Comments on: Canadian Tire One-and-Only Account http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ken http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-1179703 Ken Wed, 30 Nov 2011 21:56:53 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-1179703 The RBC Homelin plan has a double up payment option. Each month you can double your payment for that month. Later on you can skip a payment for each double up. I found it fantastic in that I could quickly pay down the principle using the double ups but I could access those "savings" later if needed. Essentially made it so we could plow all our savings into the mortgage with the knowledge that we could access that money if needed. Seemed like the best of both worlds. The RBC Homelin plan has a double up payment option. Each month you can double your payment for that month. Later on you can skip a payment for each double up. I found it fantastic in that I could quickly pay down the principle using the double ups but I could access those “savings” later if needed. Essentially made it so we could plow all our savings into the mortgage with the knowledge that we could access that money if needed. Seemed like the best of both worlds.

]]> By: wk http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-173046 wk Fri, 12 Dec 2008 20:34:49 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-173046 We are actually just switching over, I for one think it will be great and have to agree with RL you have to resist the availble credit or you will sink! We are actually just switching over, I for one think it will be great and have to agree with RL you have to resist the availble credit or you will sink!

]]> By: RL http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-161334 RL Fri, 17 Oct 2008 06:01:20 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-161334 Because I am not comfortable with a Variable rate for a full length term . I opted for a split ....80 percent @ a locked in rate and 20 percent in the one and only account which is lower than the fixed rate . I can sleep knowing that if the rates go crazy I will be OK and if the rates go lower , and I can pay my fixed portion down with the One and Only account and pay the lower variable rate. If you can resist the easy available credit then I think it is the way to go . :-) Because I am not comfortable with a Variable rate for a full length term . I opted for a split ….80 percent @ a locked in rate and 20 percent in the one and only account which is lower than the fixed rate . I can sleep knowing that if the rates go crazy
I will be OK and if the rates go lower , and I can pay my fixed portion down with the One and Only account and pay the lower
variable rate.
If you can resist the easy available credit then I think it is the way to go . :-)

]]> By: DAvid http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-135646 DAvid Wed, 28 May 2008 04:19:32 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-135646 Lylas 17, Have a look at the prepayment options available to you with low interest accounts. Most allow you to double your payments each month, and add an additional amount yearly. If you choose your amortization period wisely (not too long) so your payments are reasonable, you should be able to add the bonuses to the account as received, or over a month or three. Or you can put part of your mortgage at a low interest rate, and part in a HELOC. Pay the regular mortgage as fast as possible with double ups, and use the HELOC as float to absorb excess income. Apply some money from the HELOC to the mortgage in months you wouldn't normally make a double up payment, and it is available to float again. DAvid Lylas 17,
Have a look at the prepayment options available to you with low interest accounts. Most allow you to double your payments each month, and add an additional amount yearly. If you choose your amortization period wisely (not too long) so your payments are reasonable, you should be able to add the bonuses to the account as received, or over a month or three.
Or you can put part of your mortgage at a low interest rate, and part in a HELOC. Pay the regular mortgage as fast as possible with double ups, and use the HELOC as float to absorb excess income. Apply some money from the HELOC to the mortgage in months you wouldn’t normally make a double up payment, and it is available to float again.

DAvid

]]> By: Lylas17 http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-135642 Lylas17 Wed, 28 May 2008 02:43:42 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-135642 Thank you for your replies! I believe I am fairly disciplined with my finances... I've never been one to purchase something, simply because I had extra cash (ex: my income tax return usually sits in my savings account). Another advantage would be that my significant other will likely be working for a mining company that would give out bonuses throughout the year, so we would like to be able to put that towards a mortgage, to be able to pay it off sooner, without paying a penalty for doing so... the CT One-and-Only account seems like it might be a good idea... Thank you for your replies!
I believe I am fairly disciplined with my finances… I’ve never been one to purchase something, simply because I had extra cash (ex: my income tax return usually sits in my savings account). Another advantage would be that my significant other will likely be working for a mining company that would give out bonuses throughout the year, so we would like to be able to put that towards a mortgage, to be able to pay it off sooner, without paying a penalty for doing so… the CT One-and-Only account seems like it might be a good idea…

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-135589 Canadian Capitalist Tue, 27 May 2008 23:12:48 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-135589 Lylas17: The first question I would ask is figure out how disciplined you are with finances. For someone with a spending problem, the ability to easily tap home equity could easily land in trouble. I'd second DAvid and suggest looking for a low interest rate. It doesn't make much sense for most people to pay a higher rate for the convenience of combining everything in one big pot. Lylas17:

The first question I would ask is figure out how disciplined you are with finances. For someone with a spending problem, the ability to easily tap home equity could easily land in trouble.

