#First mortgage with bad credit Ottawa

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Unlike in high school, you don't have to get into trouble first before needing a credit counselling in Ottawa. A credit counselor should do more than just provide advice as they are focused on helping you attain a state of financial independence.

According to financial management firm Doyle Salewski Inc., a credit counseling or debt counseling is a program you need to go through if you aim to settle your debts while still securing your finances. They generally help with free budgeting, credit report reviews, financial decision-making, and more.

Why do you need credit counseling now:

1. You're always waiting for the next paycheck.

Solely relying on your paycheck and credit card in order to survive isn’t advisable. This is because people who live from paycheck to paycheck barely have anything to set aside for their savings and emergency funds.

Bad things can happen anytime, and you don't want to be helpless when that moment comes. Think about what happens when you suddenly lose your job. This is exactly the reason why every person needs to have an emergency fund. If you're not sure how or where to start, a credit counselor could be of great help.

2. You often make late credit card payments.

Missing a credit card payment would most likely hurt your credit score. This would threaten to stop you from accessing more credits from your credit card company, even affecting your mortgage in the future. You'll need debt management help as this is an obvious sign of poor budgeting on your part.

3. You're unaware of your current credit status or credit score.

If you find yourself not being able to answer your current credit score, this is a pointer that you need credit counseling. An ignorance in your credit score means you're not keeping an eye on your finances. Which further proves the lack of a budget plan.

This is extremely detrimental to your financial health, assuming you're not making enough money to pay your credit card debts. You need to check your credit score by requesting a credit card report from results-driven credit counseling services.

4. How much is your credit debt?

Everyone has a habit of avoiding problems that seem too tough to resolve. In order to pay off credit card debt, you must be aware of the total amount you need to pay off. A thorough credit card debt counselling should easily determine how much you owe.  

5. You're admittedly dependent on cash advance.

Although there's nothing wrong with getting cash advances, depending on them to make ends meet is a bad sign. Instead of solely depending on cash advances for survival, you must sit down with your counselor and come up with a long-term plan that would help you live comfortably.

6. You avoid bedtime money talks with your partner.

Deceiving or lying to your partner is undoubtedly one of the gravest mistakes you'll make as a human being. This is because your partner has always been the first person you run to when the going gets tough.

Although this is a personal matter, you can rest assured that your credit counselor can make things better. When you talk to an impartial third party, you'll be able to figure out a better strategy to fix the problem. Be sure to do a bit of research and ask for recommended debt management companies from your family or friends.

A credit counselling in Ottawa is guaranteed to be of great help for anyone who thinks they're drowning in credit card debts. You might think that resolving this on your own can save you a lot more time and money, but that's not always the case.

A proper debt management program will help you pay off your debt quicker. They can also help you negotiate a reduction in the interest rate as well as extend the payment period, making the process a lot easier on your part.

[profbruce]

How to save money?

Here’re a few tips on how to save money from the Financial Diet, https://youtu.be/G6l5GWYE9fQ:

1.       cash cleanse—pay only using cash (wherever you can)

2.       BUY IN BULK and use coupons/take advantage of deals

3.       treat yourself occasionally but don’t overspend due to stress, excitement or sadness

4.       rack up points but only if you can pay off your credit cards every month

5.       take advantage of loyalty cards

6.       rethink your commute—mainly cars—live with one less car or take public transit

7.       use an app like gas buddy to find cheaper petrol

8.       organize a carpool

9.       take the second-hand challenge—get half your furniture, flatware and other stuff like appliances 2nd hand 😊

10.   enroll in rewards and loyalty programs

11.   buy less stuff

12.   get cash back credit cards

13.   link your credit cards to your checking account so you can’t spend more than you have in your account

14.   use gift cards that you buy at a discount and use them to reward yourself for reaching your saving goal—this is your release valve!

Chelsea, the Financial Diet

Brucie’s q-ways to save?

a)       freeze your credit cards in a bowl of water—it’ll take many hours to unfreeze during which you think better of spending on useless stuff you don’t need

b)      if you buy something, you only do so by first removing something from your house or apartment (this courtesy of Jennifer Schweers)

c)       get a roommate to share rent or help you pay your mortgage

d)      buy a smaller house or rent a smaller apartment or buy a bigger home (with, say, a basement apartment) or rent a bigger apartment but get tenants, roommates or subtenants to help pay the mortgage or rent

e)      put an extra room on Airbnb or Vrbo (this is not strictly saving money—it’s making more 😊)

f)        cancel cable TV

g)       get rid of landlines or get a Magic Jack phone (about $2.50 a month)

h)      buy a house or condo—every month you pay off your mortgage, you are paying off part of the principal owing to the lender—it’s a form of forced savings

i)        form a family savings plan or a circle of friends’ savings plan—where you match each other’s monthly savings and no one can spend without the approval of 2/3 of the group

j)        form a trust of two people whereby you control via a trust the savings of another person and vice versa

k)       have a set amount set aside from each paycheck or bonus (10% is good)

l)        create a monthly budget and track your expenses and revenues

m)    save your loose change

n)      eat-in, cook more, go out less, drink less too

o)      use term insurance instead of life insurance

p)      create a personal balance sheet showing all your assets and liabilities—get rid of bad forms of debt (like credit cards) and focus on good debt (secured debt like mortgages)

q)      create both a NEWPIN, new era financial plan for yourself and your family

Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD

Real Estate Investment and Business coach

Century 21 Explorer Realty Inc broker

Ottawa Senators founder

1-613-762-8884

bruce@brucemfirestone.com

twitter.com/ProfBruce

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brucemfirestone.com

MAKING IMPOSSIBLE POSSIBLE

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FEHAJ, FOR EVERY HOME A JOB

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Scrap The Mortgage Stress Test: Yay Or Nay?

TorontoRealtyBlog

We briefly discussed this two weeks ago when I posted my angry rant about the Liberal government’s attempt to buy votes in the coming election.

One thing the government could do, to make housing more affordable, is eliminate, or alter, the mortgage stress test that was brought into effect in 2017.

Many of the readers suggested the mere presence of the test itself is useless, unnecessary, and/or unfair.

Others suggested that it’s a fantastic idea, especially in a climate of rising debt levels, and some went on to talk about abolishing the CMHC, which always comes up when we talk about anything debt-related.

There is so much to talk about today, I almost don’t know where to start.  I’m going to share four articles with you, chronologically, which explain where this is all going, and where the “yay” and “nay” sides stand.

First, for those that don’t know – what is the mortgage stress test?

It’s an initiative from the Bank of Canada to promote financial responsibility among mortgage borrowers, effectively ensuring that all borrowers can afford higher payments at some point down the line.  It’s a real-life “what-if” scenario being used in the qualification process.

The “test” portion of the term essentially comes from the fact that borrowers are all being tested against rates are 2% higher than prevailing rates, to see if they’d pass.

So if a 5-year, fixed rate mortgage is currently 3.29%, the Bank of Canada wants that borrower to be able to afford the same mortgage at 5.29%.  The BOC wants the borrower to qualify, “pass the test,” and ultimately be safe in an environment of rising rates.

An optimist would argue that being financially responsible is never a bad thing, and since the government protects us from ourselves all the time, by making it illegal not to wear seat-belts in cars, they’re protecting us from ourselves when it comes to home-buying by ensuring we can afford to pay our mortgages if and when rates rise.

A pessimist would argue that it’s not up to the government to address how or when we save for the proverbial rainy-day, and that the stress test has the greatest impact on those who are already clinging to the bottom rung of the housing market.  Foreign buyers, cash buyers, and high-end buyers are all unaffected.

In the end, I’m sure the votes will be split 50/50 on this one.  My personal opinion is that a 1% stress test would bridge the gap between two arguments, both with merit.

Two weeks ago, this article appeared in the National Post:

“Canada Considers Applying Mortgage Tress Test Rules To Private Lenders, Sources Say”

From the article:

Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said.

Officials from the country’s finance ministry, financial regulator, central bank and federal housing agency have discussed whether the private lenders’ expansion over the past year poses a threat to economic stability, said the sources, who declined to be named because the talks are confidential.

Private lenders, usually groups of wealthy individuals, currently account for around one-tenth of Canada’s $1.5 trillion mortgage market, according to economists, and are still dwarfed by banks but their growth has accelerated since rules introduced by the country’s financial regulator last year made it harder for banks to grant loans.

There’s a few things to discuss here.

First, most of the alternative lenders are already using their own version of the stress test.  They have higher rates, say, 4.79%, and they’re qualifying borrowers at 6.79%.  Equitable Trust and Home Trust are two examples of where this stress test is already in effect.  Granted, the alternative lenders use different qualification measures, ie. when it comes to commission-based income, stated income, etc.

Second, the credit unions are provincially regulated, not federally regulated, so perhaps this article and these “sources” are aimed at credit unions.

Lastly, the idea that the government can regulate how private individuals lend their money is ridiculous.  If the owner of a $2,000,000 house, with no debt, wants to borrow $100,000, but has no job, and no income, would that home-owner have to qualify based on a mortgage stress test?  We can debate the merits of this, and the Libertarians will probably end up on the other side of the argument of the folks who work at banks, and have their hands tied.

Earlier this week, the following article appeared in the Financial Post:

“More Debt Not The Answer: Watchdog Says Contentious Mortgage Stress Test Is Safety Buffer For Banks And Borrowers”

The sub-heading reads: “answer to the rising cost of housing cannot be more debt,” and that seems like a very reasonable conclusion.

But that won’t stop those who no longer qualify for mortgages from crying foul, and as we know, the cries are getting louder and louder.

From the article:

A federal banking regulator defended on Tuesday a stress test for uninsured mortgages that has been criticized for making it harder than it should be for some Canadians to own a home.

“The stress test is, quite simply, a safety buffer that ensures a borrower doesn’t stretch their borrowing capacity to its maximum, and leave no room to absorb unforeseen events,” said Carolyn Rogers, assistant superintendent at the Office of the Superintendent of Financial Institutions.

“This is simply prudent. It’s prudent for the bank and it’s prudent for the borrower.”

