent down.

Your Monthly Payment

Your monthly mortgage bill is broken down into an interest payment and a principal payment. At the beginning of your loan, more of the payment goes towards interest than principal. This gradually shifts until you are paying mostly principal than interest at the end of the loan. If you wish, you can pay your loan off faster by paying extra towards the principal on the loan. Once you have paid off the entire principal balance on the loan, you will officially own your home.

A good way to start learning about Canadian mortgages is with a mortgage rate guide.

About the Author:

Canadian mortgage rates comparison site. Listing over 500 rates from Canada's top lenders and brokers. Visitors can compare mortgage rates in Canada with one quick search.

What you need to know about bankruptcy assets

By Josh Ramos

Many Americans find themselves in the unfortunate situation of considering bankruptcy to help them with their debt problems. Among the most common questions about bankruptcy, most people want to know what will happen to their assets if they decide to go through with the process. To understand this, you must first understand the different forms of bankruptcy.

The most common form of bankruptcy is known as chapter seven bankruptcy, which is designed to completely do away with your debt problem. The disadvantage of this kind of bankruptcy is that you'll have to give up some of your assets (if you have any) to help pay your obligations.

The other major form of bankruptcy is called chapter 13. Instead of just getting rid of your debt completely, chapter 13 is meant to form a payment plan to help you get back on track. This is often used to help people get caught up with their mortgage payments, and the repayment plan usually last 3 to 5 years. The good part about chapter 13 is that you don't have to forfeit any of your assets.

As you can see, chapter seven is the best option if you wish to rid yourself of your debt entirely. The major problem with this, besides the damage to your credit, is liquidation. In other words, you will have to get rid of some of your assets to help pay creditors what you owe them.

Now, you probably don't have all that many assets if you've reached the point of filing for bankruptcy. It's no surprise that most chapter seven bankruptcy cases are considered no asset cases, which means that the consumer doesn't have anything worthwhile to sell.

Of course, most people are primarily concerned with their house (and to a lesser extent, their automobile). The details will depend on your state as well as how much your house is worth, but in most cases you have a considerable amount of protection when it comes to your house.

You should realize that finding a good bankruptcy attorney is essential to help you file bankruptcy successfully. There are just too many details for you to try to figure everything out on your own.

That doesn't mean that you shouldn't try to learn as much as possible before consulting your lawyer. You should continue to find articles like these because an informed client will make things easier for the lawyer, which can end up saving money in the long run.

About the Author:

">how do I declare bankruptcy visit us at http://personalbankruptcyquestions.org

Denver Condominiums

By R. Kim

The average listing price of Denver condominiums have declined in the last 3 years, It was $171,000 in 2008 compared with $189,000 in 2005 and they continue to fall, but the declines have been less severe than the decreases in single family homes. This is a major reason why you should consider purchasing or investing in condos at this time.

The number of condo sales have been steadily declining for the past 3 years in metro Denver. In 2005 11,600 condominiums were sold compared to 9,800 in 2008 in Denver. Foreclosures and short sales have been the largest reason for sales in Denver real estate market for this year. In 2008, the number of distressed Denver condominiums sales have increased to 41 percent of all sales.

Denver condos offer better options than apartment living, you will not be wasting your money on rental, but instead building up equity in your investment. They also offer comfortable living with style. You have access to many amenities like pools, business center, fitness center, spas, and parking facilities, it meets all you needs.

There are three types of condos available. Condo lofts are great for singles and students. Luxury condos are great for wealthy individuals that can shell out large amounts of money. They offer luxurious amenities to pamper the wealthy. There is also condo vacation rentals that cater to the travelers who enjoy comfort of home, especially for the skiers that come to Denver.

If you are looking for new home, Denver condos certainly offer convenience and value. With the recent recession and decrease in price of condominiums, increase inventories of unsold condo, increase number of day they are available in market, you will find bargains and deals that will fit your budget.

But make sure you do research, enough information is on the internet for you to do due diligence on a property. If you need assistance contact a local Realtor who is experienced and knows this market.

About the Author:

Thinking about buying Denver condominiums, please review Denver Condominiums, and Denver Condominiums

?How Canadian Retirement Affects Some Americans

By William Blake

I live within minutes of the Canadian border in Upstate New York so I have a lot of experience in how Canadians do their retirement planning and a lot of Canadian retirement planning seems to revolve around traveling the United States and clogging up traffic for hours. I have nothing against Canadians really, well maybe a little, but it always seems amazing to me how Canadian retirees will leave their common sense at home when they are retired in the United States. Here are some rules to help with Canadian retirement planning.

