Financial Literacy

The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness - everything from the mortgage on your home to your car loan or line of credit And, given today's ever-changing mortgage requirements and rising interest rate environment, your credit score has become even more important. Your first step towards credit awareness and well being is to know where you stand. Request a free copy of your credit report online from the two Canadian credit-reporting agencies - Equifax Canada and TransUnion Canada - at least once a year. This will also help verify that your personal information is up to date and ensure you haven’t been the victim of identity fraud. Newly established credit If you're new to credit, you may wonder why your credit score pales in comparison to your friends. Payment history is a key factor for both Equifax and TransUnion. As well, if you don't talk to you

Did you know that Kentucky Telco Credit Union is now Transcend Credit Union? We copied the text below from the Transcend Credit Union Our History page: "Transcend Credit Union (formerly Kentucky Telco Credit Union) has played an important role in the financial well-being of our members since 1934. Our first members were Southern Bell Telephone & Telegraph Company (later BellSouth, AT&T) employees, and we are proud of our heritage serving telecom employees, businesses, and individuals. However, the name, product, and service changes of the "Telephone Company" through the years required the Credit Union to diversify its membership in order to remain financially strong. The state charter conversion in December 2015 opened the door for the Credit Union to serve the Louisville, Lexington, and Owensboro communities. Membership is open to anyone who works, lives, worships, volunteers, or attends school in the following counties: Anderson, Bourbon, Boyle, Bulli

On September 11-14, FinovateFall returns to New York to showcase the best, new innovations in fintech. This year's selection process was the most competitive yet, and we have been chosen to present! As part of RateSeer Technology Inc's network, we wanted you to be the first to know and we hope you will join us! We will be showcasing our latest innovation, denoti , powerful technology technology that will change the way individuals and organizations source and consume market and financial data. Come see some of the most exciting names in fintech - including us!

This article was originally published on the Dominion Lending Centres blog . For many people, a home will be the largest purchase of their life. It stands to reason then, that when you are shopping around for your mortgage you will want to take certain steps to ensure you are getting the sharpest rate and best product. We have a few pointers to make you a savvy shopper when you are out looking at different mortgages – get ready to take a few notes. 1. Do not always rely on the bank for the sharpest rates Mortgage Brokers can often beat the bank rates by using different lenders. They can also often get you a SHARPER rate at your own bank simply because of the high volume that they do with them. Brokers have access to a number of different lenders giving you more options for not only the best rate, but also the best product for you. 2. Know your credit score Your credit score is a large factor in your mortgage application. You need to know where you stand with your credit BEFORE

This article was originally published on the Dominion Lending Centres blog . Some of you are going to ask what is an ARM and VRM? These two acronyms are mortgage speak for adjustable rate mortgage and variable rate mortgage. These two mortgage products are based both on the prime rate of interest, in most cases this is 2.70% at the bank. TD chose to be higher by .15% at 2.85% so it isn't controlled by the Bank of Canada. It is an individual financial institution policy. With the Bank of Canada hinting strongly at moving up the interest rate, most likely by .25%, we will see an increase in the prime rate most likely to 2.95%. If you have an adjustable rate mortgage then you will see your monthly payment increase to match this new rate. So an Adjustable Rate Mortgage moves up with prime and you continue to gain ground by making your payments. Variable rate mortgage is different. The VRM works likes this, your monthly payment will stay the same but you will not be paying less t

This article was originally published on the Dominion Lending Centres blog . Most working Canadians have an income range in the middle class. This income class includes teachers, firefighters, plumbers, engineers, nurses, construction managers and chefs – workers from across the economic spectrum. They provide and consume the bulk of services that keep society afloat, driving economic growth and investment with every purchase. The middle class also has great challenges. Wages have been stagnant and the cost of housing and everyday goods puts a squeeze on the average budget, leaving six out of 10 Canadians living paycheque-to-paycheque with most accumulating debt. In part, this has to do with everyday life and the growing demands on our set of unique challenges. However, we need to "control the controllables" and be smart and strategic to get ahead. Here are some tips to keep your economic future on the right path: 1. Spend within your means. Most people keep a balance

Simply put, a blockchain is a chain of blocks, where each block represents an electronic record that cannot be revised or tampered with once it is included in the chain. Each block has its own timestamp and a link to an earlier block in the chain, which enables all the parties to have easy access to information via a secure network. Wikipedia explains blockchain as, "A blockchain - originally block chain - is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block." Further, it is noted that blockchain is "typically managed by a peer-to-peer network", and "By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network." Interested in learning more? The Wharton School of the Uni