Later in the article, we see how politics is going play a role, whether simply as a measure to buy votes, or in terms of actual change:

“The government, through the stress test, changes to the mortgage rules, carbon taxes and higher daily costs of living, is suppressing the ability of people to meet the day-to-day needs and pay for their needs,” said Conservative MP Tom Kmiec in a speech in the House of Commons on Jan. 31.

The Mortgage Professionals of Canada also chimed in, with a quote that will surprise nobody:

“Our report illustrates that a more reasonable stress test level and lending restriction reforms are now needed to strike a better balance for borrowers and policymakers, improving housing affordability and Canada’s economy,” said Paul Taylor, president and CEO of the group, in a release.

And the day after this article was posted, the good ‘ole Toronto Real Estate Board, yes, everybody’s favourite, put their two cents into the bucket.

This article by the Canadian Press was picked up in multiple news outlets:

“Toronto Real Estate Board Calls On Ottawa To Revisit Mortgage Stress Test”

No kidding?

TREB is on the “nay” side of the stress test?

Well I’ll be damned!

And here I thought they were so busy agreeing to share sold data with their membership-paying agents who want to give better customer service to their clients, that they wouldn’t have time to back a horse in this particular race.

From the article:

Canada’s largest real estate board is calling on Ottawa to revisit whether a stricter mortgage stress test introduced last year is still needed, arguing that the policy has negatively impacted the economy and Toronto’s once red-hot housing market.

“While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today’s homebuyers are being stress tested against rates that are realistic,” said John DiMichele, chief executive of the Toronto Real Estate Board (TREB) in a statement Wednesday.

“Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues every year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy.”

I will give John DiMichele credit for that one point – that rates might not be “realistic.”

I was the one who predicted at the start of 2019 that despite rumours of interest rate increases, not only did I think rates would fail to be increased, but that I think rates will decrease.  So is a 5.79% interest rate realistic?  We’re looking at a five year horizon, so it’s unreasonable to say “Not a chance.”  But do I think we will see a 5-year, fixed rate mortgage of 5.79% in the next five years?  No.  I don’t.

Having said that, it looks suspect when the CEO of a real estate board comments on public policy that currently makes buying real estate less affordable.  I don’t know why TREB even bothered.

But that’s what TREB does, right?

When they’re not busy making optimistic predictions about the real estate market, case in point…

“Toronto Area Home Prices Predicted To Rise 4 Per Cent This Year”

I love headlines like this.

Predicted?

Who predicted?

Oh.  A bunch of real estate agents.

And last but not least, I give you today’s article in the Globe & Mail:

“Why Ottawa Must Rethink The Stress Test On Mortgage Switches”

At first glance, seeing that this article is by Rob McLister, who is the founder of Ratespy.com, and works in the mortgage industry, you might think the article is biased.  I probably wouldn’t blame you.

But Mr. McLister is arguing a different point, that of mortgage renewals, and how the stress test applies to borrowers looking to renew a mortgage, but not to those who are renewing with a new lender.

This ends up “trapping” buyers with their existing lender, and who thinks that less choice in a free market is a good thing?

From the article:

The stress test, which requires federally regulated lenders to confirm you can afford a rate that’s at least two percentage points higher, does not apply if you simply renew your mortgage with your existing lender.

As a result, lenders industry-wide have enjoyed watching their customer retention rates climb. Last October, OSFI reported that renewals surged an unusual 30 per cent as of midyear while new mortgages were down 19 per cent.

As many as 100,000 renewers every year may be at risk of not passing the stress test, based on estimates from Mortgage Professionals Canada. And when a lender suspects you can’t qualify elsewhere, it has little incentive to offer you excellent renewal rates.

Worse yet, renewers who flunk the new stress test have no ability to switch to a lender with more favourable terms (such as lower penalties or more flexible refinance privileges). Better terms often save borrowers one to three times more than even a quarter-point interest rate difference.

“A stress test when switching lenders is purely anti-consumer,” says Ron Butler, a 23-year mortgage veteran of Butler Mortgage. “It’s an abuse of Canadian mortgage holders who deserve to shop for a better rate.”

Later in the article under the heading, “A Flaw In Logic” we read:

Renewing borrowers have already been stress tested. And they’ve already proven they can make all their mortgage payments on time. Exempting the current lender from the stress test, but not a competing lender (the one with the better rate and terms), is virtually nonsensical.

The renewing lender generally doesn’t re-underwrite the mortgage. So, it has less insight into how likely the customer is to pay going forward, versus a brand-new lender that fully reviews the borrower’s income, employment, credit report, property and other expenses.

“The borrower [who renews elsewhere] will be far better underwritten than at the incumbent lender who just fired off a renewal offer after checking for arrears,” Mr. Butler states.

You have to admit, this is a lot of attention on the stress test just in the past week, and I do think that changes are coming, like it or not.

We have a federal election this year, and as we have learned in every election in recent memory, it’s not about who you are as a party, it’s about what you can promise people – whether you follow through, or not.

I suspect both the Liberals and Conservatives will promise to make housing more affordable, and reducing the mortgage stress test is the low-hanging fruit…

The post Scrap The Mortgage Stress Test: Yay Or Nay? appeared first on Toronto Realty Blog.

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[mikemortgage]

Scheer thinks Trudeau is vulnerable on debt and taxes. Here’s why the opposition leader might be wrong

Andrew Scheer keeps saying that a vote for Justin Trudeau this autumn will be a vote for higher taxes.

That’s a reasonable deduction. The budget deficit has increased to about $20 billion from zero in 2015, so the debt is growing. That’s bad, according to most economics textbooks. Government borrowing puts upward pressure on interest rates, and it crowds out private capital because investors prefer risk-free government bonds to risky bets on entrepreneurs. The situation can’t be allowed to persist, and since Trudeau appears allergic to spending cuts, debt dynamics will force him to raise taxes.

“Higher deficits today mean higher taxes tomorrow,” Pierre Poilievre, the Opposition finance critic, wrote in a column for the Toronto Sun at the end of November. Economics 101, albeit with a partisan twist.

But what if the textbooks need updating?

Canada's economic Achilles heel: A mountain of household debt

Ottawa's annual spending breaches $300B for first time, pushing up Canada’s debt ratio

Kevin Carmichael: There's just one solution to ridding Canada of its distant-horizon deficit

As the federal Conservatives seek policy inspiration in their old university notebooks, the economics profession is asking whether public debt matters, at least to the extent that it thought it did.

Last month, Olivier Blanchard, the former International Monetary Fund chief economist, stole the show at the American Economic Association’s annual meeting by arguing the rule that public debt means higher taxes probably is wrong; as long as nominal gross domestic product exceeds the “safe rate,” or the interest rate at which governments borrow, there is no obvious economic reason to raise taxes, according to his research.

Blanchard, who now is a professor emeritus at Massachusetts Institute of Technology and a senior fellow at the Peterson Institute for International Economics, presented a paper that shows such a relationship tends to be the norm in major developed economies; therefore, a country such as the U.S. could reduce its debt burden simply by rolling over existing bonds because nominal growth will exceed the interest rate.  

“In a way, there is no fiscal cost,” Blanchard said in a lecture on Jan. 4. “We can discuss the semantics, but you can see what I have in mind: You don’t need to raise taxes to finance the additional debt.”

The Trudeau government has been applying a variation of this theory since it decided to ditch its promise to run only small deficits for a few years. (The deficit is the equivalent of about one per cent of GDP, which is still pretty small by most standards.)

In Canada, nominal growth will average 3.9 per cent between 2018 and 2022, and the yield on the 10-year bond will average 2.9 per cent, according to the mean estimate of the 14 outside economists who advised Finance on the fall economic update. The debt is on track to shrink as a share of GDP, which matters more than the absolute level. No tax increases required.

Nevertheless, Scheer appears to think that Trudeau is vulnerable on debt and taxes. On Jan. 29, the Opposition forced the Liberals to defeat a motion that called on the government to promise that it wouldn’t raise taxes in the future. It’s a tweak of Scheer’s pre-Christmas assault, which focused simply on the deficit. As you evaluate the new critique, keep in mind that the theory on which it is based hasn’t really been updated for the post-crisis, low-interest-rate age in which we live.

For example, Jonathan Ostry, the Canadian economist who is the deputy director of the International Monetary Fund’s research department, showed in 2015 that countries that can borrow relatively cheaply are better off living with their debts than adopting austerity for austerity’s sake. 

In 2016, Stephen Poloz, the Bank of Canada governor, published a paper that suggests the Harper government’s decision to balance the budget contributed to the surge in household debt; a better policy mix would have allowed the central bank to raise interest rates, avoiding the credit bubble.

And last month, Jason Furman and Lawrence Summers, Harvard University economists who served in President Barack Obama’s administration, published an article in Foreign Affairs that calls on American politicians to get over their debt obsession.

“Textbook economic theory holds that high levels of government debt make it more expensive for companies to borrow,” they wrote. “But these days, interest rates are low, stock market prices are high relative to company earnings, and major companies hold large amounts of cash on their balance sheets. No one seriously argues that the cost of capital is holding back businesses from investing. Cutting the deficit, then, is unlikely to spur much private investment.”

That’s a lot of brainpower amassed against the Conservatives’ contention that Trudeau’s fiscal policy inevitably leads to higher taxes.

Still, Team Trudeau shouldn’t feel smug. Blanchard said his research shouldn’t be used as an excuse to pile on debt. And Furman and Summers raised an important political economy concern: the debt-to-GDP ratio that Trudeau favours might be the right gauge, but it’s nuanced, and “nuance doesn’t sell.”

To keep the fiscal prudes from winning the political argument, the former Obama economists advise American policymakers to match new spending with program cuts or extra revenue, except during recessions. “If something is truly worth doing, it should be worth paying for,” they wrote.

Dozens of countries use budget rules as a check on spending. Trudeau scrapped the one that Harper had put in place. If he wants to win the debt debate with Scheer, he may need to replace it. The prime minister has tossed too many promises to run on his word alone. And Olivier Blanchard’s new algebraic calculations — no matter how brilliant —  aren’t yet taught in school.

