- Home Purchase
- Mortgage Renewal
- Refinance & Lower Your Payments
- Pre-Approvals
First Time Buyer
Are you looking at buying a new home? Whether this is your first buying experience or you are have done it all before, sit back, relax and let me do the financing leg work! With electronic access to over 40 different lenders, It makes it easy for me to find the right product and lowest rate for you. |
Affordability |
|---|---|
| What can I afford? | |
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Rent vs. Buy |
| Should you rent or buy? | |
|
Amortizaiton |
| What are the interest and principal payments |
Mortgage Renewal
Is your mortgage coming up for renewal?
Don't be too quick to sign the renewal form sent from your current lender. Generally this is not the lowest rate or best product that could be offered. Unfortunately over 70% do just sign the renewal letter and send it back to their lender, thus incurring higher interest charges, and causing you necessary costly changes down the road. As your mortgage professional I will automatically contact you at least 120 days before your current mortgage renews to discuss your options.
You want to renew/ transfer your mortgage to the lender who offers the best product/ rate for you. Most lenders offer a ?no cost, or low cost? transfer or switch. I can negotiate with your current lender or find a new lender who will offer the most competitive rates, thus, maximizing your savings and reducing overall costs.
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Early Renewal |
|---|---|
| How much would I save if I switch to bi-weekly payments? |
Refinance
There are many reasons you may be looking at refinancing your mortgage. You may want to keep your mortgage balance the same and simply take advantage of today's low rates. Or you may wish to consolidate debts, make improvements to your home or garden, purchase a vacation home or investment property or top up your RRSP's etc? Let me negotiate with your current lender or switch to a new lender who will give you a better rate or product for you.
Example of how a refinance can Save you money!
Current Mortgage:
$225,000 @ 6.5% 5 year term, 25 year amortization
Monthly payment $ 1,507
Interest paid over 5 years $68,950
New Mortgage:
$250,000 @ 4.90% 5 year term, 25 year amortization
Monthly Payment $ 1,440
Interest paid over 5 years $57,308
Pre-Approvals
Obtaining mortgage financing is one of the most important steps in the home buying process, but it can also be the most complicated. To make it easier, we recommend you get pre-approved for financing before looking for a home.
- Determine what you can afford. Knowing your price range makes it easier to shop around for houses with confidence. You will be able to make an offer right away.
- Secure today's mortgage rate for 90-120 days. Locking in protects you from any mortgage rate increase for up to 120 days. If mortgage rates should fall during this time, you will still be able to take advantage of any decrease.
- Speed up financing agreement turnaround. During the pre-approval process, you will be preparing all the documents you will need to obtain approval once you've decided on a house. Having these documents ready may give you an advantage over others who are bidding on the same property. And your pre-approval letter reassures the seller that you are able to obtain financing should your offer be accepted.
| Mortgage Term | My Best Rate | Competitor Rate |
|---|---|---|
| 1 Year | 2.84% | 3.50% |
| 2 Year | 2.69% | 3.85% |
| 3 Year | 2.89% | 4.35% |
| 4 Year* | 2.99% | 4.19% |
| 5 Year | 3.19% | 5.24% |
| 7 Year | 4.09% | 6.34% |
| 10 Year | 3.99% | 6.75% |
BMO 2.99% No Frills mortgage needs another look.
It’s January 25, 2012… that’s the original deadline date issued by BMO for their NO FRILLs 2.99% 5 year fixed rate mortgage. Since announcing that 2.99% rate, BMO has reportedly been flooded with calls and applications. And rightfully so. That’s the lowest advertised 5 yr fixed rate in history. (we need to say thank you [...]
BMO’s No-Frills 2.99% mortgage offer is not ground breaking…just another trap by the Big Banks..
EXTRA, EXTRA, READ ALL ABOUT IT…. 5 years fixed No-Frills mortgage for 2.99% by BMO….wow, can you believe it? Well, don’t get too excited… At CanadaMortgageNews.ca we give you the straight talk… and guess what, No-Frills mortgages aren’t anything new… I’m giving a BIG THUMBS DOWNS to this product… and you should too… I’ve had [...]
Consolidate your debts and save money with today’s record low rates.
It’s December 2011, fixed mortgage rates are at historical lows…a 5 year fixed rate can be had for 3.39% and in some cases, even 3.29%. Does it make sense to refinance your mortgage and consolidate that car loan, student loan, credit card, line of credit or other debt? The answer is an overwhelming YES! [...]
What's New
Feds Toughen Mortgage Requirements
In February 2010, the federal government made changes to government-guaranteed mortgages to strengthen the requirements for a government-backed mortgage. The reason for this change is to strengthen the Canadian housing market and to reduce the risk of a U.S.-style housing bubble drifting across the border.
Changes include:
- Fixing the maximum amortization period for new government-backed mortgages at 35 years. There is currently a 40-year option.
- Requiring a minimum down payment of five per cent. There is currently a zero down payment option.
- Establishing a consistent minimum credit score requirement.
- Introducing new loan documentation standards.