Personal Loan Look Up! What Are The Loan Seekers Looking For

January 1, 2009 – 2:46 pm

We have just entered into year 2009, and our future planning about what we have kept for this year will be ready to come up in to life from our mind’s canvas among the promises we did with our family and personal life. Our first ever goal should always be same like staying out of financial crises that come out with our budget over spending, so always keep some thing for the rainy season (In Canadian prospect we can change this verse ‘.. rainy season’ into a ‘.. snow falling’), because our personal financial success depends on our savings. Anyhow, personal finance isn’t a term that could only known by holding a financial degree but it’s a common thing, which even a layman can understand with his own natural instinct. Financial consultants only describe it better in the light of related laws, timely benefits, lenders internal policies, and economic changes which could make your financial decision and transaction more efficient, economic and above all competitive with those who don’t get professional advice.

Beside great variety loan requirements people always looking for some opportunities like what we have this year specially offered to us, and money is the key that holds reality of our dreams, anyhow some people may be looking for the lowest-cost funds for the renovations, new business start up, student loan look up (education), federal loan look up, private and provincial loan look up or other major expenditures and investments.

Bellow are the three possibilities you may be looking forward to establish your personal finance in a normal way of life as a consumer debt this year:

  • First Time Loan Seeker! First time loan application mostly confused people in term of credit profile, because you don’t have any credit score that could support your loan application to get a better interest rate or even it holds a refusal threat. Don’t worry no credit score doesn’t mean you could not get a personal loan. Consult your banker or a credit officer you may have easy access, you may also consult or apply online without any obligation
  • Bad Credit Loan Seeker! You may be struggling for the improvement of your credit profile. You definitely don’t have possibility to get the other loan easily and above all on low interest rates in relation to other fellow loan applicants having high scores. Again you need a financial consultant, although you better know about your mistakes, which became the cause of your poor credit history. Your financial consultant will also highlight other factors which even you don’t know or come up with the mistakes of the credit machinery and above all your financial consultant better knows how he could accomplish your goal with the companies hidden favors which empower credit officer to benefit the right person for the right loan. There are lot of lenders you can find online who are willing to approve your loan applications without over burden your monthly repayments.
  • Efficient Repayment Seeker! You may be looking for a personalized personal loan including mortgage check up in the new year to make sure you have the best repayment strategy for meeting your financial goals to ensure that your payment structure results in to maximum principal reduction and your credit card balances are transferred to a lower interest rate. You may consult your personal loan and mortgage lender to ensure to make it more efficient and economical. For all those who have more loans that they are paying back separately and wanted to go into more efficient repayment structure that also results into their time and money saving, debt consolidation is an ideal and economical way to achieve your financial goals.

From all of us at eLoan Canada, we wish you and your family a very happy new year that will bring all of your wishes come to life with full social and financial support with great creditability.

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Can You Afford Christmas Shopping This Year?

December 16, 2008 – 3:53 pm

Despite the fact of the ever recorded lowest gas price per barrel at the end of the last quarter this year 2008 (In the US and Canada an average of 3 gallons of crude oil are consumed per person each day), why the consumer price index doesn’t permit the prices for domestic products to come down? Is it temporary or we the world at whole are under some threat of some other pillars to fall down to go into long term economic turmoil without any unknown threat from well known powers? Peace is the only answer because right of one person is always an obligation of other’s.

From Wikipedia, the free encyclopedia! Economic Crisis Of 2008! Discussed under topic Late 2000s Recession, specifically extracted for Canadian Region: In May 2008 Canada’s GDP was reported to have decreased 0.1 percent due to decline in mining, oil and gas industry by 1.2 percent and fall in automobile production by 3.6 percent. Construction output in Canada declined 0.4 percent, utilities 1.3 percent, and farms produced 0.9 percent less. In the first quarter of 2008 Canada’s economy shrank by 0.3 percent and the Bank of Canada said second quarter growth would likely be less than 0.8 percent projected. Canada later revised its first quarter GDP showing a contraction of 0.8% and gave second quarter GDP showing an increase of only 0.3%. In early December 2008, the Bank of Canada, in announcing that it was lowering its central bank interest rate to the lowest level since 1958, also declared that Canada’s economy was entering in recession. Unfolding of this prospect will take until late Spring 2009, as Q3 GDP was announced as a 0.3% gain on December 1st by StatCan.