I’d second DAvid and suggest looking for a low interest rate. It doesn’t make much sense for most people to pay a higher rate for the convenience of combining everything in one big pot.

]]> By: DAvid http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-135573 DAvid Tue, 27 May 2008 22:01:23 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-135573 Lylas17, There is considerable discussion on this topic at MillionDollarJourney.com, where many questions you have will be answered. The quick answer to your question is that there are better interest rates available then M1 offers. CTFS has a really low rate (I believe for their fixed mortgages of 3.85%). Have a look for the lowest interest rate, and you will almost always do well. DAvid Lylas17,
There is considerable discussion on this topic at MillionDollarJourney.com, where many questions you have will be answered.

The quick answer to your question is that there are better interest rates available then M1 offers. CTFS has a really low rate (I believe for their fixed mortgages of 3.85%). Have a look for the lowest interest rate, and you will almost always do well.

DAvid

]]> By: Lylas17 http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-135553 Lylas17 Tue, 27 May 2008 16:42:15 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-135553 This is all very interesting to read about! Would the M1 or CT One-and-Only account option be a good idea for a first-time home buyer? I currently have no debt whatsoever (schooling was entirely paid off, car paid off, no credit card debt, several mutual funds and savings in excess of $10,000). This is all very new to me, and so I any information or advice would be greatly appreciated! This is all very interesting to read about!

Would the M1 or CT One-and-Only account option be a good idea for a first-time home buyer? I currently have no debt whatsoever (schooling was entirely paid off, car paid off, no credit card debt, several mutual funds and savings in excess of $10,000).
This is all very new to me, and so I any information or advice would be greatly appreciated!

]]> By: moneysavy http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-123258 moneysavy Tue, 25 Mar 2008 18:01:05 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-123258 My mortgage is coming due in sept/08 and I am looking for information about this product(one and only). I have a home est value of $320g ,mortgage of $150,00 and combined debts of apprx $10,000. Is this a type of product I should be looking at or should I stick with a conventional fixed rate mortgage. I would like to know the pros and cons of this product or any similar. Thanks in advance My mortgage is coming due in sept/08 and I am looking for information about this product(one and only). I have a home est value of $320g ,mortgage of $150,00 and combined debts of apprx $10,000. Is this a type of product I should be looking at or should I stick with a conventional fixed rate mortgage. I would like to know the pros and cons of this product or any similar. Thanks in advance

]]> By: Tim http://www.canadiancapitalist.com/canadian-tire-one-and-only-account/#comment-116346 Tim Sat, 23 Feb 2008 17:12:48 +0000 http://www.canadiancapitalist.com/2007/09/05/canadian-tire-one-and-only-account#comment-116346 The Canadian Tire account is almost exactly the same as M1, actually it is better. The only thing it does not have right now are sub-accounts, but I imagine the fixed rate account options CT has could serve the same purpose. They also provide free house appraisal and cover the legal fee's on refinancing. The statement is almost identical but the big difference is that CT has no monthly fee, so you are saving the $168 annual fee, which over ten years equals $1,680. The main reason Manulife Bank has to charge a monthly fee is because they have to pay the financial adviser who made the referral a monthy trailer fee of .10% of your borrowings on top of the $400 he/she was paid when the account was opened. The Canadian Tire account is almost exactly the same as M1, actually it is better. The only thing it does not have right now are sub-accounts, but I imagine the fixed rate account options CT has could serve the same purpose. They also provide free house appraisal and cover the legal fee’s on refinancing. The statement is almost identical but the big difference is that CT has no monthly fee, so you are saving the $168 annual fee, which over ten years equals $1,680. The main reason Manulife Bank has to charge a monthly fee is because they have to pay the financial adviser who made the referral a monthy trailer fee of .10% of your borrowings on top of the $400 he/she was paid when the account was opened.

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