• Email: kcarmichael@nationalpost.com | Twitter: carmichaelkevin

from Financial Post http://bit.ly/2t6UYXm via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

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Home Mortgages: What You Should Know

How is mortgage defined? A mortgage can be a long-term loan that is certainly secured by the property. If you are in default of your loan, your residence will likely be repossessed from you. A home loan offers quite a bit that goes into it, so use the things here to train you what goes into the method.

Avoid borrowing the most amount of cash that is certainly offered. You happen to be best judge of the sum you is able to afford to borrow. The lender’s offer is located only in the numbers. Consider your way of life, your spending, your earnings and just how much you realistically have the ability to afford and yet are now living in relative comfort.

New rules under HARP could enable you to apply for a brand-new mortgage, no matter whether you owe greater than your existing residence is worth or not. Homeowners tried unsuccessfully to refinance, until this new program was introduced. This system can really help you when you qualify. It may lower your payments and improve your credit position.

When you are underwater on your home, keep trying to refinance. New programs (HARP) happen to be in place to help homeowners in this exact situation, regardless how imbalanced their mortgage and home value appears to be. Discuss the issue along with your lender, specifically asking the way the new HARP rules impact your circumstances. In the event you can’t assist this lender then search around for someone ready to take your small business http://www.youtube.com/watch?v=q9jTO5Oc-NQ

Just before submitting a software for a mortgage, prepare all documents that can be needed. Many lenders require these documents. You will certainly be asked for pay stubs, bank statements, tax statements and W2 forms.

Being organized can help this process move along smoother.

Be certain your credit track record is at good order before applying for a mortgage. Lenders look very closely at your credit report to guarantee themselves that you will be a great risk. Look into your report and immediately arrive at focus on cleaning it up if you want to so that you can get yourself a loan.

Never abandon hope right after a loan denial. Try another lender to apply to, instead. Every lender will have a definite barrier you should move through to get the loan. For this reason it’s always a smart idea to apply with a bunch of different lenders to get the things you wanted.

As being a first-time homebuyer, you may be entitled to government programs. There are often government programs that could lower your closing costs, help you find a cheaper-interest mortgage, as well as get a lender willing to work with you although you may have got a less-than-stellar credit rating and credit history.

Look into the full property tax valuation history for virtually any home you think of purchasing. Anticipating property taxes is essential. You might find the tax assessor values your property more than you would expect so you don’t need to have any unpleasant surprises.

While there are some bad apples in the lending pool, you’re now equipped to acknowledge them for what they may be. With such tips should create the process better. Keep these suggestions in mind while you trudge through the process of getting a home..

from Vegan Chamber Home Improvement http://www.veganchamber.org/ten-eye-catching-good-reasons-we-wont-aid-but-slide-in-really-enjoy-with-chip-reverse-mortgage-ottawa/

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I got a quote from Geico, which is the best I could find, on a car that I'm thinking about purchasing and financing. The car is a 1996 Mazda Miata with 80,000 miles on it. Geico gave me a quote for $882 for six months, thats $147 a month and $1764 a year. What the heck?! I'm 18 and don't understand why insurance is that expensive. I've never had a ticket or an accident. It also says that I need to get a deductible when the car is selling for $3995. Any advice?""

How much would insurance cost?

How much would insurance be if I bought a Mustang GT or GT Premium coupe with a 4.6L V8 and 260hp? I'm 15 and in driver's ed, one of the best in class, I make all A's in school, if that matters, and I'd prefer an estimate for liability and full coverage. By the way, I'm a good driver, I'm more concerned with driving smooth than driving fast. I want a Mustang GT because my friend has one and I love it. It would be a 2000-2004 model and I live in Alabama""

Why do Liberals want to be force to pay Health care Insurance?

why can't some people work harder and pay for their own health care insurance? There are some people who are driving without car insurance.... So I don't think there is such thing as affordable health insurance

Do I need to pay car insurance?

I recently fall behind payment on my car insurance, they said I need to pay the late payment plus the new payment for the new 6 months, how can I work it? I have no cash to cover all of it?""

Insurance question with truck vs sports car?

im 19 and only have a couple tickets on my record and hv never been in an accident and currently own a 2010 titan. i was wondering if anyone knows how much the difference would be if i sold the truck and got a car......ford mstang or a mitsubishi lancer evo or any car similiar to those. thanks

Motorbike insurance?

barclays motorbike insurance

Can you collect on a life insurance policy after suicide?

A friend just killed himself and I'm wondering if his wife will be able to collect o his poicy. I've heard the insurance copmpany can void a policy in the first 2 years. But he has had his policy longer than that.

Home Mortgage Insurance question?

Okay I need some info on mortgage insurance.i am currently living in my parents home which was built on their property, we don't live with my parents. My husband and I pay the mortgage, taxes, and the insurance. We are going to refinance everything into our name but in the mean time we are saving money for any down payments on the refinance(if any).Since we have not refinanced yet, what type of insurance do we buy, home owners or renters insurance?""

Whats the best motorcycle insurance in ottawa for an 18 year old?

Whats the best motorcycle insurance in ottawa for an 18 year old?

What does Enterprise car rental insurance cover?

We rented a car for a week and we got the basic coverage for our rental car. Yesterday we stopped at a crosswalk when we saw two people and were then hit full speed by a pickup truck. It totaled the rental car and thankfully were are ok. As we were sitting there it was told to us that a witness said there was no one at the crosswalk when it happened and the witness filled out a report. I know what I saw and it hurts that people would be so dishonest. By the end of it the officer said no citation would be issued. I think the police are going to say it was my fault for stopping to quickly. I think that's ridiculous but anyway. If I have the basic car rental insurance and they say its my fault, will the rental insurance cover all that? Thanks for any responses. I am still shaken up!""

Cheapest option I want to transfer my insurance from my old car which I prt exchanged for a newer car I just?

I want to transfer my insurance from my old car which I part exchanged for a newer car I just bought,but my Insurance company are asking me to pay about 40% more and requesting 40% ...show more""

I need a list of affordable cars that look like a sports car but aren't considered one by insurance?

Or just a list of sports cars that tend to have lower insurance.

How much insurance ratew for a lotus elise?

Okay lets see... I live in mass.worcester I'm 19 Never owned a car before Has 1 year driving experience with a clean record And the dealer is selling it for 12,999$""

How much would I pay for car insurance?

Im 19 and I was just wondering what would be a good estimate for how much I would pay for car insurance on like a normal sedan.

Insured car but driver not on insurance?

I have liability insurance on my car but the person driving my car was not on the insurance and they rearended someone .... what can happen and will the insurance company pay or am I responsible?

""I have taken out car insurance last month,i have found a cheaper insurance,i want to find out if i can cancel ?""

my previous insurance,i took it out on installments""

How much is insurance for an 18 year old?

Who lives in Kentucky and wants to find a car that's cheap but will get him around without breaking down. Know what I mean? He has $2,100 out of college money to help pay until January. Then he gets more o.o So what do you think? What should my friend do?""

Insurance on a used car verses a new car?

My dad says that if I buy a new car my insurance will double or even more than my insurance on my used car. Is that true?

What is going on car insurance ?

i had a crash over a year ago, my car insurance took it to court last week due to the other party not having any evidence or produce thier side of events etc. the Judge told them they had a week to comply and they should settle 80-20 in my favour but they still are playing hard ball by saying they think i know my witness, so they should have it 80-20 in their favour , of which i dont. so why are they still not showing their side of the crash etc, and dragging this out. also is this legal?""

What is the cheapest car insurance company for dr10 convicts ?

I have a dr10

So whats the best car insurance company for a teenager?

Im a 17 year old boy and I just got my driver's license in maryland yay!!! only problem is that I'm the very first licensed driver out of everyone in my family. That means NOBODY in my family drives, not even my parents; I'm the very first licensed driver. So how would I get car insurance? how do I start an account or something? I drive a bright red 1999 for taurus. what would be the cheapest insurance company for me and how much should I expect to pay? thanx""

Driving without insurance?

I got pulled over today and i got a ticket for not having insurance. I been trying to get insurance but since im a young driver its not that cheap for the insurance so i cant afford it. Im planning to get insurance before my court date. Will that help if i get insurance before my court date? I dont really have the money to pay for that ticket. The surcharge is like $725

Do car insurance pay for flood damage?

my daughter got caught in floods yesterday and her car is knakered do car insurance companys pay for flood damage ,when she rang them they told her it sounded mechanical but RAC said ...show more""

Do i need to have a insurance to get my car inspection?

do i need to have a insurance to get my car inspection?

Tateville Kentucky Cheap car insurance quotes zip 42558

Tateville Kentucky Cheap car insurance quotes zip 42558

Car insurance for a 17 year old?

what is the cheapest car insurance company for a 17 year old. (people with recent experience would be very help full) also what car would be cheapest to insure. (would an old car e.g 1980s early 90s be cheaper than a newer car) i am looking at third party insurance and not comprehensive

What is the best car for cheap insurance?

im 17 and i was wondering what will be the best car for cheap car insurance and around how much will it be.

Low-cost health insurance company?

I have been trying to do research on the state of health insurance in the US and am not getting much informative stuff. What is stopping a private, non- or for-profit company setting up a lower-premium health insurance company? these are the possible problems i have come up with so far: - the insurance claims will far exhaust the float (is this true?) - the demand will be overwhelming (but this shouldn't be too bad considering the insurance business is not heavy on capital expenditures?) - it would be difficult to cover the high costs of drugs and specialist medical costs with lower premiums - getting hands on enough and reliable data in order to calculate proper costs, probabilities of claims against a potential pool of funds, etc. possible solutions would of course begin with restricting the pool of people granted insurance (restrict by probability of claiming insurance) until more data can be gathered to offer insurance to less healthy candidates.""

How long does it take to get your auto insurance back after policy been cancled?

How long does it take to get your auto insurance back after policy been cancled?

Who provides no-inspection home owners insurance?