December plays a great roll in terms of personal finance, on one side if its closing our financial year’s balance to be carried forward to the next year either its credit or debit according to the difference of our earning and spending, and on the other side it hold great events of celebration like Christmas and New Year which comes with the holidays that boost our expenses, although theses spending are productive in terms of our relations because we acknowledge our feelings for love and care when we exchange gifts and spend time with each other according to our wishes and interest. Moreover, it doesn’t mean that our budget effects in the last week of the closing year but it start effecting from one month before in November, like Advent which is the season of waiting and preparing for the Festival of Christmas which starts on the 4th Sunday before December 25 and Advent ends on Christmas Eve i.e., December 24. Thanksgiving and Black Friday are also big events which effects normal shopping behavior in increasing money out flow, last year the difference between these two events were 32 days but this year it was 27, so we got less days to shop more with our dollars this year. Anyway, make a strategy in which you could make saving to add up into your coming year while leaving this year staying in a good credit profile.

According to prediction from some economists, this could be the worst holiday shopping season, which makes worst year for the consumers. Most of the people have postponed and delayed their shopping in an expectation that the prices will come down, that’s why the Black Friday and Cyber Sales have just increase with 3% and 2% respectively which is very low according to the estimate behavior of consumers in subsequent historical shopping trend and data forecast.

These are some tips to find the best bargains and drive the best deals, whether it’s groceries, clothes or electronics? Its become hard paying full price in these tough economic times for majority of the people not even in Canada but throughout even in the developed nations of the world. Well first of all ask your self, do you need it or want it? For the food we definitely need and try to find and shop any Canadian store (Canadian Tire) to find the best and economical deal that offer discount coupons, flyers and check for any inside exclusive store deals, cyber malls has made it so easy to find and compare shopping online weather it’s a big chain or a small store.

  • Budget Set Up – One of the best tip is the budget, you should figure out first how much you can afford to spend on the gifts which could be better distributed among the people on your shopping list. Stick to your prepared budget and avoid the burden to be switched over to your January bill payments from your pocket or credit card that disturbs you.
  • Shopping Online –  is my favorite shopping tip because I can do it anytime even on Sunday, at closing hours and without wasting my time spending shop to shop or paying for the transport and making myself ready for the outfit. Price comparison and online shopping deals carrying discount coupons and extra benefits makes it really a smart way of shopping and  people who support smart shopping are actively improving their economic life.
  • Shopping Time –  Try to shop early as possible because we are purchasing things to utilize on a specific time, and if it requires some alteration or need to change the size or color, what you will do? You definitely feel helpless. Moreover, also try to choose shopping hours when the stores aren’t crowded, extended hours and mid night shopping have made it possible, this way you can easily select, compare and try for your satisfaction.
  • Shopping Sale Offerings –  Discount sale is always a part of the shopping market and every thing is offered on sale at some point in between these special days, so make an eye on special discount offer while looking their shopping circulars and advertising boards beside the special coupons which could give you huge savings.

Moreover, keep all the purchase receipts with you for some time because if you need to change or return any thing, you may do it after the holidays.


If you are not living in a big city or you have access to the rural area of your country you have better chances to get your food necessities like vegetables, fruits, meat, fish, honey, chicken, rice and milk products on cheap rates from the local farmers and producers because you are not charging for the labor, transportations and other mark-ups which you usually pay in your normal life and this way you don’t even save money for yourself but you are also supporting your local farmers while giving them direct access. You may also purchase handicrafts, paintings, toys, jewelry and other stuff, which these local artists and craftsmen are producing, and you know these gifts will be really unique and above all cost effective too.

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How To Reduce Credit Card Debt?

December 1, 2008 – 2:21 pm

Credit Card Debt Reduction Requires Persistence!

Continue rising in liability needs a continue and persistence approach to drop it down where we can afford or better handle it, anyhow mounting credit card debt is a problem for many Canadians beside United States, United Kingdom, Australia and other countries of the world these days. If you find that you’ve been in a habit of using your credit card to much that increase your spending, it makes sense to look into how to limit your exposure to credit card debt, and the stress that comes along with it.  Here are some suggestions that may help you in reducing your overspending:

  • Limit your cash advances.
  • Use your grace period of your credit card payment in your favor by knowing and managing it.
  • Try to pay off credit card debt in full monthly payment to avoid high interest costs.
  • Limit your credit card usage for a specified period of time to help you reduce credit card debt.
  • Make it your habit to spend only what you can pay off in a given month.
  • Make your dollar worth more by signing up for loyalty programs.
  • Make paying off debt a priority in your financial plan.
  • If you still find that you cannot pay down your credit card debt to your satisfaction, you may wish to consider a mortgage strategy to consolidate credit card debt at a lower interest rate. Debt consolidation is an effective way of credit card debt reduction i.e. consolidating debt from high APR credit cards to a low APR one. So this credit card debt reduction measure works by reducing the rate at which your credit card debt grows.

