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When a private mortgage is the ‘only game in town,’ having an exit strategy is key

Published Fri, 01 Nov 2024 12:24:30 GMT

As tougher lending requirements have more homeowners turning to the private mortgage market, brokers say having a strategy to eventually get out of the loan is crucial, or they risk falling into a debt trap that could eventually lead to a ‘For Sale’ sign on the front lawn.“Getting out is very difficult. And if you don’t plan for it, or at least acknowledge the difficulties and make that part of your risk determination, you can end up just paying money for the rest of your life and never owning a home,” said Steve Biderman, a mortgage broker at mortgageoutlet.ca. “You have to treat them as a Band-Aid, not a solution.”While private mortgages can be appropriate or necessary in certain circumstances, most in the mortgage world consider them a lender of last resort.A private mortgage is a short-term home loan (typically one year), based on the value and equity in the home. It’s financed by affluent individuals or a group of investors, rather than a bank or other financial ins...

Young Canadians more anxious about debt, more likely to miss a bill payment: Equifax

Published Fri, 01 Nov 2024 12:24:30 GMT

TORONTO — Equifax Canada says young Canadians are more anxious about their personal debt and more likely to have missed a bill payment this year. In a survey conducted in September, the agency says 36 per cent of younger adults reported having missed a bill payment this year, compared with 23 per cent overall.Meanwhile, 52 per cent of those surveyed between the ages of 18 and 34 are anxious about their personal debt, compared with 39 per cent overall.Equifax Canada says housing is a top concern for Canadians, with three in 10 respondents saying they’ve had to seek additional income in order to cover higher mortgage or rent payments. Almost 20 per cent said they’re in a precarious financial situation and may need to move due to affordability issues. The survey found younger Canadians are more likely to look into second or third jobs or ‘side hustles’ in order to meet their financial obligations. This report by The Canadian Press was first published Oct. 30, 2023.The Canadian Press

Daily horoscope for October 30, 2023

Published Fri, 01 Nov 2024 12:24:30 GMT

Moon Alert: Avoid shopping or making important decisions from 7 a.m. to 11:30 a.m. EDT today (4 a.m. to 8:30 a.m. PDT). After that, the Moon moves from Taurus into Gemini.Happy Birthday for Monday, Oct. 30, 2023:You give yourself wholeheartedly to whatever interests you. Invariably, your infectious enthusiasm encourages others to join your efforts. This is a slower paced year for you. It’s time to rejuvenate your energy and focus on business and personal relationships. Don’t hesitate to ask for help.ARIES(March 21-April 19)★★Be careful about negative thinking today, because it might color your relations with siblings, relatives and daily contacts. You might feel unappreciated. You might even feel unloved. The celestial vibes encourage this kind of thinking today, but it is fleeting! Don’t believe it. Tonight: Feeling discouraged.TAURUS(April 20-May 20)★★★Your financial situation might look bleak from your point of view today. You might feel broke. You also might fe...

President von der Leyen in the Western Balkans this week to present details of the Growth Plan for the region

Published Fri, 01 Nov 2024 12:24:30 GMT

European Commission President Ursula von der Leyen (pictured) began a four-day visit to North Macedonia, Kosovo, Montenegro, Serbia, and Bosnia and Herzegovina on Sunday (29 October). This will be the occasion to discuss bilateral cooperation, and notably to present in more detail to regional leaders the EU's Growth Plan for the Western Balkans.On Sunday, President von der Leyen met the President of North Macedonia, Stevo Pendarovski. Today (30 October), the president will meet with the Prime Minister of North Macedonia, Dimitar Kovačevski, in Skopje.Later in the day, she will travel to Pristina, where she will meet the President and the Prime Minister of Kosovo, Vjosa Osmani and Albin Kurti.On Tuesday morning (31 October), the President will be in Podgorica, Montenegro. She will meet with President Jakov Milatović and the caretaker Prime Minister of Montenegro, Dritan Abazović.In the afternoon, President von der Leyen will travel to Belgrade. There, she will meet the President of S...

Miss Manners: I used to be flattered by this response. Not anymore.

Published Fri, 01 Nov 2024 12:24:30 GMT

DEAR MISS MANNERS: Two overused phrases bother me:Related ArticlesAdvice | Miss Manners: Our argument about her restaurant behavior ended our friendship Advice | Miss Manners: It’s absurd that I’m the go-between because my kids’ friends don’t have phones Advice | Miss Manners: I don’t find it adorable what she has trained her dog to do Advice | Miss Manners: We’re afraid they’ll try to raid the house after the funeral Advice | Miss Manners: I want to abandon this ‘Mom’ business after my mother-in-law’s bad behavior 1. “That’s a great question.”The first time someone said that to me, I thought I must be clever. Now, that phrase is so overused, it’s just filler until they can come up with a response. Perhaps when they do, I should say, “That’s a great answer!”Another comment used too often:2. “Perfec...