My house is basically a shell, but we've been conditionally approved for a line of credit to fix the house. We need to have home insurance, but if we go with any of the local insurers we'll be turned down because of the condition of our house. It was built in 1897. Are there reputable online providers of insurance that don't do inspections prior to approval? If so, recommend some.""

17 year old girl insurance?

My dad is a mechanic and will only buy me a 1.0 for insurance and cost. I want to know how much would it cost me to insure a Citroen Saxo when i have my full liscence in 6 monts?? I was told it is also possible to be a name driver on one of my parents insurance. How much would that cost??

Car insurance question.?

I'm working on transferring my current car insurance to Geico and am filling out the electronic form to get a quote. My car is brand new, and I have had it for like eight months. I don't know much car insurance; in the electronic form, what coverage do I pick for full insurance instead of liability? Thanks.""

Does the Affordable Health Care law really prevent insurance companies from denying pre-existing conditions?

They say that now, insurance companies can no longer deny insurance to people with pre -existing conditions. So what was HIPAA passed in 1996 for? This law states that insurance companies CAN NOT deny people with pre -existing conditions. The only change I see is it gets rid of the 12 month exclusion period. I had two aunts with lupus, both lived in California and had insurance, until they moved to Texas. If they could have kept their insurance, they would have, but for some odd reason liberals are against insurance across state lines. They had no problem finding insurance, they just had to be out of pocket for 12 months. HIPAA also states that if you can go six months without any medical visits, advice/procedures, insurance companies are not allowed to look further than that and must not apply the exclusion period. So did the Affordable Care Act really stop insurance companies from denying coverage for pre existing conditions, or was it ALREADY a law? http://www.dol.gov/ebsa/faqs/faq_consumer_hipaa.html""

Homeowners insurance not renewed?

any insurance underwriters out there....our dog bit an adult neighbor who entered our yard...medical claim filed....agent tells us we wont be renewed....is this typical.....

Can I get auto insurance through another company if I owe on another insurance company money?

I lapsed on my old insurance policy and do not have the money to pay it off. My registration expires tomorrow and I need insurance in my state to register my vehicle. Will another company insure my vehicle if I still owe money to another insurance company?

What insurance is available for those who are between ages 18-24 and can't qualify for Medicaid?

Any low cost health insurances out there?

What happens to your health insurance if you get sick & can't work?

What if you have health insurance and something happens where you get so sick you can't work, so you can't pay your health insurance bill each month since you can't go to work anymore. Will your health insurance be active while your sick and out of a job? Or will it shut off since you stopped paying the monthly bill since you weren't able to work? I don't get it, why would someone buy health insurance if when they actually get sick, the health insurance will be canceled? What if I break my leg, and can't work...and in 3 months of not working my health insurance gets cancelled...but it takes 6 months to heal your leg. I don't get it.""

What state has cheaper car insurance?

I'm in California right now and will be moving to Florida next year. Which of the two has cheaper car insurance rates?

Does anyone know about whether or not you are required to have car insurance in California?

or does the DMV get to know and suspend your car if you do not?

How much would my tickets be?

I was driving 60 in a 45 and didn't have a copy of my insurance in the car (it was expired). I do have legal insurance but it's at home. So I got two pieces of paper. One for insurance and one for speeding. What can the costs be? I'm 19 and this is the first time I have gotten a ticket/citation (And I get two together, how lucky?). All I need to know is that how much are they worth?""

Any reasonable way to get car insurance as a young person?

I'm 18 now, and I've just passed my car test, and bought myself a 2000 Toyota yaris 1Litre (998cc) And have been toying with finding myself some cheap insurance. So far the cheapest I have com accross for me to own my own policy is 2,100 a year, on a car I bought for 600! Obviously I'm doing something wrong. I'm not so keen on having a parent own the policy, as this then results in a loss of building up no claims bonus. I have tried every insurer under the sun, including the co-op smartbox insurance, which still yields unreasonable results.If anyone has any suggestions, I would be thankful Alex""

What is the average price (without insurance) for a root canal?

What is the average price (without insurance) for a root canal?

Can I refuse health insurance from my employer?

I am already insured under my husband and in the past having 2 insurances has caused a nightmare of paperwork. I am about to accept a job from a non-profit, so would me refusing insurance save them money?""

What sporty car can i get which is under insurance group 11?

I am only 19 years old so it cant be higher or insurance will cost a bomb. I like the Honda Civic type s although they might be slightly over my budget at 9000. I also like the Fiat Bravo 2007 T-Jet sport, but a bit worried about the Fiat reliability. The Ford fiesta ST is okay i suppose. Can you give me some sporty car suggestions please. I prefer hatchbacks. Thanks in advance.""

Insurance sells up or down?

This is a question addressed to current ly licensed Insurance agents abroad; therefore, my question is concerning the economy crisis we Americans are facing right now and with that, is Life & health Insurance coverage on the fall or rise? I have been waiting to start this career but not too assured that right now is the best time for this.""

How does auto insurance work? is it cheaper if a buy new car or an old one?

How does auto insurance work? is it cheaper if a buy new car or an old one?

Car insurance for 17 year olds - UK?

Im about to turn 17 and wanted to start driving, how much would car insurance be for a Ford Ka? Are there any cheaper companies to go to and any ways of bringing down the price like installing trackers etc. Would it be much cheaper to be put onto parents insurance, even if they are really bad drivers!?""

Important question regarding auto insurance while renting a vehicle?

Does anyone have any idea about how much a person is liable for if they rent a car from a place such as Avis, Hertz or Thrifty without paying for the insurance coverage they offer? A friend of mine doesn't have her own car so therefore she doesn't have any insurance. She is renting a car for the weekend and wasn't sure about her liability with or without purchasing the insurance coverage thru the rental agency. Any answers would be great as we all know that those rental insurance programs offered by car rental agencies can be quite expensive:-)""

Its about car Insurance?

hi guys i was wondering ive recently looked at a car ad the cars insurance saids 15E its and 2003 ex police car 'volvo s80' at the age of 21 is that going to be expensive. ??????????

What happens if to my insurance if i get married?

My parents pay for my insurance and ill have it till I'm 19 if I get married would I no longer have insurance?

Tateville Kentucky Cheap car insurance quotes zip 42558

Tateville Kentucky Cheap car insurance quotes zip 42558

How much will previous drink driving ban cost company insurance?

Hi, hope someone can help. I had a drink driving ban about 2 years ago. I am now applying for a job which would like a clean driving license (dont they all). What i want to know is how much extra money would it cost the company insurance to put someone on their books with a previous d/d ban. The job im applying for would require me to drive their vehicles, would it cost the company alot ? Thanks for any answers""

Classic car ownership in the UK; apparantly there's an advantage over other cars such as cheaper insurance or

tax, or MOT, but I can't remember what...anyone know?""

Need of car insurance web service?

I am doing project in car insurance.For that i want web services for car insurance. Please anyone list car insurance web service available

Types of car insurances?

types of car insurances available?

Is the more smaller the car engine size the cheaper the car insurance will be?

Is the more smaller the car engine size the cheaper the car insurance will be?

Do you have to have insurance to drive a car if you dont own one?

My friend has been stopped by the police for driving an uninsured car. He borrowed the car from his friend while his friend was away, and his friend is an uninsured driver, my friend did not realise he was driving an uninsured vehicle as he believed his friend had insurance. He does not own a car, do you have to have insurance to drive a car and the police are telling him he has to go to court and pay fines,-is this right?""

Motorcycle insurance and licensing.?

I'm going to get a motorcycle, I'm wondering how much it will cost me to get a Class 6 license in BC, Canada, while I don't have one for cars. And also, how much do you think I will pay for insurance? Just the bare minimum, to keep me legal? Thanks...""

How soon do I need auto insurance after getting my Driver's License?

I'm going to be getting my Drivers License for the first time in a week (I am 16), and I was wondering how soon after I get my license do I need to have auto insurance to drive legally? I'd like to be able to drive the day I get my license, but my parents don't want to add me to their insurance plan beforehand with the possibility of me failing the exam. Is their any kind of grace period that allows me to drive the day I get my license so I can wait until after I complete the test to purchase insurance?""

Is minimum coverage car insurance the same as an SR22?

In Tennessee, is minimum coverage car insurance the same as an SR22? I already have minimum coverage but am now required to get an SR22. Is this something that needs to be added on or will minimum coverage suffice? Thanks.""

Health insruance for the umemployed?

I'm actually employed but theres no insurance....Are there any insurance companies that I could get with, keeping in mind that I already have health problems......You know most insurance companies wont even write because you have problems already, are there any that will???""

What car insurance company has the policy that you insure on person but anyone can drive it and be insured?

What car insurance company has the policy that you insure on person but anyone can drive it and be insured?

""I don't have health insurance, should I get AFLAC?

My company sent an AFLAC representative to us today. I heard it was supplemental health insurance and it costs $35/month for accidents and sickness. I don't have any insurance at ...show more

Cheapest car insurance for a newly qualified driver?

I can add mom/dad/anyone.. small car, who is the cheapest? can get it for 2.5k but thats just ridiculous....""

Low car insurance for new driver age 37 who has just passed. I live in the U.K.?

Can anyone give me advice where to get the cheapest car insurance in the U.K. I have just past my test and I am 37 years of age. I am looking to get a 1.3 engine. The chaepest quote I have recieved is 789.

Do i need car insurance?

i am turning 16 soon and i am wanting to buy a cheap truck that's about $1500. I wont be able to afford insurance since i will have to be on my own insurance plan and it would be about $200 a month. since i wont care about the truck if it gets damaged and since its so cheap i didn't know if their is a way i could just get like liability or something? also I live in missouri. Thanks

""Can I drive without insurance, if the car itself is insured?""

It's my dad's car. The car is insured but i am not, as in. I use to be on the same policy as my dad, but now i am off of it due to money problems. But the car I drive is insured under my dad. Is it legal to drive it? (CA)""

Uninsured Motorcycle Driver Question?

