Mortgage tools

As expected the Bank of Canada kept the overnight lending rate the same.
They are currently at 1% and have been in that same position for over a year now.
Lenders will typically access these funds at the overnight lending rate, then increase them for a profit.
You generally see the banks lending rate for floating rate dictated by Prime.
The next meeting is October 25th, 2011
For now and likely a while, your VRM (variable rate mortgage) and LOC (line of credit) are safe!

Set your child up for success this school year

We’ve all heard that breakfast is the most important meal of the day – and it’s true. Research reveals that people who skip breakfast don’t make up for the missed nutrients later in the day. But, how many of us follow that advice and ensure that our kids eat it too? It’s crucial to start your day with a nutritious breakfast and even more so for your children as they head back to school this September.

As we literally “break the fast” of 8 to 12 hours without eating, the body and brain need to refuel. A balanced breakfast not only kick-starts the metabolism, it sets us up for a more successful day. More than a quarter-century of research supports a positive link between breakfast and mental alertness and physical performance.

Families count on cereal for convenient, affordable nutrition, too, making it a popular breakfast choice among parents. In fact, ready-to-eat cereal is the preferred breakfast in many countries and the choices keep getting better. The taste, nutrition, simplicity and affordability of Kellogg cereals (just 50 cents a serving for cereal and milk) explain why they are a mainstay in nearly 77 per cent of Canadian homes.

What many parents may not know is that cereal is also an extremely nutritious choice. Cereal ranks as one of the best choices available as it is typically low fat and a nutrient dense food with many essential vitamins and minerals such as iron, B vitamins and zinc. Cereal also delivers the important benefits of grains, including fiber. Add to that the fact that kids and adults who regularly eat cereal tend to have lower body mass indexes and are less likely to be overweight than those who eat cereal less frequently and parents can be confident that are choosing a healthy breakfast option.

(Source www.newscanada.com)

Should you really have that Live of Credit?

There are is an incredibly high amount of people out there who have line of credits when they shouldn’t. A line of credit (LOC) should only be kept if you are actually using it. Why you ask? Because they are not cheap and this wonderful (sarcastically speaking) interest only payment is working against you. A current line of credit will cost you 3.50% interest where as the current closed variable mortgage will only cost your 2.35%. That is a difference of 1.15% which is huge. If and only if you plan to pay out this LOC soon, will it make sense to pay a higher rate to avoid a penalty. However if you have an existing LOC (secured or not) and plan to keep it for at least a year, you should highly consider converting into a closed variable.

You don’t need to be concerned about being able to repay it because … CLICK HERE TO READ MORE

Sep