A Little Less Patience

It has been observed that some Canadians have the custom of being a bit impatient. Most of our manners are closely linked to the customs in the area in which we grew up. What Americans consider rude and pushy other cultures consider quite normal and acceptable. For example, it has been noted that Canadians are line jumpers. That can be very offensive to Americans but who knows how this is viewed in Canada.

It's The Vertical Pedal On The Left

Canadian retirement planning involves the complete removal of the knowledge of how to drive from the Canadian retiree's brain. Canadians, as a rule, drive like maniacs because their speed limits are usually 20 to 30 MPH faster than those in America. But when they retire they all of a sudden decide that the scenery in the United States is lovely and they want to drive 20 or 30 MPH below the speed limit to enjoy it.

Road rage doesn't seem to be quite as big a problem in other countries. In most places honking your horn is merely a way of letting someone know you are there or that you have the right of way. The horn is not used as a way to insult or complain about another persons driving. That may be why when Americans lay on their horn to express their frustration Canadians seem to be oblivious to any problem and continue doing what they are doing.

Shop In Your Own Malls!

It is impossible to find a parking spot in American malls in border towns because all of the spots are taken up by cars with Canadian license plates on them and a "sexy grandma" bumper sticker. Christmas shopping has become a near international incident in our local malls and if one more Canadian cuts me off in the mall walkway and acts like they never saw me standing there and walking in the same direction then I may escalate that international incident to an act of war. Now that their money is worth a little more than ours I am sure that this will only get worse long before it gets better.

About the Author:

How would you like to come up with some extra cash to help pay off your credit card bills starting today? Visit the Debt Reduction Academy website, where you can sign up to receive your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Common Types of Guaranteed Loans

By Trinity Townsend

The term guaranteed loan covers a wide range of different types of loans. Some loans are guaranteed because there is someone backing the loan guaranteeing it will be repaid. Other loans are considered guaranteed loans because it is almost guaranteed you will be granted one if you apply. There are quite a few common types of guaranteed loans that are being offered these days.

Personal loans are a common type of guaranteed loan. They are considered guaranteed because they are almost always granted. They are really easy to get, even for people with poor credit. Guaranteed personal loans don't require a credit check or collateral most of the time. Since there is very little personal information required to apply, there is not a lot of paperwork to fill out. The turnaround time for processing of the loan usually only takes a day or two.

Government guaranteed loans are another very common kind of guaranteed loan. There are quite a few different kinds of loans that are government guarantee. All the government guarantee means is that the government assumes the responsibility of the loan for the lender. Therefore, if the borrower defaults on the loan, the government will continue to pay the lender so they don't lose money on the deal. This obviously makes lenders more willing to loan money since they have the security blanket of the government guarantee.

One type of government guaranteed loan is a guaranteed business loan. For many people who dream of starting their own business, the dream stays a dream unless they can find someone to lend them the money to start the business.

The guaranteed business loan is another type of loan that falls under the umbrella of government guaranteed loans. It can be really difficult for someone who has a new business idea to get financial backing to start the business. Lenders see them as very high risk. With government business loans, the risk is assumed by the government. If the borrower defaults on the loan, the government will continue to pay the lender so they are not out any money. Thanks to these kinds of loans, lenders are more willing to take a risk on a person with a new business idea.

So no matter what your needs are, there are several different kinds of guaranteed loans available to help meet those needs.

About the Author:

Trinity helps people to learn how to find guaranteed loans, and about personal loans with bad credit.

The Sucky Part of the Reverse Mortgage

By Matt Vanrock

If you are a home owner, aged 62 or older, with a good amount of equity you have the opportunity to use a reverse mortgage to solve a financial problem.

It is definitely case by case in terms of whether the reverse mortgage is the right decision. For many it certainly is.

These days people are using the reverse mortgage to pay off a forward mortgage to eliminate the mortgage payment, supplementing income, paying off medical bills, and for extra money for leisure activities.

Why the reverse mortgage? Because people can use the equity in their homes they've built up for years to solve a financial issue, keep title the property, and never make periodic payments to the mortgage company.

