Home Equity
RESPs — How will your Child Escape Student Loans?
Posted by Brad Speniel | May 23, 2015 at 8:50 am
ESTIMATED READING TIME: 2 minutes
Since it’s back to school month, I thought it would be timely to talk about your kid’s college fund and student loans. According to MoneySense magazine, experts forecast that the cost of a four-year university education in Canada, including tuition and accommodation, will run upwards of $100,000 by the time today’s toddlers graduate from high school.
But if you start planning while your kids are young, the costs of education can be affordable. Plus, you’ll save them from being burdened with thousands of dollars in student loan debt! Here are some ways to start.
Understanding Collateral versus Standard Charge Mortgages
Posted by Brad Speniel | May 23, 2015 at 8:14 am
ESTIMATED READING TIME: 4 minutes
More lenders are moving to collateral charge mortgages so it’s becoming increasingly important to understand the differences between a collateral and standard charge mortgage. TD Bank announced in 2010 that all new mortgages will be a collateral charge mortgage. ING made the same announcement at the end of 2011 and it is expected that other lenders may follow. Collateral charge mortgages are now the only option with TD and ING. Standard charge mortgages are offered by the majority of all other lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. You choose the option that best meets your needs. So what’s the difference, and which is better for you?
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Save for Retirement by Pulling Debt Together with your Mortgage
Posted by Brad Speniel | May 22, 2015 at 6:51 pm
ESTIMATED READING TIME: 2 minutes
Many Canadians are facing the financial pressures of trying to save for retirement, but with perhaps too much debt and a tight monthly cash flow, it can seem impossible. Luckily with the right plan in place, it is possible to simplify your debt, reduce your interest costs and save for retirement without earning more or cutting your spending budget.
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