Mortgage Advice

Credit Score Tips

In today’s B’s Finance Minute, let’s talk about factors that can affect your credit score. Studies show that 80% of Canadian’s don’t know their credit score and 63% don’t know how their credit score is determined. This is a mathematical algorithm that predicts how you manage your credit. The factors that affect your credit score are: 35% depends on your payment history 35% depends on outstanding balance vs. limit 15% depends on recent credit checks 15% depends on how long you’ve had your credit history The higher the

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Sources of Down Payment

In today’s B’s Finance Minute, let’s talk about Sources of Downpayment. In our last Finance Minute, we talked about the minimum downpayment that you need.  When it comes to downpayment, where can it come from?  It can come from your savings and chequing accounts, TFSA, RRSP, Sale of a home, refinancing from a home, or a gifted downpayment.  Did you know that about 19% of first-time homebuyers  used gifts from siblings or parents as a downpayment? When it comes to RRSP’s, you have 15 years To pay that back and the money

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How much Down Payment?

In today’s B’s Finance Minute, let’s talk about how much downpayment do you need when buying your principal residence.  Downpayment if you qualify is 5% for properties worth $500,000 and below.  This is true even if it’s Your 2nd, 3rd or 4th home etc as long as you are buying to live in it as your main home.  If the property costs more than $500,000, then your downpayment has to be 5% of the $500K and then 10% of anything above $500K.   For example for

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Building an Emergency Fund

In today’s B’s Finance Minute, let’s talk about Building an Emergency fund. This is important because in the event of a family emergency due to illness, job loss, or any other tragedy, you can survive for 3 months. Your emergency fund should be equal to 3x your monthly survival number. Therefore the first step Is to identify how much money your family needs in a month to pay for your basic expenses for food, housing, schooling, car, gas, utilities, insurance and all other necessities.  Second, multiply this monthly amount by 3 because you want

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Credit Cards

Hi Everyone, in today’s B’s finance minute I intend to remind you that it’s your responsibility to pay off your all your credit card balances in full ideally every month. If you look at your credit card bill the interest on that is 19 percent 25 percent sometimes 29 percent. There’s also a fine print that says it will take you 40 years to pay off your credit card in full if you pay the minimum every month. What if

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