Subscribe for updates
Categories
- Best Mortgage Rates (1)
- Buying a home (10)
- Credit score and rating (3)
- First Time Home Buyers (1)
- Mortgage (1)
- Mortgage & Rates (9)
- Mortgage Refinance (3)
- Mortgage Renewal (3)
Archives
Mortgage Blog
17
May
2012
2012
When you are looking for a mortgage in Canada, you want to find the best deal that allows you to purchase your home, yet have low monthly payments and low interest. Since obtaining a mortgage is a business transaction, it is best not to try and go it alone. There are many options available to find the best mortgage rates, so there is no reason to be stuck with a high mortgage rate. The best way to get a great deal on your Canada mortgage rates, is to shop around online. This is a great way to scope out the rates in Canada and find that perfect mortgage for your real estate needs. Shopping online allows you to compare mortgage rates to find the best option for you. Our site makes it easier than ever for you to find the …
Royal Bank of Canada’s decision to raise its mortgage rates Monday was quickly followed by Toronto-Dominion Bank, in a sign that the mortgage price war could be drawing to a close. RBC, the country’s largest mortgage lender, increased rates Monday morning as banks seek to reinflate their profit margins. “Some of our posted rates have risen to reflect cost increases over time,” a spokesman for RBC said in a statement. Both RBC and TD raised their special offers on four-year fixed-rate mortgages by half a percentage point, to 3.49 per cent, effective March 29. Mortgage lenders have been locked in a stiff competition that has seen rates fall to record lows, after Bank of Montreal ushered in 2.99 per cent rates in a bid to gain market share. Some executives at rival banks have said that they felt compelled to …
15
Mar
2012
2012
TD Canada Trust has jumped into the fray in offering borrowers a rock-bottom mortgage rate, announcing Thursday a four-year fixed interest rate of 2.99 per cent. The move by the division of Toronto-Dominion Bank follows Bank of Montreal, which on Wednesday said it would drop its five-year mortgage rate to 2.99 per cent, a cut of half a percentage point. TD’s new rate represents a cut of nearly half a percentage point, from 3.39 per cent. Other lenders are expected to make similar moves, so they do not lose market share to their rivals. In January, several lenders cut their rates to these historic low rates, but the deals lasted for only a few weeks, and by early February the rates were moved back significantly. BMO said its low rate is in place until March 28. TD has set a …
15
Mar
2012
2012
The following is a list of costs to consider when analyzing your real estate budget: 1. Selling costs (realtor fees or marketing fees or combo of both if listing on MLS for self. (Yes, you do still have to pay a realtor their commissions if they bring you a buyer, even if you use the $100 listing services, etc.) 2. Land transfer tax on new purchase 3. Mortgage penalties for early cancellation (if any) 4. Insurance (paid up front on new purchase before title transfer) 5. Transfer of utilities 6. Moving costs 7. Renovation of new house before move-in (light or heavy) 8. Carrying of two mortgages during transition 9. Appraisal of new property for financing 10. Real Property Report (or survey) to confirm property conforms to city regulations or title insurance 11. New window coverings (often current won’t work …
11
Mar
2012
2012
Scotiabank has joined the race for a bigger chunk of the mortgage market, announcing that it will offer a discounted mortgage rate that brings it in step with other big Canadian banks. The bank says it will offer a four-year mortgage charging 2.99 per cent interest per year. Most of its major Canadian competitors announced similar promotions earlier this week. On Thursday, TD Bank, Royal Bank and CIBC all announced special four-year mortgages charging 2.99 per cent interest per year. Bank of Montreal on Wednesday said it would offer a five-year mortgage at 2.99 per cent until March 28. A similar promotion in January set off a race to the bottom with some of BMO’s biggest competitors. The new low rates came as Bank of Canada governor Mark Carney said the No. 1 risk to the Canadian economy continues to …
As hard as it’s becoming to shock jaded Torontonians with bidding war antics, one young woman managed it last week when she beat out 17 rivals for a house in Willowdale. The asking price was $759,000; her triumphant bid was $1,180,800. Her prize? A pleasant three-bedroom bungalow that hasn’t had a whole lot of updating since it was built in the 1960s or so. An offer $421,800 above the asking price is a lot to absorb and a reader e-mailed to say that folks in the neighbourhood were all talking about it. Michael Adelson and Sam Samivand of ReMax Realtron, who represented the seller, expected more than asking, but not 56 per cent more. “We thought the market would take it to its logical level – and the market took it to its illogical level,” quipped Mr. Adelson. The house …
03
Nov
2011
2011
Refinancing can help you accomplish your financial goals by providing you with the means to reduce the amount of interest that you pay over the term of the loan and/or by reducing your payment to increase your monthly cash flow. Determining if this is the right time for you to finance is a big financial decision, and you’ll want to make sure that you carefully consider your options. The first step you will want to take is to start doing some research on the options that are available. You should compare interest rates, loan terms as well as incentives to determine what type of agreement best suits your needs. As with any mortgage, you need to be especially concerned with the rate of interest. Even a very small fraction of a percent can results in thousands of dollars being lost …
03
Nov
2011
2011
Securing equity in your home offers options for consolidating your debt that will save you money on interest and may even increase your cash flow. Reducing debt is always a smart decision, especially if you have large amounts of unsecured or high-interest debt. Fortunately, having equity in your home can allow you to consolidate or restructure your debt through a home-equity loan or through a second mortgage. With the second mortgage option, you are able to use up to 90% of your home’s current market value to secure either another mortgage. The amount you are able to borrow for a second mortgage is tied to the amount of equity that you currently possess. If, for instance, you have 45% equity you can generally borrow as much as 40% of that equity. (Note: generally, you will not be able to borrow …
03
Nov
2011
2011
If you are considering refinancing, you need to contemplate all your options before you can make a sound financial decision. The amount of money that you should consider borrowing is going to be based in part on what type of refinancing you are considering. There are four primary options to consider –cash out/cash back refinancing, securing a fixed-rate low interest loan, or moving to a shorter-term or longer-term loan. The cash out/cash back option will allow you to refinance for more than the amount that you currently owe on your mortgage. The amount of the difference is then changed into cash that you can you use for additional purchases, living expenses, etc. For people who are planning on staying in their current for home for an extended period (a minimum of five years), securing a fixed-rate low interest loan may …
03
Nov
2011
2011
There are many reasons why your score may not be as high as you expected or where you would like it to be to get the best interest rate. To understand why your score is low you’ll need to get a copy of your credit report from your local credit bureau. Credit bureaus are normally listed in the yellow pages, and a request for the report will take two to three weeks to process. Once you have received the report, you’ll need to review it to determine what is pulling down your credit ranking. The number one thing you’ll want to look for are any accounts that have late payments, collections, liens or charge offs. These are called derogatory accounts and each account can reduce your credit score by fifty or more points. Be sure that any charge-offs or collections …
