Bank of Canada reveals latest interest rate decision
https://www.mortgagebrokernews.ca/business-news/bank-of-canada-reveals-latest-interest-rate-decision-303697.aspx?utm_source=%7B%7Bcontact.platform%7D%7D&utm_medium=%7B%7Bcontent.updated%7Cdatetimeformat(%27%25Y%25m%25d%27)%7D%7D&utm_campaign=%7B%7Bcontent.campaign_name%7D%7D&utm_content=%7B%7Bcontact.emailmid%7D%7D&tu=%7B%7Bcontact.emailmid%7D%7D
Here's What you need to know about the First-Time Home Buyer Incentive Program
https://www.ctvnews.ca/politics/here-s-what-you-need-to-know-about-the-first-time-home-buyer-incentive-1.4574508
Choosing Your Mortgage Amortization
Selecting the length of your mortgage amortization period – the number of years it will take you to become mortgage free – is an important decision that will affect how much interest you pay over the life of your mortgage.
While the lending industry’s benchmark amortization period is 25 years, and this is the standard that is used by lenders when discussing mortgage offers, and usually the basis for mortgage calculators and payment tables, shorter or longer timeframes are available – to a maximum of 35 years.
The main reason to opt for a shorter amortization period is that…
Examining No-Frills Mortgage Products
While No-Frills mortgage products typically offer a lower – or more discounted – interest rate when compared with many other available products, the lower rate is really their only perk.
This type of product will only seem ideal for you if you have no plans to take advantage of benefits that will help you pay off your mortgage faster – such as pre-payment privileges including lump-sum payments.
Essentially, this product is only ideal for: first-time homebuyers who want fixed payments and have limited opportunities to make lump-sum payments during the first five years of their mortgage; and…
Beware of Mortgage or Title Fraud
In a time where identity theft and Ponzi schemes are plastered across the news, the last thing you want to worry about is yet another way to lose your hard-earned money.
But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud.
Mortgage Fraud
The most common type of mortgage fraud involves a criminal obtaining a property, then increasing its value through a series of sales and resales involving the fraudster and someone working in cooperation with them. A mortgage is then secured for the property…
10 Questions to ask your Home Inspector
The purchase of a home is likely the largest financial expenditure you’ll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back.
The best way to ensure you use a professional home inspector is to seek referrals from your mortgage professional, real estate agent or friends. Since you want to be able to trust your home inspector’s judgement, you have to ensure they’re not part-time home inspectors…
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 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…