Posts tagged ‘Mortgage 101’
What Is A Cashback Mortgage?
Tweet Bank branches sometimes promote them and you may have come across paper and online ads for them. So what is a cashback mortgage, and more importantly, who should consider them? A cashback means that the lender will give you 5% of your mortgage amount back as cash. So, if you borrow $100,000 they will [...]
Mortgage Interest Rate Review November 23rd 2011
Tweet The number of Canadians carrying mortgage debt into their 70s was the hottest mortgage topic this week. A recent RBC poll showed that one-third (33 per cent) of older Canadians over the age of 55, have 16 or more years left on their mortgage term. This statistic makes me wonder if these older Canadians [...]
By The Numbers: October Statistics
Tweet The following is a selection of key statistics published by the Canadian Association of Accredited Mortgage Professionals. The numbers reflect the slight increases we have seen to fixed rate mortgages and the spreads on variable rate mortgages. Tweet
The Donald, You’ve Been Trumped & Why You Should Use A Mortgage Broker
Tweet This past Spring I attended the Hot Docs film festival with my friend and real estate colleague Mark Savel of Savelandthecity.com fame. We watched a great film by British film director Anthony Baxter entitled “You’ve Been Trumped”. The film documents the David vs. Goliath like struggle of a local small town Scottish community attempting [...]
Files Of The Broker: Tax Arrears, Wolves & The Oak Ridges Morraine
Tweet The failure to pay property taxes and resulting consequences are not always well appreciated. Earlier I reported how we saved a homeowner from falling into the hands of the municipality through the Sheriff. The legal action, initiated by a municipality, was over failure to pay property taxes. The owner of this very attractive rural [...]
When Is An Appraisal Required?
Tweet You have your mortgage commitment in hand from your lender, you’re reviewing the conditions and you see a condition for an appraisal. What does this mean? When and why is an appraisal required? Who pays for your appraisal? If your down payment is less than 20% or if the mortgage is insured then [...]
Understanding Your Mortgage Payments: Interest vs. Principal
Tweet Although your periodic mortgage payments appear to be the same amount, the proportion allocated towards paying interest and paying down your balance (or principal) is constantly changing. For each mortgage payment you make, your money is first used to pay the interest on your outstanding balance and the remaining portion is used to reduce [...]
Mortgage 101: Down Payment
Tweet Down payment is an important piece of the puzzle when you apply for your first mortgage. Lenders like to see that you are coming to the table with your own money at play. It shows that you have had the ability to save/invest which helps with the overall application. If you are considering buying [...]
Fixed Vs. Variable, A Little Advice From Boris Bozic
The debate about fixed over variable is starting to heat up again as the spread between fixed (3.59%) and variable (2.25%) is shrinking. Over the past 3 years my father and I have observed a very interesting trend of borrowers preferring variable over fixed rate mortgages but that wasn’t always the case.
