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All Forum Posts by: Jeffrey L Evans

Jeffrey L Evans has started 3 posts and replied 7 times.

Thank you so much for such an informative reply @Roy N. ... Your reply helped me to get a basic understanding of how a mortgage works in Canada.

Since the loan term of any given loan will be 6-months to 10-years and residential financing in Canada is amortized over 25-years, what will be better, whether financing the purchase via loan or mortgage? We can't afford to pay a huge amount as an installment. So, we need something that has low payment of installment even though the interest rate is little higher. So, I guess residential financing will be better for us. Am I right? 

Hello guys, 

My wife is planning to take some money as a loan for buying a property. The property is located in Ontario (She is from CA). The catch is, there are a lot of rates and fees applied to mortgage services. And, it is quite difficult to calculate the interest rate and monthly payment we have to make. I am having a hard time even understanding the terms like CMHC. I remember using a mortgage payment calculator when we purchased a property in Toronto. But It was a very long time ago and, I don't know whether the same methods are used to calculate amortization etc now. Can someone please help me to understand how mortgages are calculated nowadays in Canada? What are the different rates and tabs when it comes to calculating amortization? Is mortgage calculated in a different way compared to mortgages that are taken for other purposes like an educational loan, personal loan etc? Thank you in advance. 

Thank you @Manolo D. and @Karen Margrave

I am just curious, how is your business going on? What are the changes you noticed in the field compared to 90s?

Thank you for the reply, Brian.

I didn't get the last part. Could you please explain it once again? You said HELOC requires an interest-only payment. But, you also said that after 10 years we would have to pay a principle. I am confused now.

Hello all, 

I need to arrange some money for my ongoing business. While searching for a way to raise fund for the business, I got to know that there are financial institutions that offer credit and loans based on home equity. I have never tried for home equity loans in my life. You can say that I am a total newbie when it comes to this subject. I got to know about home equity loans through a friend. But, she recommended me someone who offers home equity loans in New Jersey . but, before going with the process of applying for a home equality loan, I would like to know more about this service. So, I decided to ask you guys here about it. Can someone please help me to understand what is the difference between HELOC and home equity loans? Which is better for businesses? Are there any other financial services that are better and available to existing businesses? What should I keep in mind while applying for a home equity loan?

Hello all, 

I am planning to start a construction agency business in the coming months. In California, to work as a contractor, we need to obtain a contractor licence from Contractors State License Board. Based on what I have heard there are two tests we have to pass in order to be qualified as a contractor. One is a law test and another one is a trade test. And, it is hard to pass the exams it seems. I heard it takes years to get the licence in the state of California. I don't know why but, it is better in other states it seems. Anyway, I am thinking of joining a  California contractor school to pass the tests. I would like to know whether anyone here has ever tried to get a contractor licence in the state of California? How was the whole process? Were the exams easy? To others, how long does it take to get a licence in your state? Is it easy to obtain a licence there in your state?