Stephen Harper Says Flawed U.S. Policies Cause of Woes; Canada in Better Shape

Prime Minister Stephen Harper believes that poor policymaking decisions in the U.S. are the root cause of American financial woes and that Canada is in considerably better condition.  He went on to say that he doesn’t see serious potential for similar problems in Canada.  That’s the main thrust of an article on this article in Bloomberg.com. Read the article yourself by following this link http://www.bloomberg.com/apps/news?pid=20601082&sid=akX5_CUZ1tig&refer=canada

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.

Credit Protection Insurance Easy Money for Credit Card Company; Waste of Money for You?

Credit protection insurance has seen a resurgence in popularity in recent months as more and more Canadians begin worrying about their economic stability. I stand by my contention that in most cases it’s an overpriced waste of money and should be avoided. In case you’re not familiar with what it is, I’ll give you Read more

Q & A With Darrin: Can I Refinance With Only 3 Months On The Job?

Hi Darrin,
Six months ago I got a pink slip from my boss. After four years, my position has been eliminated. I’ve since taken a new job in the same industry (I’ve done the same job for 17 years) for even more money – so I’m better off, right? Here’s my problem: I need to refinance my mortgage loan. I’ve got great credit, my debt to income ratio is very low, and I’m ready to move forward. Will I be able to get a loan since I’ve only been on the job for three months?
Thanks,
Dustin

Hi Dustin,
That’s a great question. With the ever-changing job market, Canadians do change jobs more often than they might like – many times through no fault of their own. When that happens, it does affect your ability to get a loan, but in your case, you’ve got a lot of stability. You’ve worked in the same industry for 17 years and your credit and debt to income ratios look good. You shouldn’t have any trouble getting a good loan with great terms. That should help you reach your financial goals. All the best!
Darrin Roseborsky

4 Steps to Surviving Financial Storms

Anyone with a pulse and access to a TV, newspaper, or the Web is aware of the deepening financial crisis in the U.S. The question is, will this crisis spread to Canada and affect your ability to refinance or the interest rate you’ll pay?

You’ve seen the American financial system collapse like dominos and the efforts the American government is taking to nip this problem is nothing less than staggering: So far, a bailout package of nearly a trillion dollars. If you’re considering a refinance loan, this might be the time to act.
Read more

Five Hallmarks of a Great Mortgage Broker

You have all your ducks in a row. You’ve carefully analyzed your financial situation and you’ve determined you’re ready to take on a refinance loan.  Your credit score is a known commodity to you and your credit report looks good. To ensure that you’re ready to refinance your existing home, you’ve examined all entries on your credit report and made sure that the story your credit report tells is compelling and accurate. Read more

Never too Early to Teach Your Kids About Evils of Credit Cards

As parents, we teach our kids from an early age to look both ways before they cross the street, to avoid sexual predators, and to obey traffic laws.

But when it comes to credit cards and debt issues we basically adopt a hands off policy and send them on their way.  It’s no wonder the average college student gets their first credit card within weeks of arriving on campus.  They use their new cards for any number of truly urgent “educational” expenses – pizza, beer, and entertainment.

Instead of leaving them to their own devices you should be as proactive about teaching them about credit as you are anything that can hurt them.  Credit mistakes can take years to recover from, and bad habits established at university can establish a disturbing pattern of overspending and splurging that can follow them for the rest of their lives.

I think you should begin educating your kids before credit is an issue because if they have a clear idea of how credit card companies work and what the true cost of carrying plastic debt is, they might be more inclined to take a pass on the offers of easy credit in lieu of saving for the things they want.

There’s something else you can do: Lead by example.  Cut your own credit cards in half and live your life on a cash or savings basis for non-essential items.  You’ll have more money and you won’t have to squirm when your kids give you a funny look for having the attitude “Do as I say, not as I do.”

Make sense?

Consolidating Debt When a Marriage Splits

If you’re going through a divorce you may have a desire to tap into your home’s equity in order to consolidate bills and finance your transition from married life to living single.  However, if your soon to be ex- is one of the owners you’re going to have to find another way. Read more

Q&A With Darrin: Can I Refinance During Bankruptcy?

Q. — I recently filed for bankruptcy protection. Is there any way I can refinance my first mortgage even though my bankruptcy has not yet been discharged? I have about $30,000 in miscellaneous debt that I need to consolidate and I’m at my wit’s end.
A. — Unfortunately, your bankruptcy needs to have been discharged for a minimum of two years before you’ll be able locate a lender willing to work with you.  In addition, you also need to make strides at reestablishing credit and have no missed or late payments for a minimum of 12 months.

A major key to reestablishing credit after a bankruptcy filing is to utilize some form of credit as soon as possible. While your bankruptcy will stay on your credit file for up to seven years, it is possible for you to qualify for an “A” rate mortgage after two years of consistent, on-time payments to all of your creditors.

One of the biggest challenges you face after filing for bankruptcy protection is that you want to establish new credit without digging yourself into a new hole. It’s important for you to do a thorough self-examination and determine what your weaknesses are. If you consistently find yourself unable to control your spending, reestablishing credit by obtaining a wallet full of credit cards isn’t the way to go. Otherwise, you simply run the risk of repeating history and finding yourself in the same financial position in a few years.

If you can’t trust yourself to avoid repeating history, it might be better to avoid using unsecured credit cards or other instruments of debt that can kill your financial future. A wise man once said, “He who fails to learn from the mistakes of his past is resigned to repeat them in the future.”

I recommend you take this time to work on your credit and examine ways that you can prevent repeating some of the mistakes of your past. We all make mistakes — and I make more than my share of them (just ask my wife!) — but the key to growth, especially when dealing with finances, is to learn from those mistakes and promise yourself that you’ll make smarter financial decisions in the future.

It can be difficult overcoming financial problems, but budgeting and setting limits for yourself can dramatically increase your odds of reaching your financial destination and having more money in your pocket when you get there.

Refinancing: It’s All About YOU!

Did you know that nearly half of all Canadians don’t even shop around for a decent rate when they’re refinancing their existing mortgage loan? Read more

Demystifying Mortgage Broker Lingo

Refinancing can be an exciting time because you can be looking forward to lower payments and lower interest rates, and sometimes – if you’re using loan proceeds to pay off other debts – a chance to take control of your spending. However, when you refinance you’re going to be exposed to some terms you may not be as familiar with. Read more