Darcy Schanck Financial has created a great video on RRSP's for Canadians

New author Mr. Darcy Schanck has created a very applicable common sense guide to RRSP's.

Watch here http://youtu.be/wkrDwlk7bDQ

How To Lower Debt Payments

Homes in Canada are continuing to rise in value this year with an average house listing price gain of 0.08 to $391,820 according to The Canadian Real Estate Association.

This shows that people are building on value in their homes rather than using it to pay off "Bad Debt faster while increasing their lifestyle".  

There are some things to be avoided says Mr Schanck "After you consolidate your debts you should not continue to hold a balance on the high rate cards again".

Some helpful tips:

• Lower your limit to to a budget able amount
• Or simply get rid of your highest interest cards

"A few cards have an rate of interest of more than 20%+, which in my opinion should never be used" states Mr. Schanck. 

DMTN220 - Reopening

This bond settled on October 24, 2014:

• a CAD800 million Domestic bond reopening with a 3.45% coupon and a maturity date of June 2, 2045.

Darcy Schanck becomes an author!

Darcy Schanck of Darcy Schanck Financial is authoring a new financial book in Canada called "Bankers Never Die...They Just Lose Interest".

Here is an article showcasing the new release, and the benefits of investing in Ontario, Canada.

http://newswire.net/newsroom/pr/00086233-darcy-schanck-advises-invest-in-ontario.html

Enjoy!

Darcy Schanck 5 Signs You Need a Debt Professional

Darcy Schanck 5 Signs You Need a Debt Professional



Great piece on when you need a debt consolidation, or debt negotiator on your side.



Darcy Schanck lives in Mississauga Ontario and helps businesses; professionals and families across Canada better understand their financial options.

Darcy Schanck Financial
(416) 706-5741
dschanck007@gmail.com
http://darcyschanckfinancial.blogspot.com/
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Darcy Schanck - Hiring a Mortgage Broker in Canada, The Pros and Cons

 

Darcy Schanck Independent Financial Consultant

Darcy Schanck on Mortgage Brokers - Mississauga Ontario, Canada - 

Buying a home is an exciting and intimidating process at the same time. Although the location of your home is probably the foremost on your mind, you also need to consider the people that you will hire to help you. Selecting the professional that will help you with home buying is just as important as finding your dream home. One of the professionals that you need to hire is a mortgage broker.

Mortgage brokers are licensed mortgage experts that work on your behalf when it comes time to decide on the right mortgage for you. They are not lenders - just the middle person who guides you and helps connect you with the right lending institution. A broker almost always receives their fee from the lender (the bank, or credit union) meaning that their services are free for you.

If you think that it would be better to go directly to a bank or a mortgage lending institution, you may want to read about the pros and cons of hiring a mortgage broker in Canada first.

Pros

●       They have the expertise to help you find the best deal and negotiate for a lower rate on your behalf. As mentioned, they have undergone special education for this.

●       They have established a working relationship with lenders. You can benefit from this working relationship for a smoother and faster application process.

●       They have volume discounts. It is not unlikely that a mortgage broker will work with multiple borrowers at the same time. If you all secure a mortgage with the same lender, the broker may be able to negotiate for a lower rate or better terms for all of you.

●       They can provide you with options. Probably the best part of the service that you will get from a broker is saving you from having to go to different lenders. They can come to you with the rates and terms from different lenders and all you have to do is to decide which of them suits your requirements best. They can also provide their expert opinion about it.

●       They can connect you to lenders that will provide you the best loan rate despite a bad credit report. In case you have a bad credit score, you may find it hard to secure a mortgage with a low interest rate. While this cannot be guaranteed by the mortgage broker, they can still help hook you up with a lending institution that will serve your needs best.

●       They are generally not paid by the borrowers. The last benefit is you do not have to pay them anything. They earn their income from the commissions given to them by lenders.

Cons

●       They rely on commissions from the lenders. Just as this can be a benefit, this can also work against you. It might make you doubt the sincerity of their service being provided to you.

●       They may have preferential treatment to some lenders. If some lenders give higher percentage commissions, they might give them preference over other lenders that could have given you a better deal. That could mean you are not getting the complete options that you should have.

●       They can make recommendations that may be for the best interest of their commission rather than your financial situation. It is but natural for a person to be more loyal to the one providing their source of income.

You have to be careful when you are choosing the mortgage broker that will represent you. First of all, they have to be duly licensed for the province you are in. Secondly, you may want to ask for client references so you can see how past client relationships have worked out. Lastly, validate everything that the mortgage broker will tell you. That way, you can be assured that you are getting the right and complete information from them.

Darcy Schanck lives in Mississauga Ontario and helps businesses; professionals and families across Canada better understand their financial options.

Darcy Schanck Financial
(416) 706-5741
dschanck007@gmail.com

http://darcyschanckfinancial.blogspot.com/
https://plus.google.com/u/0/109532260651929622629/about
https://www.youtube.com/user/DarcySchanckFinancil/about
http://www.linkedin.com/in/darcyschanckfinancial
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https://twitter.com/DarcySchanck
https://ssl.panoramio.com/user/darcyschanckfinancial
http://darcyschanckfinancial.wordpress.com
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Darcy Schanck Gives Canadians Financial Advice in 10 Part Video Series

Darcy Schanck Financial

Darcy Schanck announces the upcoming release of his 10 part educational video series for Canadians.

Home Equity - When Does It Make Sense To Use It - Darcy Schanck

Darcy Schanck Financial

Using your home equity now has never been so tempting. With a housing market that is steadily gaining strength, home values are also rising. When that happens, you know that whatever percentage of equity that you have in your house has grown with it too.