Besides these credit card debt reduction measures, there are other methods too for credit card debt reduction like you may ask indirectly to any debt professional for the professional guideline or directly go to your current credit card supplier for help in credit card debt reduction i.e. by lowering the APR. It might work out for you because it does for some people.

Getting into debt is simple but getting out of it really a difficult task. This holds good for any kind of debt, credit card debt reduction needs planning and discipline in the way you spend money. Moreover, your credit card is a facility primarily because it helps you to not to carry cash that could not to be fallen, stolen or theft by the others and you, yourself cant do what is right for you.

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What’s The Difference Between An Open Mortgage And A Closed Mortgage?

November 15, 2008 – 3:30 pm

You may have heard about open mortgages or closed mortgages, and are wondering what’s the difference between both.

An open mortgage typically allows the borrower to pre-pay all of mortgage, beside renew or refinance at any time before maturity. This also means that you can switch your lenders at any time you wish. The catch is that this flexibility to pay back the mortgage whenever you like usually comes with a higher interest rate.

An open mortgage may be an ideal solution for those who know they are receiving a large sum such as an inheritance and want to put this money onto their mortgage, or are intending to sell their home in the near future. Open mortgages can also be a good choice for those whose income will vary over time, such as self-employed individuals who will exceed the pay down allowance permitted on a closed mortgage.  .

A closed mortgage typically allows you to prepay a limited amount each year without a penalty, usually between 15 to 25% of the original principal amount. This type of mortgage may also include the ability to increase the size of your regular payments, up to double in many cases.

The basic advantage of a closed mortgage is that they almost always have a better rate compared to an open mortgage, although it pays to understand the pre-payment provisions in the fine print. Looking to pay off your debt early and have a closed mortgage? This type of mortgage may be renegotiated or refinanced in most cases with a pre-payment penalty.

The details can vary from lender to lender, so its better to talk to a mortgage broker early on, when you’re starting to think about what financing is best for you. Your Mortgage Consultant will have the latest info on the product choices, rates, and recent interest rate trend in Canadian financial market.

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Understanding Your Credit Report and Credit Score

November 1, 2008 – 3:00 pm

Tips on How to Keep Your Credit Report, Credit Score and Credit Profile Healthy!

Your credit report and score is the most important financial instrument that requires you to apply for the loan you are looking for. It also determines the interest rate credit lenders will be charging you, your highest score will awards you the most economical rate and your poor score results in even dismisal of your loan application.

The Department of Finance’s rule changes for high-ratio mortgages mean that a prospective borrower’s credit rating is more important than ever when it comes to qualifying for a mortgage loan when their down payment is less than 20% of the value of the property.  Consumers need to be aware of how their credit is evaluated by lenders, and how they can work to avoid so-called bruised credit – people with a lower credit score can find themselves paying a higher interest rate, or even denied access to certain types of personal loans.

A credit report is a detailed history of how consistently you meet your financial obligations, and provides an impression of your financial health based on your credit history and past behaviour.  A credit score is a three-digit number, usually between 300 and 900, representing your overall credit-worthiness, based on personal information from your credit report and other available sources.

Both your credit report and score are important.  When deciding whether or not to grant a personal loan, credit card, mortgage loan and other lines of credit, lenders refer to an applicant’s credit report and score, along with a range of other factors such as income, employment history, business and size of down payment.

The higher your score the more likely you are to be approved for a personal loan including mortgage and receive favourable rates because the lender considers you to be a better credit risk.  Several factors are used by the two available credit agencies in Canada, Equifax Canada and TransUnion Canada to calculate credit scores:

  • Debt payment history.
  • Amounts owed compared to your current credit limits with lenders.
  • How often you seek new credit.
  • Length of time you have had credit accounts.
  • Type of credit, such as car loans, business loans, student loans, lines of credit, credit cards.

Recent news from the financial industry over the past few weeks has highlighted the fact that for many borrowers nowadays, one’s credit rating is an even more important factor when it comes to accessing personal loan including mortgage credit.  By taking a few basic precautions, consumers can protect their credit report and credit score, and increase their access to better rates and a better choice of loan products.

