Posts by Tamar Satov

What’s the Penalty for Breaking a Mortgage and When to Consider It?

best mortgage rates canada

Mortgage rates in Canada have been quite competitive recently, with low-cost providers entering the market and interest rates in decline. With attractive rates beckoning, you may wonder whether it’s worthwhile to break your mortgage contract before the current term ends and switch to a different provider that’s offering a better rate. In some situations, breaking…

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Why Use A Car Loan Calculator?

car loan calculator

Aside from a home, a car is one of the biggest purchases you’ll ever make. Since most of us don’t have that kind of money sitting around, car dealerships, banks and other financial institutions will front you the cash to buy the vehicle in the form of an auto loan. But, before you sign on…

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Tips on How to Pay Off Your Mortgage Faster

how to pay off mortgage faster

When you buy a house with a 25-year mortgage, it can feel like a life sentence. You’re committing to a quarter-century of payments that you must make without fail, or risk losing your home. So, what if there was a way you could pay down your mortgage faster — a “get-out-of-jail-sooner” card, so to speak…

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What is a Reverse Mortgage?

reverse mortgage explained

With the average home in Canada now worth about a half-million dollars — and much more in large cities such as Toronto and Vancouver — it’s not surprising that some older homeowners are looking to reverse mortgages to unlock the equity that has built up in their properties. Indeed, average home prices in Canada have…

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Borrowing Money to Invest: Good or Bad Idea?

borrowing to invest

Continued low-interest rates in Canada make the costs of borrowing very attractive, especially when purchasing assets that are likely to increase in value over time, such as a home. You may be tempted to take advantage of cheap interest, but is borrowing to invest a good idea? The answer depends on many factors, including the…

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What is ETF Investing?

ETF Canada

Exchange-traded funds are becoming extremely popular with Canadian investors. In fact, according to the Investment Funds Institute of Canada (IFIC), the monthly sales of ETFs in Canada has now caught up to the monthly sales of mutual funds, with $1.8 billion each in recorded net sales during March 2019. Want to understand what’s driving the…

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What is a LIRA?

lira account

Most Canadians are familiar with RRSPs and TFSAs, but there’s another registered vehicle for retirement savings that you may not know much about: locked in retirement accounts. What is a LIRA account and why would you have one? Here’s what you need to know. What is a LIRA? A locked in retirement account (LIRA) is…

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Compound Interest Formula Explained

compound interest formula calculator

A key component of successful investing is understanding the “magic” of compound interest. Of course, there’s nothing magical about it: just a mathematical compound interest formula that determines how much — and how quickly — your money will grow. Here’s everything you need to know about compound interest, as well as how to use a…

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