Pay Down Your Debts

Pay Down Your Debts

The New Year has started and what better way than to set practical and achievable goals to pay down your debts for this year. Many people build up a lot of debt throughout the year, and to top it all up, by the end of the year during the last month of it, more debt is accumulated due to holiday spending.

It is very important pay down your debts as the more personal debt you accumulate it will put a great amount of stress on your credit score. Your credit score will start to come down through time if you don’t pay down your debts on a regular basis, making timely monthly payments each month without being late. Pay down your debts

It can be a daunting task, especially if your debts are high, but there is light at the end of the tunnel. The first step is to make a personal commitment to yourself that no matter what, you will stick with your plans to pay down your debts.

Next, seek professional help and do lots of research about what resources are available for the consumer on this subject matter. One place that you can start with is the Financial Consumer Agency of Canada.  This Government agency has lots of helpful and useful information and tools about personal finances.

Sit down and evaluate all your debts. Break them down one by one so that you know exactly how much money you owe, and to whom or what financial institutions you have to pay them back to. If you’re running tight with money and don’t have too much to spare, at the least try to set a monthly budget aside to pay down your debts  with the minimal payments that each creditor allows you to make. Ideally you would want to pay back the entire debt; however, sometimes this is not possible to do at the start.

Some consumers might also own their home and have some amount of equity built up on it. Another option for your plans to pay down your debts could be to refinance your home, or use an existing Home Equity Line of Credit HELOC to pay back your high interest loans and then on a monthly basis pay down your HELOC or refinanced mortgage.  Most personal loans have a lot higher interest rate than the average residential mortgage interest rate. Using the equity built up of your home in the form of a HELOC or a new mortgage can save you  from high interest payments.

You can also Contact Us if you have any questions or need assistance with paying down your debts. We will do our best to help or at least to point you to the right direction.

How to select a Realtor

Whether you are a first time home buyer or an existing home owner looking to buy or sell,  it is very important for the consumer to know how to select a Realtor, and you can do this in several ways; research online, and in person by way of speaking with their family members, friends, and colleagues about their personal experiences of working with a Realtor when they bought their first home or sold it. Many times, our clients are referred to their Realtors through their trusted network of friends.

Most importantly, you should be interviewing the real estate professional so you know how to select a Realtor.

 

Some questions that can be asked from your potential Realtor are:

1) How many years have you been working in the real estate industry as a licensed Realtor?

2) What is your area of specialty in real estate?

3) What is your geographical coverage? You want to make sure you work with someone who knows the city, town, neighbourhood, or village that you are looking to buy in.

4) Ask the Realtor if they can provide you with any references from past clients.

5) You can also ask to see the Realtors portfolio of homes he or she had sold in the past.

6) How are you planning to advertise and sell my home in the market place?

7) Why should I work with you instead of your competitor?

8) Are there any fee’s in working with you?

9) Do I have to sign a contract to exclusively work with you, or can I go somewhere else if I am not satisfied with your service?

6) [you can ask yourself the following questions]

(a) How many listings does the Realtor have currently?

(b) Does the Realtor have a professional presence online, such as a web site, and social media feeds?

(c) When meeting in person with the Realtor what is her or his attitude and demeanor towards your interest in buying a home?

(d) Perform an online search of the Realtors name to see if any positive or negative results in the way of good or bad reviews / comments are said about the individual.

(e) Call the Real Estate Board in which the Realtor is part of and check with them to see if the Realtor is in good standing or not.