Dear Abby: The groom’s father refuses to attend the wedding if big drinkers are excluded

Published Fri, 01 Nov 2024 12:24:30 GMT

DEAR ABBY: My nephew is getting married soon, and he and his father are having issues with the guest list.Related ArticlesAdvice | Dear Abby: Everything was great until my girlfriend came back from her weekend trip with this crazy story Advice | Dear Abby: An unmade quilt has undercut our friendship. Am I being unreasonable? Advice | Dear Abby: Am I being selfish to think he needs to get over his grief? Advice | Dear Abby: My boyfriend and I resent each other, but we can’t break up Advice | Dear Abby: My church group leader badmouthed my husband and now I’m caught in their feud My brother-in-law has a few immediate family members who don’t know their limit when it comes to alcohol, and my nephew is worried that if they’re invited, they’ll abuse the open bar and embarrass the family. My nephew doesn’t want to invite these family members to his wedding.My brother-in-law ...

Will your Halloween weather be a Trick-or-Treat?

Published Fri, 01 Nov 2024 12:24:30 GMT

The windy streak is coming to a close temporarily and there is uncertainty in the forecast on how much rain we will get on Tuesday. High pressure is weakening to our North, while low pressure (Invest 96L) is getting closer to the Bahamas. NHC development chance is going down on this low. Some of it’s moisture could wrap around our way, but winds by Tuesday should veer more out of the North. Therefore, the forecast looks tricky for Halloween on whether or not we get a few showers or most of it stays offshore.By Wednesday, weak front crosses with little to no cooling. Maybe a 5-degree drop, so for some it may feel cooler. Also, winds build again and turn gusty.Tropics:1. Low pressure (Invest 96L) in the SW Atlantic located a few hundred miles E/NE of the Central Bahamas continues to produce an area of gale-force winds on the NE side. However, storm activity remains disorganized and it’s moving into an area of strong wind shear that should limit development. It only has a s...

Russia arrests 60 after anti-Israeli rioters storm Dagestan airport

Published Fri, 01 Nov 2024 12:24:30 GMT

Russian police arrested 60 people Monday after a huge crowd stormed the main airport in the Dagestan region to protest the arrival of a plane from Israel.The anti-Israeli riot broke out at the Makhachkala International Airport on Sunday evening, following the arrival of a plane from Tel Aviv, reported Russian news agencies. Protesters flooded the airport, breached the runway, waving Palestinian flags while chanting antisemitic slogans and searching for passengers from the plane, according to news reports and videos shared on social media. Dagestan, which is a republic of Russia, has a predominantly Muslim population.Russia’s Ministry of Internal Affairs said Monday it had identified 150 people who took part in the riots and 60 of them had been taken into custody for further investigation.More than 20 people were injured during the furor, including nine police officers, according to authorities and local news agencies.Operations at the airport were temporarily halted due to the ...

Biden wants to move fast on AI safeguards and will sign an executive order to address his concerns

Published Fri, 01 Nov 2024 12:24:30 GMT

WASHINGTON (AP) — President Joe Biden on Monday will sign a sweeping executive order to guide the development of artificial intelligence — requiring industry to develop safety and security standards, introducing new consumer protections and giving federal agencies an extensive to-do list to oversee the rapidly progressing technology.The order reflects the government’s effort to shape how AI evolves in a way that can maximize its possibilities and contain its perils. AI has been a source of deep personal interest for Biden, with its potential to affect the economy and national security.White House Chief of Staff Jeff Zients recalled Biden giving his staff a directive to move with urgency on the issue, having considered the technology a top priority.“We can’t move at a normal government pace,” Zients said the president told him. “We have to move as fast, if not faster than the technology itself.”In Biden’s view, the government was late to addr...

Week 8 recap: Chicago Bears fall to 2-6 as Los Angeles Chargers QB Justin Herbert carves them up in a 30-13 loss

Published Fri, 01 Nov 2024 12:24:30 GMT

The Los Angeles Chargers and quarterback Justin Herbert shattered any notion of Chicago Bears progress in front of a national TV audience Sunday night at SoFi Stadium.The Bears entered the game winners of two of their last three with a defense that had put together solid performances against the Washington Commanders, Minnesota Vikings and Las Vegas Raiders.Then Herbert came out and completed his first 15 passes on his way to going 31-for-40 for 298 yards and three touchdowns in a 30-13 Chargers victory.The Bears (2-6), playing without starting safeties Eddie Jackson and Jaquan Brisker, allowed the Chargers (3-4) to score on all four of their first-half drives as they fell behind 24-7 by halftime. Bears linebacker Tremaine Edmunds also left the game in the third quarter with a knee injury.Meanwhile, the underdog story of undrafted rookie quarterback Tyson Bagent, from Division II Shepherd, didn’t gain a lot of ground.Bagent, filling in for injured starter Justin Fields, comple...