September 4th, 2010
Helen Morris, National Post * Saturday, Aug. 28, 2010
It is easy to fall in love with a house or condo the first time you view it, but having a detailed home inspection should give you some idea of what really lurks beneath the surface beauty of that dream home.
“The function of the home inspector is to Read the rest of this entry »
Tags: ajax mortgage broker, durham region mortgage, home inspection, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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September 3rd, 2010
Over the next few days, we’ll give you some insight into easy ways to build your credit history. It won’t happen overnight however with a little planning and work you’ll be in a better position to get financing for a home, car or even just your first credit card in a short while. This information courtesy of Gail Vaz-Oxlade, for Yahoo! Canada Finance.
3. Borrow for an RRSP. Borrowing money to contribute to an RRSP is a great way to establish a credit history. While the RRSP cannot officially be used as collateral for the loan, lenders know where to find their money so approvals come more easily and the interest rate won’t be horrendous. Make sure you only borrow as much as you can afford to repay in six months. How much you borrow doesn’t mean much; repaying the loan quickly without a misstep does. Don’t let anyone talk you into more. Once the six months are up, use the amount you were using to repay the loan as your month retirement savings contribution. Now you’re building up your assets, which will be good for your credit history too.
Another great reason to establish an RSP that is not mentioned in Gail’s advice is that the funds available in the RSP can be used as downpayment funds for buying a home. Contact us to discuss the first time home buyers plan and ways to use your RSP towards a home purchase.
Check back on Tuesday for Tip #4 – have a great weekend and enjoy Labour Day with family & friends!
Tags: ajax mortgage broker, credit rating, durham region mortgage, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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September 2nd, 2010
Over the next few days, we’ll give you some insight into easy ways to build your credit history. It won’t happen overnight however with a little planning and work you’ll be in a better position to get financing for a home, car or even just your first credit card in a short while. This information courtesy of Gail Vaz-Oxlade, for Yahoo! Canada Finance
Today we bring you tip #2.
2. Get a gas or department store card. Gas or department store credit cards are often easier to get and can be good ways to establish credit. You must pay your bills in full and on time because the interest rates on these cards are often astronomical. But as long as you don’t miss a payment – which you never will, right? – it makes no difference what the interest rate is. Use these cards wisely and they can be a great toe-hold.
Make sure you check back tomorrow for another great tip!
Tags: ajax mortgage broker, credit rating, durham region mortgage, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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September 1st, 2010
Over the next 10 days, we’ll give you some insight into easy ways to build your credit history. It won’t happen overnight however with a little planning and work you’ll be in a better position to get financing for a home, car or even just your first credit card in a short while. This information courtesy of Gail Vaz-Oxlade, for Yahoo! Canada Finance
I am constantly astounded at the number of people I meet who are in a bind because they have no credit history and can’t borrow money. This is something we used to associate with older, widowed women who have been cared for by loving, controlling spouses. But that’s just part of the story. Not having a credit history isn’t the domain on slightly out-of-touch women; there are men out there who haven’t got a clue because their wives do EVERYTHING. And it isn’t the exclusive territory of our elders; there are young, professionals who haven’t bothered to establish their own credit identities.
Everyone needs to have the ability to borrow money. That’s true whether you’ve just found yourself in the new role of single parent without an emergency fund or you’re a young adult starting out.
1. Get a Secured Credit Card. The fastest, cheapest and easiest way to establish a credit history is with a secured credit card. Since there’s no risk to the lender because you’ve put up the cash to cover your balance, secured cards are great for new borrowers or people trying to re-establish credit after a bankruptcy.
Lenders usually want twice the credit card limit. So if you want a $500 credit limit, you’ll have to ante up $1,000. Once you’ve established your ability to manage the card – anywhere from six months to a year – you can ask for the security requirement to be dropped and your deposit returned.
Check back tomorrow for another great tip.
Tags: ajax mortgage broker, credit rating, durham region mortgage, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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August 25th, 2010
It looks like the next couple of months is going to be an exciting ride for lucky home purchasers or for those renewing their mortgages.
Up until October 31, 2010 Prime Rates mortgage brokerage (license #10655) announces today that a 5 year fixed rate mortgage is available at just 3.69% (on approved credit). A check of the major banks reveals their rate for the same product is at 5.39% … a difference of 1.70%.
