Author: Seun Adeyemi

What is a Credit Score and Why Does it Matter

Do you plan to make a major purchase like a car or home in the near future? Unless you can afford to pay for it in cash, you’ll need to borrow money from the bank. But the bank won’t just lend money to any Tom, Dick or Harry that walks in off the street. You’ll need to prove to lenders that you’re creditworthy. How do you do that? With your credit score. What is a Credit Score? Your credit score is a three digit number calculated by the credit bureaus. The higher your credit score, the better. Your credit...

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Everything You Need to Know About the New Mortgage Stress Test

Banking regular OSFI (short for Office of the Superintendent of Financial Institutions) has become quite the topic around watercoolers these days. If you’ve been following the news lately, I’m sure you’ve heard plenty about the new mortgage stress test OSFI is introducing. It’s perhaps the most anticipated mortgage rule change ever. Currently only homebuyers putting down less than 20 percent have to pass a mortgage stress test, but that all changes come January 1, 2018. After that everyone – even buyers putting down more than 20 percent – are required to pass a stress test. How the New Mortgage...

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Why the Lowest Mortgage Rate May Not Be the Best Mortgage

When it comes to shopping for a mortgage, many of us simply look for the lowest rate. While the mortgage with the lowest rate may be the best mortgage for you, that’s not always the case. Mortgages with low rates often have restrictions, such as quick closes (your closing date has to be within 30 days) or limited prepayment privileges. Sometimes it can be worth paying a slightly higher mortgage rate for a mortgage product better suited to your financial needs. Here are three other features to consider when searching for a mortgage. Prepayments If your goal is to...

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Do You Need an Estate Plan?

  Managing your finances raises a number of topics but none as tricky and potentially unpleasant as planning for your family and finances in the event that you pass away or become incapacitated. Understandably, these questions are often ignored by many—but don’t fall into the trap of avoiding these difficult matters. Good estate planning will help to make sure that your wishes are carried out, and your family and assets are well protected. With this in mind, let’s take a look at the key areas that you should consider when designing your estate plan: Choosing a guardian One of...

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Should I Go With a Fixed or Variable Rate Mortgage?

There are plenty of choices when it comes to purchasing a home: urban or suburban, condo or house, carpet or hardwood, just to name a few. Then there are the decisions about your mortgage; while most of us choose a ‘closed’ instead of  an’open’ mortgage, it’s not always clear whether it makes sense to go with a’ fixed’ or ‘variable’ rate mortgage. It all depends. Let’s take a look at the difference between the two mortgage types to see which one makes the most sense for you. Fixed Rate Mortgage A fixed rate mortgage offers you peace of mind....

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