Applying For a Low Rate Home Loan with Bad Credit

We all make mistakes and some of these mistakes could be financial mistakes that have caused your credit rating to plummet or even forced you into bankruptcy. Now you’re in the position where you need a mortgage so what do you do? Don’t be discouraged, there are lenders who specialize in lending money to people with bad credit histories. Here are some steps to take when you apply for a home loan with bad credit:

Your credit rating – Your credit score can have a serious impact on your mortgage so request your credit report and work through it with a fine tooth comb. Correcting even a single simple mistake on your credit history could potentially save you money when applying for a low rate home loan and make you a better prospect.

Income - It’s important that when you meet with your lender that you demonstrate your efforts in turning over your new leaf. Share what your willingness to make right what you’ve done wrong in the past. You can do this by showing them that all your credit cards and outstanding bills are paid off or carry very low balances. Don’t have applications for new credit as this will make lenders very suspicious about your risk factor. You will need a steady income source so quitting or changing your job is a definite no-no.

Price – It’s very unlikely that a lender will issue a mortgage for a home that you can’t afford. Figure out your debt to income ratio to get an idea of how much you can afford monthly. Remember that interest rates are a factor in your monthly payments and they may rise so consider your options such as locking in your mortgage.

Down payment – The more of a down payment you make, the less of a risk you’ll look in the lenders eye and the greater your chances are of getting approved. Because you have so much invested in the property, you’ll most likely not default on the loan. Factor in the all other fees such as closing costs.

Once you fill out the loan application, be sure to review the terms so there are no surprises later. Always stay on top of your payments and create a great rapport with your lender!

For more valuable information and tips, visit http://www.prudentcreditrepair.ca/

How To Find The Best Money Saving Websites

Venture forth and explore the internet when you are looking for the best money saving websites.  Simply search online what you are looking for and let your own good judgment to guide you. 

Companies are now very interested in creating fan loyalty and they would like to get your feed back in order to improve. The latest medium to use are Social media sites such as Facebook and Twitter.  Most companies are transitioning into adopting these platforms to make sure their presence can be found by the consumer.

 

Since Facebook and Twitter are a new extension to their websites, most offer incentives to create brand loyalty. This means that they tend to offer freebee’s, incentives, contests, fan appreciation and great discounts to reward you for checking out their offerings.

How to Find Great Money Saving Websites.

1) Start by entering in your interest and specify the area you are located in, for instance the GTA.  

2) Refine your search and change up the wording used. The web crawlers use key words to pull up the search.

3) When you have narrowed it down and explored websites that are on target with your interest, go their website and investigate. If they do not have any savings you can use there, Google to see if they have a Twitter or Facebook page. Often the promotions are listed on their wall.

4) At this point you may want to create a new e-mail account so that when you visit the sites and give out your e-mail address you won’t have their daily promotions fill up your personal email.  Instead they will go to your new account. By doing this you are also protecting yourself from having your real e-mail address collected and resold on a mailing list. 

Here Are a Few Websites to Consider Since They Promote Local GTA Savings.

Groupon: a great daily deal site offering stuff to see and to do like Marlies tickets!

http://www.groupon.com  and  http://www.facebook.com/groupon

            Note the Facebook page does not require you to log in with an account.

RedFlagDeals:have over 2.2 million Canadian visitors per month as they help maximize their savings.

http://www.redflagdeals.com  and  http://www.facebook.com/redflagdeals

WagJag: promotes Canadian  with local business in offering 50% to 90% discounts off restaurants, activities and more.

https://www.wagjag.com/index.php

Grocery Coupons Canada to provide you the advantage of using your discount coupons in variety of retail stores and not just with only one specific store outlet.

http://grocerycouponscanada.net/?ref=4m

Dealfind: enables you to choose your city and offers everything from travel to daily deals. 

http://www.dealfind.com/toronto/

If you are purchasing on line make sure the Website is secure.  If there is a lock sign in your browser your personal information is protected and secure. If there isn’t a lock sign look to make sure the URL is correct and make sure it starts with https: before purchasing.

For more valuable information, visit www.prudentcreditrepair.ca

Income Tax Calculators

Knowledge is power. Do you know that life can be made easier and less stressful if we all knew about financial Calculators. They offer free, on line calculations to make life easier when questions arise.

Saving time is essential. Taking advantage of online calculators, and in this case income tax calculators, ensures you won't make crucial tax errors.  If you are unaware your income has bumped you up into another tax bracket it can have serious implications.  

Please find below a list of on line calculators to help speed up solutions to financial questions you may have.

Estimate Your Income Tax Quickly  

This is an I phone app you can install to approximate your personal income taxes at any time. They enable you to verify your employer is correctly deducting the proper deductions from your salary. You can also calculate based on another province, should you be contemplating moving to another part of the country.

Currency Calculators

On line they provide you with the daily conversion rates of any currency. Taking a trip of simply accepting another form of currency will give you up to the minuet fair exchange rates.

Calculate your RESP

This allow you to find out your annual contribution you've  already made for the year and what still can be added. It will take into consideration the compounding interest applied as well. Be confident in where you are at in your caps to ensure you're putting proper amounts aside when you're attempting to max out your contributions. 

