Things to Consider When Trying to Secure a Personal Loan in Toronto

calculator-385506_1280In order to acquire anything in this world, you will have to find a way to make the right amount of money. There are a number of ways to get your hands on the money needed to pay bills and live a good life and among the best ways is by securing an equity loan. With all of the many venues that can be pursued in order to get a personal loan in Toronto, which will require you to do a bit of research. Here are a few things to consider when trying to figure out how to finance with bad credit.

Gaining the Knowledge of Your Credit Score and History

The first thing you will need to do when trying to find the right loan is to make sure that your credit score is up to par. There are a number of sites out there that will allow you to get your credit score. By taking the time to look at your credit report, you will be able to figure out whether or not you have any accounts that need to be squared away before applying for a loan.

Researching the Interest Rates

The next thing to consider about the loan you need is the going interest rates in the Toronto area. The more you are able to find out about the interest rates in an area, the easier you will find it to get the right loan chosen. In order to find out about the rates being charged, you will need to call around to the lenders in your area. They will be able to let you know the types of loans they have to offer and the rates you will have to pay. By having this type of knowledge, you will be able to find the right loan and loan provider in the Toronto area.

Assessing the Repayment Schedule

When trying to find the right personal loans, you will have to make sure that the repayment schedule is easily met. The last thing you want is to get a loan that you are unable to pay back in a timely manner. Most of the lenders you encounter will be able to tailor make the repayment schedule you have in order to meet the needs you have. The more you are able to find out about what a particular lender can do for you, the easier it will be for you to choose the right one.

When in the market for a great loan in the Toronto area, be sure to call on a professional in the industry. They have the experience and resources needed to get you the loans you need in a timely manner.

A personal loan isn’t always a bad idea. In fact, a personal loan can be a great way to refinance high interest debt into one low monthly payment. This can actually help you achieve your personal finance goals faster than paying toward several credit cards with high interest rates each month.

What if I Can’t Afford to Save for Retirement?

Image from: freedigitalphotos.net

Image from: freedigitalphotos.net

Here’s something even the best retirement guides may not admit: saving for retirement is incredibly difficult. USA Today even named retirement as something the middle class can no longer afford! Stagnant wages, high costs of living, and an avalanche of debt can all compromise your ability to save for retirement, but even if you’re just barely getting by, there’s hope.

Get Financial Counseling

Before you give up on retirement altogether, consult with a trained financial planner. The right planner can help you find a way out even when you’re feeling hopeless. You might find that cutting a particular expense frees up funds, or that working a few hours of overtime helps fund your retirement. In a world where few of us get sound financial advice or education, the right financial planner can be a game-changer.

Look at Part-Time and Hobby Work

The mainstream economy may be floundering, but freelancing is bigger than ever. More than a third of the American workforce is made up of freelancers. If you have a skill you can share, consider consulting on the side, since even a few additional hours of income can be stashed away for your retirement. Love crafting, collecting, or vintage clothing? Try selling online to make some fast cash doing something you already enjoy.

Look to Your House

If you’re house-rich and cash-poor, you may be able to fund a portion of your retirement with a reverse mortgage. However, not everyone is eligible for a reverse mortgage. If you are eligible you could receive cash and reliable income, as well as a chance to finally take a break from the daily slog of the working world.

Cut Your Expenses

No one wants to admit it, but the truth is that we all live larger than we should, and certainly spend more than we need to. Even a small sacrifice can go a long way. That $3 coffee you buy every morning adds up to $1,095 a year. Put that money away every month, benefit from the magic of compound interest, and you may soon have a healthy retirement fund. When you’re contemplating giving up on retirement, it’s time to give up everything you don’t need first, since working forever is simply not an option.

A Little Bit Goes a Long Way

Remember that you don’t have to save up your entire retirement fortune on your own. Compound interest will greatly increase, and eventually multiply, your savings. But to get the most benefits, you need to start early. Even if you can’t foresee saving enough for retirement, save a small sum on a regular basis. This money can help you cut back your work hours, and eventually ease you into a financially stable retirement.

