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Building your Investment Portfolio - Your Investor Profile

Looking to Build your Investment Portfolio? A portfolio with the right mix of cash, fixed income and equity investments suited for your goals and risk level. Getting the right mix of mutual funds may generate higher potential returns while at the same time effectively manage risk. Enhanced returns while minimizing risk Selecting investments that tend to react differently to the economic climate helps to make it more likely that at least a portion of the investments will be performing well at any point in time. The highs and lows of any single investment should be partially offset by the performance of the other investments in the portfolio. Foreign investments will help to reduce risk and increase your potential returns. Automatic portfolio rebalancing to keep your portfolio on track with your objectives You get the freedom from monitoring your investments because your Strategic Portfolio will be reviewed on a quarterly basis and automatically rebalanced to your original asset mix. Get

Woman a victim of mortgage fraud

House bought from her after signature forgedA serious problem in GTA, says title insurance officialApr. 13, 2006. 11:10 AMHAROLD LEVYSTAFF REPORTEREarlier this year, Susan Lawrence discovered that the 100-year-old Victorian home she had been living in for 30 years had been stolen by identity thieves.The North York widow had been blissfully unaware the thieves had used her forged signature to purchase the house from her and discharge a mortgage she had put on the property.They had then put a new mortgage on the property for almost $300,000, pocketed the money, defaulted on the mortgage, faded out of sight, and left her facing eviction.Lawrence soon learned she had become a victim of mortgage fraud — one of the growing number of people in the Greater Toronto Area who are being victimized by real estate savvy swindlers."I just could not believe it, and anybody I talked to couldn't believe it either," Lawrence said in an interview. "They all asked, `How could anybody sel

Don't pay more tax than you have to

Apr. 12, 2006. 06:45 AM ELLEN ROSEMAN What do tax tips and spring flowers have in common? They pop up in April. I've gone through my garden of money-saving tax advice and picked some of the prettiest blooms for your inspection" Don't pay interest on top of interest. If you owe money, the government will charge daily compound interest on your debt. This means you pay interest not only on the original amount you owe, but also on the interest that starts adding up. "If you can't pay the amount that's due, talk to your financial institution about a loan or a line of credit that charges a lesser interest rate than the Canada Revenue Agency," says lawyer Stanley Kershman, author of Put Your Debt on a Diet (Wiley). Ottawa can also charge you a late-filing penalty — and interest on the penalty. So, you should file your return on time to avoid penalties, even if you can't pay the amount due. Work out your tax factor. This is important to know when you're m

Where to invest in real estate now

"Want to buy a house in Vancouver? Hope you have lots of cash. The average price of a house in Lotus Land hit $490,004 in February. Think about it for a second. That's nearly half a million dollars--and 26.5% higher than a year ago. Put another way, it now takes a household income of $142,000 a year to comfortably purchase a place to live. Wasn't the real estate market supposed to slow down this year? Apparently not. And it's not just Vancouver that's experiencing double-digit price increases so far this year. Canadian Real Estate Association (CREA) figures show the average home price from February 2005 to February 2006 rose 26% in Calgary and 15.5% in Edmonton, both economic boomtowns of late. But even relatively moribund Toronto saw an increase of nearly 6%, for an average price of almost $354,000. That's a lot of money to put on the line if you're thinking of investing in the real estate market--let alone looking for a place to live. No wonder people are

CHIP Reverse Mortgage for Seniors

Created from a senior’s perspective, a CHIP Reverse Mortgage is a unique home equity borrowing opportunity for homeowners in Canada who are age 62 and older. Senior homeowners can access up to $500,000 tax-free with no payments required on the loan until the home is sold or owners move out. The amount available to the homeowners is based on the appraised value of the home, the age and gender of the homeowners, marital status, property type, and location. CHIP Reverse Mortgages are available in most areas across Canada, on most types of homes. Leaseholds, co-ops, manufactured homes and large rural acreages are not eligible. The proceeds from the reverse mortgage are received as a cash lump sum. Homeowners are initially approved for a maximum sum, but may choose to receive a lesser amount initially and then request subsequent advances on the remaining available proceeds. As part of a well-balanced financial plan, a CHIP Reverse Mortgage can add new flexibility to a senior’s finances and

Understanding Your Credit Report

If you have been turned down for a loan or for a mortgage loan based on your Credit Report, don't continue to apply elsewhere. You need to know the reasons why and unfortunatley most of the time lenders will not advise you of any errors on your report or how to fix it. Each time you apply for credit, it lowers your beacon score. (Credit Score). Your Beacon Score is a significant factor in calculating your ability to repay, rates and terms for your loan. With a low Beacon Score you should expect to pay higher interest and the lenders may look at is as though you are too much of a risk and will not be able to repay your loan. The best way to save time is to find out what is stopping you from getting approved and if there are some problems, how to fix them. You can get your credit report from one of the following two credit bureaus in Canada Equifax or Tranunion You can pay for a copy of your credit report and see it immediately at the Equifax web site or you can fill out an appli