Canadian Income Tax calculator

This helps you calculate how much have you already paid.  What will be your estimated refund be should you continue on your current plan? If you knew the variables you were in control of, it would inevitably impact the size of your refund.  

There are many more free calculator services out there waiting to be found to make your life easier. There is even one that will track your portfolio as your retirement stocks go up. Using that one daily may add stress to your life, however, checking it weekly may bring you piece of mind.

Using online calculators can invariably save you a lot of time, and in some cases provide you with answers you might not be able to figure out on your own.

For more valuable financial advice please visit us at prudentfinancialservices.net

Money Management Life Skills For Your Kids

Do your kids know how to manage their own money? It is often very difficult to explain why money does not grow on trees and why as parents we can’t buy them everything they want. 

If your children are earning an allowance or have money given to them, begin as early as you can with the process of teaching them how to manage their own money. Start a special bank book that has the date, time, a green column (for what goes in), and a red column (for what comes out).  Use it for every transaction that occurs. Total it up for every entry.  If it's an online account, perhaps keep a manual book by the computer so you can scribble down  a record that's quickly visible for them, as your child won't have online access to his or her account.

It’s always fun to use real money to learn with as they put their math skills to work in counting and understanding how many dimes are in a loony etc…

Now that they understand how to make change, and can calculate their very own balance sheet, they may be up for running their own garage sale. This will de-clutter your home, give value to their belongings, teach them how to be environmentaly friendly, and how to learn people skills in working well with others while giving back to their community.

Keep these tips in mind when for initiating a yard sale:

Perhaps get a two-page receipt book to let them record every transaction so that they can keep track of what was sold and for how much. That will also help them to calculate and add up multiple purchases.

Let your children choose what they want to put in their garage sale. It’s best if you place everything into a pile on the floor and have them decide what they really love and what they can part with. You will then have two separate piles. Rationalize with them in learning what they really haven’t used in a year—from books to clothing. Help them price things realistically.

Recycling and being green is a fun way for your kids to see first hand the concept of repurposing and reusing old stuff.  Just because they no longer play with something or don’t wear it anymore does not mean it’s trash.  Anything left over can always be donated to Goodwill so that someone else can make use of it.

The garage sale is a great way to teach communication skills. They will have a chance to practice “good manners” to their benefit.  The experience from setting up, making decisions, cooperating with others and counting up the sales at the end of the day will give them a sense of pride and confidence.  

Consider donating a portion of the sales to a charitable organization and naming it “Yard Sale For The Cure”, for example. In doing so, you’ll give your kids the power to help others—and show them how great it feels to do so. 

After helping them manage their money, your kids will learn the value of their possessions, as well as the concept of giving back to the community, while making a little profit.

For more valuable information, visit www.prudentcreditrepair.ca

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The Prudent Way To Use Your Air Conditioner And Save Money

This time of year we are all turning on our air conditioning and thinking about how to save in energy.  As the electrical bill rises here are a few options to keep costs down and to stay comfortable and cool this summer.

Minimizing the use of your Air Conditioner

-       Every night open the windows to let the cooler air in and if you have fan’s blow the hot air out of the upper floors in your house.

-       In the morning keep the cool air in by closing all the windows and drawing the blinds so that the sunlight won’t heat up the room. If you have ever wondered why the European countries have shutters on the outside of their windows, they have been using this technique for centuries.

-       If your home is well insulated for the winter it will also have the reverse effect in the summer and keep it cool. Are there any drafts in the winter that you know of? Hot Air will also find it’s way in during the summer unless you seal it to make it air tight.

-       Don’t let your house heat up from the inside.  Even changing your light bulbs to halogen is a great idea from saving electricity to not producing heat. Barbeque outside when possible. Keep cooking inside to a minimum when possible.  When is the last time you cooked with your microwave? 

-       Is your attic ventilated? If you have proper insulation and ventilate your roof properly the heat won’t reach 66C.  Installing ventilation fan’s in your attic will reduce the amount of heat that contributes to your indoor temperatures.

-       Your dishwasher uses an extraordinary amount of electricity to dry your dishes. If you can catch it try to turn it off during the drying cycle and if you can wait for a full load and run it at night.

Use Your Air Conditioning more efficiently

-       Set your air conditioner on a timer. Set the timer to turn off during the day and turn on 2 hours before you get home.

-       Raise the temperature a degree every day. Your body will adjust. Take off your down filled duvet and sleep in a higher room temperature.

-       Try not to drastically lower the temperature at once.

-       When you are out of your home longer than 24 hours turn your AC off.

-       If you have an AC unit outside is it shaded? Keeping it shaded will cut the amount of energy it uses to keep it cool.

All in all we should be conscious of not contributing to a black out. If you were to flip your main breaker on your house how much energy would you save? Now try to find everything you can to switch off when you go out. From power bars to all lights, anything that requires the slightest but of power will potentially produce heat, raise your electrical bill and create unwanted heat in your home when you are not there.

Fore more valuable information please contact www.prudentfinancial.ca

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