With interest rates at an all-time low, many Canadians are taking advantage of the savings by refinancing their mortgages to consolidate debt, make home renovations, invest in real estate or other ventures, or moving up the property ladder.
The following are ways to take even further advantage of this excellent rate environment by paying down your mortgage faster.
Tip #1: Prepay early in the mortgage ...
Posted by Craig Rushton
on January 3, 2012
There are five different categories that go into a credit score:
on-time record of payment
the number of inquiries or applications for credit
credit utilization
credit history
credit `depth`
Although it sounds like common sense, the most frequent reason that a person`s credit score is lower (or outright bad) is that they missed one or two payments. A missed payment is a missed payment, regardless ...
Posted by The Albert Pereira Team
on December 6, 2011
When buying a new home, some documentation is needed to support your mortgage request. By providing your mortgage specialist with the documents that are indicated on the list below, you can work together to finalize your mortgage needs efficiently.
Information that describes the property you are buying:
Purchase and Sale Agreement
MLS Listing with photo
Name, address, telephone number ...
Posted by Angela Slager
on February 18, 2011
On Monday, the Government of Canada announced adjustments to the rules for government-backed insured mortgages. These changes are an effort to address concerns about the increasing levels of Canadian household debt. They are designed to ensure that homebuyers don’t risk their financial security by buying more than they can afford.
So what do these adjustments mean to the average homeowner? ...
Posted by Don Lawby
on January 19, 2011
It’s the largest financial investment many will make in a lifetime. Entering into a mortgage is a responsibility not to be taken lightly. Preparation is key. Learning how to apply before taking the necessary steps will take a load off your shoulders and provide confidence in your decisions. Step 1: Inform yourself Fixed rates, variable rates, deposit and repayment plans, amortization—It’s ...
Posted by Paul Baron
on December 28, 2010
Special purpose financing can meet unique borrower needs not addressed in standard marketplace offerings. Here are a few examples:
Blanket Mortgage: A blanket mortgage is a single mortgage registered against two or more properties allowing the lender recourse against all properties should default occur. For example, an owner requires financing for the purchase of a recreational cottage. The ...
Posted by Gurdeep Sidhu
on November 9, 2010
As in past instances, when today’s employment rate was released - with more new jobs created than expected - it resulted in the media saying that this will probably lead to a better chance that interest rates will increase. Maybe true...
But even as prime rates go up, sometimes over a period of time bond rates vary and that is what sets mortgage rates. Because of changing bond rates, the mortgage ...
Posted by Don Lawby
on July 9, 2010
1. Maintain Your Credit Rating. Few people realize that though they have been approved for a mortgage and the mortgage condition is removed, the lender will do a second credit check about two weeks prior to the closing date. If the buyer's credit rating has gone down, then the mortgage company may decide not to forward the funds to close the deal. Buyers are well advised not to do anything that might ...
Posted by Eugene Pilato
on April 12, 2010
I was glad to hear the federal finance minister Jim Flaherty state that he does not believe Canada is going through any kind of housing bubble. Rather, his changes to mortgage rules are meant to embody the adage, "an ounce of prevention is worth a pound of cure." Small changes now, to avoid a crash in the housing market later. The minister said he wants to be sure that Canadian homeowners don't ...
Posted by Don Lawby
on March 1, 2010
You will need to present the following documents to a banker or other lender for the application of your new mortgage:
Self-Employed
2 years of Notice of Assessments
2 years of T1 general tax return forms
2 years' proof of business (your GST number and article of incorporation)
Employed
Written employment letter from Human Resources stating salary or hour wage /minimum hourly ...
Posted by Terri Stephens
on December 8, 2009