June 26, 2017

Blog

What Led Up To The Decline Of Home Capital

Jun 20, 2017

It all began as Home Savings Loan Corp., a St. Catharines-based company which Home Capital founder Gerald Soloway bought in 1987.  At the time, it had just 12 employees, with $51 million in assets and $3 million in equity. By 1990, Home Capital started focusing exclusively on residential lending and aimed to provide mortgages to those who didn’t qualify for traditional bank loans — to borrowers were self-employed or had once been bankrupt, or had no credit history. By 2001, the company was thriving on customers with spotty credit.  When Ottawa tightened the mortgage lending rules in 2012 and the…

Financial Firsts To Help Prepare Your Children

Jun 12, 2017

When my children were growing up, I used to split their allowance into 3 categories: saving, spending and charitable contributions.  I thought this was a great start on learning how to save but I could have done so much more to teach them about saving for their education, their 1st car, engagement, marriage, their 1st home and then children. Even though money has an impact on practically every aspect of our lives, personal finance is usually relegated to the back burner – at home and at school.  Even though teens seek financial advice from their parents, many parents avoid the subject…

You Can Get Out Of Debt!

Jun 6, 2017

You did all the right things. You earned a good education. You’ve worked hard and you earn upwards of $100,000 a year; yet increasing debt has your stomach in knots. You are not alone. According to statistics Canada, higher income is associated with a higher debt load. Households earning at least $100,000 had an average debt of $172,400. Compare that to households earning between $50,000 and $100,000, which had an average debt of $95,400. It doesn’t have to be this way. But before you can turn things around, it’s important to understand how you arrived where you are. How Did…