If you intend on using your home’s equity, that could be done through a home equity loan, a home line of credit (HELOC), second mortgage or even a complete overhaul of your first mortgage; depending on the type of mortgage you currently have. In a home equity loan, you get to take the whole amount immediately and pay it back in installments as per agreed. In a HELOC, you will apply for the credit once but you do not have to use the whole amount immediately. What you can do is to get only the amount that you need and pay it back. The credit will be available just like a credit card, but with a considerably lower interest rate, wherein you have a borrowing limit that you can access anytime and pay only based on what you borrowed.

Using your home’s equity should be done with caution. You have to make sure that you understand the risks involved. In case your finances turn sour, failing to pay back the loans you have against your home equity could result in the loss of your home to foreclosure.

Given that, here are the smart ways that you can use your home equity without it blowing up in your face.

●       When you use it to buy another property for rental investment purposes.

●       When you intend to help finance the education of your child.

●       When it is a matter of life and death.

●       When you wish to renovate your home.

●       When you want to increase your investment portfolio.

●       When you want to consolidate your debt with a lower interest rate

When you wish to increase cash flow without increasing your debt portfolio.

Although it is a common practice for some to use it to consolidate their loans. It may seem logical to use this to pay off your high interest debts but make sure that you address the real reason why you were in debt in the first place. Do not reload your paid off credit cards, you need to make sure that you don't fall back into the same debt trap, in any case, the smart way to use home equity is when it will put money back in your pocket.

A home is always a good investment because it grows in value as times goes on. Although the market may rise or fall, you can generally assume that the value of your home in the next ten years will be greater than when you first bought it. It also has the effect of forced savings, since you need to live somewhere regardless of whether you own your home or rent it, it is always better to put equity in your home than in someone Else's.

The forecast is good for Canadian homes in 2014 as reported in a December 2013 article in CTVNews.ca. Projections done by the Canadian Real Estate Association predicted that the sales of homes were good in 2013 and it is expected to grow stronger in 2014. The increase is noted in Ontario and also in four provinces in the west. According to the report, we have a well-balanced market even in the urban areas. With a national average of $382,200, we are currently enjoying an increase of 5.2% from the previous year. The projected price in 2014 is at $391,100 - which is a modest 2.5% increase. The report noted that even the low-rise market in Toronto shows some gain in the housing prices because of the tight supply in relation to a higher demand.

A strong housing market is good because you know that the value of your home will turn out positively. That is good news for the equity of your home and it will be more tempting to use it. Although you have every right to use your home equity as you wish, you need to be smart about how you plan on using it. It is suggested that you speak to a professional financial adviser and get educated before you touch your homes equity.

Darcy Schanck Financial

Darcy Schanck, Independent Financial Consultant 

"Paving the way to your financing solutions"

Cellular/Direct 416-706-5741

E Fax       1-877-600-9716

Mississauga, Ontario

Darcy Schanck: 3 Reasons Why Hiring a Mortgage Broker Makes More Sense

 Mortgage Brokers vs Banks 3 Benefits to You...

Darcy Schanck Financial

Hiring a mortgage broker over a bank is an easy choice. When you are buying a home in Canada, you want to be very careful when it comes to financial matters. After all, home buying is probably the most largest single transaction that you will do in your life. You do not want to waste your money and you want to get as much saving as well as the best options for you as you can from the sale.

Majority of home buyers usually get a mortgage to help pay for the real estate property. They apply for the home loan which is typically 95% or less of the sale price. Given the national average price of homes in Canada, that amount is usually $300,000 or more. But for a first time home buyer, the mortgage application process can be both intimidating and confusing.

Here is where the mortgage broker can help out. These people are licensed mortgage specialists that help buyers get access to multiple mortgage lenders and their different rates, options and mortgage products. They do not do the lending. They will simply connect you to the right lender that will suit your financial and home buying requirements.

Some people will think, why not just go straight to the banks? Here are three reasons why a broker will serve your purposes better.

●       You are not tied to one bank, or financial institution. These Mortgage professionals are  trained freelancers that work for you and are not tied down to one set of mortgage products only. They can give you variety and options across a large number of institutions. You do not have to waste time going from one lender to the other; They will do that legwork for you. When they come to you, they already have the options and a recommendation on the best mortgage that will be perfect for your specific situation "saving you time, effort and creating peace of mind."

●       You get to enjoy the service of a trained specialist. Mortgage brokers are trained specifically to help you prepare the documents and acquire the perfect home loan. They monitor mortgage rates of various lenders and can give you a faster option compared to going over the different lenders yourself. They can also advise you of the best loan to avail considering your credit report, financial situation and long term goals. Not only that, the established working relationship that they have with different lenders and a possibility of volume lending (if they have other clients), will land you a lower interest rate.

●       You generally do not have to pay a fee for their assistance. Probably the best reason to hire them is you do not need to pay for the assistance that you will receive as they do the mortgage application legwork for you. They get paid out of the commissions that the lender will give them after a successful borrower-lender match. You should feel assured that their commission will still depend on your borrowing decisions. That means their job is to make you feel satisfied.

Of course, part of benefiting from a mortgage broker is that they know who to trust. They are not like banks that have only their mortgage products to offer. When you hire these professionals to help you out, they will research every lender in their repertoire to get you the best mortgage for your unique situation. Reputation is a strong indicator of trust in any industry, make sure the broker you choose has some positive reviews and testimonials from satisfied clients that they have helped.

Darcy Schanck Financial
Darcy Schanck  
"Paving the way to your financing solutions"
Independent Financial Consultant
Mississauga ON. Canada
Cellular/Direct 416-706-5741
E Fax       1-877-600-9716