Here are a number of steps that you can take to keep your credit report and credit score healthy:

  • Pay off your debts on time – always meet due dates.
  • Don’t maximum out your credit cards – up to 50% of a card’s credit limit is favorable.
  • Borrow only the amount you can afford to repay.
  • Numerous inquiries for consumer-type credit in a short period of time can worsen your score - make out only necessary inquiries.
  • Check your credit report with regular intervals for errors, omission and mistakes to avoid unexpected problems to your credit profile.

You can obtain a copy of your credit file free from Equifax Canada (1-800-465-7166) and Trans Union Canada (1-800-663-9980).  However, these free credit reports will not contain a credit score and it’s a good idea to get both the reports.  You can order more comprehensive reports including your credit score from these companies, for a small fee.

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How Mortgage Insurance Protects Your Investment and Secure Your Family’s Financial Future

October 15, 2008 – 2:03 pm

Your financial picture changes significantly when you get a new mortgage. The purchase of a home is a major financial commitment, and how best to safeguard your investment and your family’s interests is something you have to consider.

There are various insurance companies working in Canada that offers life, critical illness and disability protection specifically designed for mortgage borrowers. You may find the insurance company by your self or you may ask your mortgage broker. Your mortgage insurance covers great number of benefits as bellow:

  • Mortgage Life Protection can cover you, your partner, or up to four individuals party to the mortgage, so that in the event of a death the mortgage is paid off, along with any discharge fees.  Mortgage Life coverage is not the only life insurance you will need, but it is perfectly suited to your needs as a mortgage borrower.
  • Mortgage Critical Illness Protection also pays off your outstanding mortgage balance in the event you are diagnosed with severe illnesses such as heart attack, stroke or life threatening situations like hepatitis and cancer. This coverage provides you and your loved ones with a LIVING benefit.
  • Mortgage Disability Protection makes the monthly mortgage payments up to $2,000, should you suffer an injury or accident and are prevented from performing the normal duties of your job.

Protect your investment and family’s financial future with mortgage insurance! Ask your mortgage consultant or insurance companies providing mortgage insurance any question you may have, there may some conditions apply.

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Creating an Energy Smart Home

October 1, 2008 – 1:40 pm

Treat your house as an energy system, with many parts working together. Unfortunately, lots of houses don’t work very efficiently.  Lower utility bills, improved comfort and fewer greenhouse gas emissions. These are the benefits that an energy-efficient home provides. While many energy efficiency decisions are made during the construction of your home, there are several ways you can reduce your energy costs.  The Canada Mortgage and Housing Corporation (CMHC) provides some insights into making your home more energy smart:

Air Conditioning
Air conditioners, especially individual unit models, are often a home’s largest electricity user. The best way to lower energy use for air conditioning is to reduce the need for it. The “green” building movement promotes several cost-saving ways of cooling a home, including the use of drapes and curtains to control the amount of solar radiation entering a home, as well as the use of plants for shading it.

Building Envelope
Tightening the Thermal Envelope! A house’s thermal envelope includes every item that separates the inside from the outside that may consist its roof, walls, floors, windows and doors. A house leakage makes it not even drafty but uncomfortable too, and in other words it lets precious energy dollars escape. Older homes are more likely to lose heat through the building envelope than newer ones. There are, however, cost-effective ways of reducing heat loss in older buildings. For example, applying weather-stripping and caulking around windows and doorways reduces infiltration. Adding more insulation will also improve the efficiency of the building envelope. You can install most of these energy-saving improvements at low cost with materials available from any hardware store. This approach means a substantial investment but the resulting savings are large.

Lighting
Lighting accounts for 15 per cent of all energy consumed in a residence. A cost-effective way of decreasing such costs, without compromising safety, is to replace incandescent with fluorescent lights. Fluorescent lights produce four times as much light per watt, last ten times longer, and cost one-third as much to operate.

Heating and Ventilation
Depending on location and type of fuel used, heating can be the largest component of energy use in your home. When deciding whether replacing an old furnace with a new high efficiency model is worth the capital investment, a life cycle cost analysis must be made.

Efficient Appliances
Choosing High Efficiency Appliances! Replacing old appliances with more energy efficient ones should be decided on the basis of a life cycle cost analysis. When it’s time to retire an old appliance, you can typically replace it with a new model that uses only half the energy. According to CMHC, replacing the typical outdated refrigerator will pay for itself in six years; that is in half or less than the expected life of the refrigerator. Become a energy-smart consumer to shop for efficiency and financial advantages.

Hot Water Systems
Hot water systems can account for 15 per cent of total residential energy use. The most cost-effective way to decrease this energy use is to install energy efficient flow controls in showers and sinks, which reduce the volume of water without reducing water pressure.

