Trevor O'Hagan

Jul 17, 2024 | forbes.com | Aaron Broverman |Trevor O'Hagan

As one of Canada’s largest banks, The Royal Bank of Canada (RBC) caters to various financial goals and life stages, addressing a broad spectrum of banking needs. Customers can leverage high-interest savings accounts, while RBC’s technology extends to AI-driven savings tools. Their savings tool, NOMI Find & Save, analyzes your spending habits and automatically sets aside small amounts of money into your savings account based on your daily expenses.

Jun 14, 2024 | forbes.com | Aaron Broverman |Trevor O'Hagan

For Canadians with bad credit or no credit history, getting approved for a personal loan from a bank or credit union can be a challenge. Traditional lenders primarily depend on credit checks to determine a borrower’s creditworthiness and repayment capability. Thankfully, if you need cash to tie you over until your next payday—or longer— there are some personal loan lenders that can provide funding without a hard credit inquiry.

May 31, 2024 | forbes.com | Aaron Broverman |Trevor O'Hagan

The amortization length is the total time needed to repay your mortgage fully. It contains mortgage terms, which are commonly three to five-year payment contracts. At the end of each term, you renew into a new payment contract until you fully pay off your mortgage balance. In Canada, the maximum amortization is 25 years with a down payment of less than 20% and up to 35 years with a down payment exceeding 20%, though this is less common.

Mar 21, 2024 | forbes.com | Courtney Reilly-Larke |Trevor O'Hagan

• Principal Protection: Your investment is secure, safeguarding your funds and guaranteeing your principal’s return at the end of the term. • Coverage by the Canada Deposit Insurance Corporation (CDIC): Up to $100,000 per depositor is protected, offering peace of mind in the rare event of bank failure, in accordance with CDIC’s guidelines.

Feb 26, 2024 | forbes.com | Aaron Broverman |Trevor O'Hagan

Your mortgage rate adjusts with your down payment amount. Interestingly, you’ll receive the lowest mortgage rates when your down payment is below 20%. This protects lenders because you’ll need separate mortgage default insurance from the Canada Mortgage and Housing Corporation (CMHC). Although your mortgage rate decreases, the additional insurance costs will affect your cost of borrowing. Conversely, larger down payments mitigate lender risk, leading to a reduction in your interest rate.