Sep 14, 2009...Ontario mortgage rate drops

Hey everybody, the Canadian mortgage lenders are dropping their 5 year rates again.  The newest rate sheets indicate that the most popular rate is 4.99% on a five year term.  And of course, there are some lenders who have rate "specials", and we can find you a 3.99% interest rate on a "quick" close.  That's when you are able to qualify for a mortgage, and have it closed and funded within 30 days.  So, if you are thinking of refinancing your current British Columbia property or buy an Edmonton house, now is the time.

 

Sep 11, 2009...Personal loan versus mortgage

What's the difference between a Canadian home equity loan and a Canada personal loan?  All Canadian mortgages use real property as security.  Real security is property such as land or a house on owned land.  A personal loan usually requires no security, and it is based on the premise that you promise to pay back the loan.  If a borrower defaults on a mortgage, the lender can take action to recover the money by forcing you to sell your property.  The same does not apply to a personal loan.

 

Sep 10, 2009...Free Canadian mortgage downpayment

If you are following the Canadian mortgage scene, you know that the Canadian government has mandated that all house purchasers must come up with a 5% downpayment.  We have a lender that will give you the 5% downpayment in cash if you get a mortgage from them.  The catch is that instead of getting a 5 year term mortgage at 4.19%, you will pay 5.49% over the 5 year term.  It ends up being expensive, but you can purchase your British Columbia house with 0 down.

 

Sep 5, 2009...Get a co-signer if you need one

Sometimes when clients are applying for a Nova Scotia mortgage, they may not have all of the necessary requirements to qualify.  Essential elements include income qualification and credit score.  If you are lacking in one or more of these areas, the lender may deny your request.  But don't lose hope.  If you have a friend or relative that qualifies in one or more of the areas that you are lacking, they can possibly be a co-signer, and therefore get you the Canadian mortgage.  A co-signer takes on the complete risk of the mortgage, so make sure that you are aware of this before you ask them.

 

Sep 4, 2009...Canadian mortgages are really low...

The Canadian Government is keeping rates low to stimulate the economy.  Now is a great time to purchase a house, take out an Alberta equity loan, or get an Ontario refinance loan.  Housing prices are low and so are the rates.  You can get a one year mortgage for about 2.65%, all the way up to a five year rate 4.09%.  These rates are so low it's almost like free money.  Take advantage of them while you can.

 

Sep 2, 2009...check your Canadian equifax bureau

I always remind my clients to check their Canadian credit report before applying for an Ontario debt consolidation loan.  Today I had a client who found out that the reporting agency had some entries on the report that she felt were in error.  She will hopefully be able to resolve these issues with Equifax, but in the meantime, her desire to purchase a home with good credit is not possible.  Remember folks, never be surprised by what might be on your credit report.  Get a copy before you start looking for a Canadian mortgage.

 

Sep 1, 2009...transmittal letter for appraisals

What is a transmittal letter?  When you are applying for an Alberta home equity loan, quite often the lender will require an appraisal.  An appraisal shows the current market value of your property.  When you request the appraisal, the appraiser asks for whom the appraisal is being done for, and they mark in on the appraisal.  If, for some reason, the mortgage applicant wishes to change lenders, and use the same appraisal, the appraiser needs to offer a letter of transmittal to the new lender, which basically indicates that the appraisal may be used by the new lender, even though they didn't originally order it.  Sometimes the original lender won't allow other lenders to use their appraisal.

 

Aug 30, 2009...make sure you read the terms of your Ontario mortgage

When you sign the paperwork for your Alberta home equity loan, make sure that you understand what you are signing.  Some of the things to look at are: term (make sure you understand how many years it is for), interest rate, fees (all fees should be listed, such as broker fees, lender fees, application fees, etc), prepayment terms (ie can you pay it out early, and if so, is there a penalty).  And remember, there are other expenses that are not listed, but will still come into play.  Such items are lawyer fee (sometimes 2 lawyers if Independent Legal Advice is required) and appraisal.

 

Aug 26, 2009...Canadian mortgage rates to remain low

Word from the Central banks indicate that interest rates should remain low from now throughout 2011.  The main reason being that solid growth cannot be guaranteed throughout the world economies, so the banks want interest rates to remain low to stimulate buying and the economy.   And the Bank of Canada will probably want to keep it's rates low as well.  So what does this mean for you.  Well, with house prices remaining low, and interests rate being low, now is a good time to consider purchasing a house and getting a low rate Canadian mortgage.

 

 

 

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