Consider a Different Job

If you’re not making enough money at work, consider a different job. Sometimes it’s just not financially feasible to save on a tiny paycheck, but if that’s the case, it’s time to cultivate a back-up plan. Prioritize employers who offer 401(k) matching as a benefit, since this can add up to a small fortune over the years.

Divert Your Paycheck

Would you notice an additional $20, $50, or $100 taken from your paycheck each month. Probably not—especially if you’re the sort who spends this amount of money on impulse purchases. Once the money hits your bank account, it’s hard to give it up. But if you never see it, it becomes a lot like all that taxable income you’ve paid to the IRS—something that leaves your paycheck before you even see it. Ask your employer to divert a small, manageable sum—such as 1% of your paycheck, or $50 every time you get paid—to a retirement account. If you start sufficiently early, you’ll have a small nest egg well before you reach retirement age.

Annie Doisy is a reverse mortgage expert who helps seniors enhance their lives by taking advantage of the equity in their homes. Annie writes for ReverseMortgages.com where her goal is to educate consumers on a wide range of topics around mortgages and other financial services.

How to Grow Assets in 2016 While Beating the Emerging Markets Bubble

Investing money in the long term is easier said than done. That’s especially true nowadays, when markets are insecure and so flooded with liquidity that it’s difficult to see any worthwhile long term investments in between all these asset bubbles.

Nevertheless, investors have to think long term. Several studies have shown that too often, short-termism is the foe of profit. The longer you hold share-based investments, the more likely they will outperform cash, says the Barclays Equity Gilt study. Hence, investors should make sure that their investment strategy will last longer than their new year resolutions.

European vs. American Stocks – to buy or not to buy into quantitative easing? That’s the question

Every financial adviser will tell you that stocks are the best long term investment ever. Usually, they also have more than enough fancy and colorful graphs to provide evidence. And it’s indeed true, stocks are a good long-term investment and should be part of every investor’s portfolio.

However, the outlook for 2016 is not that good. Don’t expect astonishing gains this year. The low price of oil will continue to weigh heavily on many corporations and US businesses suffer from a strong US dollar. As the federal reserve bank (Fed) has started to increase interest rates, the dollar rally will continue to eat into the profits of multinational corporations.

pid1

While the Fed hiked rates last month, Europe and Japan are into quantitative easing big time. “We think this divergence in monetary policy will be broadly a tailwind to European and Japanese assets, while acting as a headwind to U.S. (and potential U.K.),” that’s according to Goldman Sachs strategists in the bank’s 2016 Global Opportunity Asset Locator (GOAL) report.

The bank therefore buys into quantitative easing and favors Japanese and European stocks. Bank of America, on the other hand, expects American stocks to outperform European stocks. Hence, “experts” do not agree about the direction of stock markets this year, so take care.

Results of global monetary policy will be currency effects and asset inflation in emerging markets

As macroeconomic policies differ fundamentally around the globe, it makes sense to hegde against currency risks. The US dollar will continue to remain strong against other currencies and could even appreciate further.

That puts US investors owning foreign assets at risk. Taking this risks seriously and hedging against currency effects is therefore a good idea. Alternatively, investors can also invest directly in currency-hedged products. iShares MSCI Germany ETF (HEWG), for example, is more than 6% up in December, while its unhedged counterpart (EWG) is down 2.5%.

However, currency effects are not the only danger that arises from quantitative easing. While developed markets seem to be better off these days, loose central bank policies all around the globe have inflated assets in emerging economies.

Specifically, low interest rates and extensive lending have been propelling economic growth in emerging markets during the last years. That will come to an end once interest rates normalize. As the Fed has now started a tightening cycle, that event comes closer.

If the emerging market bubble bursts, stocks in developed economies will be affected as well. When China’s stock market started to break down in August 2015, a global panic kicked in and resulted in a worldwide sell-off. A similar shock-wave could arise in other emerging markets.

