What Is A Mortgage Payment Schedule?

Amortization Schedules – Always Keep Your Eyes Open

First Published: ADawnJournal.com December 10, 2009

On taking out a loan, it is not uncommon to get a momentary buzz of excitement on seeing the temporary balance of your bank account, showing as it does a few extra digits above and beyond the usual. It is perfectly common in such a situation to forget the small details, such as the fact that all that money needs to be paid back over time and that, generally, that money will pretty much all be accounted for in the very near future. These details come back to mind very quickly, though, in most cases, as we set about the arduous task of paying back the money we have borrowed. This is something we have to do in accordance with a schedule, and deviation from that schedule is likely to see us hit with a penalty.

A copy of your payment schedule will be one of the documents given to you on finalising your mortgage. It will tell you what you have to pay and when you have to pay it, any payments that are above normal and any that are below. Sticking to the schedule is your way of knowing that you are doing your bit under the mortgage agreement and should see you avoid any fees for non-payment being added to your account. Having a payment schedule should also put to the back of your mind any ideas about taking the money and spending it unwisely. The figures can make very sobering reading.

With a normal bank loan, taken out to pay for consumer goods, you will generally come to the end of your term while you are not much older than you are today. Looking at a mortgage payment schedule reminds you that you are locked into paying a certain amount of money for a certain length of time – and that this can add up to an awful lot of money and seem like an awful lot of time. It adds seriousness to a situation that is quite serious enough already. In short, if you borrow to pay for a house you are making a large commitment. Seeing that commitment outlined in black and white is the final proof that you’re making a step you cannot easily take back.

A payment schedule will often detail how much of your monthly mortgage payment is going towards paying down the balance of your loan, and how much is paying off interest. It is worth getting a breakdown of these figures, because there are numerous deals available which allow you to cut down how much interest you pay every month, and allow you to save money overall. It is worth shopping around for the best deals, and having your current mortgage payment schedule to hand may well enable you to research where you might get a better deal. Some deals have special terms and conditions written into them which allow you to renegotiate your deal after a certain period of time – if you feel as though your principal owing is not reduced every month, you can check around to see what other offers you might get.

Canada Seeks To Expand Trade and Economic Ties With China

Canada Is China’s New Approved Tourist Destination

First Published: ADawnJournal.com December 22, 2009

On December 3rd, Prime Minister Harper of Canada made his first trip to China since taking office. This is the first time that the two countries leaders have met in five years, making this visit significant to both countries. Prime Minister Harper is known for limiting his foreign travel for political purposes, but has recently become more active, visiting both China and India in order to increase diplomatic ties.

China and Canada have had some opposition in the past, stemming  from the Canadian act of giving the Dalai Lama citizenship in 2007, but those disputes have been put away as China has recently granted Canada an official travel destination. China has a very limited list of countries that are officially approved as travel destinations, with most of those being approved lying outside the North American continent. Canada’s unique status is the result of several decades of Chinese-Canadian cooperation. With a celebration of 40 years of diplomatic ties, both countries are happy to heal the rift. China and Canada both benefit from the ties, with economic and cultural exchanges between the two countries growing tremendously.

China has become a major partner in trade with Canada, and officials say that trade is likely to increase due to the strengthening of ties between the two leaders. Chinese tourists visit Canada regularly, and spend more in the country than in any other travel destination in the world. Chinese tourists also stay for longer periods of time in Canada than any other travel destination, making the diplomatic ties important to Canadian tourism. Canada expects to see greater economic returns from tourism, especially since China has now allowed tourism advertisements to be run in the country, persuading more Chinese tourists to visit Canada.

Cultural exchanges are also on the agenda for Chinese and Canadian leaders. China has expressed interest in a youth student exchange program that would allow young students to visit Canada to increase cultural awareness and build friendships between the countries. Currently, there are over 42,000 students who reside in Canada, attending university or studying. There are also well over 1 million Chinese-Canadian citizens in Canada, as well. The cultural exchanges between the two countries are just as important for building strong ties as the economic benefits, but there are also other common ties that have allowed China and Canada to work together.

China and Canada worked together to sign several different agreements, ranging from climate change to educational issues that will affect both countries. Canada has plan for opening up to six trade offices in China, a move that will further strengthen ties between the two. In addition to these agreements, China has purchased a majority stake in the Canadian oil fields, a project that has cost China over one billion US dollars. China’s increasing economic power has been seen worldwide, and Canada is among the top recipients of their buying power. China is Canada’s second largest trade partner economically, and with plans to increase cooperation and cultural exchange, Canada is sure to benefit in the future.

Australia Travel Blog: First Time Taking Sydney Metro (Subway)

Sydney Travel Blog: Part 2

Sydney Travel Blog: Part 1

Sydney International Airport Station

While I was waiting for my train to come, I took a closer look at the Metro or subway station and some trains passing by on the other side of the station. 

In terms of cleanliness, lightings and fixtures, aesthetic looks, and everything else, I could not see much difference in a Sydney metro station than in a Toronto station. 

However, there were some obvious differences such as the Australian accent in the announcements, door closing chimes, and the noise of the train. And these were expected to be different in a different city. 

The train I boarded was a double-decker train, like Go Transit trains in Toronto. I noticed that yellow and silver colours were used for the trains’ inside and outside colour-theme. However, the seat covers were all blue. The door space felt like slightly wider than on Toronto TTC trains. 