Additionally, interest rates are very competitive. Traditional mortgages have interest rates just barely better than the reverse.

As long as the program is explained properly the reverse mortgage is a very strong financial option. However, it is not without fault.

Quite simply closing costs are high. And they are high relative to traditional forward mortgages.

There are really two main reasons for this..

Well, the biggest reason are the origination fees, mortgage insurance and title insurance are based upon the appraised value rather than the mortgage amount. The other main point is HUD insurance is two percent.

Put your calculator to given home value and these costs are fairly hefty.

All things being equal a reverse mortgage is very strong. The costs are not equal and must be factored when considering a reverse mortgage.

When meeting with a reverse mortgage lender you will receive a Total Annual Loan Cost analysis which will show you the cost of the mortgage on an annualized basis.

The nice thing is it covers how much the mortgage costs in the coming years.

The idea of the disclosure is to show how the actual cost of the mortgage reduces as you get further and further away from closing.

This disclosure helps you determine, using the real facts, if you should proceed with this type of mortgage.

About the Author:

So, you gotta get boned up on California reverse mortgage info. Don't mess around. Click on that link. Go here too You can get a guide to the reverse mortgage in California at this website.

Order Checks Online When Running Low On Personal Checks

By Peggy Ann Morgan

You're almost out of checks and before you run dry you may be thinking about running to the bank. But you can order checks online and save the middleman bank markup. There is no need to let the bank profit from your purchase.

Your bank marks up the price of checks before they sell them to the customer. By purchasing direct, the middleman is cut out and you put the difference into your wallet. Oder checks online thru your computer and save taxes, time and gas.

Another benefit is that you get to look over a more varied and a greater depth of check designs than you would had you been relegated only to the banks offering. The various categories offer many choices.

By ordering direct you'll save about 50%. Personalized check quality is equal or better than that you'd get at your financial institution, delivery is fast, security details in the check comply with all bank standards. There are a larger selection of designs, categories and motifs.

Checkbook covers, matching address labels and contact cards as well as various check formats are offered as well. Side tear, top stub, 3 to a page formats and many other formats are available. Note that when you write your checks that your drafts are covered. Check registers in easy to read and record formats make that possible.

Checks are deposited at the bank. Sometimes, when the payee is uncertain about a check, they will cash that check in the bank against which it was drawn.

When a check is presented and refused at the drawee's bank because of insufficient fund the check will not clear. It's called a bounced check.

Banks benefit when they get bounced checks. Their high service charges that are imposed make one take quick notice. Keeping accurate records to avoid service charges is essential.

About the Author:

Before you order personal checks online, save (50% less than financial institutional bill, not to mention a more extensive selection) and locate the quality personal bank checks to order, address labels, contact cards as well as checkbook covers. http://www.checkshome.com

Sending Money to Colombia

By Chloe Banks

There are several ways to send money from the U.S. to Colombia, one of which is to have a relationship with a US bank that is also present in Colombia.

If the recipient of the funds has an account with one of these banks, it might be a good idea to open an account locally with the same bank, as money being sent between accounts within the same bank is often processed quickly and at little or no cost.

Bank transfers between two different banks are also relatively easy, although moving money from one bank to another can entail a waiting period of up to 5 business days with substantially higher costs.

You can initiate wire transfers to Colombia through banks. A wire transfer gets the money there fast, but there must be a corresponding bank to receive it. Fees can be high for international wire transfers, but this is a good option if the money needs to get there fast.

Yet another way to send money regularly to Colombia is through an ATM or pre-paid debit card. This is not the best method in case of an emergency as it takes time for the card to be sent to the person receiving the funds.

The money can be withdrawn from a large network of ATMs in Colombia if the debit card has the PLUS or CIRRUS logo on the back. Only use an ATM card if you trust that the cardholder is not accessing funds without authorization. A pre-paid debit card is a more secure way of sending the exact amount of money intended for the recipient.

Online payment services such as ATM Cash are also a good way to send money to Colombia. These kinds of services allow you to inexpensively send money 24/7 from your own computer.

The above are some of the ways in which you can send money to Colombia.

