Loans

3 Ways to Reach Financial Independence

What I love about financial independence most is there are many ways to get there. You may love your job and want to advance in your career but you also want to retire at 50 to Nova Scotia. Or, you may dream of the day you can quit your job and do something new. You…

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The Not-So-Secret Power of Compound Interest That Everyone Should Know

When dealing with investments, the number one phrase you’re likely to hear is “compound interest.” With the potential to transform only a few dollars into many, virtually anyone can benefit from investing any amount of money. But there is a trick to getting the most out of the process, and it’s important to understand that…

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The Student Loan Effect

Total student loan debt now exceeds one trillion dollars, second in size only to mortgage debt. Think about that for a minute. Who qualifies for a mortgage? Typically adults with good credit, a sizable down payment, and many years of experience making a large payment for housing each month. Who qualifies for a student loan? Almost…

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If You Must Get a Loan Remember Shorter Term = Less Interest

FFA’s philosophy is to save for emergencies and unexpected expenses. We even recommend paying cash for large ticket items such as appliances, TV’s, home improvement projects, furniture, and cars. However, if you ever have to get a loan, remember this: shorter term = less interest. What does this mean? Let’s use a car purchase example.…

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What is the Grace Period on a Mortgage?

A lot of my clients have asked me what the grace period is on their mortgage. The answer is it depends on your loan agreement. Typically, a borrower has until between the 10-15th of the month to make his mortgage payment without it being considered late. If payment is received after that, it is late…

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