Smarter Loans Staff

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.

Articles by Smarter Loans Staff

What is inflation and what does it mean for the average Canadian?

With inflation near a 40 year high in Canada, I’m sure you’ve felt the pain when you went to the grocery store or filled up your car like a lot of Canadians. Let’s look at what inflation is and what it means for the average Canadian.

What is a recession and what does it mean for the average Canadian?

We often hear that a recession is coming. You may be wondering, why do we worry about recessions so much? Let’s gain a better understanding of recessions by looking at what a recession is and what does it mean for the average Canadian.

Canadian mortgage market: rising interest rates and what that means for consumers

After flat and falling interest rates for many years, 2022 has been the year of rising interest rates. We saw prime rates go up for the first time in almost 4 years. Fixed rates are going up as well.
Let’s look at what rising interest rates means for consumer in the Canadian mortgage market.

The Principles of Interest

Two basic parts of most types of credit account payments are principal and interest. Principal is the amount borrowed, which can mean the price of an item (like a car or house) or the amount of credit used (as in credit cards and credit lines). Interest is the cost the lender charges the borrower to extend credit, which is where some borrowers get confused or pay more than they bargained for.

Removing a Charge-Off From a Credit Report

Creditors use charge-offs as a last resort when a borrower stops paying a credit card, personal loan, or other debt. At that time, the debt is moved to the creditor’s bad credit ledger and the charge-off is reported as a derogatory remark on the credit file. Although a lender may write off a debt, it doesn’t end there for the borrower. A charge-off does not make the debt disappear. Removing a charge-off from a credit report is possible but there are no shortcuts in the process.

How to Repay a Reverse Mortgage

Reverse mortgages may have the word “mortgage” in the name, but unlike a traditional mortgage, you aren’t required to make any regular payments during the term of the loan. You do have to pay back the lender eventually though. Here are some of the ways you can pay back a reverse mortgage lender.

Reverse Mortgage vs. HELOC: When Each One is Best

Are you trying to decide between a reverse mortgage and HELOC? Here are some things to consider.

reverse mortgage canada

When is the Right Time to Take Out a Reverse Mortgage?

Is now the right time to apply for a reverse mortgage? Here is when taking out a reverse mortgage can make the most sense.

Pros and Cons of Reverse Mortgages

Are you considering a reverse mortgage? Here are some of the pros and cons.

3 Best Uses for Reverse Mortgages

Are you thinking about a reverse mortgage? Here are three of the best uses for one.