About the Author:

Understanding all there is to know about sending money to Colombia is not always easy. Luckily you can get everything you need right here at send money to Colombia

Read The Defined Story On Debt Reduction

By Frank Froggatt

Perhaps you've discovered the phrases " debt consolidation and debt reduction"plentiful in mass media today. Lots of individuals Nationwide are suffering financially right now, and if you're one of them, understanding the differences between those terms may prove valuable.

Let's firstly explicate debt consolidation. Debt consolidation is when you draw a loan against your house or receive a personal loan and apply it to compensate all your debts so that you have got just one monthly requital to your creditors. Ordinarily you try to gain a loan that has a smaller interest rate than your credit accounts do so you are preserving money. To Boot if you shut all of your accounts, meaning you can't use them any longer, you can get your percentage rates at your creditors lowered, as well as requitals, late fees and other breaks

Debt reduction on the other hand should be cautiously reckoned while counting all alternatives, as this utterly Demolishes your credit rating. If your credit rating is already bad, this is a possible choice but those with moderately descent rates should in all likelihood select an alternative method.

If you proceed onward with debt reduction, you call the party and provide them with all your financial data. After examining it, they furnish you with an approximation of what they trust they can stimulate your creditors to conciliate for. For example, lets suppose you owe Master Charge three grand.'' Taking the card issuer into account, the reduction party may pronounce that they can talk terms for fifteen hundred.'' But first you will be required to have not made any payments at all- the company will tell you the time period, possibly up to 6 months.

In the midst of that time you will acquire letters, telephone calls and emails from the creditors requesting you to pay up. But in accordance to your debt reducing program you just don't. You are required to however, save all the cash the debt reduction company orders you to and then you will use that in the end to pay back the resolutions.

Plainly this can be troublesome. You're being enjoined to save funds for a long time frame - but in all likeliness if you're that far in debt, preserving money won't be an alternative truly. They will propose to lay it aside for you if you send them the funds every calendar month.

Carefully explore the company to determine its legitimacy - this is your funds and your credit rating they'll be dealing with. Expectable to the very risky nature of this selection, use solely if you utterly have to. Just be careful.

About the Author:

This piece was penned by Frank Froggatt, an expert on Bad Credit Debt Consolidation. You can clear up a lot of your confusion about this topic while sitting at home in your easy chair by visiting mydebtconsolidationsite.us

Why you should buy San Antonio Condominiums

By J. Kim

Whether your looking for an old condo for less than $100,000 or a high rise luxury condos ranging in $200,000 to $500,000 or above, you can find them in San Antonio Texas. There are numerous San Antonio condominiums you can choose from, depending on the size and location. They can be customized and comes with many amenities like fitness center, business center, and air conditioned parking facilities.

Some of the reason why many people are attracted to San Antonio area is the nice weather and low cost of living compared with other large cities. The average cost of housing is 30 percent lower than national average. Many peaceful neighborhoods and good school systems make San Antonio condominiums even more popular.

San Antonio is Texas's second largest city and seventh largest city in the united states with population of 1.3 million people. It is one of the fastest growing city in the country in population growth.

There are many attractions in San Antonio. If your visiting San Antonio, the famous Alamo and River Walks are definitely places to visit. Some other local major attractions include Seaworld, Six Flags Theme Park, and Marion Koogler McNay Art Museum.

Even though it has an affordable housing market, like the rest of the country the prices of San Antonio condominiums have declined in value in the past few years, which opens up window of opportunity for home buyers. With diverse culture and low cost of living compared with other large cities, it makes sense to raise your family here.

Now is the time to purchase or invest in a San Antonio condominiums, before the housing market recovers in the southwest US. The best option for hand free enjoyable living without the headaches for repairing or maintaining your property.

About the Author:

If your thinking about purchasing San Antonio condominiums, please review San Antonio Condominiums, and San Antonio Condominiums

Learn Where Your Money Goes By Budgeting

By Steve Collins

Does it seem like money just evaporates as soon as you get it? On Monday you stuck a couple of twenties in your wallet and by Thursday all you have is some loose change. For a lot of folks, if you have it, you will spend it. Cash seems to slip out of your hands, whether it is spent on a Cappuccino or a magazine at the news stand.

With a few budgeting basics, however, you can be educated to track all of your spending and make sure your money goes only where you intend, and not on needless luxuries. A solid understanding of budgeting basics allows you to determine where your money needs to be directed and where cuts should be made. Creating a budget is not that difficult; but it does require a little time and organization. It is fairly simple to grasp the basics of budgeting.