Property, especially gold, is a way to hedge against market panic and macroeconomic risks

A way to hedge against such a shock-wave is to buy property. That’s another hot investment advice which you’d get from your banker. In fact, now is a good time to buy a home. Home-buyers face the lowest interest rate on a fixed-rate mortgage for years to come. However, buying a house is risky and capital intensive. Moreover, it’s a lifestyle decision which doesn’t fit to every investor’s preferences.

Buying commodities may be a better alternative. Especially gold is a popular crisis-proven investment. According to BitGold, no currency has beaten gold in the last 15 years, making it the best way to save money. And indeed, gold provides an effortless long-term preservation of value which is especially important in times like today, where markets are fragile and trade is based on unstable fiat currencies.

pid2

That’s why well know investors, like for example Robert Kiyosaki, advice to purchase gold on a regular base, because it is the best way to save money. Prices may go up and down, but over the course of several years, gold will increase in value and even more important: It will keep you safe.

5 Ways to Effectively Manage Your Mortgage Payments

shutters-669296_640Being a homeowner comes with a ton of responsibilities. One of the most important…making sure that the mortgage is paid in a timely fashion. However, if you’re like most homeowners, your mortgage is your largest monthly expense. Though proper budgeting can help you to make your payments each month, there are other things that you can do to save money on your mortgage payments so that you can start putting that income to other expenses. Below are just a few options you may have available to you:

1.  Refinancing

One of the first options for saving money on mortgage payments is refinancing. The concept of refinancing is applying for a new loan. This allows you to pay off the old loan with the new one. The reason this is beneficial to homeowners is that the new loan comes with new terms including lower interest rates, shorter (or longer if you need more time) loan periods, and more. There are several programs available for individuals interested in refinancing their loan including government assisted loans FHA streamline loan. For military personnel and their families, there is the option for offers like a Lowvarates.com VA streamline refinance loan. Each loan type and program offers different advantages to qualified benefits.

2.  Add Extra Money to Your Mortgage

Your mortgage is compounding interest, which means that interest is charged each month on top of the principal interest accrued. By adding even an additional $25 a month to your mortgage, you can begin paying more towards the principal balance on the loan. As the principal balance decreases, you’re reducing the amount of interest you accrue each month, thus paying off the loan faster.

If this is an option you’re going to take, make sure that you have contacted your lender to find out if there are penalties for prepaying your mortgage. When submitting extra funds, be sure that you specify that the money is to go towards the principal and not the interest so that your lender knows exactly what you’re trying to do.

3.  Make One Extra Payment Every Year

If you can’t swing paying an additional amount each month, you could decide to simply make one extra payment each year. If allowed by your loan term agreement, you can make an extra payment at the end of each year. Depending on the type of loan you have, doing this every year could allow you to pay off your 30 year mortgage in just 22 years.

4.  Put Extra Cash on the Principal

If you have a lump sum of extra cash that you can afford to use, putting it towards your principal balance can help you pay your mortgage off faster. For instance, income from a part time job, income taxes, bonuses at work, cash back rewards from credit cards, and whatever other income you receive can help put a dent in the overall balance. Remember, you want to make sure when you send in extra money that you specify putting it towards the principal balance and not the accrued interest.

5.  Find Homeowner Insurance Discounts

Though your homeowner insurance payments are separate from your mortgage payments, it can still be beneficial to find savings in this area. The more you can save on insurance, the more income you can put towards paying down your mortgage. There are plenty of ways to save on homeowners insurance, including shopping around for better offers, investing in a home security system, and upgrading certain components in your home to improve its integrity and safety.

Having various avenues to help manage your mortgage payments is ideal to prevent falling behind on payments and ruining your credit. Remember, because your mortgage is a binding contract, you’ll need to review it or contact your lender to find out if there are any penalties you should be aware of. You want to prevent adding extra costs as you pay down your mortgage and save money in the long run.