Canadian Housing Market - Best first quarter ever

TORONTO, April 5 /CNW/ - Ten per cent more resale home transactions took place during the month of March than during the same month a year ago, Toronto Real Estate Board President John Meehan announced today. The March total of 8,707 sales was the second-highest ever, bringing the total for the first quarter of 2006 to 19,831 sales, a record first quarter result. "There is a lot to be positive about in this market," Mr. Meehan said. "The year has started very strongly and it shows no signs of slowing as the peak spring market approaches." According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, strong economic fundamentals are helping to maintain consumer confidence. "Consumers remain upbeat about home ownership," he said. "Tight labour market conditions with low unemployment and rising real wages, along with very low borrowing costs have kept potential buyers confident in their ability to purchase and pay for

FREE Reports - Mortgage Information, Special Reports

Please fill out our form and we will send you your choice of FREE mortgage reports and information: 7 Things You Must Know Before Applying for a Mortgage! Understanding Your Credit Report Repair & Build Your Credit Fast! Commercial & Income Properties Information 10 Questions You Must Ask When Applying for a Mortgage! How To Get The Best Price for your Home! Credit Card Secrets, that the credit card company doesn't want you to know! Divorce and Your Home How To Afford a Mortgage How To Escape the Debt Rat Race! Bi-Weekly Payments: Yes or No 10 Biggest Home Buying Blunders! CMHC - Home Buying - Step By Step

Loan rates manageable, poll shows

Most Canadians believe their mortgage rates are manageable, despite recent hikes, according to a recent report released by the Canadian Institute for Mortgage Brokers and Lenders. The information, gathered by Canadian public opinion firm Pollara in a phone survey in February, indicates 42 per cent of Canadian residential mortgage holders polled have not seen their overall standard of living significantly affected by recent mortgage rate increases. 'As the spring home buying season begins, interest rates remain at a historic low and mortgage holders continue to be satisfied with their rates,' said Ron Swift, president of the mortgage brokers institute. 'Our latest survey reveals that Canadians find their current mortgage rates manageable, despite increases over the past eight months. In addition, although mortgage holders anticipate further rises, the study suggests that a majority will be able to tolerate an increase of up to 1 per cent. That's great news for the market

Home Equity Loans

Equity is the difference between your home's value and the balance on your mortgage loan. If your home is worth $100,000 and you owe $75,000 on the mortgage, then you have $25,000 of equity in your home. Borrowing against this equity is currently a very popular method of getting a big chunk of credit, primarily because of low interest rates. Add to that the fact that the interest on most home equity loans is tax deductible and they become an appealing option if you need to make a major purchase. Home equity loans are typically used for consolidating consumer debt or covering a large expense such as a big wedding, college tuition, or home renovations. However, because your home is collateral for the loan, you should be very careful about using home equity loans. The problem is that if you default on the loan, the bank will foreclose on your home. Types of Home Equity Loans There are two types of home equity loans. A traditional home equity loan is also called a second mortgage and i

Reverse mortgage can pump up your retirement pay

"QUESTION: My husband and I are retired with a total annual income of $40,000. We owe $145,000 on our home, which is worth $475,000. We don't have any extra to play with. We would like to know whether you would advise us to consider a reverse mortgage. ANSWER: A reverse mortgage could pay off your existing mortgage and eliminate the monthly mortgage payments you are currently paying. This could free up some income for you to play with each month. Here's essentially how it would work. A reverse mortgage would pay off your existing mortgage balance of $145,000. Then, rather than having to make monthly interest and principal payments, the interest charged on the loan would simply add to the balance of the loan. Let's assume your home will appreciate by 4 percent in the coming years, and the reverse mortgage interest rate averages 6 percent. Ten years from now, your home is worth $703,000 and the balance on the reverse mortgage is $260,000. In 20 years, your home is worth

TheStar.com - Home affordability dropping, RBC finds

Canadians spent a higher portion of their income on housing in the fourth quarter, as high home prices and utility costs pushed affordability to its worst level in a decade, said a report by the Royal Bank of Canada. That deterioration is coming at the end of ten years of generally 'excellent' affordability conditions, the report by the bank's economics department noted. And, while affordability will likely continue to slide in the first half of this year, rising incomes and steady interest rates and house prices should stop the declines in 2007, economists said. RBC Financial Group's (TSX: RY) latest housing affordability index, measures the proportion of pre-tax household income needed to service the costs of owning a home. Such surveys are a popular promotional tool for Canada's banks and mutual fund companies. Many use public opinion polls to gauge demand for financial products and services, promote specific brand names and learn more about the public's fina

