Mortgage Musings & Real Estate Tangents

Get the Most from Your Financing with a Mortgage Check Up

Posted on May 16, 2012 by cabryant

Have you thought about your mortgage lately? Your financial picture can change significantly over time, and having the right mortgage strategy is an important part of making sure your financial needs and goals are met. A personalized mortgage check up is an easy, no-obligation way to:

Ensure that your repayment approach suits you, for example with payments structured to maximize mortgage principal reduction.
Ensure any consumer debt you may have (such as credit card balances) is transferred to a lower interest rate.
Ensure you have access to the lowest-cost funds for renovations, education or other major expenditures.

Common reasons for a mortgage check up

You are planning to have children
You want to explore your investment options
You or your spouse have had a change in employment
You are looking to start or buy a business
You would like to renovate your home
You would like the assurance of fixing your mortgage payments
You are trying hard to manage your payments
You can’t remember the last time you assessed your home financing strategy

CaroleAnn Bryant, Broker

Posted in Credit, Finances, Investments, Mortgages, The Mortgage Industry | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, consolidating debt, Durham, financial, financial plan, good credit, home loans, interest rate comparisons, investments, Kawartha, Kingston, lender, Lindsay, mortgage, Mortgage Agent, Mortgage Broker, mortgage interest rates, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, quotes, rate shopping, real estate, refinancing, saving money, savings, Toronto, Trenton, Whitby | Leave a comment

Christmas spending catching up with you?

Posted on February 4, 2012 by Dale

It is that time of year again when perhaps the extra spending at Christmas is starting to catch up to you. I thought this would be a good time to recap some tips on how to improve your credit score or keep it in good standing. Check out this link and listen to Steve Ely, President, Equifax Personal Information Solutions.

http://debtconsolidationcanada.net/tips-to-improve-your-credit-score.html

CaroleAnn Bryant, Broker AMP

Posted in Credit, Finances, The Mortgage Industry, Uncategorized | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, consolidating debt, credit score, Equifax, financial, financial plan, good credit, GTA, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, Toronto, Trenton, Whitby | Comments Off

Hiring a Home Inspector

Posted on January 24, 2012 by Dale

Before making what will likely be the most expensive purchase of your life, it is a good idea to know about any potential problems before you make a commitment to buy a property. There is no money-back guarantee or return policy if you are surprised by what you find after you move in. If you do not feel you have the knowledge to judge the condition of a home, hiring a home inspector can give you peace of mind. A properly trained home inspector will review your house as a system, looking at how one component of the house might affect the operability or lifespan of another. After performing a comprehensive visual inspection of the exterior and interior of the home they will create a written report. Typically within 24 hours of the inspection your will be given this report. The report will identify areas where repairs may be needed, components that are not working properly, items beyond their useful life, safety issues and where there may have been problems in the past. The home inspector should be willing to answer any questions you have after reviewing the report.

Reputable home inspectors generally belong to a provincial or regional industry association. You can ask to see proof of that membership and for references from past clients.

CaroleAnn Bryant, Broker AMP

Posted in Finances, Investments, Real Estate | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, Durham, financial plan, home inspection, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, real estate, saving money, Toronto, Trenton, trust, Whitby | Comments Off

It Pays to Shop Around at Renewal Time

Posted on January 10, 2012 by Dale

Manulife Bank recently surveyed 1,000 Canadian Homeowners between the ages of 30 – 59 and this survey showed two-thirds did not compare mortgages from more than one lender when they last renewed. The youngest group (ages 30-39) was the most likely to shop around. Statistically people who auto-renew with their existing lender pay 1/2%-3/4% more than necessary. A 1/4% rate difference on a 200,000 mortgage amortized over 20 years amounts to 4,000 more in interest over five years. I can think of other ways I would like to spend that money than put it in the lender’s pocket.

A simple phone call to a Broker or internet search of current mortgage rates 120 days before your mortgage is renewing could save you a significant amount of money.

CaroleAnn Bryant

Posted in Credit, Finances, Mortgages, Quotes, Rate hold, Statistics, The Mortgage Industry, Uncategorized | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, consolidating debt, Durham, family and friends, financial, financial plan, GTA, home loan, home loans, interest rate comparisons, investments, Kawartha, Kingston, lender, Lindsay, mortgage, Mortgage Agent, Mortgage Broker, mortgage interest rates, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, quotes, rate shopping, refinancing, saving money, Toronto, Trenton, Whitby | Comments Off

Don’t Give Up Yet

Posted on November 14, 2011 by Dale

Don’t give up on your variable rate mortgage just yet. Although fixed rates are low and some may feel they should lock into these great rates; think again. Recently, economists were urging bank governor Mark Carney to hike rates and soon. However, it appears the next move by the Bank of Canada will be to cut interest rates or keep interest rates where they are, maybe until this time next year.

Sheryl King, head of Canada economics at the Bank of America’s offices in Toronto, said she expects the central bank will cut the rate to 0.25 per cent by early next year.

The next Bank of Canada announcement is on December 6, 2011.

