Posts Tagged ‘“Mortgage Advice”’
New To Canada Mortgages – What you need to know
Are you or someone you know looking to immigrate to Canada? Are you curious about what it takes for a new Canadian to get a mortgage? Well, it is probably easier than you thought. Genworth and CMHC both have programs in place for new Canadians to purchase homes with minimal downpayments. Those with more than 20% to put down on a property do not fall under most of the guidelines below. Four things New Immigrants need to know to get a mortgage in Canada: CREDIT - You don't necessarily need Canadian credit. The insurers will consider alternative sources to prove credit worthiness. The most obvious would be a credit report from your home country, but they will also consider things such as proof of rent being paid on time as well as utilities. RESIDENCY STATUS - Both permanent and non-permanent residents have access to mortgages. However, those with non-permanent status are only eligible for purchases and can ...
More Than a Low Rate – Mortgage Customer Service
So you have done your research, worked with a qualified Mortgage Broker and feel you have the best rate and mortgage terms for you. .....but how is your new mortgage lender at customer service?I say it over an over, but it is true.....there is much more to a mortgage than just a low rate. A low mortgage rate is not a substitute for good customer service. How much is it worth to you to have your mortgage close on time? How much is it worth to you to be able to speak to a live person when you have a question or problem with your mortgage? Well, I have worked with clients who have have every problem imaginable with their lenders and I'm sure each of them would have paid an extra few basis points to go with a dependable lender.Chances are your mortgage broker has placed clients with your lender in the past. Don't be afraid to ask him how their experience has been. Trust me we hear about it when our customers have a bad experience with the lender we placed them with. Most times it ...
TD Canada Trust Announces Mortgage Changes
As of the beginning of this week TD Canada Trust has started registering all of their mortgages as Collateral mortgages. TD went to considerable effort last week to advertise this change in the news last week and touted it as a benefit to clients. But is it really that beneficial? Collateral mortgages are not new to the Canadian mortgage landscape. If you have ever had a home equity line of credit you most likely have had a collateral mortgage. Collateral mortgages give the client easier access to their equity..... This is partially true. TD will register the mortgage up to 125% of the current value of your home. In the future if you require access to more of the equity in your home, they will not need to register a new mortgage or get a new appraisal. This can save the consumer time and money. That sounds great....is there a downside? Yes, there is a downside. By TD registering the mortgage as collateral they basically take away your choice. A collateral mortgage is far more difficult and costly to move to a new lender if ...
5 Year Fixed Mortgage – Is it right for you?
Maybe...maybe not. As a mortgage broker the question I hate the most in the world is "What is your best rate?". I certainly don't have a problem answering people's questions, but really the only answer to that question is "It depends". Of course it depends on your employment and most definitely your credit, but it also depends on what term and type of mortgage you are looking for. Now I know that most people asking me that question actually meant to ask "What is your best 5 year rate?", but they never seem to phrase it that way. My "best" (read lowest) mortgage will never be a 5 year fixed. Most of the time a variable rate will be lower and so would a 3 or 4 year fixed. Before I go any further I want to clarify that I am not writing this post to complain. All too often the tone of one's voice can get lost when writing and I don't want that to happen here. I am writing this purely as an educational exercise aimed at those of you ...
Mortgage Renewal – Don’t Accept Bank’s First Offer
I have been a loyal mortgage client with my bank for the past 5 years....they would only offer me there best rate upon renewal right? WRONG....Many Canadians believe their loyalty will translate in to preferential rates when it comes time to renew, but nothing could be further from the truth. Banks know that 85% of Canadians will sign their mortgage renewal notice without even looking around to make sure they have the best rate. Why would the bank offer their lowest rate when they can offer an inflated rate without any push back? in fact many times a stranger walking in to a bank branch looking for a mortgage will get a better rate than the long term client looking to renew. This does not have to be the case. Get in touch with your mortgage broker 3-4 months before your mortgage renews so he/she can start shopping around for the best rate. At the very least you can get a rate hold for 4 months to protect you in the case of rate increases before your actual renewal. Also take a moment to think about ...
Why Use A Mortgage Broker – Part 1
I was meeting with some First Time Homebuyer clients of mine over the weekend and it really reminded me of why people should use a Mortgage Broker when looking for their mortgage financing. There are several reasons....and I think I will do a few more posts high-lighting all of them, but the ones that seemed to be most obvious this weekend is flexibility and convenience. Unlike most banks, your mortgage broker is probably working 7 days a week when and where it is convenient for the client. I don't have set office hours and most of the time I am meeting with clients outside of my office at a location and time that is most convenient for them. There is no need to take time off work or use your lunch break to receive professional mortgage advice and low mortgage rates. The banks are catching on and now have mobile mortgage sales forces that work similar to a broker....but they can still only provide mortgage options provided by the bank they work for. So next time your mortgage comes up for renewal and you want a ...
