Page 32 - Sports Energy News, Cornwall, Issue No 91

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Issue #91
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August 2020
32 Issue #91 August 2020 www.sportsenergynews.com.com
S ines the Spotlight on
Neighbourly Advice From Our Local Professionals

Max Ming a long-term advisor/client relationship. As likely the most overlooked item that we see
Investment Advisor advisors, our goal is to support your financial as financial advisors, with many clients not TALENT
goals and to help give you the peace of mind giving either much thought. That is just 1397 Brookdale Ave., Cornwall
e certainly did not anticipate an that comes from being financially proactive, one of the ways we can help to guide you
Weconomic upheaval spawned by a instead of reactive, amidst uncontrollable emotionally and financially toward a more
health crisis as the year 2020 began. While the circumstances and change. secure future.
COVID-19 pandemic has changed the way For example, look at the importance of If you have any questions regarding your
most of us carry out our day-to-day activities, estate planning. Having a will and powers-of- plan or about what is going on in the financial Collectors Edition
one thing that hasn’t changed is the value of attorney in place are a key part of protecting
your family and leaving a legacy. It is world today, we are only a phone call away.

By Michael VanderMeer are buying another property, these penalties whichever is the higher amount will be the
Real Estate Agent are generally waived if you use the same bank amount of your penalty and this could end
(although you may incur a small fee if your up being thousands of dollars. If you have an
mortgage is lower than the original mortgage, open mortgage or line of credit, there will be
Will You Have A Mortgage Penalty or if the new interest rate is lower). If you are no penalties.
When You Sell? Sydney
he one thing a lot of people do not selling and planning to pay the mortgage off, If you are considering selling your property,
Tconsider when selling their property is you could have a large penalty placed on the you should talk to your bank about what type
mortgage. Generally, banks have a 3-month of penalties (if any) you could incur when
their current mortgage status and the penalties interest penalty or interest differential - paying out your mortgage.
that they may have to pay upon selling. If you
Seymour

under the limit, but with interest charges and fraud or outright billing errors are at hand.
By Brian Johnston
possible over-limit penalties, you are now in So, pay the charge and wait for the refund
Mortgage Specialist
credit purgatory. Even when you deploy a to come back to your account when the Rugby
balance transfer promotion or some form of
You don’t give me much credit! interest-free period, you should leave room at investigation is complete.
here are so many credit score providers out the top. It’s like when ordering a coffee, leave NOTE – if the fraudulent charges are very
Tthere, all providing different results, and room at the top for the milk—even if you take large and quite serious, this is a different Ontario College Athletic
chances are that none of those results are the it black, avoid spillages. matter altogether and you should strategize
credit score that lenders see when you apply the best approach with the authorities and Assoc (Eastern Div. )
for a loan product such as a mortgage, credit Accept Offers of Increased Limits management at the card issuer.
card, or car loan. How are you supposed You should usually welcome credit limit & Algonquin College
to optimize your credit score when you increases. You look healthier and stronger to The Takeaway
the casual reader because your limits have The credit reporting agencies may Rookie of the Year
don’t even know what it is? The answer is, by focusing more on your some heft to them. Increased limits instantly
overall “credit hygiene” rather than on any one particular score. reduce your percentage utilization of credit. generate a different score for credit card
Dental hygiene is preventative maintenance to ensure your teeth This often results in a higher credit score. issuers, car dealerships, or mortgage lenders,
and gums are at their best. Having a similar routine for your personal Equifax Canada states percentage utilization and the score they provide the consumer
credit history can be equally important, helping to avoid problems when carries a 30% weighting on your personal upon request is typically none of these.
you least need them - like when buying or refinancing a home. If you credit score. Therefore, you should be more concerned
are always employing best practices, then you are optimizing your with ensuring you are always using best
credit score and your overall credit profile. Unfortunately, more credit Pay Disputed Items
in the wrong hands can lead to abuse. Some people rely on credit to You may know someone who was offended practices that will score well, regardless
supplement their income and end up in an untenable situation. These by charges they were certain did not belong of who is doing the measuring. The credit
credit hygiene tips are intended for people who are responsible with on their credit card statement. They refused to hygiene strategy ensures your credit history
credit. pay and preferred to wait out the investigation is a weapon you can wield with confidence,
Never Go Over Limits – Leave Some Room process. Unfortunately, in waiting it out, and that whatever source is generating your
When you have a credit card or line of credit hovering around its interest charges and late payments increase. credit score, it will always be optimized and
limit, you are at risk of going over, which is not a good thing for My 30-years of experience has always been at its maximum potential.
your credit score. It might even happen innocently, you started off that the card issuers do the right thing when