Recently a friend of mine wanted to purchase a motorcycle that he found a super great deal on. Because his credit is very average he asked me to purchase the cycle and he would make me payments plus interest. I agreed and took out a loan for the bike. However a few weeks later he decided it would be ok to take the bike out for a spin UNINSURED. He had a run in with several trick or treaters and their parents. Since it was an unlit road, they were in the middle, and he was going under the speed limit. The cops ruled it not his fault. However now two insurance companies are coming after me to subrogate the liabilities. Since he was the driver but I am the owner. What are my rights? Can they still blame him? Am I liable?""

Insurance would cost for 21 male?

how much would it cost me if i get liability not full coverage ... i havnt bought a car as yet but im thinking of buying 95 accord 4 dr or 96 maxima ... just curious to know what my insurance would be...

How much does it really cost to own a Porsche 911 Carrera 4S in California? MSRP is...?

...$88,400. What other costs are there? http://www.porsche.com/usa/models/911/911-carrera-4s/ I am trying to own one of these. Just wondering what's is in store for me (i.e. tax, ...show more""

The least expensive type of life insurance is _____.?

whole-life insurance term insurance endowment life insurance limited-payment life insurance

Which is the cheapest & best car insurance co for skoda fabia car in India?

Which is the cheapest & best car insurance co for skoda fabia car in India?

Where can I get the best Auto Insurance Quotes?

My semi-annual auto insurance renewal is coming up. I've shopped before and I think I'm already getting a damn good rate, but still I'd like to try to get an even better rate. I've tried both Geico and Progressive, and both quoted me over $200 higher per year than I already pay. Any other good suggestions? This would be for coverage in California.""

We have dog insurance on the brain!?

So our precious Pit Bull has gone to the vet more times than I can imagine, since we brought him home. I don't even get to visit my doctor as much! Recently, we've decided to look into pet insurance for him. We do live on somewhat of a tight budget, so anything crazy in numbers wouldn't work. We need affordable insurance, if it's possible. And, is there any insurance that deals with pre-existing issues? Any personal experiences/advise would be GREATLY appreciated. Thank you!!!""

Do you NEED insurance for a motorcycle?

meaning can you get arrested with no insurance?

Car insurance away at college?

A friend of mine who is away at school with me (200 miles from home) said he gets reduced insurance because he is away at school without a car. However, he is always driving his girlfriends car. He claims that its OK for him to do this. This sounds a little fishy to me. He is getting the discount because his insurance company thinks he isn't driving, right? If he wrecks his girlfriends car is he covered? I am worried about being in the car with him. I don't want anything defaulted onto my insurance in the case of an accident if its just him and I in the girlfriend's car. Let me know what you guys think!""

Tateville Kentucky Cheap car insurance quotes zip 42558

Tateville Kentucky Cheap car insurance quotes zip 42558

What Dog breeds lower home owners insurance?

My hubby and I just bought our 1st home and heard that owning a certain type of breed of dog such as a German shepherd will lower homeowners insurance because its considered a good guard dog that can protect the home. I'm wondering if they're any more breeds that we can choose from since we're looking to add a dogie addition to our family. Thank you in advance!!

How can I buy life insurance policy on people?

I have a friend at work that was telling me that here in Texas it is legal to buy a life insurance policy on anyone you want. He says when the person you have insurance on dies you get a lot of money. I was just wondering if anyone on here knows how this works? Do I need the persons permission or what information do I need from them? I was thinking of getting insurance on old people that live in a retirement home a block from where I live and get rich out of it. I know some of you will think I am sick but I wouldn't mind if someone had insurance on me when I am older. So how can I go about doing this and what information do I need on the person?

Totally outrageous car insurance quote?

I had some issues paying my car insurance and it was cancelled. I called by ins company today to renew it. They told me they couldn't renew my policy but they have a buddy company that can give me an insurance policy. So they get all my info and they quoted me 730 dollars a month! I understand I have bad driving history and I let my insurance get cancelled, but that doesn't seem right at all, I was paying 100 dollars a month before. That doesn't even seem like a real number to charge someone for car insurance, it's more than I pay for rent!""

""Hit a mailbox, will cost $2,500 to fix, how much will my insurance go up?""

The other night i crashed into a mailbox. It was completely my fault and it will cost $2,500 to fix it. I was wondering how much my insurance premium will go up per year about? I am 20 years old and have gotten 1 ticket before.""

Insurance when buying a used car?

I'm going to buy a used car next week from a private seller and I am concerned about the insurance. I've heard that you need to have insurance to drive it but what should I do? I am 20 years old and I've looked up temporary insurance and most of them you have to be 21 years or older and some are around 200 for 1 day cover but you have to have a Full UK Driving Licence for at least 6 months when in my case, I've only had it since yesterday as I passed my test yesterday. So what should I do? Get the full insurance and tell them this cars registration number or not get insurance at all and assume I get 7 days free insurance when buying this used car from the private seller?""

Do i need insurance to title car?

do i need insurance in order to title the car to my name so i can sell it?

DO i NEED TO PROVE MY G.P.A. TO MY AUTO INSURANCE COMPANY BEFORE I RECEIVE THE DISCOUNT?

Has anyone had to show proof of their grades to get this discount. I know one of my friends did not. Do I have to send a transcript? an official one? Will the take my word on it? Which insurance company did you have that did require it?

Car Insurance?

I am planning to buy a used 1992 Honda Prelude for $2,700.00. How does the insurance work? Does the price of the car that I paid or the retail price, plays as a factor of how much I would have to pay monthly for insurance. What insurance company would be the best for a new driver with her G2 only? Does anybody have an idea of how much it will cost me (approximately monthly) for the insurance? What other fees or cost will I have to pay for?""

Should we keep health insurance or get rid of it?

anyone know the pros and cons of either getting rid of health insurance or to keep it?

How much would I pay for my yearly motorcycle insurance?

Thank you for your time. I am a 18 year old freshman university student living in Canada and I am really interested in buying a new motorcycle. I recently got my M1 and I will be going for my M2 next, so I am still kinda inexperienced. I looked at a few motorcycle websites and a couple of them read that motorcycle insurance is affected by age, experience, driving record, bike engine, etc. I figured that a medium sized engine probably wouldn't cost too much so I looked at a bike with 600cc. I am not worried about the initial cost of the bike since my scholarship money out-pays my tuition and housing by an excess of $4000. Also, I have had no history of accidents in cars or anything. I was wondering, based on my history and my status, what would be a good approximation of the yearly insurance I would have to pay given that I am a student and I am looking at a 600cc bike? Any input is appreciated.""

How do I find affordable health insurance that covers sterilization?

My job doesn't provide benefits, but I'm tired of waiting to get Essure or a tubal ligation. Where can I find information about reputable insurance companies (that I can afford) that cover sterilization procedures?""

""My fathers paying car insurance for the car I drive, now moving?

My father pays car insurance but I'm moving will the payment go to me once I move with my car? How can I switch to my name

Someone hit my totalled car what will their insurance do to figure out how much to give me?

Someone hit my totalled car what will their insurance do to figure out how much to give me?

State auto insurance vs. state of registration?

I am currently working a temporary job away from home in another state not my permanent residence (I am living there for the term of the employment). While there I bought another vehicle and registered it in that state and when insuring it moved my other car to the policy not realizing this could cause a problem. Now on my first vehicle, which was registered in my home state, the home state has refused to renew the registration because it carries out of state insurance. However, I also don't own the first vehicle, it is owned by my parents who are a resident of my home state, I just use it and pay the insurance. So unless I am missing anything, It looks like I am basically going to be forced to register that vehicle in a state where I do not have residence or cancel my insurance policy and get insurance for only that vehicle through a provider in my home state. Is this it or are there other options? I'm confused because they let me renew last year even though I had the out of state insurance, but I had switched during that year so maybe they considered me part-time or something. I would like to avoid changing any state registrations for the time being, because this process is expensive and complicated between the two states in question. Someone told me the cheapest option might be to get a minimum liability policy on the car in my home state so they will give me registration, but I have never heard of that and I'm not sure if that is ok (having two insurance policies on the same vehicle)? I am not trying to play tricks or loophole anything here, I just want to figure out my options and get this done without costing me a lot of money or time.""

How do I get affordable health insurance for my son?

I was in between jobs last year so I had to put my son on medicaid. As soon as I found a job I let them know but they kicked him off of it anyways. The problem I am having is that my insurance at work don't kick in until November and he has to have insurance by then for doctors appointments, etc. I tried to get MC+ for kids but they make it almost impossible to get. I just was wondering if anyone knew of a place where I can get affordable health insurance for my son?""

Insurance for a 17 year old male?!?

Ill be turning 17 soon and ill be taking driving lessons. Ive been looking at car insurance for a 1.2 renault clio ( cheapest quote 5000) 1.1 citroen saxo(couldnt get a quote but when i did 14,000. Whats the best ways to get it cheaper. I also tried a 1.1 peugot 206 and still its around 7000. Thats for 3rd party fire and theft.""

Do i need car insurance?

well basically i cracked my sideview mirror and the plastic holding it is a little lifted from normal place.. if i went to an auto shop to fix it, would i need car insurance or could i just get it done and pay with cash?""

Do I have to have car insurance in wis?

I have a car that is old, ( a VW Fox to be exact) and i was wondering if i need to have car insurance for it? i use the car for nothing more than to drive to work and back, because of the amazing gas milage, but i was woundering if im going to get into trouble if im ever pulled over and dont have insurance. I live in WIS so keep that in mind. Any help would be welcome. thx ahead of time.""

Insurance for a 3 series BMW Convertable?

Does anybody know a good/cheap insurance company for a BMW 3 Series Convertable. I don't have any no claims as i have always driven a company car! Please please help!!!!

What's the average insurance coast monthly for a Lambo convertible?

What's the average insurance coast monthly for a Lambo convertible?

Is it true that you MUST purchase health insurance?

So, President Obama says you MUST purchase health insurance or face fines by federal government. How do you feel about that? (Also, wondering how many actually care about their rights being trampled on by Obamacare.)""

How much content insurance do i need?

my insurance company needs an answer asap. we close in 2 days. small bungalow with finished basement, approx 2300 square feet in total. Master bedroom spare bedroom, office, rec room, kitchen, dining room, great room, full bath, 2pc & 3pc bath, 3 flat screen tvs, usual appliances, all rooms furnished modestly. Would $50,000 be enough?""