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Things to Consider When Trying to Secure a Personal Loan in Toronto

calculator-385506_1280In order to acquire anything in this world, you will have to find a way to make the right amount of money. There are a number of ways to get your hands on the money needed to pay bills and live a good life and among the best ways is by securing an equity loan. With all of the many venues that can be pursued in order to get a personal loan in Toronto, which will require you to do a bit of research. Here are a few things to consider when trying to figure out how to finance with bad credit.

Gaining the Knowledge of Your Credit Score and History

The first thing you will need to do when trying to find the right loan is to make sure that your credit score is up to par. There are a number of sites out there that will allow you to get your credit score. By taking the time to look at your credit report, you will be able to figure out whether or not you have any accounts that need to be squared away before applying for a loan.

Researching the Interest Rates

The next thing to consider about the loan you need is the going interest rates in the Toronto area. The more you are able to find out about the interest rates in an area, the easier you will find it to get the right loan chosen. In order to find out about the rates being charged, you will need to call around to the lenders in your area. They will be able to let you know the types of loans they have to offer and the rates you will have to pay. By having this type of knowledge, you will be able to find the right loan and loan provider in the Toronto area.

Assessing the Repayment Schedule

When trying to find the right personal loans, you will have to make sure that the repayment schedule is easily met. The last thing you want is to get a loan that you are unable to pay back in a timely manner. Most of the lenders you encounter will be able to tailor make the repayment schedule you have in order to meet the needs you have. The more you are able to find out about what a particular lender can do for you, the easier it will be for you to choose the right one.

When in the market for a great loan in the Toronto area, be sure to call on a professional in the industry. They have the experience and resources needed to get you the loans you need in a timely manner.

A personal loan isn’t always a bad idea. In fact, a personal loan can be a great way to refinance high interest debt into one low monthly payment. This can actually help you achieve your personal finance goals faster than paying toward several credit cards with high interest rates each month.

What if I Can’t Afford to Save for Retirement?

Image from: freedigitalphotos.net

Image from: freedigitalphotos.net

Here’s something even the best retirement guides may not admit: saving for retirement is incredibly difficult. USA Today even named retirement as something the middle class can no longer afford! Stagnant wages, high costs of living, and an avalanche of debt can all compromise your ability to save for retirement, but even if you’re just barely getting by, there’s hope.

Get Financial Counseling

Before you give up on retirement altogether, consult with a trained financial planner. The right planner can help you find a way out even when you’re feeling hopeless. You might find that cutting a particular expense frees up funds, or that working a few hours of overtime helps fund your retirement. In a world where few of us get sound financial advice or education, the right financial planner can be a game-changer.

Look at Part-Time and Hobby Work

The mainstream economy may be floundering, but freelancing is bigger than ever. More than a third of the American workforce is made up of freelancers. If you have a skill you can share, consider consulting on the side, since even a few additional hours of income can be stashed away for your retirement. Love crafting, collecting, or vintage clothing? Try selling online to make some fast cash doing something you already enjoy.

Look to Your House

If you’re house-rich and cash-poor, you may be able to fund a portion of your retirement with a reverse mortgage. However, not everyone is eligible for a reverse mortgage. If you are eligible you could receive cash and reliable income, as well as a chance to finally take a break from the daily slog of the working world.

Cut Your Expenses

No one wants to admit it, but the truth is that we all live larger than we should, and certainly spend more than we need to. Even a small sacrifice can go a long way. That $3 coffee you buy every morning adds up to $1,095 a year. Put that money away every month, benefit from the magic of compound interest, and you may soon have a healthy retirement fund. When you’re contemplating giving up on retirement, it’s time to give up everything you don’t need first, since working forever is simply not an option.

A Little Bit Goes a Long Way

Remember that you don’t have to save up your entire retirement fortune on your own. Compound interest will greatly increase, and eventually multiply, your savings. But to get the most benefits, you need to start early. Even if you can’t foresee saving enough for retirement, save a small sum on a regular basis. This money can help you cut back your work hours, and eventually ease you into a financially stable retirement.

