An Adjustable Rate Mortgage is a long-term home mortgage that features an adjustable interest rate. Its counterpart, the fixed rate mortgage, has a predetermined mortgage rate that spans the life of the mortgage repayment time. These mortgages are often referred to as Variable Rate Mortgage or as Renegotiable Rate Mortgage. An ARM in Canada will … Read more
If you feel you are paying too much on your mortgage, you always have the option to refinance your mortgage. The problem many homeowners fall into is when they should refinance. The interest rates go up and down with no signs of stopping. Always remember the mortgage you have for your home is your key … Read more
When you are working on deciding what kind of home you are going to buy, you need to think about the mortgage you can afford. If you get a mortgage too high, you will not be able to afford to make the payments every month. This is why you should be using a mortgage calculator … Read more
Even though the modern borrower obtaining a mortgage loan is a lower risk, there is still an insistence in the mortgage industry for borrower to obtain mortgage insurance if the down payment is less than 20%. The ability to cut this amount is essential for home buyers to save money. This is due in large … Read more
Buying a home is a really exciting experience for people. Making a mortgage payment for the rest of your life is not as exciting of a prospect for you. This is one of the many reasons why people would like to pay off their mortgage payments as early as possible. Since this is not as … Read more
When shopping for a mortgage a lot of first-time homebuyers make the mistake of only looking for the lowest mortgage rate. Although your mortgage rate is very important, pre-payment privileges can be just as important, especially if you plan to pay off your mortgage a lot sooner. Homebuyers have the choice between two types … Read more
Two of the most costly closing costs for homebuyers are home inspections and legal fees. Although most homebuyers know the importance of a home inspection, it’s important not to overlook the crucial role your real estate lawyer plays. Buying a home is a big investment – you’ll want to make sure your best legal interests … Read more
When you’re shopping for a mortgage, probably the last thing on your mind is mortgage penalties. If you’re a savvy homebuyer you’ll look for the lowest mortgage rate with a broker. While most closed mortgages offer some prepayment privileges (i.e. increase your payment or make lump sum payments), you’ll be hit with a huge penalty if you pay off your entire mortgage early. Before you sign on the dotted line, it’s important to understand your lender’s mortgage penalties – once you’ve signed it’s too late and you’re at the mercy of your lender.
[color-box] Next week we will be publishing a complete, straight forward guide on choosing life insurance. It will be completely transparent and will remove a lot of the confusion surrounding life insurance.[/color-box] Talking about ones own demise is never easy or fun, but it is essential. When protecting your family from unexpected loss the mortgage can … Read more
The once red hot real estate market has had some air let out of its balloon. Last year the federal government tightened mortgage rules, capping the maximum mortgage amortization at 25 years for high ratio mortgages (buyers with less than a 20 per cent down payment) to avoid a major housing correction. Vancouver has been … Read more