CNW Group: "42% of Canadian mortgage holders still happy with their rates despite recent increases

Canadian Institute of Mortgage Brokers and Lenders releases report on mortgage choices and perceptions in a changing market TORONTO, March 28 /CNW/ - A majority of Canadians believe their current mortgage interest rates are manageable, despite recent hikes, according to a report released today by the Canadian Institute for Mortgage Brokers and Lenders (CIMBL). The information, gathered by Pollara in a phone survey in February and analyzed in conjunction with Canadian housing analyst and CIMBL economist Will Dunning, indicates that 42 per cent of Canadian residential mortgage holders polled have not seen their overall standard of living significantly affected by the recent mortgage rate increases. 'As the spring home buying season begins, interest rates remain at a historic low and mortgage holders continue to be satisfied with their rates,' said Ron Swift, President of the Canadian Institute for Mortgage Brokers and Lenders. 'Our latest survey reveals that Canadians find th

Mortgage Broker vs. Mortgage Banker

Many consumers assume that “mortgage companies” are banks that lend their own money. In fact, a company that you deal with may be either a mortgage banker or a mortgage broker. A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers (also known as “direct lenders”) sometimes retain servicing rights as well. A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”). Using a mortgage banker can save the fees of a middleman and can make the loan process easier. A mortgage banker can give you direct loan approval, whereas a broker gives you information second-hand. However, many mortgage banks are limited in what they can offer, which is essentially their own product. In addition, if you present yo

Controlling debt...

Controlling debt... : "Mar 24, 2006 Mike Lacey - More from this author Managing personal finances is among the biggest challenges facing Canadian households. Personal debt continues to climb as people seem either unable, or unwilling, to effectively manage their money. This time of year is when the giving of the Christmas season comes home to roost, says Steve Wesley, manager of the credit counselling program at the Community Counselling and Resource Centre. He explains many of those unable to meet the credit card bills that pile up after the holiday season are facing collection agencies. Many people don't know where to turn as they're swallowed up by debt. Mr. Wesley and others with his organization provide free credit counselling services to those in need, helping to set up personal budgets and provide tips on ways to get rid of debt. He says there are some simple, common sense steps people can make to ensure they don't end up in financial trouble. 'The first thi

'The real threat is global imbalance'

The Rediff Interview/David Wyss, chief economist, S&P 'The real threat is global imbalance'Sunil Jain March 24, 2006 Standard & Poor's Chief Economist David Wyss predicts that 2007 will be a reasonably good year as well (4 per cent global growth as compared to 4.5 this year), but sees increasing global imbalances as the problem area. Excerpts from a conversation with Business Standard: Despite the risks associated with the twin US deficits, you're projecting pretty robust growth in not just this year, but also in 2007. We're looking at 4.5 per cent this year and 4 per cent in 2007. The Eurozone is looking better and the good thing about Japan's growth (this is the third year it's over two per cent) is that it is now driven by domestic demand and not exports as in the past. Asia and Latin America continue to do well and account for half the world's growth. The twin deficit is not just a US problem. France, Germany and the UK have sizeable fiscal

TheStar.com - Man finds house was secretly sold

TheStar.com - Man finds house was secretly sold : "Man finds house was secretly sold Owner discovers new family living in house Police say estranged wife made own deal Mar. 22, 2006. 10:15 AM STAN JOSEY STAFF REPORTER A Toronto man got a shock when he tried to return his children to his estranged wife at their matrimonial home in Ajax after a weekend visit and found another family living there, police say. Durham Region police allege that the man's wife sold the home on Delaney Dr. without his knowledge and bought a larger home in Ajax with the $200,000 proceeds from the sale � a situation known as title fraud. 'I've never heard of a case quite like it,' said Det. Jack Haze. Since their separation, the man usually returned the children to his wife at a specified location. However, on one day in January 2005, the man missed the appointment with his wife and decided to take the children back to what he thought was their home in Ajax. 'He got the shock of his life

Retirement income for many based on homes

TORONTO — About 17 per cent of Canadian homeowners say their homes will be their primary source of retirement income, according to a survey released Wednesday. The survey, by RBC Royal Bank, also found that 32 per cent of respondents 55 and over hold a mortgage, and suggested that Canadians are increasingly comfortable with housing debt following the rise in house prices over the last few years. ‘‘There’s definitely a trend among aging baby boomers that they are very comfortable in holding debt later in their lives, and so I think that a reverse-mortgage, or at least leveraging the equity in their homes, is something they’re comfortable with,’’ Catherine Adams, RBC’s vice president of home equity financing, said in an interview. Another recent study by the bank found that 48 per cent of Canadians do not believe it’s necessary to retire debt free. Wednesday’s 13th annual Homeownership Survey also found that 60 per cent of Canadian homeowners currently hold a mortgage, up from 56 per cen