After a DUI how much does it cost for new car insurance if you are dropped by your old insurance company?

After a DUI how much does it cost for new car insurance if you are dropped by your old insurance company?

Insurance premium increase of 50%?

I had an accident with my RV that was about $1,200.00 on my side and very minor on the other vehicle. The accident was considered my fault and being 1 point and my first ever in over 32 years of driving. My insurance company now has increased my premium about 50%. I am in California and would like to understand the criteria for this increase. It looks like the company will recover the full amount paid in the next premiums. Where can one go to understand this? Thanks""

Car accident medical bills: Car insurance or health insurance?

I was in a car accident and went to an urgent care to get myself and son checked out. I used my health insurance to cover the medical costs. Is my car insurance supposed to reimburse my BCBS(Blue Cross Blue Sheild) health insurance? Or does my health insurance cover it? The car insurance company (progressive) totaled my vehicle and paid me $350 for our medical bills. Am I supposed to give that money to BCBS? I just dont want medical bills to come back to me later on down the road after settling. Also, what do I do if I am still in pain from whiplash? Should I go to a chiropractor, a doctor? Should I send Progressive the bill or use my BCBS? Any advice would be helpful.""

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Tateville Kentucky Cheap car insurance quotes zip 42558

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[mortbroker94124]

Price slump, tight cash wreak havoc in Canada’s top housing market

By Andrea Hopkins

OTTAWA — The sharp reversal in Toronto’s home prices has thrown Canada’s biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago.

Much of that turmoil is not just down to those who bid at the peak and now wanted to get out of a deal, but also to lenders tightening credit and property appraisers lowering their valuations. Given how long the housing boom lasted, a retreat was hardly unexpected, but after a nearly decade of bidding wars and swift deals real estate agents, lawyers, lenders and mortgage brokers struggle to cope with the new reality.

“The big issue is with financing,” said John Pasalis, president of the Realosophy real estate brokerage in Toronto.

The first sign of a problem often comes when the lender sends out an appraiser, who judges the property is worth less than what the buyer offered a month or two earlier. A lower valuation means a smaller loan from the lender.

Pasalis gave an example of a buyer who expected a $1 million loan from the bank only to have it cut to $850,000 days before the deal was set to close.

“All of a sudden you have to come up with an extra 150 grand,” Pasalis said. He estimated that up to 5 per cent of deals were at risk now, something unheard of a year ago.

Toronto home prices are down nearly 19 per cent from the April peak and resales were about 40 per cent lower in July than a year earlier, according to the Toronto Real Estate Board data.

Two people with direct knowledge of the matter said that lenders had reduced their average valuation on properties by 12 to 15 per cent since March.

Property appraisers say that while they are the ones to break the bad news to buyers, it is the lenders that hire them who are getting more conservative.

“They have certainly tightened up their criteria,” said Dan Brewer, an appraiser and mortgage broker in Toronto’s Richmond Hill suburb and former president of the Appraisal Institute of Canada.

For example, lenders can require that the comparable sales used to help determine the value of the house be limited to a shorter period or smaller geographic area to ensure the appraisal reflects the cooling market, Brewer said.

As a mortgage broker he sees the impact of more risk-averse lenders, he said, with many more calls from buyers who need a second mortgage because the first one no longer covers their bid.

“I would say about 20 per cent of our files are now asking for secondary financing. That is a marked increase,” said Brewer.

Lawyers and alternative lenders

The market rapidly cooled in April after the government tightened rules and Home Capital Group Inc, Canada’s biggest non-bank lender, ran into liquidity troubles, spooking other lenders and causing a pullback in mortgage financing.

With buyers short of money and sellers desperate to close deals before home prices drop further, many turn to lawyers. Sellers want to sue those dragging their feet on an agreed purchase while buyers look for a way out of a contract without losing between $50,000 and $100,000 in deposits.

Real estate lawyer Bob Aaron said he discouraged clients on both sides from considering a lawsuit, which could takes years to resolve and cost $30,000 to $40,000 in legal fees.

Instead, he is trying to help work out some compromises with sellers either agreeing to give buyers more time to get the money, dropping their price or offering to help with financing.

“Some people want to walk away, some want half their deposit back, some bury their head in the sand and say ‘I’m not closing, if they want to sue, fine.'” said Aaron.

Realtors say re-listings have surged in recent months, but it is not clear how many follow deals that collapsed and how many are listings with adjusted, lower prices.

Buyers’ scramble for cash means brisk business for mortgage brokers and alternative lenders.

“What we have found recently is a whole bunch of aborted deals … and we’ve stepped in,” said Robert Goodall, chief executive of Atrium Mortgage Investment Corp.

Lenders like Atrium pool money from wealthy individuals to lend to borrowers unable to access cheaper bank credit.

Atrium offers buyers second mortgages and bridge loans at between 7.5 per cent and 8 per cent interest – double or triple the rate available for a first mortgage.

“It is actually really good business … these are good people with impeccable credit ratings, who just got caught,” said Goodall.

Mortgage brokers say they keep getting more requests for second mortgages, but Mortgage Professionals Canada Chief Economist Will Dunning said he was unaware of any reliable source that tracked the data.

Brewer said that most borrowers now managed to secure second mortgages from alternative lenders, but the higher costs and rising Bank of Canada official rates were bound to hurt the broader market at some point.

“There will be an impact in the Canadian banking world. It may simply be the second mortgage guy gets wiped out and the first takes less of a beating, but really the Canadian housing market would be at risk, there is no question in my mind.”

© Thomson Reuters 2017

from DIYS http://ift.tt/2w4wkJc

[gillespialfredoe01806ld]

Price slump, tight cash wreak havoc in Canada’s top housing market

By Andrea Hopkins

OTTAWA — The sharp reversal in Toronto’s home prices has thrown Canada’s biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago.

Much of that turmoil is not just down to those who bid at the peak and now wanted to get out of a deal, but also to lenders tightening credit and property appraisers lowering their valuations. Given how long the housing boom lasted, a retreat was hardly unexpected, but after a nearly decade of bidding wars and swift deals real estate agents, lawyers, lenders and mortgage brokers struggle to cope with the new reality.

“The big issue is with financing,” said John Pasalis, president of the Realosophy real estate brokerage in Toronto.

The first sign of a problem often comes when the lender sends out an appraiser, who judges the property is worth less than what the buyer offered a month or two earlier. A lower valuation means a smaller loan from the lender.

Pasalis gave an example of a buyer who expected a $1 million loan from the bank only to have it cut to $850,000 days before the deal was set to close.

“All of a sudden you have to come up with an extra 150 grand,” Pasalis said. He estimated that up to 5 per cent of deals were at risk now, something unheard of a year ago.

Toronto home prices are down nearly 19 per cent from the April peak and resales were about 40 per cent lower in July than a year earlier, according to the Toronto Real Estate Board data.

Two people with direct knowledge of the matter said that lenders had reduced their average valuation on properties by 12 to 15 per cent since March.

Property appraisers say that while they are the ones to break the bad news to buyers, it is the lenders that hire them who are getting more conservative.

“They have certainly tightened up their criteria,” said Dan Brewer, an appraiser and mortgage broker in Toronto’s Richmond Hill suburb and former president of the Appraisal Institute of Canada.

For example, lenders can require that the comparable sales used to help determine the value of the house be limited to a shorter period or smaller geographic area to ensure the appraisal reflects the cooling market, Brewer said.

As a mortgage broker he sees the impact of more risk-averse lenders, he said, with many more calls from buyers who need a second mortgage because the first one no longer covers their bid.

“I would say about 20 per cent of our files are now asking for secondary financing. That is a marked increase,” said Brewer.

Lawyers and alternative lenders

The market rapidly cooled in April after the government tightened rules and Home Capital Group Inc, Canada’s biggest non-bank lender, ran into liquidity troubles, spooking other lenders and causing a pullback in mortgage financing.

With buyers short of money and sellers desperate to close deals before home prices drop further, many turn to lawyers. Sellers want to sue those dragging their feet on an agreed purchase while buyers look for a way out of a contract without losing between $50,000 and $100,000 in deposits.

Real estate lawyer Bob Aaron said he discouraged clients on both sides from considering a lawsuit, which could takes years to resolve and cost $30,000 to $40,000 in legal fees.

Instead, he is trying to help work out some compromises with sellers either agreeing to give buyers more time to get the money, dropping their price or offering to help with financing.

“Some people want to walk away, some want half their deposit back, some bury their head in the sand and say ‘I’m not closing, if they want to sue, fine.'” said Aaron.

Realtors say re-listings have surged in recent months, but it is not clear how many follow deals that collapsed and how many are listings with adjusted, lower prices.

Buyers’ scramble for cash means brisk business for mortgage brokers and alternative lenders.

“What we have found recently is a whole bunch of aborted deals … and we’ve stepped in,” said Robert Goodall, chief executive of Atrium Mortgage Investment Corp.

Lenders like Atrium pool money from wealthy individuals to lend to borrowers unable to access cheaper bank credit.

Atrium offers buyers second mortgages and bridge loans at between 7.5 per cent and 8 per cent interest – double or triple the rate available for a first mortgage.

“It is actually really good business … these are good people with impeccable credit ratings, who just got caught,” said Goodall.

Mortgage brokers say they keep getting more requests for second mortgages, but Mortgage Professionals Canada Chief Economist Will Dunning said he was unaware of any reliable source that tracked the data.

Brewer said that most borrowers now managed to secure second mortgages from alternative lenders, but the higher costs and rising Bank of Canada official rates were bound to hurt the broader market at some point.

“There will be an impact in the Canadian banking world. It may simply be the second mortgage guy gets wiped out and the first takes less of a beating, but really the Canadian housing market would be at risk, there is no question in my mind.”

© Thomson Reuters 2017

from DIYS http://ift.tt/2w4wkJc

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Scrap The Mortgage Stress Test: Yay Or Nay?

