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News

Budgeting

The Financial Consumer Agency of Canada explains that a budget is a plan that helps you manage your money and avoid getting into financial trouble.

Budgeting is a key tool in financial stability because it creates boundaries, isolates your expenses, and shows you your unnecessary spending.  The hardest part is sticking to your budget.  Some easy ways of saving money are cutting your cable and taking advantage of a streaming service or no more eating out.  Even bringing your own lunch to work adds up, if you spend $10 a day on lunch, thats $50 a week and at least $2,400 a year.  It’s the little things that make the difference.  Starting today can be huge.  Don’t wait until the beginning of the month or the new year, just start!  It will make you feel better and the sooner you start, the closer you’ll be to a stable financial future.

Have you sold your home, and now can use an advance on your equity before closing day?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses like consolidating your debt.  Don’t wait, start today!

*Subject to qualification.

Benefits of Condominium Living

In our last post we discussed how condominium living is the only option for those who have a home budget of less than $500,000.  With the average Toronto condo costing over $415,000 this is the only option for first-time homebuyers.  Though buyers with this budget may have been hoping for semi-detached or townhouse living, there are many benefits of condominium living.  Here are some of them:

  • Maintenance

In almost all situations, your condominium fees will cover the maintaining of the roof, windows, landscaping, etc.

  • Location

Condos are often located in prime locations, where detached and even semi-detached houses are not an option.

  • Security

Many condominiums have added security features, including a buzzer system, concierge, or guard service.

  • Amenities

Many condominium complexes offer access to amenities including fitness centres and reception areas.

Tembo Financial is a leading non-traditional private lender offering a unique service to Ontario and the Greater Toronto Area.  If you need an advance on your equity, Tembo can help you receive your money in as little as 48 hours with no credit check and no appraisal*.

*Subject to qualification.

First-Time Homebuyers in Toronto

Condos are now the only affordable option for the average first-time homebuyers in Toronto.  According to a recent survey by Re/Max, those planning to buy their first home in the Greater Toronto Area expect to spend $455,000 on average.  With detached homes climbing over $1 million and semi’s and towns in the mid-700’s, they are all out of the question.  Meaning, if you don’t have at least $700,000 it looks like you have no choice but to turn to condominiums.  According to the Toronto Real Estate Board, the average Toronto condo costs over $415,000 therefore within the average budget of first-time homebuyers.

Whether you chose to go with a condo or have the means to go for detached, semi-detached, or townhouse living, be sure to call Tembo Financial.  Tembo can help you to advance your equity and receive your money prior to your closing date.  You could receive your funds in as little as 48 hours with no credit check and no appraisal*.  Tembo offers this unique service to homeowners in the Greater Toronto Area and Ontario.

*Subject to qualification.

Do Home Improvements Actually Pay Off?

You’re considering renovating your home but are concerned whether or not your investment will pay off when you sell.  Though you can never be sure exactly how much of your investment you will get back, kitchens and bathrooms remain the highest in return on your investment.  In hot housing markets, the return can often be greater than 100 percent.

Here are some more tips from Tembo for your home improvements:

  • Do not waste your money improving your bathroom if you only have one.  Instead, use that money to build a second bathroom.  Adding another bathroom has the potential of increasing the sale value of your home more than adding another bedroom.
  • Maintenance is your number one priority.  The forty thousand dollars you put into your brand new kitchen is worth nothing is there’s water in the basement.  If there are maintenance issues, it is important to resolve them first before investing in the luxuries.
  • Consider the exterior of the house as well.  It doesn’t matter how much you spent or how luxurious the interior of the house is, if the exterior is unappealing, you’ll never get anyone inside.
  • Make more room.  Look at building an addition, according to the National Association of Realtors, every 1,000 square feet added ups the sale price of a home by 30 percent.

If you’ve sold your home and could use an advance on your equity, you should contact Tembo Financial today. If you are planning on selling your home but need some money to rennovater/repair before selling,  Tembo offers this unique service to homeowners in the Greater Toronto Area and Ontario. Call Tembo today to find out how you could receive your money in as little as 48 hours with no credit check and no appraisal*.

*Subject to qualification.

Moving Tips From Tembo

Moving can be stressful and expensive but Tembo Financial is here to help.  Moving expenses can be a nightmare especially after you have just taken on a new financial responsibility.  It is vital that you choose a reputable moving company.  You should consider ensuring your company is in good standing by checking with the Better Business Bureau and the Ontario Ministry of Consumer Services’ Consumer Beware List.

Tembo did some research to look at the average moving costs within the Greater Toronto Area among some reputable moving companies.  A typical moving company in the GTA will charge between $500 to $700 to move a one-bedroom apartment.  This price is for a four to six hour move with two movers and one truck.  Moving a three-bedroom house will cost between $1,000 and $1,400, for an eight to ten hour move with three movers.

With these prices, it is important to keep in mind that rates increase at the beginning and end of the month, as well as on Sundays and holidays.

Some companies even offer a packing service starting at approximately $500 for a one-bedroom apartment and up to approximately $1,400 for a full house.

