What are the benefits of using a mortgage broker?
1. Advice on your financial options.
Mortgage brokers can make recommendations and draw from available mortgage products that match your needs and help you decide what is right for you.
2. Save time with one-stop shopping.
It can sometimes take weeks to organize appointments with competing mortgage lenders — homebuyers would rather spend their time house-hunting.
Brokers work directly with lenders and can quickly narrow down a list of options that suit you best.
3. Brokers negotiate on your behalf.
Most people are uncertain about negotiating mortgages directly with their bank. Brokers negotiate mortgages every day on behalf of buyers and have a wealth market knowledge to secure competitive rates.
4. More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive.
5. Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping!
6. Get access to special deals and add-ons.
We do the math on which offers might be worth your attention.
7. Things move quickly.
Our job isn’t done until your closing date goes smoothly. We’ll help ensure your transaction takes place on time and to your satisfaction.
8. Get expert advice. When it comes to mortgages, rates and the housing market, we are not limited. We will explain the various mortgage terms, conditions and rates so you can decide confidently.
9. No cost to you. There is (in most cases) no charge for our services.
10. Ongoing support and consultation.
Monday, August 23, 2010
Tuesday, August 10, 2010
The ABCs of Mortgages in Four Parts
The Financial Consumer Agency of Canada updating mortgage publication
OTTAWA, ONTARIO--(Marketwire - Aug. 10, 2010) - The Financial Consumer Agency of Canada (FCAC) has completely updated The ABCs of Mortgages to take into account the different needs of Canadian consumers. While some are borrowing to buy their first home, others are renegotiating their mortgages. No matter what their needs are, FCAC reminds consumers that it is essential that they get informed before they plunge into the world of real estate. It could save them money … and headaches.
"The financial market is complex. That's why we strive to develop tools and resources that are easy to consult and use," says FCAC Commissioner Ursula Menke. "We cannot stress enough how important it is to shop around before signing a mortgage agreement. The ABCs of Mortgages contains a range of objective information that will help consumers make informed choices about their mortgages."
The revised version of The ABCs of Mortgages is divided into four parts: each one addresses a specific topic, making the publication more concise and easier to read. "Whether consumers are preparing to buy their first home, taking out a home equity loan, renegotiating their mortgage or searching for ways to pay off their mortgage faster, the new version of The ABCs of Mortgages will help them find the information they need more quickly," adds the Commissioner.
If you are planning on buying a home, here are a few key tips.
Pay off your mortgage faster
To save money, plan your mortgage payments so you can pay off your mortgage as quickly as possible. For example, you could increase your down payment, make larger payments or increase the frequency of your payments.
Give yourself a financial cushion for the unexpected
If your mortgage payments and the bills from the purchase of your home are keeping you up at night, your dream home could turn into a nightmare. Make sure that you have a financial cushion to cover unforeseen costs, such as an increase in interest rates or unexpected home maintenance and repair costs.
Shop around before choosing a mortgage
Your home will likely be the biggest purchase you'll ever make. Take time to shop around and negotiate to get the mortgage that best meets your needs. Remember, as a consumer, you have bargaining power.
To find FCAC's interactive tools and publications, visit www.moneytools.ca.
About FCAC
Using educational materials and interactive tools, FCAC provides consumers with objective information about financial products and services and informs them of their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC also helps Canadians acquire the necessary knowledge and confidence to manage their personal finances. FCAC also makes sure that federally regulated financial institutions comply with legislation and agreements intended to protect consumers.
You can reach us through the FCAC Consumer Contact Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: www.fcac.gc.ca.
OTTAWA, ONTARIO--(Marketwire - Aug. 10, 2010) - The Financial Consumer Agency of Canada (FCAC) has completely updated The ABCs of Mortgages to take into account the different needs of Canadian consumers. While some are borrowing to buy their first home, others are renegotiating their mortgages. No matter what their needs are, FCAC reminds consumers that it is essential that they get informed before they plunge into the world of real estate. It could save them money … and headaches.
