Canada is quite different than the US and a major reason why is because of the Federal Governments oversight of our banking system. In Canada, if banks want to be able to lend more than 75% of a property’s value they must obtain high ratio mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC). When a mortgage is insured by CMHC, both CMHC and the bank will have to approve your mortgage application. CMHC has legislated guidelines that banks must follow in order to obtain high ratio mortgage financing. Last year Minister Flaherty tightened up CMHC guidelines and Canadians can no longer amortize CMHC insured mortgages longer than 30 years. In addition, they reduced the percentage to which you can refinance your home and no longer will high ratio insure home equity lines of credit. This week in Ontario’s mortgage news, TD bank released a report asking the government to increase the minimum down payment required to purchase a home from 5% up to 7%. Minister Flaherty met with economists in early March and received advice that he should clamp down on Canadian’s appetite for housing and new debt. TD Bank’s chief economist Craig Alexander suggests that the Minister reduce the maximum amortization on mortgages to 25 years from 30, or increase the minimum down payment that Canadians are required to make when purchasing a home from 5% to 7%, or mandate a “means test” for those seeking loans by ensuring they can afford to make payments as if mortgage interest charges rise to 5.5 percent, about twice as high as many current rates. Debt has continued to rise in Canada and especially in Ontario faster than incomes; the average debt service ratio in Canadian households exceeds 150%. With the latest figures released indicating that household debt accumulation is still rising at six percent annually and the fact that The Bank of Canada has asserted that household debt is the “biggest domestic risk” to Canadians; one or more of these options may be considered by CMHC. With that said, Minister Flaherty has expressed fears that discouraging home buying could cause a loss of construction jobs, a sector the economy was hit very hard with in Ontario during the last recession and was covered extensively in Ontario mortgage news. Disruption to other parts of the economy has also been a major reason that The Bank of Canada has held back on raising interest rates. What does this mean to you? Well, if you are someone who has aspirations of owning a home and only has a 5% down payment or cannot afford a large mortgage payment, the time is now to act to ensure that you can secure your mortgage financing before more changes come down the pipeline. Increased pressure from economists may result in Minister Flaherty taking recommendations in the coming months that could seriously impact your ability to buy a home and qualify for mortgage financing. One thing that is important is that you pay attention to Ontario mortgage news and keep on top of announcements so that you don’t find out that something major has changed after it’s too late. Published at: https://www.isnare.com/?aid=1485752&ca=Finances
If you do a search on the term credit repair in Google, the first website that comes up in the natural listings is the Federal Trade Commission. And the first thing they discuss is that people should really do their own credit repair work. The reason why? Because of all the scam artists out there that profess to be an expert on credit repair and take advantage of many unsuspecting consumers. And they use every trick in the book to misrepresent the services they provide. The worst part of it (other than losing your hard earned money) is that they can actually do more damage to your credit score. There are a lot of very good and honest organizations that can help you repair your credit score. Such as local civic organizations, churches, and legitimate non-profit agencies that will guide you through the maze. Our credit system has a lot of zigs and zags and it can be confusing to someone not familiar with the terms and laws that govern the industry. And it does require some diligent effort on the consumer’s part. And these days there are way too many companies that grant credit just to make a sale and ignore the fact that the consumer may be soon overwhelmed by the debt. So it’s a lot easier to get into trouble than get out. Why is good credit so important? Because your credit score (and other considerations) will determine the interest rate you are charged for any loans. It can mean the difference in 3+ interest points (on a new car the good credit rate is around 8% so if you have a low score that could mean up to 12%). Insurance companies and employers are even starting to use credit score to determine rates and job offers. If you have a low score even car insurance can cost more. And you may not get that great job offer either. Credit repair companies that make unrealistic claims, ones that are too good to be true, often are just taking advantage of the general lack of knowledge of most consumers. It got so bad a few years ago that congress passed an updated bill to help control the madness. Not that I’m in favor of too much government but in this case they did help the consumer. Anyone who gives you a 100% guarantee to eliminate bad credit, remove a bankruptcy, liens, and judgements are not being honest. Any company that offers to make you a new credit file, give you a new identity, or asks you to apply for a new social security number is not doing you any favor and can land you in jail. The good news is that you can improve your credit score, and in most cases sooner than you think. And all you have to do to start is learn a little bit about the credit system and how it works. Making the decision to start is the first step. In order to get an accurate appraisal of your current credit score, you have the right to request a free credit report from each of the three credit bureaus (Equifax, Experian, and TransUnion) each year. You can find out how by going to www.ftc.gov/credit or call 1-877-322-8228 and ask for information. The next thing to do is take an accurate look at what you owe, current status of payments, and what income you have to work with. Once you have a good picture of the current debts, make a realistic monthly budget. Getting