In order to gain understanding on “choosing the right mortgage term’, one has to understand the basics.
Amortization – This is different than “the term” of the mortgage. Amortization is usually offered in increments of 25 years, 30 years, and even 35 years. Amortizing a loan is scheduling payments, usually of consistent payment amount, that will pay off the loan in the agreed upon time period
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We often see ads from the major lenders offering cash back incentives on their Mortgage products. Gone are the days where a Cash Back Mortgage could be used to facilitate a purchase without the required minimum of a 5% down payment. Cash Back incentives are now made available for other enticing uses; New Furniture and Appliances, Renovations and the other great hook….. Apply the cash back portion directly on your Mortgage for a better effective rate! Just a few weeks ago, I was emailed an offer from a major lender who shall remain unnamed; “NEW PROMO … Cash back for purchases. Effective 5 year Rate as low as 2.62%….” First off, the Cash Back Mortgages are
Perhaps you’ve found the right home in the right location, but it needs a little improvement.
It’s one thing to come up with the money for a down payment, but it’s another story trying to find money for that home improvement bill. So keep reading if you’re looking for an affordable way to acquire a home and fix it up at the same time. There is a little known program that you might be able to take advantage of, which could increase your chances of finding a home – especially if you may not have the money to buy a “fixer upper”. With it, you may be able to purchase a home that otherwise may have been overlooked, due to the fact that it was in need of some renovations/updates. Whether it’s a new kitchen, bathroom, windows, flooring, etc. this program gives you the flexibility to purchase a home and include the cost of renovations in your purchase. Find out how here.... Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home.
Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better yet, the ability to port also saves you money by avoiding early discharge penalties. It’s important to note, however, that not all mortgages are portable. When it comes to fixed-rate mortgage products, you usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate.... The next time you’re looking for a mortgage for that new house or you’re up for renewal on your existing mortgage, think about using a mortgage broker – their services are free and they offer you an abundance of choices the banks simply can’t compete with.
Mortgage brokers have access to a vast array of lenders – up to 90+ institutions, including some of the big banks – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products. Mortgage brokers do their homework on available mortgage products and keep themselves abreast of any new products, or changes to existing products, to ensure they find the best mortgage to fit your specific needs. Unlike the banks, mortgage brokers can also cater to self-employed borrowers as well as those who have suffered credit blemishes due to life experiences such as divorce or illness. Brokers will listen to your story, whereas the banks have a very narrow view of what fits into their financing box – and this is nonnegotiable. If you’re thinking of buying a home, Mortgage Centre Canada mortgage professionals can find the best mortgage rate and term for your unique situation. Top Reasons for Using a Broker:
Feel free to give me a call at 647-893-2535 to go over your mortgage options and find out how I can help |
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