Posts tagged ‘Mortgage 101’
Who’s that guy in the unfortunate freeze frame you may ask? That’s me Chris Molder. Mortgage broker and blogger on www.sonofabroker.com. I was deemed cool enough to be invited to present one of the Mortgage Math videos for Ratehub.ca’s video series.
Mortgage Payment Frequency You’ve got choice when it comes to deciding on how often you’d like to make your mortgage payments. The choice is there so you can try to sync your mortgage payments with your cashflow and pay schedule. Most salaried employees get paid bi-weekly which is why bi-weekly payments are the most popular.
Choosing between a fixed and variable rate mortgage is an important decision for mortgage borrowers. According to the most recent survey of Canadians, 65% of us have fixed rate mortgages, 28% have variable rate mortgages and the remaining 7% of some sort of combination between the two.
Mortgages come in all different shapes and sizes to fit each borrower’s unique circumstances. While the vast majority of mortgages arranged in Canada are what we call closed term mortgages there are open mortgages as well which can be useful to address certain borrower’s needs.
The Canadian Association Of Accredited Mortgage Professionals (CAAMP) does a great semi-annual survey where they interview 2,000 Canadians to get a deeper understanding of the Canadian residential mortgage market. The survey is anticipated by our industry to get a snapshot of the market and attitudes of mortgage borrowers. There were both positives and negatives to [...]
There is no such thing as a silly question. What amortization period means is a great one. Very often mortgage professionals will fly over financing terms that haven’t been properly introduced to borrowers making an assumption that the terminology is understood.
Mortgage renewals have a way of sneaking up on you just like birthdays. Chances are that when you receive your renewal notice in the mail you will be caught off guard and simply sign back your lender’s offer without negotiation. In fact, roughly 70% of Canadian mortgage holders do this. And it’s costing them hundreds [...]
Do you have title insurance on your home? I bet you do! And for good reason. It’s there to protect you from fraud. Each year title fraud costs Canadians hundreds of thousands of dollars. If you aren’t sure if you have title insurance and what this important tool covers then you’ve got to read on.
Don’t you love a good surprise! Like finding money in your winter coat that you had in storage all summer. But some surprises are a drag. Like finding out that you’re short of funds when you buy your home because of all the closing costs.