the facts straight help you come up with a good plan. The Federal Trade Commission website above has very easy to understand instructions on how to address incorrect information, how to contact the credit bureaus, and what can be challenged on your credit report. Take you time and read over the material. You may well have incorrect information on your credit report that can be removed. You can also contact creditors to work out a viable payment plan and arrangements to get you back in good standing. Most companies are more than willing to work with you. One word of caution though, if you are dealing with a collection agency, be careful. Most collection companies work on a percentage basis, and if you don’t keep an open eye on them they can take advantage of you. To get the real scoop on what they can and can not do go to this website of the Federal Trade Commission: http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm Depending on the individual situation, most consumers can improve upon their credit score in as short as 30-60 days. I’ve seen people get back in the high 600s or low 700s in 12-15 months which is very good. Since your credit score can dictate the interest rate on any large purchase, I would wait until I have a good score (it can mean 1000’s of dollars over the period of the loan or purchase agreement). Published at: https://www.isnare.com/?aid=104761&ca=Finances
The communication innovations we have around us today like the internet, financial newspapers, and special interest television channels focused on investing like CNBC are a high speed pipeline of nonsensical chatter. All these sources of information mean that there is no shortage of media people trying to answer our questions about the stock market and specific stocks. You have to remember that the news media are constantly competing to survive against other stuff you can watch. If they don’t always sound like they know exactly what is going on then you won’t watch their presentations. If you don’t tune into their show then their ratings go down. If their ratings go down they get fired and their show gets cancelled. This means that financial journalists are in the business of finding great stories and sounding like authorities no matter what. The stock market is a great place for them to dig up news ‘scoops’ to feed to the public. They don’t really check their facts very well and sometimes not at all. This means that if some insider wants to feed you a line of bull manure then all they have to do is maintain good connections with financial journalists, sponsor an investment show, or outright buy an investing TV channel like Jack Welsh the CEO of GE did when he set up CNBC. What a great way for inside executives to control the flow of news information to the public then to actually own one of the only financial news channels…but not so great for you! These journalists also kick up the fire by bringing in so-called ‘experts’ to talk about each side of some topic that real experts would not consider important. This just makes it all the more confusing for the public to understand what is important when buying or selling a stock. Shows on CNBC like ‘Closing Bell’, ‘Kudlow & Company’, and ‘Mad Money’ do nothing but confuse and misdirect the attention of most individual investors in the public. Even worse this means that the financial news media allows overpriced stocks to be recommended through analysts in the inside web that inside executives are dumping on the public because they are trying to get out. This actually happened at the top of the bull market in 1999. For a great historical description of what happened read Maggie Mahar’s book entitled “Bull.” The famous Yale University Economist, Prof. Bob Shiller, Ph.D. is particularly harsh on the media in his book “Irrational Exuberance.” Dr. Shiller is one the economists that Alan Greenspan respects most and where he got the term “Irrational Exuberance.” He portrays the media as sound-bite-driven where superficial opinions are preferred over in-depth analyses. I agree whole heartedly with him and contend that it is also done just because the industry would rather have the retail investor confused and emotionally pliable to get you to buy and sell when they want with total disregard for your best interests! People who had invested their life savings in the stock market were ripped off in the stock market because the financial news media and analysts were hyping up what a great buy stocks were at the very top of the market in 1999 and 2000. At the same time inside corporate executives were selling out everything they had. What is amazing is that our federal government in the form of the Security Exchange Commission never did a thing about it. There was never an blanket case taken or an outcry that almost all of the inside executives had somehow magically sold out of the market six months before the market crashed. Here is the valuable tip I want you to consider in this issue of “The Wallet Doctor”: when you are a beginner investor it is important that you DO NOT WATCH THE FINANCIAL NEWS OR READ THE FINANCIAL NEWSPAPERS! Don’t let the stock market industry lead you around by the nose like livestock to the slaughter house. Don’t listen to what they want you to listen to. You should focus on learning what is important in the stock market and the mass media will only confuse you until you have educated yourself. Also, don’t forget that I show you how to focus on what is important to identify stocks that are low priced but unlikely to go lower because the insiders may be buying them up and I show you when to sell when the same insiders are likely dumping the same stocks on the public in my course “The Blue Collar Base Bonanza – What the insiders [definitely] don’t want you to know!” You can get more course information on the course website. Published at: https://www.isnare.com/?aid=5850&ca=Finances
