Debt

How To Get Approved For A Mortgage

If you are sick and tired of paying rent, knowing that you are practically throwing away your money month by month, here are a few things you should know about before you go and get a mortgage preapproval from your local financial institution

Access To Credit

Before a financial institution will lend you money they will want to know how much access to credit you have.  For example, they will ask you about your limits on your credit cards, lines of credit, overdraft protection on your bank accounts, as well as on any loans you may have.  Even if you are not carrying a balance on your credit products, the lending institution will still have to take your limits into account.  The lending institution may ask you to decrease or get rid of some of your credit products in order to approve you for a mortgage.

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July 4, 2012
Shopping

It Pays To Be Organized When You Shop

I have observed that it truly does pay to be organized when you shop.  It only takes a couple of seconds to check online flyers before you head out to grocery shop. Although I am not a big fan of coupons, I definitely do see the benefit in knowing what’s on sale before I shop.

Lists save you money

Once you’ve had a chance to peek at the flyer, jot down the sale items that you need and scratch down the prices beside them so when you shop you know what you are looking for.  By doing so you will ensure that you will get all the items you need on sale rather than paying regular price.

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July 2, 2012
General

Great Job Hunting Websites

I am in the process of looking for a job and one of the best websites I have come across so far is indeed.com.  The site makes it very easy to search and it’s like a one-stop shop.  Rather than having to go to several individual sites, it incorporates results across several different job sites including extremejobs.ca, jobbank.gc.ca, etc.

Indeed.com also has neat advanced search features including the feature that allows you only view new jobs since your last visit.  This function saves me a ton of time as I have so many other things on the go besides job hunting.

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June 29, 2012
Debt

How To Manage Your Expenses And Still Be Fashionable

The fashion world today is moving so fast that not everyone can keep up with its pace. We often see celebs changing their wardrobe every season and we get envious of their lifestyle. There is no problem with that if you have enough money to pay off your credit card bills when they arrive. What if you are on a budget? Budgeting doesn’t mean that you have to sacrifice your love for fashion, you just have to balance things out.  Here’s how.

Credit Limit

There is no doubt that shopping with your credit card is pleasurable. But when the bill arrives, do you enjoy it too? Or have you exceeded your limit? Knowing what your credit limit is will help you avoid exceeding it. You should always stay below it by at least  20%. Doing this will give you good points on your credit report. There’ll also be less worrying about credit debt and balances.

The Basics

When it comes to fashion, there are basic pieces that never go out of style; and there are statement pieces that easily become so-last-season. If you want to keep your expenses on a low down, opt for the basic pieces so that you won’t have to change your wardrobe all the time. You will save a lot of money in the long run.

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June 27, 2012
Debt

What You Need To Know About The Total Debt Service Ratio

What is a Total Debt Service Ratio?

Total Debt Servicing Ratio, or TDSR for short, is a measurement that tells you the percentage of gross annual income required to cover the annual costs associated with housing and all other debts you may have such as loans, lines of credit, credit cards, etc.

Why is TDSR Important?

This is how a lending institution will determine how much they can lend you when you apply for a mortgage or other type of credit product such as a home equity loan.  The lending institution wants to ensure that you will be able to afford to repay them if they lend you money.  TDSR is a way of showing your credibility, so to speak.

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June 25, 2012