TorontoRealtyBlog

We briefly discussed this two weeks ago when I posted my angry rant about the Liberal government’s attempt to buy votes in the coming election.

One thing the government could do, to make housing more affordable, is eliminate, or alter, the mortgage stress test that was brought into effect in 2017.

Many of the readers suggested the mere presence of the test itself is useless, unnecessary, and/or unfair.

Others suggested that it’s a fantastic idea, especially in a climate of rising debt levels, and some went on to talk about abolishing the CMHC, which always comes up when we talk about anything debt-related.

There is so much to talk about today, I almost don’t know where to start.  I’m going to share four articles with you, chronologically, which explain where this is all going, and where the “yay” and “nay” sides stand.

First, for those that don’t know – what is the mortgage stress test?

It’s an initiative from the Bank of Canada to promote financial responsibility among mortgage borrowers, effectively ensuring that all borrowers can afford higher payments at some point down the line.  It’s a real-life “what-if” scenario being used in the qualification process.

The “test” portion of the term essentially comes from the fact that borrowers are all being tested against rates are 2% higher than prevailing rates, to see if they’d pass.

So if a 5-year, fixed rate mortgage is currently 3.29%, the Bank of Canada wants that borrower to be able to afford the same mortgage at 5.29%.  The BOC wants the borrower to qualify, “pass the test,” and ultimately be safe in an environment of rising rates.

An optimist would argue that being financially responsible is never a bad thing, and since the government protects us from ourselves all the time, by making it illegal not to wear seat-belts in cars, they’re protecting us from ourselves when it comes to home-buying by ensuring we can afford to pay our mortgages if and when rates rise.

A pessimist would argue that it’s not up to the government to address how or when we save for the proverbial rainy-day, and that the stress test has the greatest impact on those who are already clinging to the bottom rung of the housing market.  Foreign buyers, cash buyers, and high-end buyers are all unaffected.

In the end, I’m sure the votes will be split 50/50 on this one.  My personal opinion is that a 1% stress test would bridge the gap between two arguments, both with merit.

Two weeks ago, this article appeared in the National Post:

“Canada Considers Applying Mortgage Tress Test Rules To Private Lenders, Sources Say”

From the article:

Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said.

Officials from the country’s finance ministry, financial regulator, central bank and federal housing agency have discussed whether the private lenders’ expansion over the past year poses a threat to economic stability, said the sources, who declined to be named because the talks are confidential.

Private lenders, usually groups of wealthy individuals, currently account for around one-tenth of Canada’s $1.5 trillion mortgage market, according to economists, and are still dwarfed by banks but their growth has accelerated since rules introduced by the country’s financial regulator last year made it harder for banks to grant loans.

There’s a few things to discuss here.

First, most of the alternative lenders are already using their own version of the stress test.  They have higher rates, say, 4.79%, and they’re qualifying borrowers at 6.79%.  Equitable Trust and Home Trust are two examples of where this stress test is already in effect.  Granted, the alternative lenders use different qualification measures, ie. when it comes to commission-based income, stated income, etc.

Second, the credit unions are provincially regulated, not federally regulated, so perhaps this article and these “sources” are aimed at credit unions.

Lastly, the idea that the government can regulate how private individuals lend their money is ridiculous.  If the owner of a $2,000,000 house, with no debt, wants to borrow $100,000, but has no job, and no income, would that home-owner have to qualify based on a mortgage stress test?  We can debate the merits of this, and the Libertarians will probably end up on the other side of the argument of the folks who work at banks, and have their hands tied.

Earlier this week, the following article appeared in the Financial Post:

“More Debt Not The Answer: Watchdog Says Contentious Mortgage Stress Test Is Safety Buffer For Banks And Borrowers”

The sub-heading reads: “answer to the rising cost of housing cannot be more debt,” and that seems like a very reasonable conclusion.

But that won’t stop those who no longer qualify for mortgages from crying foul, and as we know, the cries are getting louder and louder.

From the article:

A federal banking regulator defended on Tuesday a stress test for uninsured mortgages that has been criticized for making it harder than it should be for some Canadians to own a home.

“The stress test is, quite simply, a safety buffer that ensures a borrower doesn’t stretch their borrowing capacity to its maximum, and leave no room to absorb unforeseen events,” said Carolyn Rogers, assistant superintendent at the Office of the Superintendent of Financial Institutions.

“This is simply prudent. It’s prudent for the bank and it’s prudent for the borrower.”

Later in the article, we see how politics is going play a role, whether simply as a measure to buy votes, or in terms of actual change:

“The government, through the stress test, changes to the mortgage rules, carbon taxes and higher daily costs of living, is suppressing the ability of people to meet the day-to-day needs and pay for their needs,” said Conservative MP Tom Kmiec in a speech in the House of Commons on Jan. 31.

The Mortgage Professionals of Canada also chimed in, with a quote that will surprise nobody:

“Our report illustrates that a more reasonable stress test level and lending restriction reforms are now needed to strike a better balance for borrowers and policymakers, improving housing affordability and Canada’s economy,” said Paul Taylor, president and CEO of the group, in a release.

And the day after this article was posted, the good ‘ole Toronto Real Estate Board, yes, everybody’s favourite, put their two cents into the bucket.

This article by the Canadian Press was picked up in multiple news outlets:

“Toronto Real Estate Board Calls On Ottawa To Revisit Mortgage Stress Test”

No kidding?

TREB is on the “nay” side of the stress test?

Well I’ll be damned!

And here I thought they were so busy agreeing to share sold data with their membership-paying agents who want to give better customer service to their clients, that they wouldn’t have time to back a horse in this particular race.

From the article:

Canada’s largest real estate board is calling on Ottawa to revisit whether a stricter mortgage stress test introduced last year is still needed, arguing that the policy has negatively impacted the economy and Toronto’s once red-hot housing market.

“While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today’s homebuyers are being stress tested against rates that are realistic,” said John DiMichele, chief executive of the Toronto Real Estate Board (TREB) in a statement Wednesday.

“Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues every year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy.”

I will give John DiMichele credit for that one point – that rates might not be “realistic.”

I was the one who predicted at the start of 2019 that despite rumours of interest rate increases, not only did I think rates would fail to be increased, but that I think rates will decrease.  So is a 5.79% interest rate realistic?  We’re looking at a five year horizon, so it’s unreasonable to say “Not a chance.”  But do I think we will see a 5-year, fixed rate mortgage of 5.79% in the next five years?  No.  I don’t.

Having said that, it looks suspect when the CEO of a real estate board comments on public policy that currently makes buying real estate less affordable.  I don’t know why TREB even bothered.

But that’s what TREB does, right?

When they’re not busy making optimistic predictions about the real estate market, case in point…

“Toronto Area Home Prices Predicted To Rise 4 Per Cent This Year”

I love headlines like this.

Predicted?

Who predicted?

Oh.  A bunch of real estate agents.

And last but not least, I give you today’s article in the Globe & Mail:

“Why Ottawa Must Rethink The Stress Test On Mortgage Switches”

At first glance, seeing that this article is by Rob McLister, who is the founder of Ratespy.com, and works in the mortgage industry, you might think the article is biased.  I probably wouldn’t blame you.

But Mr. McLister is arguing a different point, that of mortgage renewals, and how the stress test applies to borrowers looking to renew a mortgage, but not to those who are renewing with a new lender.

This ends up “trapping” buyers with their existing lender, and who thinks that less choice in a free market is a good thing?

From the article:

The stress test, which requires federally regulated lenders to confirm you can afford a rate that’s at least two percentage points higher, does not apply if you simply renew your mortgage with your existing lender.

As a result, lenders industry-wide have enjoyed watching their customer retention rates climb. Last October, OSFI reported that renewals surged an unusual 30 per cent as of midyear while new mortgages were down 19 per cent.

As many as 100,000 renewers every year may be at risk of not passing the stress test, based on estimates from Mortgage Professionals Canada. And when a lender suspects you can’t qualify elsewhere, it has little incentive to offer you excellent renewal rates.

Worse yet, renewers who flunk the new stress test have no ability to switch to a lender with more favourable terms (such as lower penalties or more flexible refinance privileges). Better terms often save borrowers one to three times more than even a quarter-point interest rate difference.

“A stress test when switching lenders is purely anti-consumer,” says Ron Butler, a 23-year mortgage veteran of Butler Mortgage. “It’s an abuse of Canadian mortgage holders who deserve to shop for a better rate.”

Later in the article under the heading, “A Flaw In Logic” we read:

Renewing borrowers have already been stress tested. And they’ve already proven they can make all their mortgage payments on time. Exempting the current lender from the stress test, but not a competing lender (the one with the better rate and terms), is virtually nonsensical.

The renewing lender generally doesn’t re-underwrite the mortgage. So, it has less insight into how likely the customer is to pay going forward, versus a brand-new lender that fully reviews the borrower’s income, employment, credit report, property and other expenses.

“The borrower [who renews elsewhere] will be far better underwritten than at the incumbent lender who just fired off a renewal offer after checking for arrears,” Mr. Butler states.

You have to admit, this is a lot of attention on the stress test just in the past week, and I do think that changes are coming, like it or not.

We have a federal election this year, and as we have learned in every election in recent memory, it’s not about who you are as a party, it’s about what you can promise people – whether you follow through, or not.

I suspect both the Liberals and Conservatives will promise to make housing more affordable, and reducing the mortgage stress test is the low-hanging fruit…

The post Scrap The Mortgage Stress Test: Yay Or Nay? appeared first on Toronto Realty Blog.

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[mikemortgage]

Trudeau’s housing strategy is vintage Harper — it was a bad idea then, and it’s a bad idea now

Justin Trudeau wants his fans (and leftish voters) to think he’s nothing like Stephen Harper. Stylistically, that’s true. And the current prime minister is as nonchalant about deficits as his predecessor was obsessed by them.

But if you think about it, their headline economic policies aren’t so different.

