Stockpiling on Christmas Items
It’s the new year and the last thing you want to think about now is Christmas, but January happens to be the best time of the entire year to stock up on your supplies for Christmas. Everything “Christmas” goes on sale by retailers big and small. You can easily spend less than half what you…
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Are Light Bulbs Burning Unnecessary Energy…And Your Hard Earned Cash?
How many light bulbs do you use in your home in one month? How much do these cost? What about your energy bill; what does that look like? When you think about it, your light bulbs may be burning up unnecessary energy and a lot of your hard earned cash! Replacing your old, incandescent light…
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Avoiding Identity Theft While On the Road
If you’re planning a vacation and have heard horror stories about the risks – and consequences – of identity theft, you may be a little feeling a little anxious. Although you’re right to be concerned about identity theft, once you know about some preventative steps you can take before, during, and after your travel, you’ll see that you can have…
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Measure Your Borrowing Ability: Debt Service Ratios
The amount of mortgage you may qualify for depends on two things: income and the amount of debt you are carrying. Financial institutions use two different ratios to measure your borrowing ability. The first is your Gross Debt Service Ratio (GDSR). The second is your Total Debt Service Ratio (TDSR). Gross Debt Service Ratio Gross…
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Understanding Equity
Traditionally, the minimum amount of down payment required to purchase a home has been 5% of the purchase price. Recent innovations in Mortgage Loan Insurance have allowed lenders to give home buyers the opportunity to cover the requisite down payment by borrowing the funds from an alternate credit source such as personal line of credit…
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The Lowdown on Down Payments
A down payment is the amount you can immediately contribute towards the cost of your home purchase. Since most people do not have enough savings to purchase a home outright, the gap between your down payment and the purchase price of your home is made up with a mortgage loan. Down Payment + Mortgage Loan…
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