Tembo can help you receive money for moving expenses in as little as 48 hours with no credit check and no appraisal*.

*Subject to qualification.

Alternative Lending

According to a recent analysis by CIBC, only 2.2% of mortgages are given out by alternative institutions other than banks and credit unions.  However, that statistic is up from recent years and continues to grow as more and more Canadians chose non-traditional lenders for mortgages.

This is a result of strict bank regulations and Canadians seeking to overcome bad credit.  With the tightening of government regulations, non-traditional lenders have found openings in the mortgage market.

Through this, non-traditional lenders have built their own market and target clientele, thus creating an increasingly heated competitive industry.  This in mind, Tembo Financial is a leading non-traditional private lender catering to Ontario and the Greater Toronto Area.  Do you need an advance on your equity?  Tembo can help you receive your money in as little as 48 hours with no credit check and no appraisal*.  Call Tembo today to take the next step into your financial future.

 

*Subject to qualification.

Tembo Featured on Prof Bruce

Tembo Financial has been featured in a blog! Bruce M. Firestone, PhD, recently discussed Tembo’s unique and innovative financing service on his blog: Prof Bruce. After viewing Tembo Financial’s newly released commercial, (Click here to view.) Firestone published an article outlining a number of scenarios as to how entrepreneurs can finance their real estate projects through Tembo’s unique service. He describes Tembo’s undertaking of financial security and the endless possibilities of homes as an asset.

Click here to view Prof Bruce’s article on Tembo Financial.

Furthermore, Firestone provides readers with more ways to use Tembo, extending this unique service to those who flip houses and those who would benefit from bridge financing. Relevant to a condominium dominated city like Toronto, he explains how Tembo is particularly useful for closing deposits and other expenses associated with owning a condo.

Prof Bruce described Tembo Financial as “an alternative open-minded equity focused lender”. Contact us today to get an advance on your money in as little as 48 hours with no appraisal and no credit check*.

*Subject to qualification.

Your New Home Purchase

The search for your new home purchase is not always easy. Some people find themselves searching for months until they’ve found the perfect community to suit them in the next step of their lives. Evidently, a new home purchase is a huge financial responsibility, and Tembo Financial is here to help.

Here are some tips from Tembo on how to maintain and make the best of your new financial responsibility:

Make your mortgage payments on time

Standard mortgage payments are monthly, weekly, or biweekly and it is suggested that whichever option you chose is in accordance with your pay schedule. A late payment can result in delinquency which hinder your credit rating and/or lead to an accumulation of late fees. Late payments in excess can lead to foreclosure.

Plan for the costs of operating your home
You must consider what you need to spend on a monthly basis for your home. This could include but are not limited to condominium fees, parking, and security.

Set a budget and live within it
You should have both short-term and long-term financial goals and evaluate your spending on a monthly basis.

Save for unexpected expenses
Unexpected expenses can range from damage to a window to the replacement of your furnace. Though we are discussing homes it is important to realize that personal unexpected expenses could also arise such as a illness or other emergency.

Once you are ready to purchase a new home, be sure contact Tembo Financial to find out how you can receive the money from the sale of your previous home in as little as 48 hours*. This is crucial in the preparation of taking on your new financial responsibility.

*Subject to qualification.

Financing Your Renovation Project

There are many financing options to consider when renovating your home. Whether you are renovating to save energy, improve safety, build an additional room, increase the resale value, or just for a change of scenery – Tembo Financial can help you. It is always best to look at all of your financing options and do your research. Some possible options include: a personal loan, private lending, a line of credit, refinancing your mortgage, etc.

It is also important to recognize that if you are renovating to increase energy efficiency, there are more benefits than you may think. Renovation grants and rebates are available to all Canadians from the federal and provincial governments for energy-saving renovations.

To ensure your planning is realistic and within reason you should discuss your new project with Tembo Financial today. Tembo offers this unique service to homeowners in the Greater Toronto Area and Ontario. You can receive your money from the sale of your previous home to put towards the renovations of your new home or repairs to your existing sold home in as little as 48 hours with no credit check or appraisal*.

*Subject to qualification.

Your Real Estate. Your Asset.

According to an article from The Globe and Mail, Canada’s mortgage debt has more than doubled in the past decade, to nearly $1.3-trillion even though South of the border, the U.S. economy is looking up. Unemployment is down, wages are rising, homebuilding is increasing, and interest rates are likely on the rise. However, here at home things aren’t looking so up and coming. Though the Canadian economy is doing better than many expected, it doesn’t compare to that of the United States.

Tembo Financial recommends turning to real estate as an investment. In simplest terms, the owner (landlord) rents their property or a portion of their property to a tenant. That landlord is then responsible for paying the mortgage, taxes and costs of maintaining the property. Therefore, the landlord will charge enough rent to cover all of the necessary costs.

Tembo can help you by giving you an advance on the money from the sale of your existing home or property so you can get started on the next property. Tembo Financial can give you a loan in as little as 48 hours with no appraisal and no credit check.

*Subject to qualification.

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