Can you get a mortgage with bad credit in Canada?
Spergel
by Alan Spergel
4d ago
Getting a mortgage with bad credit in Canada may seem challenging, but it’s not impossible. If you’re keen to buy a property and think you have bad credit, you might be concerned that mortgage lenders will think you’re irresponsible and an unreliable borrower. You might even fear that lenders won’t approve your mortgage application, thinking that you won’t be able to handle the payments. Yet many Canadians with less-than-perfect credit scores are still able to secure financing for a home. While a higher credit score brings access to better mortgage options including more favourable interest ra ..read more
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30 year mortgage: what this could mean for you
Spergel
by Ashvin Sharma
1w ago
When it comes to buying a home, one of the most important decisions you’ll face is how to finance it. Mortgages come in various terms, with new products occasionally appearing on the market in Canada. Earlier this year, in April, it was announced that the federal government would begin permitting 30 year mortgage amortizations for any first-time buyers who purchase a new home in Canada. Coming into force from August 1, 2024, the goal is to make mortgage debt more manageable and to promote the construction of new homes. If you’re looking to own your own home among high interest rates and real e ..read more
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What is voluntary bankruptcy?
Spergel
by Colin Boulton
2w ago
Financial struggles can be overwhelming, leaving many individuals and businesses searching for a way out of debt. One viable solution for those facing unmanageable debts and financial challenges is voluntary bankruptcy. In Canada, voluntary bankruptcy provides a legal framework for debtors to address their financial difficulties and start afresh. In this article, we explain what voluntary bankruptcy is, how it works, and why it might be the right choice for you if you’re seeking relief from unmanageable debt. By understanding the process and benefits, you can make informed decisions about your ..read more
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How to stop impulse buying
Spergel
by Chris Galea
3w ago
Impulse buying can be a major roadblock to achieving financial wellness. The spontaneous decision to purchase items, often driven by emotions rather than need, can lead to unplanned expenses and disrupt your budget. With the rise of online shopping and constant exposure to advertisements, the temptation to make impulsive purchases is stronger than ever. Taking control of your spending habits, however, is essential for building a secure financial future. In this article, we share some practical strategies to help you learn how to stop impulse buying and take control of your financial health. Wh ..read more
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What is the after-tax cost of debt for consumers?
Spergel
by Ashvin Sharma
3w ago
When it comes to managing your personal finances, borrowing money can be a double-edged sword. Loans, mortgages, and credit cards can all help you to achieve your goals, but they also come with costs. This includes interest in most cases, and even penalties should you be unable to make your repayments on time. These costs can quickly accumulate if left unmanaged, and can lead to substantial debts. One crucial concept to understand is the ‘after-tax cost of debt’, which can impact your financial decisions and overall financial health. Much as people refer to their income in pre-tax terms, so to ..read more
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Overspending: how to stop and avoid debt
Spergel
by Ashvin Sharma
1M ago
In today’s fast-paced world, managing your personal finances can be a challenging task. Overspending is a common issue that many Canadians face, and it can often lead to debt and financial stress. Perhaps you’re guilty of buying things you don’t need, or are partial to impulse buying. Although it’s nice to treat ourselves occasionally for an instant reward, making this a habit can lead to overspending. Overspending, in turn, can quickly spiral into poor financial management and debt. At Spergel, we understand the importance of financial health and want to help you take control of your spending ..read more
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How long does a consumer proposal last?
Spergel
by Alan Spergel
1M ago
When facing unmanageable debts or financial challenges, a consumer proposal can be a lifeline, offering a structured pathway to debt relief and a fresh financial future. Consumer proposals can reduce your debts by up to 80%, and here at Spergel (‘the get rid of debt’ people), we have a 99% acceptance rate on any consumer proposals we file. If you’re wondering ‘how long does a consumer proposal last?’, you likely want to understand the duration of a consumer proposal, and how long it will impact your financial situation. In this article, we’ll delve into the timeline of a consumer proposal, exp ..read more
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Licensed Insolvency Trustee fees: how does it all work?
Spergel
by Jeff Adiken
2M ago
Facing financial difficulties or unmanageable debt can be overwhelming, but seeking help from a Licensed Insolvency Trustee (LIT) can support you on your journey to a fresh financial start. If you’ve been looking into debt relief options, you’ll likely be aware that there are a number of solutions available. The most powerful forms of debt relief in Canada include filing a consumer proposal or bankruptcy. Consumer proposals are a popular bankruptcy alternative and can reduce your unsecured debts by up to 80%, while bankruptcy can eliminate your debts completely. Both of these debt relief solut ..read more
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The 50/30/20 rule explained: a simple guide to budgeting
Spergel
by Samantha Galea
2M ago
Managing your finances can often feel overwhelming, especially when it comes to budgeting. You might, however, have heard of a straightforward approach known as the 50/30/20 rule, which can make budgeting easier and more effective. This rule provides a clear framework for dividing your after-tax income into three primary categories: needs, wants, and savings. At the end of each month, you can review your purchases and compare your spending against your income to determine how you managed against your budget, using any leftover funds for savings or debt repayment. By following this method, you ..read more
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HELOCs: what the tighter restrictions mean for you
Spergel
by Jeff Adiken
2M ago
In recent years, Home Equity Lines of Credit (HELOCs) have become increasingly popular among Canadian homeowners as a flexible and convenient way to access home equity for various purposes, from renovations to debt consolidation. Tighter restrictions implemented by financial regulators, however, have altered the landscape of HELOCs, prompting homeowners to reassess their borrowing strategies and financial goals. Understanding these changes and their implications is crucial for homeowners considering or currently utilizing HELOCs. In this article, we discuss HELOCs and share what the tighter re ..read more
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