“That’s a huge price to pay for loyalty to a bank lender” says Marshall Spencer, mortgage broker (license # M08000817) and broker of record at Prime Rates.
“On a typical $200,000 mortgage, that’s $189.31 extra per month” according to Mr. Spencer. Payments at 3.69% come in at just $1,018.70 while you’d pay a whopping $1,208.01 at the rate offered by the banks. “I’d recommend my clients to a great financial advisor to help them get those savings working for them so its a win-win for the borrower”.
Another difference Mr. Spencer pointed out was on the 3 year term. “Many people are so stuck on the variable vs. fixed question, that they fail to see another great opportunity with a 3 year term at 2.90% (on approved credit) compared to the major banks who currently offer 4.10%”. Spencer goes on to say that ” That 1.20% savings may not seem much but studies show that most homeowners consider moving or actually do move at about the 36 month mark into their mortgage and then end up having to deal with penalty considerations for breaking their 5 year mortgage early”. A free consultation with a mortgage broker can help avoid costly mistakes in planning your mortgage according to Mr. Spencer.
To contact Marshall Spencer and the team at Prime Rates, call 905-999-0036, email mspencer@rmabroker.ca or visit their website by clicking here.
Tags: ajax mortgage broker, durham region mortgage, fixed rate mortgage, interest rates, oshawa mortgage broker, pickering mortgage broker, refinance, whitby mortgage broker
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August 24th, 2010
Please pardon the grammar in the direct quote, but here’s a topic that came up recently in a mortgage broker discussion forum
“… a 5 year variable rate mortgage or a 5 yr fixed rate mortgage is a best option in the current market from a home owner point of view?”
In today’s market I don’t think there is a right or wrong answer. Talking with your clients, understanding their needs and risk tolerances is a big factor in deciding what term will work best for them. At this stage in our rate market I don’t think anyone who locks in under 4% is going to be kicking themselves for it in a couple years time.
Tags: ajax mortgage broker, durham region mortgage, fixed rate mortgage, oshawa mortgage broker, pickering mortgage broker, variable rate mortgage, whitby mortgage broker
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August 19th, 2010
CIBC World Markets Inc. trims forecast for rate hikes and currency strength in Canada as economic growth outlook dampens abroad
TORONTO, Aug. 18 /CNW
Continuing weakness in the U.S. economy may force the Bank of Canada to put interest rate hikes on hold after September, notes a new report Read the rest of this entry »
Tags: ajax mortgage broker, Bank of Canada, durham region mortgage, interest rates, oshawa mortgage broker, pickering mortgage broker, refinance, variable rate mortgage, whitby mortgage broker
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August 9th, 2010
Garry Marr, Financial Post; With Files From Paul Vieira * Saturday, Aug. 7, 2010
Erica and Jeff Manger never thought the price of their house could drop.
The Alberta couple bought a condominium in the Rockies resort town of Canmore three years ago and when they decided to move in 2008 to Sylvan Lake in Alberta, where they could afford a detached home, they kept the condo as an investment.
“It never occurred to us that we wouldn’t be able to sell for what we paid,” says Ms. Manger. “People were making $100,000 [on paper] a year on their condos.”
Now they’d be lucky to get the $315,000 they paid for their condo, even though it may have fetched $345,000 in 2008 when they were thinking about selling it to help pay for their new home. Instead, they’re getting $1,100 a month in rent for an investment that costs them $1,800 a month to carry and isn’t going up in value.
It gets worse. Read the rest of this entry »
Tags: ajax mortgage broker, durham region mortgage, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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August 3rd, 2010
By QMI Agency
There will be fewer homes sold this year, but for more money than initially thought, the Canadian Real Estate Association said Friday.
CREA downward revised its 2010 housing market forecast after a weak spring buying season in Read the rest of this entry »
Tags: ajax mortgage broker, durham region mortgage, oshawa mortgage broker, pickering mortgage broker, whitby mortgage broker
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July 28th, 2010
Garry Marr, Financial Post * Tuesday, Jul. 27, 2010
Not that there are a lot of people buying houses these days, but the answer to the age-old question of whether to go long or short on your mortgage is unclear yet again. Read the rest of this entry »
Tags: ajax mortgage broker, Bank of Canada, durham region mortgage, fixed rate mortgage, oshawa mortgage broker, pickering mortgage broker, variable rate mortgage, whitby mortgage broker
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