- CaroleAnn Bryant, Broker AMP

Posted in Credit, Finances, Mortgages, Rate hold, Statistics, Uncategorized | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, Durham, financial, financial plan, GTA, home loan, home loans, interest rate comparisons, Kawartha, Kingston, Lindsay, mortgage, Mortgage Agent, Mortgage Broker, mortgage interest rates, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, rate shopping, refinancing, saving money, Toronto, Trenton, Whitby | Comments Off

Free Closing Costs on CHIP Reverse Mortgages

Posted on October 13, 2011 by Dale

For the first time ever, Canada’s reverse mortgage provider (CHIP) is waiving borrower’s closing costs.

This is a limited time promotion that saves seniors $1,495 on legal, closing, and administrative fees.

The promo applies to 3- and 5-year terms only. Borrowers must apply by Nov. 30 and close by Dec. 31.

CHIP is a product of HomEquity Bank.

Posted in Finances, Mortgages, The Mortgage Industry | Tagged Belleville, blog, Bowmanville, Cobourg, consolidating debt, Durham, financial, financial plan, GTA, home loan, home loans, Kawartha, Kingston, lender, Lindsay, mortgage, Mortgage Agent, Mortgage Broker, mortgage interest rates, mortgages, no charge, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, real estate, refinancing, saving money, savings, Toronto, Trenton, Whitby | Comments Off

Variable rate discounts

Posted on September 19, 2011 by Dale

Recently the variable discounts have been changing, multiple banks have been slashing their discounts as the spreads are not profitable enough. With the availability of a 5 year fixed at 3.39%, new borrowers are faced with choosing the fixed versus the 5 year variable at Prime -0.55%. Many factors should be considered when choosing your mortgage and these recent rate changes make that decision just a little bit harder.

Posted in Finances, Mortgages, Pre-approval, Rate hold, The Mortgage Industry | Tagged Belleville, best mortgage, blog, Bowmanville, Cobourg, Durham, financial, financial plan, GTA, home loan, interest rate comparisons, Kawartha, Kingston, lender, Lindsay, mortgage, Mortgage Broker, mortgage interest rates, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, rate shopping, saving money, Toronto, Trenton, Whitby | Comments Off

Canada Day

Posted on June 30, 2011 by Dale

Canada’s Prayer

I’m dreaming of Canada tonight.
A country where mountains and hopes touch the sky
A country where an ocean of kindness fills all hearts
A country where ideas are a forest of wisdom
Oh God let me wake up in Canada!

I’m dreaming of Canada tonight.
A country where compassion is as tall as a douglas fir
A country where understanding is as deep as a great lake
A country where confidence grows like grain
Oh God let me wake up in Canada!

I’m dreaming of Canada tonight.
A country where happiness flows like the water of a river
A country where love is a breath of fresh air
A country where peace covers the land like snow
Oh God, please let me wake up in Canada, tonight… by Chris Robertson

-CaroleAnn

Posted in Holidays, Miscellaneous | Tagged family and friends, Northumberland, Thanksgiving | Leave a comment

Changes to Reverse Mortgage Lending

Posted on June 13, 2011 by Dale

HomEquity Bank which offers the CHIP Home Income Plan has lowered the eligibility age from 60 to 55. This is in response to a significant demand by couples where one spouse is over 60 while the other may be a few years younger.

HomEquity Bank has been operating for 25 years and is the only national provider of reverse mortgages in Canada. Reverse mortgages are offered to Canadian homeowners and have no income, credit or health qualifications. Unlike traditional loans, borrowers don’t have to service the interest or repay the principal for as long as they own their home and are living in it.

For more information about reverse mortgages visit our website http://www.canadasreversemortgage.ca

Posted in Credit, Finances, Financial Advisor, Investments, Miscellaneous, Mortgages, The Mortgage Industry, Uncategorized | Tagged Belleville, blog, Bowmanville, Cobourg, consolidating debt, Durham, financial, financial plan, good credit, GTA, home loan, interest rate comparisons, Kawartha, Kingston, lender, Lindsay, mortgage, Mortgage Agent, Mortgage Broker, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, real estate, refinancing, reverse mortgage, saving money, Toronto, Trenton, Whitby | Leave a comment

Making your own Sunny Day!

Posted on May 27, 2011 by Dale

Over the past week the rain has been coming down and so have the mortgage interest rates with many of the lenders. In the month of May rainfall in the GTA is double the average, and some parts of Ontario have set historic rainfall records; Ontario also continues to experience historically low interest rates. These low interest rates give home owners who have mortgages some much appreciated financial relief. And just as the rain won’t continue forever, neither will these historically low rates, so now is the time to prepare for when they eventually go up. Putting down a lump sum on your mortgage, increasing your monthly payment or paying off other debt certainly are positive steps in your financial wellness today and for the future.

If your mortgage doesn’t reflect these low interest rates, give us a call. It doesn’t always make financial sense to switch or refinance your mortgage but when it does make sense it certainly becomes a sunny day!

Dale

Posted in Finances, Mortgages | Tagged Belleville, blog, Bowmanville, Cobourg, consolidating debt, Durham, financial, financial plan, GTA, home loan, home loans, interest rate comparisons, Kawartha, Kingston, lender, mortgage, Mortgage Agent, Mortgage Broker, mortgage interest rates, mortgages, Northumberland, Oshawa, Peterborough, Port Hope, Quinte, refinancing, saving money, savings, Toronto, Trenton, Whitby | Leave a comment