Friday, February 28, 2014

CMHC announces changes to insurance premiums

CMHC just announced price increases on its premiums. On 5% down mortgages the premium will be increased to 3.15% instead of 2.75%, effective May 1st.What does this mean to you? 

Example: Home purchase at $400,000 with 5% down

Old CMHC premium: $10,450
New CMHC premium: $11,970

The difference? $1,520. In my opinion, this increase is not significant enough to have any real effect on the housing market. As with most goods and services, prices eventually go up! 

Read the full announcement here:

Wednesday, February 5, 2014

A book for every woman: "Prince Not So Charming: A Romantic Tale of Financial Independence"

Being in the financial services industry, I come across a lot of difference scenarios, from the good to the bad and the very ugly. I deal with transactions involving women in all different life circumstances, from single, career minded women who are purchasing their own property to couples purchasing a property together and women who are going through a break up or divorce and are trying to get their finances in order so they can take care of themselves. 

While I do believe financial literacy has come a long way, I still believe we all have a lot to learn about making smart financial decisions for our future. I came across this article about a financial planner that has written a romance type novel with a twist; it explores "women's emotions about money and love – and how those feelings can interfere with managing money."

In this book, you'll learn:
- Strategies for women to regain their power and avoid financial ruin.
- How to discover inner courage despite life's challenges.
- The importance of maintaining financial independence whether you're happily married, single, or contemplating divorce.
 - Financial strategies that will help you safeguard yourself and those you love.
- Ideas to reduce the financial and emotional burdens of divorce. 

It's definitely a different take on a financial literacy book and I really hope it helps give more women the push to take control over their own financial lives! According to the author, "Nine out of ten women will be solely responsible for their finances at some point in their lives."  Buy a copy for your Mom, your sister, your friends and yourself!