Online portals : Storehouse of information If Barbara Tuchman claimed that “Books are the carriers of civilization. Without books, history is silent, literature dumb, science crippled, thought and speculation at a standstill.” No one would disagree with her famous quote. However, besides being a medium of conveying knowledge, books can be cumbersome and can take large amounts of time in finding information. The virtual effects of science have caused a breakthrough making the storehouses of information right in front of our computer screen as opposed to a newspaper where news may be shortened for the sake of space. The new generation has the power of online portals which provide information with a mere click. No magic, no drama just news served like a hot cup of coffee to revitalize your senses. It wasn’t that long after the Web first appeared that the first portals came into existence. Portals served and continue to serve as a important launch point for Web surfing, and although there are some special-interest portals out there that get some market share, the ones that started out early are the ones that get the lion’s share of viewership. The magical online portals have given the world of knowledge to man’s finger tip. It covers all aspects from news, headlines, sports, entertainment, living, online shopping, articles, current events, current events, news updates. But the portals of old were plain compared to what they are today, and what they will become in the next few years. Already a far cry from the plain, static first generation of portals, today’s Web portals take advantage of new technology to create a much more exciting surfing experience. The driving force behind all this is the pervasiveness of broadband, which allows portals to hold more rich graphics and multimedia, colorful and fun animation, and functional applets such as stock market tickers and news feeds. EMarketer’s report highlights the future of the portal in this light, noting that portal services will go even beyond the Web itself, into the areas of personalized desktops, and video/multimedia search. And of course, portals make their money chiefly through advertising, and eMarketer makes note of the fact that the type of advertising found on portals is also changing. The biggest changes in the future of portal services will be its expansion beyond traditional search, something we’re already seeing with Google’s branching out into other areas. Look for all major portals to launch desktop search products, personalized search tools, and even mobile search services in the coming years. Private portals are also gaining in popularity as a convenient way to allow employees, clients, and customers to securely access personalized information via a password-protected portal site. Healthcare portals have become a extremely useful addition to large HR organizations, which save time and money by allowing employees to log into their own healthcare accounts–relieving HR staff from having to spend time on low-priority, standard requests for information. While the IT staff may be well-equipped to handle the technical end of the portal, leaving the project entirely in their hands (and not seeking participation from other areas) is likely to result in a portal that is not aligned with the true business needs of the company. The portal must be a priority not just of IT, but of the entire company. Online portals are the new generation information provider , and yes, if Late Barbara Tuchman was alive, she would have had a different quote altogether, what say ? Published at: https://www.isnare.com/?aid=73984&ca=Internet
Even loyal newspaper readers are turning to the Net for their news and treating their newspaper as a leisure activity. Newspaper and magazine print circulation figures are down, but their online revenues are growing month by month. The tool to include in your Internet marketing strategy is optimized press releases. These are press releases written as news articles with key words and links included. 10 Reasons to Use Optimized Online Press Releases: 1. Get onto page one in the News Engines right away. Your story can be featured in Yahoo! News, Google News, MSN News and a host of other news sites. You can be on page one for your keywords within 24 hours. 2. More than 70% of Americans read their news online. Yahoo! News has the largest Internet news audience in the world – even bigger than CNN.com. Source: Nielsen/Net Ratings. 3. Reach interested and motivated readers online. When someone accesses your optimized online press release in a News Engine you know they are interested – they asked for that topic by keyword. Online press releases are mainly read by consumers and prospects searching for information about products, services and companies. For business buyers, it is their #1 choice for information. 4. Get stats on your press release – for the first time you can find out how many people read your release and what keywords they used to find it. 5. Increase valuable inbound links to your website – Your story gets picked up by other industry news websites and reaches audiences you had no access to before. Each time your online release is published on another website it creates a link back to your site. Google and other search engines use inbound links as a key part of their ranking formula. 6. Get more than one result on a keyword in the natural web search results – These optimized online press releases migrate to the natural web search and then remain there. With optimized press releases and articles you can increase visibility on your chosen keywords. 7. Get your news displayed on the natural search above the #1 position – Both Yahoo! and Google now pull items from the news search and display them above the number one position if there is a valid news story on that keyword 8. Bypass the media and reach your audience with your news. You are reaching out directly to your prospective customers. Write stories that will interest and attract them. 9. Increase the traffic to your website – optimized online press releases generate interest in your product or service. They click through to your site. Use a good analytics program so you can track them through the site. 10. Increase your brand value – Clients routinely get comments like this one – “You must be doing really well, we see your name everywhere these days!” Getting your news into Yahoo News and Google News is a vital part of your Internet marketing strategy. Remember to incorporate optimized press releases with proper links and keywords. Published at: https://www.isnare.com/?aid=121678&ca=Internet
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