Co-Signor VS Guarantor – Understanding the Difference!

Co-signor, co-borrower or co-applicant all mean the same but Guarantor is has a different legal meaning. A co-signor has right of ownership whereas a Guarantor does not. The main advantage of a Guarantor is for business-for-self couples (BFS). If the business fails creditors do not have access to the family home because the business owner’s name is not on title of the property.

How to calculate your GDS and TDS Ratios

Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS). What can you afford in a mortgage payment depends on your gross income. On average no more than 32% of your gross income should go towards mortgage payments including your taxes. Whereas 40% of all your debt (TDS), including credit card and loan payments as well as half of strata fees and annual heat. Find out how to calculate your maximum total mortgage payment that you can qualify for.

Fraud – What to look for and where to report it!

What do you do if you have been a victim of identity theft or other fraud in Canada? If you want to learn more on how to recognize it, report it and stop fraud and identity theft, here are the links and numbers you will need.

Building a Better Beacon – Part 4 Plan Ahead!

Plan Ahead – most people plan for large ticket items like a car or home, you can also plan for an optimum credit score before you buy! Give yourself the leverage you need to negotiate the best interest rate!