"The financial market is complex. That's why we strive to develop tools and resources that are easy to consult and use," says FCAC Commissioner Ursula Menke. "We cannot stress enough how important it is to shop around before signing a mortgage agreement. The ABCs of Mortgages contains a range of objective information that will help consumers make informed choices about their mortgages."
The revised version of The ABCs of Mortgages is divided into four parts: each one addresses a specific topic, making the publication more concise and easier to read. "Whether consumers are preparing to buy their first home, taking out a home equity loan, renegotiating their mortgage or searching for ways to pay off their mortgage faster, the new version of The ABCs of Mortgages will help them find the information they need more quickly," adds the Commissioner.
If you are planning on buying a home, here are a few key tips.
Pay off your mortgage faster
To save money, plan your mortgage payments so you can pay off your mortgage as quickly as possible. For example, you could increase your down payment, make larger payments or increase the frequency of your payments.
Give yourself a financial cushion for the unexpected
If your mortgage payments and the bills from the purchase of your home are keeping you up at night, your dream home could turn into a nightmare. Make sure that you have a financial cushion to cover unforeseen costs, such as an increase in interest rates or unexpected home maintenance and repair costs.
Shop around before choosing a mortgage
Your home will likely be the biggest purchase you'll ever make. Take time to shop around and negotiate to get the mortgage that best meets your needs. Remember, as a consumer, you have bargaining power.
To find FCAC's interactive tools and publications, visit www.moneytools.ca.
About FCAC
Using educational materials and interactive tools, FCAC provides consumers with objective information about financial products and services and informs them of their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC also helps Canadians acquire the necessary knowledge and confidence to manage their personal finances. FCAC also makes sure that federally regulated financial institutions comply with legislation and agreements intended to protect consumers.
You can reach us through the FCAC Consumer Contact Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: www.fcac.gc.ca.
Monday, August 9, 2010
Not so Fast
Is your mortgage coming up for renewal?
Don’t be too quick to sign that mortgage renewal letter. Over 70% of Canadian mortgage holders do just that, and what is the usual result? A higher rate and a mortgage product that might not be best suited to your interests.
Experience has shown that the “Big Banks” send their mortgage renewals out at a posted rate.
Lenders are counting on the fact that most home-owners are too busy to ask questions or to inquire about getting a better rate, but don’t let this happen to you. Posted rates are way too high of a rate to lock into, which can cost you thousands over the term of the mortgage.
You should recognize that you are now negotiating from a position of strength as your mortgage principal has dropped and in most cases your home value has increased.
Lenders see you as a lower risk borrower and consequently you should be getting the best rates available. That may not happen if you simply sign the renewal document provided by your existing lender.
Rather, let the lenders compete for your business to be sure you do in fact get the best mortgage possible.
A mortgage broker can do this for you. He or she can review your current situation and ensure you get the best rate and terms available. In most cases there is no fee.
Don’t be too quick to sign that mortgage renewal letter. Over 70% of Canadian mortgage holders do just that, and what is the usual result? A higher rate and a mortgage product that might not be best suited to your interests.
Experience has shown that the “Big Banks” send their mortgage renewals out at a posted rate.
Lenders are counting on the fact that most home-owners are too busy to ask questions or to inquire about getting a better rate, but don’t let this happen to you. Posted rates are way too high of a rate to lock into, which can cost you thousands over the term of the mortgage.
You should recognize that you are now negotiating from a position of strength as your mortgage principal has dropped and in most cases your home value has increased.
Lenders see you as a lower risk borrower and consequently you should be getting the best rates available. That may not happen if you simply sign the renewal document provided by your existing lender.
Rather, let the lenders compete for your business to be sure you do in fact get the best mortgage possible.
A mortgage broker can do this for you. He or she can review your current situation and ensure you get the best rate and terms available. In most cases there is no fee.
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