Mortgage Blog
21
May
2013
2013
The stress of the process of making, or not coming to a decision can truly affect your life and your emotions, but the good news is by being proactive, this can result in being positive and putting your mind at rest. It is after you come to a well thought out and educated decision, and consulting trusted friends family and resources, there is a relief. What should you consider when making the decision to rent or buy a home? Let’s start out by looking at the Pros and Cons of each option. Renting Pros • No Long Term Commitment • No responsibility for upkeep and maintenance • Flexible, you can move more readily if changing jobs or geographic locations Cons • You are paying someone else to own the property and you will never build equity • If you have …
If you’re in a position to buy a home it’s a good idea to start looking because we are experiencing some of the lowest fixed mortgage rates the market has seen in years. There are several things you can do that will help it go smoother. Consider some of the following. Get Your Loan in Gear One of the first things you need to do is get your loan ready. Check out some of our mortgage calculators and see what is the best option in obtaining a Mortgage. Getting approved has to be where you start as it’s the most important part of purchasing a home. Shop for a Mortgage Broker who will answer all your questions, get you the best rates and have you best interests in mind. Once you have shopped the Best Mortgage Rates and found something …
On March 21st, 2013, Finance Minister Jim Flaherty delivered the 2013 Federal Budget. One of the major hot topics in the Mortgage Industry are plans to eliminate the 30 year amortizations for conventional mortgages. Jim Murphy of CAAMP (Canadian Association of Accredited Mortgage Professionals) sent out an Industry update May 15, 2013 encouraging members to join CAAMP in its effort to curb further constraints by sending comments to their local MPs. In his communication, Jim Murphy stated since mid-2012 housing resales in Canada are down by 9%, sales in new housing in several cities is at a record low, new construction is rapidly declining and the growth of mortgage credit has slowed dramatically. The CAAMP has been in contact with the Department of Finance and the OSFI concerning the elimination of 30 year amortizations for conventional mortgages and made recommendations …
13
May
2013
2013
When it comes to finances, there are many things to consider when purchasing your first home. You may need to sit with a mortgage broker to evaluate your budget and find out exactly how much you have for a down payment and how much house you can truly afford. Mortgage brokers will discuss with you the current mortgage rates. If you are planning on staying in your home between 5 and 7 years you may want to consider fixed mortgage rates. The fixed mortgage rate typically spans anywhere from 15 to 30 years and the rate remains the same throughout the life of the loan. This can be really helpful when budgeting your payments since they will be the same every month. If you want the lowest payment you should consider the 30 year fixed mortgage rates. However, many people …
09
May
2013
2013
Hopefully by now you have had success in locating the best mortgage rates for your upcoming real estate purchase. Let’s wrap up our look at Canadian rest estate trivia. Question: What is an “SPP offer”? Answer: An “SPP offer” is real estate agent lingo referring to an offer to purchase for a property that is contingent upon the purchaser selling his or her current property first. Question: True or False? Only SPP offers can have an “escape clause” written into them. Answer: False. There is a common misconception that the escape clause (which allows another offer to bump the SPP offer), can only be used with an SPP offer. In fact, an escape clause can be used with any type of conditional offer. Furthermore, an SPP offer does not have to contain an escape clause if all parties are in …
07
May
2013
2013
When you’re looking to get a home financed, there are a few things that can really help you with your fixed mortgage rates and insuring you get the lowest possible rate you can. Check Your Credit Report If you have a good credit rating (or score), make a conscious effort to maintain your score, but if it’s not so good, consult a financial advisor or credit counselor and learn ways to improve your credit rating. You can ask for a free copy of your credit file by mail with the two credit bureaus in Canada, Equifax Canada and TransUnion Canada or for a small fee you can request online. The better your credit rating/score, the better the mortgage rate. Pay Your Debts Down During the process, which can take some time, you’ll want to continue putting all your money aside …
02
May
2013
2013
While you are searching for new real estate or looking for the best mortgage rates, why don’t you take a short break and try some of our Canadian real estate trivia questions? Question: How has the definition of a “first time buyer” been expanded lately? Answer: A “first-time buyer” initially allowed for a person or persons to buy a home with just five percent down. It has recently been changed to include the following; a) purchasers who lost equity in their home and no longer have ten percent down, b) purchasers who had to relocate for job reasons, and c) purchasers who have either ended a joint family ownership or have split with a spouse. Question: What does CMHC stands for? Answer: CMHC is an acronym for the Canada Mortgage and Housing Corporation. The Canada Mortgage and Housing Corporation is …
Flexible Down Payment Options – If this is your first mortgage and you have a small down payment of 5%, a Flexible Down Payment allows you to purchase a home if you can’t come up with more than 5%. Be aware most brokers or banks will look for an excellent credit rating and work history, so make sure you know what to expect. A mortgage broker will be able to answer all your questions regarding Flex Down Payment Options Cash Back Mortgage – A good option for the first time homebuyer that is looking for some cash to make renovations, pay closing costs or even in some cases, buy furniture, but lack the funds as all available cash is going towards your down payment. Cash back gets you a percentage of your mortgage right away so you have funds available …
16
Apr
2013
2013
A Fresh Perspective to finding the Best Mortgage Rates in Canada iToolPro Systems Inc. is proud to announce the launch of the Ratesheet.ca Website with a fresh new look plus great features. Ratesheet.ca is a leading Mortgage Rates Comparison Website which connects users shopping for best mortgage rates with Mortgage Brokers in their area using a Comprehensive Mortgage Quote system. The team has worked for months to create a fresh look and bring to life some incredible features to assist mortgage brokers boost their business. New features include; Easier Mortgage Rate Search, Map Search to assist users locate Brokers by using an interactive map, an Enhanced Broker search and also other convenient features such as various Mortgage calculators. Vik Palan, president of iToolPro stated, “This is just the beginning; we have lots more planned for the coming months and we …
A significant decrease in the number of people migrating to Ontario from other countries — and leaving the province in search of jobs — is contributing to the softening of the GTA housing market, says a new report from the Canada Mortgage and Housing Corporation. As of last September, net migration in Ontario had fallen by 20 per cent year-over-year to below 60,000 new residents, says a CMHC review of GTA housing activity released Thursday. That’s the lowest levels of net migration since the late 1990s and about 40 per cent less than the 110,000 or so people who migrated to the province annually, most of them to the Toronto region, about a decade ago, says Shaun Hildebrand, CMHC’s housing analyst for Toronto. “Over time, that can have a drag on home sales activity as fewer people move into the …
