Archive for the ‘Mortgage Tips’ Category
TD Bank Lists 5 Tips For Women Homebuyers
TD Bank's Top Five Tips For Women Getting a Mortgage TD Bank came out with an article today talking about things women should know when getting mortgage financing in Canada. I'm not really sure what makes these tips women specific. I would think they would apply to home buyers of all genders. It seems TD's PR department was hard at work wondering how they could create interest in an otherwise non-interesting article. However they did also conduct a survey to get women's thoughts on the mortgage process That being said the mortgage tips they have discussed are relevant and it probably doesn't hurt to remind men and women of some of the basics.....so here we go.... Five Things To Remember When Buying a House and Getting a Mortgage Research your mortgage options - I happen to agree with this one. Twenty-Five percent of the women surveyed said they wished they had spent more time researching their options. It is surprising how many people will spend 2 weeks shopping for the best cell phone package, but when it comes to financing the most expensive ...
There’s More To a Mortgage Than Just a Low Rate
While some mortgage rates have been increasing in recent weeks, overall, interest rates are the lowest we’ve seen in a generation. Homeowners and first-time buyers getting a mortgage in the months ahead will likely enjoy a rate that will keep their borrowing costs low for the next few years. Indeed, borrowers who have renewed or refinanced a mortgage in the past year now pay interest rates that are nearly one point lower than their previous rate, according to an April report by the Canadian Association of Accredited Mortgage Professionals (CAAMP). But while securing an attractive interest rate may be the top priority for most borrowers, some low-rate mortgages available today offer limited flexibility. For example, “no frills” mortgages offer favourable rates, but may limit your ability to pay off your mortgage sooner. In addition, “quick close” financing deals offer attractive rate discounts, but many require a closing date within 30 days. This may not provide enough flexibility for sellers or buyers. When it comes to choosing a mortgage, getting a good rate is just the tip of the iceberg. To ensure smooth sailing, you have to be aware of all the other features that may lie below the surface. The features of a ...
Are You Having Trouble Making Your Mortgage Payments?
In today's economy with rising unemployment and job losses, many families are finding it increasingly difficult to make their monthly mortgage payments. Most people run into trouble by not addressing the problem as soon as it arises resulting in their missed mortgage payments and penalties quickly adding up. Fear and embarrassment keep most from finding the help they need. Many are afraid the lender will automatically take their home if they find out they are in financial difficulty. There are a few simple things you can do to help ease the financial burden and set yourself up for financial success. Contact your bank as soon as possible Putting your head in the sand and hoping the financial difficulty will pass is not the answer. You need to be proactive. Even if you haven't missed a mortgage payment yet, but the writing is on the wall, speak with your lender about the options available to you. Most lenders will be more than happy to work with you in order to avoid missed mortgage payments. They might be willing to increase your amortization to lower your monthly payments and make them more affordable. In extreme cases they might even be willing to structure a ...
Refinance Tips
With today's super low interest rates many people are considering getting out of their current mortgage to take advantage of lower rates, save a few dollars on their payment each month and pay less interest over the life of the mortgage. As a broker I actively monitor my clients mortgages and when appropriate I suggest opportunities where a refinance would benefit the client. However, you need to be careful that refinancing does not put you in a worse financial position....it doesn't make sense for everyone or every mortgage. Let's talk about a few things that you need to look out for. Penalties- This is the biggest expense when refinancing and will make the difference between success and disaster. When you originally got your mortgage the commitment clearly stated the penalty you would incur if you got out of your mortgage early. If you don't have the document or can't find the information, call your mortgage provider. There are usually two methods of calculating a penalty. The first is three month's interest and the second is called interest rate differential (IRD). Unfortunately for you the lender will use the higher of the two methods. Let's look at an example to show the difference. ...
