@olusegunosifuye correction – RESP is an education fund which the government also contributes into for the child. And if for whatever reason the child does not use the funds for education parents have to pay back the potion contributed by the government.
It's not called buying a mortgage, it's called buying a house. When you purchase a house on mortgage, you buy the house which becomes yours but you owe money to the bank. The house stands as a collateral for the loan. The person who buys the mortgage is the mortgage bank that buys the right to collect the loan from the house owner eg Fannie Mae in America
This video is a MUST-WATCH! I've summarized a nearly 2-hour invaluable financial video into 8 minutes, highlighting 5 actionable & powerful money tips for immigrants in Canada. These tips are from experienced 🇨🇦 immigrants, including a financial expert. As usual, enjoy and thank me later. Please don't hoard, but feel free to share with family and friends!
![[Bombshell News] Consultants say we’re DANGEROUSLY near a recession 🚨](https://i.ytimg.com/vi/DvnKvkjdsMc/maxresdefault.jpg "[Bombshell News] Consultants say we’re DANGEROUSLY near a recession 🚨")
@olusegunosifuye correction – RESP is an education fund which the government also contributes into for the child. And if for whatever reason the child does not use the funds for education parents have to pay back the potion contributed by the government.
Good points
It's not called buying a mortgage, it's called buying a house. When you purchase a house on mortgage, you buy the house which becomes yours but you owe money to the bank. The house stands as a collateral for the loan. The person who buys the mortgage is the mortgage bank that buys the right to collect the loan from the house owner eg Fannie Mae in America
A mind-blowing recap!
This video is a MUST-WATCH! I've summarized a nearly 2-hour invaluable financial video into 8 minutes, highlighting 5 actionable & powerful money tips for immigrants in Canada. These tips are from experienced 🇨🇦 immigrants, including a financial expert. As usual, enjoy and thank me later. Please don't hoard, but feel free to share with family and friends!