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Struggling with Interest Rate Debt? How to Cope with Latest Increase to 1.75%
The Bank of Canada (BOC) has increased interest rates again — this time to 1.75%, as of October 24, 2018. If you’re struggling with debt, this increase could have a big impact. The last interest rate increase was in July of 2018, when rates went up to 1.5%. Although the October announcement is only bringing…
Read MoreGTA and Toronto Mortgage Closing Costs in 1-2-3
When you buy a house or refinance, the mortgage closing costs can add up quickly. Those costs can be even higher if you’re living in an urban area, like Toronto or the GTA. Here are some of the closing fees you might encounter and what they could cost: Land Transfer Taxes – Municipal and Provincial…
Read MoreHow to Buy a Vehicle Based on Payment vs. Value
What criteria do you use when deciding how to buy a vehicle? Most people take two things into consideration — the car payment financing and how much the vehicle is worth. The car payment financing tells you how much you’ll have to spend each month to pay for the car, but the vehicle’s worth can…
Read MoreHappy Thanksgiving Weekend from Prudent Financial
Happy Thanksgiving weekend, Canada, from all of us at Prudent Financial! What are you thankful for this year? We’re grateful for good friends, loving family, our beautiful country, and, of course, turkey! Enjoy the long weekend and holiday.
Read MoreAccessing Home Equity When Another Person is On Title and Won’t Sign
It’s tough when you have a ton of equity in your home that you can’t use. This happens often when people who have parents or spouses with separate finances on the property title. You don’t necessarily want to share every little bit of your financial business and you may even be looking to borrow to…
Read MoreWhy Can’t I Refinance My House in an Undischarged Bankruptcy or in a Consumer Proposal?
We are frequently asked this question: can I refinance my house after filing for bankruptcy or filing for a consumer proposal? Often, consumers are told by banks and other financial institutions that they can’t borrow money while in an undischarged bankruptcy or in a consumer proposal. But that’s not the whole story. In an undischarged…
Read MorePrudent Helps People Get Out of Debt: “Thanks to All of You, My Life Can Now Get Back on Track”
We recently received this testimonial from a client who came to Prudent Financial looking to get out of debt. This was her experience: To all concerned, I wish to commend the great customer service at Prudent Financial. I did some extensive research and made an appointment to see them last week. Within an hour they…
Read MoreDid You Know That Prudent Offers Second Mortgages?
A Prudent Mortgage Corp. second mortgage is one of the best deals you’ll find. Borrow up to 80% of your home’s value. We offer reasonable second mortgage rates and interest rates and we always assess you based on your merits. Consumer proposal okay! Bad credit okay! Self-employed okay! Our second mortgages are approved based on…
Read MoreCanadian Consumer Debt Gets a Break: Bank of Canada Interest Rate Holding at 1.5% for September 2018
Good news for Canadian consumer debt — the Bank of Canada interest rate isn’t going up this month. On September 5, 2018, the Bank of Canada (BOC) announced interest rates will stay at 1.5% for the time being. The rate had increased from 1.25% to 1.5% in July of 2018. The September stay means that…
Read MoreAlternative Lenders to Payday Loans and How to Choose One
Payday loans can seem like one of the best loans for bad credit. After all, payday loans: Get you money, fast. Don’t check your credit score. Are approved based on pay — all you need to qualify is a job. But upon closer inspection, there are far more drawbacks: Payday loans come with huge fees,…
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