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A tween-ager's guide to surving St-Sauveur, Quebec


What is bridge financing?

I have been researching Bridge Financing and the various lenders seem to have the same conditions as below.  Be warned that if you don't stay with a current lender then you may have to incur additional fees.

A bridge loan is a temporary loan that facilitates closings when the purchase of a customer's new home closes before the sale of their current home. Bridge financing allows customers to borrow funds based on the net equity in their current home in situations where that equity is tied up until the closing date of their current home.
  • Calculation of net proceeds is the sale price less existing mortgage(s) balances less 7% of sale price for closing costs.
  • Maximum term is 45 days. Exceptions are permitted up to a maximum of 120 days, subject to a collateral second mortgage being registered on the property being sold.
  • The maximum bridge loan amount is the lesser of the downpayment required or the net equity in the property being sold to a maximum of 0,000. Bridge loans that exceed 0,000 must be secured by a collateral second mortgage on the property being sold.
  • Minimum bridge loan is ,000.
  • A fee of 0 is charged for all bridge loans, whether or not a collateral second mortgage is registered. No discharge fee is applicable in these cases.
  • Bridge loans are not permitted to facilitate on time closings as a result of land registry system delays in Alberta, Saskatchewan and Manitoba. In these cases, MCAP will permit closing to occur using GAP Insurance protection.
  • The completion date of the purchase must be prior to the completion date of the sale.
  • Copies of the Agreement of Purchase/Sale for both the existing property and the subject property being purchased must be obtained and the following confirmed:
    • That both Agreements of Purchase/Sale are binding contracts;
    • That all conditions have been removed; and
    • That the deposit on the existing residence/property has been received and is a minimum of 5% of the purchase price.
  • The following documents must be received before the new mortgage is advanced:
    • The Declaration and Direction;
    • The Promissory Note; and
    • The Assignment of Funds and Direction to Pay

Reading the mortgage fine print

Check out this Globe and Mail article "Reading the mortgage fine print" at http://www.theglobeandmail.com/globe-investor/personal-finance/reading-the-mortgage-fine-print/article1616538/?service=email.

Credit score

Many of us have heard the terms credit report and credit score being thrown around, but before one can really understand what a credit score represents, it is important to first understand what it is based on. Credit, by definition, is borrowed money used for purchases at a present time and to be paid back, with interest, at an established future time. The most common forms of credit include credit cards, personal loans, student loans, lines of credit and mortgages. It is very important to pay this back at the assigned date as your promptness in payment plays a big role in shaping your reliability in the eyes of potential creditors.
When creditors judge your reliability, what they are really doing is assessing the likelihood of you paying back your loan without delay or conflict. This is where your credit score comes in. It is one of the criteria used by creditors to determine if you are a suitable recipient of credit. However the credit score itself is not usually calculated by creditors, rather by the three national credit reporting agencies. Equifax, TransUnion and Northern Credit Bureaus are the three credit reporting agencies responsible for determining an individual?s credit score. It is best to obtain your credit score from each of the three credit reporting agencies as it may vary slightly between them due to different criteria.
The importance of your credit score is underlined by the fact that those individuals whose scores are seen as insufficient are labeled as high risk loan candidates. Such individuals are likely to be offered extremely high interest rates or in many cases they will be refused credit or mortgages all together. A credit refusal could be a crushing blow to a couple or family looking to purchase their first home, and it really underlines the importance of maintaining a prompt repaying practice. If bad decisions early in life have damaged your credit score, do not despair. Time and appropriate repaying practice can restore your credit score to acceptable levels.
"Many Canadians don't realize how important their credit reports and credit scores really are. Your credit score can determine whether you are eligible for everything from a credit card to a mortgage," says Financial Consumer Agency of Canada (FCAC) spokesperson, Marie-France Lettre. "A low credit score can also have a big effect on your day-to-day life by increasing the overall cost of a loan or making it more difficult for you to rent an apartment or purchase a cell phone. The good news is, you can improve your credit score by paying your credit balance as quickly as possible - reimbursing a small amount on your balance, several times a month, not only helps to reduce the total amount of interest you pay, but it also shows that you are conscientious about paying back the money you have borrowed.?
Furthermore, if you reduce the number of credit cards you have or the number of credit card applications you make and keep your balance well below your credit limit, in time, you will be able to improve your credit score, adds Lettre.
Lettre offers the following suggestions for improving your credit score:
  • Always pay your bills on time.
  • Pay your bills in full by the due date. If you are unable to do this, pay the minimum required amount shown on your credit card statement
  • Pay your debts as quickly as possible
  • Do not go over the credit limit on your card and keep your balance below the limit
  • Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short time, it may lower your credit score
  • Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card


So I've been in a rush the last few days and haven't had the time to visit metro or loblaws for groceries. So this sadly means visiting 'jared' at subway. I've also had to use my debit card instead of credit because believe it or not but not all places accept visa credit cards. So here's some info on interac the business since those guys have been making money off of me this week.

Interac 2008 Research FactsIn a recent survey conducted by Toronto-based organization "The Strategic Counsel" on behalf of Interac Association, the majority of cardholders polled agreed with the following statement: "Interac gives you access to your money whenever you need it."Our 2008 Annual Benchmark Tracking Study reviewed Canadians' payment preferences and attitudes towards Interac services, including two key Interac services: Interac Direct Payment (IDP) and Interac Shared Cash Dispensing. Here are some highlights from the study based on 1,500 interviews conducted nation-wideInterac is for Everyone• 9 in 10 Canadian adults have a banking card and therefore have access to Interac products and services Interac Direct Payment is accepted at more places than ever• More than 406,000 merchants offer Interac Direct Payment, representing over 591,000 payment terminals Did you know?• In 2000, Interac Direct Payment surpassed cash as Canadians' preferred method of payment, and the service has continued to grow to 3.5 billion transactions in 2008• 15.9 million transactions were processed on December 23, 2008 - the busiest shopping day of the year - which is up ~ 2% from 15.6 million transactions on the peak day in December 2007• 1 in 2 Canadians say Interac Direct Payment is their favourite way to pay Easy access to your moneyInterac Shared Cash Dispensing was the first service offered by Interac Association and allows Canadians to withdraw cash from any Automated Banking Machine (ABM) in the country that displays the trusted Interac logo. Canadians have secure and reliable access to their cash 24 hours a day, seven days a week.Canadians have indicated their desire for convenient access to their cash - Automated Banking Machines can now be commonly found in non-traditional locations, everywhere from convenience stores, to gas stations to hockey rinks.• 95% of cardholders have used Automated Banking Machines, with 33% completing an Automated Banking Machine transaction more than once a week• 2 out of 3 cardholders used Interac Shared Cash Dispensing in 2008• There are over 55,000 Automated Banking Machines available across Canada
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