Team Trudeau’s favourite sop to the middle class, the Canada Child Benefit, is a modified version of a big present that Harper gave to voters with children. The Liberals cut the small-business tax rate to nine per cent, fulfilling a Harper promise from the 2015 campaign. Canada was among the first group of countries to ratify the Trans-Pacific Partnership because the party that Harper led for a decade allowed rapid passage of the enabling legislation.

Pessimistic economic forecasts can’t be going over well at the Ministry of Finance

Kevin Carmichael: There’s just one solution to ridding Canada of its distant-horizon deficit

In the mystery of Canada’s missing wages, all clues lead to Alberta

And now Trudeau appears set to copy another Harper strategy. Bill Morneau, the finance minister, told an audience in Aurora, Ont., on Jan. 22 that he wants to do something to make housing more affordable for millennials, according to a report by the Canadian Press.

Vintage Harper! Three weeks before Election Day in 2015, he promised to add 700,000 new homeowners, essentially by increasing the maximum amount first-time buyers could borrow from their Registered Retirement Savings Plans by $10,000.

It was a bad idea that would have put more upward pressure on real-estate prices and encouraged even more households to take on more debt than they could afford. Yet the anti-Harper government appears to want to do something similar.

“I’m all for initiatives that help young people afford homes, but things like this make me skeptical that it’ll actually make a difference or outright fearful,” Francis Fong, chief economist at Chartered Professional Accountants Canada, said in one of 19 consecutive tweets on why it’s generally a bad idea to create incentives to borrow when none are needed.

Morneau didn’t elaborate on what he might do to assuage millennial angst over how all the best addresses in Vancouver and Toronto are being grabbed at exorbitant prices by data scientists, bankers and global plutocrats. Because make no mistake, those are the millennials that have his attention; home prices in places such as Moncton, Winnipeg and Edmonton are no more out of reach than they ever have been, according to various surveys of housing affordability.

It will be lost on none of you that Vancouver, Toronto and their environs form the foundation of the current government’s political base. When the Liberal caucus gathers, the discussion surely is regularly hijacked by tales of woebegone home shoppers, because so many of those members of Parliament represent two of the most expensive housing markets in the world.

Because we demand evidence that our elected representatives are working on our behalf, and because we are among a handful of societies that are obsessed with property, politicians end up feeling compelled to make the cost of owning a home “cheaper.” Since there tends to be too little supply to keep up with insatiable demand, these policies end up subsidizing buyers who don’t need the help, freeing them to join bidding wars. If you think this tinkering is mostly harmless, let’s review how we got here.

In 2008, the global economy crashed. The Bank of Canada dropped interest rates to the edge of zero, inviting Canadians to help with the recovery effort by taking out a mortgage. This created a feeding frenzy in Vancouver, Toronto and some other big cities where fundamental demand was already strong. Banks were happy to help their clients keep up with the sky-high prices, as most of the risk was backed by the federal housing agency.

Governments, especially the one in Ottawa, were supposed to give the central bank a hand. Their job was to replace private investment by running large, short-term deficits. The fiscal authorities also were supposed to use their regulatory and taxing powers to keep borrowing from getting out of hand.

They got the spending part right, but the politicians were reluctant to make it more difficult for voters to live out their dreams of owning a home. In 2015, Joe Oliver, the finance minister, rejected proposals by his department to restrain excessive borrowing, even though the price of a typical home in Vancouver and Toronto had breached $1 million, Bloomberg News reported after the government lost the October election.

To his credit, Morneau implemented measures to keep weak borrowers from buying too much house. But the damage was done. Now there is talk of a consumer-led recession. That seems unlikely, but it can’t be ruled out. Some of the best research on the causes of the financial crisis found that debt binges like the one we’ve been on tend to precede economic slumps.  

But again, when it comes to regulation, the current government isn’t so different than the previous one. Morneau refused to yield control of regulatory policy to an independent body, as the International Monetary Fund and others have been urging Canada to do for years. The Reuters news agency reported on Jan. 25 that federal regulators were considering rule changes that would subject unregulated mortgage lenders to the same standards as the big banks. The idea was to make the financial system more crisis-proof.

A few days later, Morneau told reporters in Ottawa that he was planning no such thing.  Of course he’s not; we’re nine months from an election and such a requirement would make it harder for millennials to buy a home. Vintage Harper!

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TIPS TO KNOCK OUT HOLIDAY DEBT FAST FROM YOUR OTTAWA MORTGAGE BROKERS

If your holiday budget was derailed and you find yourself with a high debt load to start the New Year, you need to take control of your finances and pay off your debt fast. By avoiding the issue or making only the minimum payments on your credit accounts, you will not only be paying for your oversight far longer than necessary, you could risk damaging your credit. Follow these tips from your mortgage agents of ReferralMortgages.com in Ottawa to knock out holiday debt fast.

Create a Tight Budget

Evaluate your current financial position, making note of all credit account balances and minimum payments, monthly expenditures and all sources of income. Be very honest with yourself and set a tight budget for the first quarter of the year. Cut down on extraneous expenses like entertainment or eating out. Once you have set your budget, determine what is left over that can be applied to your debt.

Snowball Debts to Pay them Aggressively

With all of the minimum monthly payment amounts accounted for in your budget, determine which account is going to cost you most. Generally, this will be a high-interest credit card with a sizeable balance. Use the money you determined you could apply to debt to pay that account quickly. Once that account is settled, move on the next and so on until all of your debts are paid.

Consider Consolidating Accounts

If your credit is in good standing, it may be worth your while to secure a low interest credit card or line of credit to transfer the balances from the higher interest cards. Even a few percentage points can significantly lower the amount of interest that is added to your debt every month. Do not fall into the trap of charging your paid off accounts again though, because you may damage your credit and fail to qualify for a mortgage or other significant purchases you may need to make.

Speak to your Ottawa Mortgage Broker

If you are close to renewal time on your mortgage or find yourself in a particularly tough credit situation, your mortgage agent of ReferralMortgages.com may be able to help. We offer a variety of mortgage products for residential refinancing or bad credit mortgages at competitive rates. It may be a good idea to consider mortgage options to reduce your overall debt load.

[mikemortgage]

Canada’s economy may soon endure something it hasn’t faced in 68 years, according to BCA

Canada’s economy may soon endure something it hasn’t faced in 68 years: A recession without the U.S. in the same boat.

That’s the view of Jim Mylonas, global macro strategist at BCA Research Inc. in Montreal, a firm that’s been making calls on markets and economies since 1949. Mylonas says the surge in household debt combined with rising interest rates will push the Canadian economy into recession, even while the U.S. economy continues to grow.

“I think we’re just on the precipice of embarking on a serious recession,” Mylonas said in an interview from Bloomberg’s Toronto office. “It’s not a matter of if, but when.”

For Mylonas, the irony is that surprisingly strong growth in the U.S. this year may push Canada over the edge. The expansion will force the Federal Reserve and Bank of Canada Governor Stephen Poloz to raise rates, he said. The debt-laden Canadian consumer is ill-equipped to handle higher borrowing costs, unlike their U.S. counterparts who dialled back borrowing following the housing crash a decade ago.

'Everybody's in the dark': How the U.S. government shutdown is starting to hurt Canada

The number of Canadians finding it tough to make ends meet is going up

Stephen Poloz’s dashboard: The latest charts that matter most to the Bank of Canada

For Mylonas, the good news in the U.S. may be bad news for Canada.

“If the U.S. economy is doing relatively well and the Fed is raising rates, it’s very hard for the Bank of Canada to just sit on hold and not follow the Fed,” Mylonas said. “We’re now at the point where the Bank of Canada is going to be flirting with triggering the next recession if it hasn’t already.”

If Mylonas is right, it would be the first time since 1951 that Canada slipped into a recession without the U.S. also contracting.

Canada’s economic fortunes have always been tightly linked to its southern neighbour, the destination for about third quarters of its exports. The U.S. economy has reduced its imbalances after sparking the worst credit crisis in almost a century, led by a plunge in real estate. In Canada, which largely avoided the crash, corporations and consumers have been piling on debt ever since, Mylonas said.

The debt to disposable income ratio in Canada rose to 175 per cent at the end of September, from 137 per cent in 2006, before the start of the financial crisis. By contrast, U.S. household debt to disposable income was below 100 per cent as of September, the lowest since 2001, according to data compiled by Bloomberg. Even at its recent peak, the U.S. ratio never topped 140 per cent.

“In that 10-year period where the U.S. was on a diet, getting healthy, Canada was binge eating junk food, which is debt,” Mylonas said, adding a medical analogy. “Eventually you go to the doctor and the doctor says, ‘sorry, you gotta cut the junk food.’ That’s painful.”

Canada’s housing market is already showing early signs of fatigue, with home sales declining last year to the lowest since 2012, according to Canadian Real Estate Association. The number of consumers seeking debt relief jumped 5.1 per cent in November from a year earlier, the Ottawa-based Office of the Superintendent of Bankruptcy reported on Jan. 4.

“If debt to disposable income is going to go from 180 to 130, then the recovery is going to look a lot more like the U.S. one, so shallow and long,” said Mylonas.

No Recession

To be sure, most economists and the Bank of Canada aren’t calling for a recession any time soon. The chances of a recession over the next 12 months is about 20 per cent, according to a Bloomberg survey of 10 analysts released Jan. 11. Earlier this month, the central bank cut its 2019 growth forecast to 1.7 per cent, while raising its estimate for 2020 to 2.1 per cent. The chances of a U.S. recession is slightly higher, at 25 per cent, based on 49 estimates.

Investors certainly aren’t behaving as if a contraction is imminent. The Canadian dollar has gained the most among G-10 currencies this year, while the main equity gauge has jumped 7 per cent, the best start to a year since 1980.

Traders aren’t banking on an imminent hike by Poloz, who worked at BCA Research in the 1990s. Chances of an interest rate increase by May sit at about 30 per cent, according to trading on futures contracts.

“If the Bank of Canada is not raising in line with the Fed, the reason it’s not raising is probably rooted in bad news,” such as weak economic growth, said Mylonas. “If that’s the case, then my thesis for Canada will play out sooner than most think.”

With assistance from Erik Hertzberg and Kristine Owram

Bloomberg.com

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