Consider a Different Job

If you’re not making enough money at work, consider a different job. Sometimes it’s just not financially feasible to save on a tiny paycheck, but if that’s the case, it’s time to cultivate a back-up plan. Prioritize employers who offer 401(k) matching as a benefit, since this can add up to a small fortune over the years.

Divert Your Paycheck

Would you notice an additional $20, $50, or $100 taken from your paycheck each month. Probably not—especially if you’re the sort who spends this amount of money on impulse purchases. Once the money hits your bank account, it’s hard to give it up. But if you never see it, it becomes a lot like all that taxable income you’ve paid to the IRS—something that leaves your paycheck before you even see it. Ask your employer to divert a small, manageable sum—such as 1% of your paycheck, or $50 every time you get paid—to a retirement account. If you start sufficiently early, you’ll have a small nest egg well before you reach retirement age.

Annie Doisy is a reverse mortgage expert who helps seniors enhance their lives by taking advantage of the equity in their homes. Annie writes for ReverseMortgages.com where her goal is to educate consumers on a wide range of topics around mortgages and other financial services.

How to Grow Assets in 2016 While Beating the Emerging Markets Bubble

Investing money in the long term is easier said than done. That’s especially true nowadays, when markets are insecure and so flooded with liquidity that it’s difficult to see any worthwhile long term investments in between all these asset bubbles.

Nevertheless, investors have to think long term. Several studies have shown that too often, short-termism is the foe of profit. The longer you hold share-based investments, the more likely they will outperform cash, says the Barclays Equity Gilt study. Hence, investors should make sure that their investment strategy will last longer than their new year resolutions.

European vs. American Stocks – to buy or not to buy into quantitative easing? That’s the question

Every financial adviser will tell you that stocks are the best long term investment ever. Usually, they also have more than enough fancy and colorful graphs to provide evidence. And it’s indeed true, stocks are a good long-term investment and should be part of every investor’s portfolio.

However, the outlook for 2016 is not that good. Don’t expect astonishing gains this year. The low price of oil will continue to weigh heavily on many corporations and US businesses suffer from a strong US dollar. As the federal reserve bank (Fed) has started to increase interest rates, the dollar rally will continue to eat into the profits of multinational corporations.

pid1

While the Fed hiked rates last month, Europe and Japan are into quantitative easing big time. “We think this divergence in monetary policy will be broadly a tailwind to European and Japanese assets, while acting as a headwind to U.S. (and potential U.K.),” that’s according to Goldman Sachs strategists in the bank’s 2016 Global Opportunity Asset Locator (GOAL) report.

The bank therefore buys into quantitative easing and favors Japanese and European stocks. Bank of America, on the other hand, expects American stocks to outperform European stocks. Hence, “experts” do not agree about the direction of stock markets this year, so take care.

Results of global monetary policy will be currency effects and asset inflation in emerging markets

As macroeconomic policies differ fundamentally around the globe, it makes sense to hegde against currency risks. The US dollar will continue to remain strong against other currencies and could even appreciate further.

That puts US investors owning foreign assets at risk. Taking this risks seriously and hedging against currency effects is therefore a good idea. Alternatively, investors can also invest directly in currency-hedged products. iShares MSCI Germany ETF (HEWG), for example, is more than 6% up in December, while its unhedged counterpart (EWG) is down 2.5%.

However, currency effects are not the only danger that arises from quantitative easing. While developed markets seem to be better off these days, loose central bank policies all around the globe have inflated assets in emerging economies.

Specifically, low interest rates and extensive lending have been propelling economic growth in emerging markets during the last years. That will come to an end once interest rates normalize. As the Fed has now started a tightening cycle, that event comes closer.

If the emerging market bubble bursts, stocks in developed economies will be affected as well. When China’s stock market started to break down in August 2015, a global panic kicked in and resulted in a worldwide sell-off. A similar shock-wave could arise in other emerging markets.