Without any trouble, I changed my train at the Central Station and boarded a different train towards Kings Cross station. It took me slightly more than an hour to reach Kings Cross station. Once I got out of the station, it was close to 11:00 PM. I was out on the street and I was shocked to see so many people were out partying, sitting in open-air restaurants, or just hanging out. Although it was expected because it was Friday night, I have not seen people out partying on this scale for a while. 

That’s when I realized right away that Australians are happier than people in many other countries on the planet. People seemed to be friendly and cheerful. I wouldn’t mind watching people more, but I had to concentrate on finding my hotel, which was supposed to be not too far from the station. 

Consequences Of Lying On Mortgage Application

Lying On Mortgage Application

First Published: ADawnJournal.com December 31, 2009

Buying a new house, selling a house, or staying in a house all require some level of co-operation between yourself and others. Obviously this includes your family and others close to you, but it also requires collaboration between you and the lending institutions who furnish you with a mortgage as well as a range of others who may be able to help you if you are finding it difficult to maintain payments on your mortgage. Any homeowner, especially one in their first house, will be keen to do things correctly, so it is important to be aware of the importance of doing things in the right way. Maintaining communication with the relevant companies and organizations is the soundest way of doing this.

It has become the accepted wisdom that people lie on forms. Job applications and resumes, insurance claims and credit applications are all examples of forms where people have been known to be “economical with the truth”. While the practice of lying on a job application has come to be the norm and is even tacitly encouraged, it can still get you fired if it is a) serious enough and b) found out. Where finance is concerned, though, it can be a criminal matter if you knowingly withhold information or give false information. A policy of total disclosure – while it may cause you to have narrower options in the short term – will not only work better for your conscience, but it will make the long-term maintenance of the mortgage all the more comfortable.

The reason this is beneficial is that mortgage lenders offer deals on the basis of a large amount of information given to them. If you lie about your salary in order to have greater borrowing power, it could work. At the time, you will want it to work. However, after some time you will begin to feel the pinch of repayments and the financial situation can very swiftly spiral out of control, affecting not only your ability to make mortgage payments but also your financial position overall. Telling a “little white lie” on the mortgage insurance may help you lower the premium, but if you then try to claim on the insurance it could stop you receiving anything.

Aside from mortgage lenders there are other organizations who you would do well to bear in mind. If you are finding payments difficult to make, a debt counselling organization may well be the life-saver you are looking for. In this respect, a word of advice that may well be to your benefit: always look for a non-profit debt management or counselling company. Although the profitable organizations can generally afford a high advertising budget, remember that they are doing that with people’s money, money which has been sent for the purposes of debt management. By going with a non-profit company, more money goes towards paying down your debt, and helping you stay in your home. You may even be able to get the interest payments on your mortgage stopped for a period.

India And China Economies Continue To Grow

The Robust Economies of China and India

First Published: ADawnjournal.com January 3, 2010

With the global recession in full swing, though showing some signs of recovery, the economies of India and China continue to grow.  Some argue that, in fact, India and China, with their more robust economies, are floating the worldwide economy, boosting the global recovery almost single-handedly.  Other economists predict that China will surpass the United States as an economic superpower within the decade, and still others predict that same achievement for India.  Both China and India are, to be certain, becoming global economic ‘big players,’ albeit in very different ways, and under differing governmental structures.

Right now, most economists agree that in global economic standing, the United States is above Japan and China, respectively.  India is placing in the top twenty, at position twelve.  China, despite its growth, still has a long way to go before it may surpass the United States; 2008 GDP (gross domestic product – a figure that measures all the economic outlays of a particular organization, government, and so forth) for the United States stood at the top of the heap at 14 trillion.  How do other countries stack up, particularly China and India?

World Top Economies by GDP 2008

1.   United States $14 trillion

2.   Japan  $5 trillion

3.   China  $4.4 trillion

4.   Germany $3.6 trillion

5.   France $2.8 trillion

6.   United Kingdom $2.6 trillion

7.   Italy  $2.3 trillion

8.   Russia $1.7 trillion

9.   Spain $1.7 trillion

10.   Brazil  $1.6 trillion

11.   Canada $1.5 trillion

12.   India  $1.2 trillion

NB – Figures are rounded. Source: CIA World factbook.

The point in the prediction of the growing might of the economies of China and India is not their current standing as much as that the global GDP has slowed in recent years (thus the term, worldwide recession) whereas the economies of China and India have grown, despite the realities of the worldwide economy. 

One indicator that most of us can understand is automobile sales.  Long a “canary in the coalmine” type of economic barometer; when consumers perceive the economy as ‘strong,’ they purchase big ticket items, such as cars (which, outside of a home, are usually the largest single expense that an individual undergoes).  As one of the richest nations on earth, the United States has long led this economic indicator, but next year it is predicted that China will surpass the United States by being the car-buying powerhouse of the world.  With its growth rate at an average of between 7 and 8% (depending on the report that you read), compared to the United States’ predicted growth rate of just over 1%, it should come as no surprise that China may exceed the United States within our lifetimes.

India, as well, shows a high growth rate for the upcoming years.  Currently far below China, and even further below the United States, but with one of the highest populations in the world, India’s GDP is still impressive considering the abject poverty and low (in comparison) wages.  Primarily a service based economy (almost 60% of India’s economy is service-based), India’s economy shows great potential for growth with its massive population, and extremely high knowledge base.  Most economists predict that by 2020, India will be among the top economies of the world. 

China and India are certainly worth watching as the economic world continues to diversify and becomes more complex.