Creating and building an energy smart home has become a great necessity in these days; you could not even save great amount of money over your monthly expenses and utility bills by improving and maintaining your home but also increase the value of your property.

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Canadian Mortgage Strategy Choosing Between Fixed or Variable Mortgage Rates

September 15, 2008 – 2:28 pm

New mortgage application has an incredible number of options from which to choose. However, with shifting interest rates, it can be a confusing time for those looking to acquire, renew or refinance a mortgage. Getting the most advantageous mortgage strategy is important and this challenging task cant be solve with anybody else accept you. This is the question you should ask yourself: Do I want the stability of a fixed rate mortgage or am I comfortable with the potential risks and rewards of a variable rate mortgage?

A variable mortgage rates allow the borrower to take advantage of low interest rates where the interest rate is calculated on an ongoing basis at prime minus a set percentage where prime is the base rate that banks use in pricing loans to their most creditworthy customers.  A variable rate mortgage can pose challenges for some, such as financially stretched first-time buyers who may not be able to handle an increase in their mortgage payments that would usually accompany a significant rise in interest rates, and there are those who simply prefer the greater sense of stability that a five to ten year fixed term mortgage can provide.

Faced with today’s competitive mortgage market and a changing interest rate environment, credit consumers need access to the timely and quality information through a recognized and trustworthy source. Which can help them decide while looking carefully at their current situation and personal goals to determine which mortgage strategy will best meet their individual needs. Moreover, you should try to get an answer yourself after consulting your mortgage broker whether a fixed or variable mortgage is best for you.

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Immigration Loans Program For New and Recent Immigrant to Canada

September 1, 2008 – 2:05 pm

Discover Personal Loan and Mortgage Products Designed for You

Canada welcomes thousands of new immigrants every year and Government of Canada along with various financial institutions is ready to help you make the change. You are definitely feeling burden and challenging in need to be in control of your money, stay in touch with home, and feel informed and secure. eLoan Canada has gathered some important information here to help make your transition a little easier.

It’s a common myth that if you are not a Canadian citizen or landed immigrant, you do not have right and qualify for a mortgage loan. The good news is that you will find various lenders offer mortgage products specifically tailored to the needs of non-landed immigrants. While most financial institutions traditionally have insisted that new immigrants provide a down payment of at least 20% to 35%, there are now lenders who offer qualifying new immigrants or those who have been transferred to Canada by an employer, mortgages which feature a much lower down payment.

According to Citizenship and Immigration Canada (CIC), The Immigration Loans Program provides refugees and protected persons with loans to cover the costs of medical examinations conducted abroad, transportation to Canada, travel documents, housing rental, telephone service deposits and the purchase of work tools, etc., on an easy to follow credit process, for more information and general enquiry you may call on the phone number: 1 888-242-2100

Moreover, if you are planning to settle in Canada you may consult with the CIC about the credit possibilities that may fit your own situation prior to the arrival and if you are a recent immigrant to Canada, contact loan and mortgage consultant to get advice on how you may qualify for personal loan and mortgage products aimed at new immigrants.

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What is a Rate Hold and When to Lock in Mortgage Rate

August 16, 2008 – 10:14 am

I know when I got my first client pre-approved for a mortgage loan, I was very excited to think about the very first sales incentive which I were going to receive, but all excitement was gone away when I knew that I could not get the money till it was not paid by the client. Yeah, because that pre-approval got a grace period which is known as Rate Hold and it may take 120 days to close the mortgage deal. Anyway rate hold if held my reward for so long to come to me but on the other hand lock in mortgage rate gave my client a best possible interest rate option with a plenty of time to search for an ideal home of his choice to start his mortgage loan, and I felt really happy with my clients satisfaction which passes all the excuses.

A shifting interest rate environment may cause an unpredictable situation that lead anyone to think about to adopt an option of mortgage rate hold or lock in mortgage rate, to get the best rate possible while looking for the best home of his or her choice, while pre-approval means that you’ll know how much you can afford to spend on the home.

There are various ways to enquire and apply for your mortgage pre-approval loan with a rate hold option like you may apply through a bank, a mortgage company or through a mortgage broker, choice is yours anyone of these can assist you in providing the best financing options for your borrowing need. If fixed mortgage rates rise during your rate hold period that is up to 4 months or 120 days, you’ll be already protected by the rate hold and if it falls, you’ll have access to the lower rate the competitive interest rate to adopt for your mortgage loan. Moreover, with a lock in mortgage rate you’ll have peace of mind about your mortgage rate while you look for the home that suits you the best.

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