Property, especially gold, is a way to hedge against market panic and macroeconomic risks

A way to hedge against such a shock-wave is to buy property. That’s another hot investment advice which you’d get from your banker. In fact, now is a good time to buy a home. Home-buyers face the lowest interest rate on a fixed-rate mortgage for years to come. However, buying a house is risky and capital intensive. Moreover, it’s a lifestyle decision which doesn’t fit to every investor’s preferences.

Buying commodities may be a better alternative. Especially gold is a popular crisis-proven investment. According to BitGold, no currency has beaten gold in the last 15 years, making it the best way to save money. And indeed, gold provides an effortless long-term preservation of value which is especially important in times like today, where markets are fragile and trade is based on unstable fiat currencies.

pid2

That’s why well know investors, like for example Robert Kiyosaki, advice to purchase gold on a regular base, because it is the best way to save money. Prices may go up and down, but over the course of several years, gold will increase in value and even more important: It will keep you safe.

5 Ways to Effectively Manage Your Mortgage Payments

shutters-669296_640Being a homeowner comes with a ton of responsibilities. One of the most important…making sure that the mortgage is paid in a timely fashion. However, if you’re like most homeowners, your mortgage is your largest monthly expense. Though proper budgeting can help you to make your payments each month, there are other things that you can do to save money on your mortgage payments so that you can start putting that income to other expenses. Below are just a few options you may have available to you:

1.  Refinancing

One of the first options for saving money on mortgage payments is refinancing. The concept of refinancing is applying for a new loan. This allows you to pay off the old loan with the new one. The reason this is beneficial to homeowners is that the new loan comes with new terms including lower interest rates, shorter (or longer if you need more time) loan periods, and more. There are several programs available for individuals interested in refinancing their loan including government assisted loans FHA streamline loan. For military personnel and their families, there is the option for offers like a Lowvarates.com VA streamline refinance loan. Each loan type and program offers different advantages to qualified benefits.

2.  Add Extra Money to Your Mortgage

Your mortgage is compounding interest, which means that interest is charged each month on top of the principal interest accrued. By adding even an additional $25 a month to your mortgage, you can begin paying more towards the principal balance on the loan. As the principal balance decreases, you’re reducing the amount of interest you accrue each month, thus paying off the loan faster.

If this is an option you’re going to take, make sure that you have contacted your lender to find out if there are penalties for prepaying your mortgage. When submitting extra funds, be sure that you specify that the money is to go towards the principal and not the interest so that your lender knows exactly what you’re trying to do.

3.  Make One Extra Payment Every Year

If you can’t swing paying an additional amount each month, you could decide to simply make one extra payment each year. If allowed by your loan term agreement, you can make an extra payment at the end of each year. Depending on the type of loan you have, doing this every year could allow you to pay off your 30 year mortgage in just 22 years.

4.  Put Extra Cash on the Principal

If you have a lump sum of extra cash that you can afford to use, putting it towards your principal balance can help you pay your mortgage off faster. For instance, income from a part time job, income taxes, bonuses at work, cash back rewards from credit cards, and whatever other income you receive can help put a dent in the overall balance. Remember, you want to make sure when you send in extra money that you specify putting it towards the principal balance and not the accrued interest.

5.  Find Homeowner Insurance Discounts

Though your homeowner insurance payments are separate from your mortgage payments, it can still be beneficial to find savings in this area. The more you can save on insurance, the more income you can put towards paying down your mortgage. There are plenty of ways to save on homeowners insurance, including shopping around for better offers, investing in a home security system, and upgrading certain components in your home to improve its integrity and safety.

Having various avenues to help manage your mortgage payments is ideal to prevent falling behind on payments and ruining your credit. Remember, because your mortgage is a binding contract, you’ll need to review it or contact your lender to find out if there are any penalties you should be aware of. You want to prevent adding extra costs as you pay down your mortgage and save money in the long run.