5 Reasons Refinancing Your Equity For An Investment Property Can Be Smart?
February 29, 2008
Investment properties can save you money, create instant equity, and get someone else to make your house payment for you (while saving money on taxes and possibly building a steady stream of extra income)?
I know real estate investing may sound like a pipe dream, but owning a rental property is reality to an increasing number of people.
Here’s what I mean.
Need to unlock your home's equity - but have a few questions? Why not consider a free private email consultation with me, Darrin Roseborsky? There's no obligation or commitments to worry about. Just helpful answers to your questions. Use the short form in the top-right corner to get started. And in a few minutes, you'll have the answers to all of your questions.
This Weeks Q & A: Minimal Equity To Work With
February 28, 2008
Question: ”I’ve only had my property for a short time and have a large debt owing due to bad personal decisions. Would I still be able to get help from you to consolidate other debt? Banks have not been helpful.”
Answer: - Hi. If you purchased your home at a below market price or are located in an area that properties are increasing in value quickly (right now there are areas in Canada that property values are increasing up to 30%/year) you may have hidden equity that you don’t even know about. With a thorough evaluation of your situation and a proper evaluation of your home, we may be able to find the equity to successfully consolidate your debt.
All The Best
Darrin Roseborsky
Why Getting A Handle On Your Credit Debt Can Be Like Working On A Chain Gang
February 26, 2008
Years ago, prison inmates would be chained together and put to work performing manual labor – such as breaking up rocks, picking up litter, or working on road crews.
In order to work effectively and efficiently without falling they had to work in concert with one another. In other words, it took a good strategy if they were to accomplish their goals.
Today, chain gangs are long gone in most places, but their legacy remains as millions are chained to runaway consumer debt.
With each passing month they realize that they’re sinking further and further into a cycle of despair, being pulled along by credit debt because they have no plans for addressing the issues that got them there in the first place.
And easy minimum monthly payments are neither easy nor minimal.
There is hope. You can apply the brakes and regain control of your life. The first thing you have to do is recognize you have a debt ratio problem. You either have too much debt, too little income, or a combination of the two.
Home Refinance: Three Steps Back – Two Steps Forward?
February 25, 2008
Have you ever lost something and spent all day hunting for it only to find it hours later right where you left it? The decision about whether or not to refinance your home is sometimes like that – painfully obvious – to everyone else but you.
Today I’m going to go over some of these situations and clear up any confusion you might have about when to refinance.
YOU SHOULDN’T even consider refinancing your mortgage if:
How To Avoid Paying “Garbage Fees” With Your Mortgage Broker!
February 23, 2008
There are hundreds of websites and mortgage consultants offering cheap refinancing and home equity loans, but sometimes when you dig into the numbers you may discover what I like to call “garbage fees” propping up.
Some residential mortgage brokers can get really creative with their fees. Here are just a few I’ve seen:
Will The Bank Of Canada Cut Interest Rates Soon?
February 21, 2008
Unlike the United States, our inflation rate is under control so in order to try to insulate the Canadian economy from some of the economic problems facing the U.S. and Europe, the Bank of Canada may be dropping interest rates by about half a percentage point (50 basis points).
That’s great news for anyone considering a home refinance loan and the smart money says you should grab the ball and run with the savings.
Take a look at this informative Reuters article about how you can capitalize on the looming interest rate cut and save some serious money.
Credit Conscious? Can You Conquer Our Six Question Quiz?
February 20, 2008
Do you consider yourself to be credit savvy? Can you answer just about any question someone can ask you about your credit report? Take our six question true/false quiz and find out where you stand.
1. Nobody can obtain my credit report without my consent. True or False
2. A high RSP balance can positively impact your credit score. True or False
3. Social Insurance and bank account fraud are the most common forms of identity theft. True or False
4. Your credit score measures all of your loan payoff balances. True or False
5. It’s important for you to closely monitor your credit report for inaccuracies. True or False
6. Disputing an account that isn’t yours with the major credit reporting agencies is enough to get that item removed from your credit report. True or False
Okay, now to find out how you did
Is Now the Perfect Time to Refinance?
February 19, 2008
When you were a kid, did you ever go out into the garden wanting to pick some fresh roses for your mother? Because you wanted to show her how much you loved her you wanted to be sure they were perfect, but it was hard to tell when the timing was just right.
The trick was to catch them when they were absolutely pristine – when they couldn’t possibly get any more beautiful, but before they started to deteriorate.
For a 12 year-old kid, that’s a tall order. Knowing when to refinance can be just as challenging. The obvious difference is your mother looked on your heart and your intent was enough to earn you a huge hug. If you don’t time your home refinance loan just right you either pay too much – or save too little.
30 year mortgage rates have dropped between a quarter and a half point in the last few weeks. Whether you should choose to jump on the refinance bandwagon now or wait just a little longer depends on which direction you think the economy is headed – and the long-term impact you think the sub-prime mortgage mess is going to have on the housing market.
Let me explain.
Credit Card Protection Plans: Smart Money Or Money in the Wind?
February 17, 2008
After a hard day’s work, you sit down to the dinner table looking forward to a nice, relaxing meal with those you love, and the inevitable happens: your telephone rings.
It’s your credit card company and it’s imperative that they speak with you right now. Your heart stops, immediately fearful of identity theft or unauthorized charges. Instead of a problem, the representative from your credit card company launches into a sales pitch for a credit protection plan. So what are they – and do you need them?
Credit protection plans come in all shapes and sizes, but they are basically a form of insurance packaged and promoted as a way for you to protect your credit score and your pocketbook if certain things take place.
While every credit protection plan is different, most are designed for credit card accounts and small un-collateralized consumer loans. These credit protection plans claim that they will step in and make your minimum monthly payment if certain calamities befall you.
7 Ways to Renegotiate Your Mortgage Terms When You Can’t Pay
February 15, 2008
If your mortgage due date comes and goes and you’re unable to make your mortgage payment due to a job loss or another situation beyond your control, don’t pretend there isn’t a problem by ignoring it.
Pick up the phone and call your lender because they can probably help protect your credit and keep you in your home.