To create a budget, you must first have some records of your spending. You should put together your financial records, including your checkbook records, store receipts and credit card statements which track where your money is being spent. Ideally, you should try to get an idea of how much you have spent in a number of different categories over the last six months. sturdy budgeting calls for a chart consisting of categories that detail your spending habits. Transportation, medical bills, food, entertainment, school and housing are just a few of the categories.

Reach as far back into your financial records as possible, in order to get a more accurate picture of your spending habits and budgeting needs. You will be amazed at the amount of money you spend on luxuries. If you are inclined to drop five dollars here and three dollars there without thinking, it is a surprise to see how much money slips away over a short period of time.

Budgeting basics, once appreciated, are skills you should use all your life, because your budget is in constant flux. If you stick to it, you will not have to wonder where all your money goes.

About the Author:

Steve Collins is a writer and journalist. In these trying times, he knows the importance of obtaining effective Credit Card Debt Settlement if necessary. Read his article about Credit Card Debt Settlement here.

Consumer Views on Retirement Planning Programs that Work

By Michael Geoffrey

With so many different programs that help plan for the financial future, it is difficult to make sure the one you use is the most accurate. By carefully reading retirement planning software reviews you should be able to separate the wheat from the chafe and find the one program that is easy to use, easy to understand and is capable to perform all the functions you need it to calculate.

Many of the available retirement planning software reviews offer opinions for individual as well as professional use and it needs to be looked at carefully to make sure the features needed are included in the package you choose.

Software that is made for personal use is usually not as extensive. A financial planner will need more options available in the software he uses. Therefore the software designed for the professional advisor may have some features that are not available in the programs made for individuals.

You have to decide what you need before you proceed to download software. It may be that some of options on the professional software are desirable. But usually you will have to pay for software that includes a lot of extras.

What Can You Get For Free

It may sound great to get free software. However, sometimes you pay in the long run because the software doesn't do what you need it to do or it is difficult to understand. If you input the information and the software performs its calculations but you don't understand the information it spits back out at you then the free software was of no benefit to you. Consumer reviews will show you a lot.

Since software for financial advisors will most likely be purchased by experts most of the reviews and opinions written about it will be written by those experts. That means some of the terminology or explanations may be a bit over the average person's head. The reviews you do understand may be those written for the programs made for personal use and some of those reviews may come from the manufacturer.

The manufacturer may be able to give you information about the features of the software. But they will not give you an objective opinion on how user friendly or how helpful the software really is. You will have to seek the outside opinion of other users to get an unbiased opinion.

About the Author:

Are you tired of buying financial guides that make great promises but just don't deliver on those promises? We offer unbiased reviews of many different products in the debt, credit, investing and real estate markets, to name a few. Visit http://www.financeproductevaluations.com to take a look at our latest reviews, such as our current top pick Debt Free In 3.

Bad Credit Home Loans

By Gordon McKormick

Many consumers are afraid that due to their bad credit they won't be able to get or qualify for a home loan. Luckily for you there is no absolute answer to this question. Sometimes your situation might be bad enough that you can't get one but in almost every case you have a chance.

How can you get a loan if you have bad credit? You have a bunch of different ways to go about it but here are a few good steps.

To begin with you should go and get your credit history. If you are trying to use a mortgage broker then you can ask them for a credit history. Using a broker will save you money because you can get the report for free.

When you get your credit history go through it and make sure that it is accurate. It is not uncommon for there to be several different errors in a credit report. Luckily in order to fix them you just write the different credit bureaus and they will fix it. Sometimes it takes a month or two but they will get it fixed.

Now that you know what your credit situation is you can go about applying for different types of loans. If you are new to home buying you will want to try out the FHA program first.

FHA loans are subsidized by the government for first time home buyers. The great advantage to a FHA loan is that your rate is cheap and your down payment is low.

When you get denied for a FHA loan you then have to apply for other loans. Call your bank and ask if they offer high interest home loans. If conditions are right they may be more then happy or not happy at all. But you have that option. If they cant help you then talk to your mortgage broker who would qualify you.

The safest option but also the hardest is to just save up and put a lot of money down on the house. If you put 20% or more down on your house you will save a lot and it will be easy to get approved.

About the Author:

Gordon creates lessons on mortgage loans with bad credit and otherhome loans bad credit.