29 Mar

Reverse mortgage – Some common misconceptions

General

Posted by: Lynn Nequest

Reverse mortgage - Some common misconceptionsCommon Misconceptions of Reverse Mortgages

The words reverse mortgage carry some negative connotation. What does it really mean? What makes reverse mortgage different than a regular or demand mortgage in Canada? There are no payments required if 1 applicant lives in the home. Payments can be made if they wish, they are truly optional.

No medical required and limited income and credit requirements.
Clients can receive up to 55% of the value of their home in tax free cash, depending primarily on their age, property type as well as location.

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27 Mar

Getting on the Property Ladder

General

Posted by: Lynn Nequest

Getting on the Property LadderAs property prices continue to rise across Canada, the conversation around “how to climb the property ladder” has made a subtle shift to “how to get on the property ladder in the first place.” Especially if you’re single.
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26 Mar

Refinance Your Mortgage With the Help of a Mortgage Broker

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Posted by: Lynn Nequest

 

Spring into action: Refinance Your Mortgage With the Help of a Mortgage Broker.

We sprung forward earlier this month by changing our clocks one hour ahead. For some, their microwave and oven clocks are once again displaying the correct time since the last time we needed to adjust our clocks (in the Fall). Patience is a virtue – except for when it comes time to refinance a mortgage!

The Spring is a busy time for mortgage brokers across the country. We welcome this change in season knowing that we are in the best position to give families mortgages that make sense for them.

This is the time of year that banks begin to send out their mortgage renewal notices. Some people will simply sign the documentation sent over from their bank and take on a new mortgage at the rate the bank has suggested. However, this may not be the best rate for which you and your family can qualify.

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22 Mar

History of Mortgage Changes

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Posted by: Lynn Nequest

History of Mortgage ChangesThe mortgage industry seems to be ever-changing. What was applicable one day seems to no longer apply to the next and at times, it can be confusing to navigate through what all of these changes mean–and how they impact you directly. As Mortgage Brokers, we firmly do believe that although the industry has gone through MANY changes over the years, each time our clients are able to overcome them by practicing the same sound advice–which we will reveal at the end! But first, a walk through of the mortgage changes over the past few years and how the industry has changed:

LOOKING BACK

Before 2008

During this time, lending and mortgages policies were much more lenient! There was 100% financing available, 40-year amortizations, cash back mortgages, 95% refinancing, 5% down payment required for rental properties, and qualifications for FIXED terms under 5 years and VARIABLE mortgages at discounted contract rate. There was also NO LIMIT for your GROSS DEBT SERVICING (GDS) if your credit was strong enough. Relaxed lending guidelines when debt servicing secured and unsecured lines of credits and heating costs for non-subject and subject properties.

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21 Mar

But They Said It Was Portable…

General

Posted by: Lynn Nequest

But They Said It Was Portable…The question most often asked: ‘Is my mortgage portable?’

The answer most often given: ‘Yes.’

This answer is increasingly wrong.

In reality you qualify to move ~80% of the balance… maybe.

If you are thinking of:

  • Moving (upsizing or downsizing)
  • Locking a variable-rate mortgage into a fixed-rate product

… you would be well served to keep reading.

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12 Mar

Mortgage Payment Options… Which is the Best Option for Your Situation?

General

Posted by: Lynn Nequest

Mortgage Payment Options… Which is the Best Option for Your Situation?Once your mortgage has been funded by your lender, you need to decide on how frequently you want to make your mortgage payments.

Most people want to pay off their mortgage as quick as possible to save paying interest.

We’ll discuss various mortgage payment options and then do the math by crunching mortgage numbers, keeping in mind: the longer it takes to pay off your mortgage, the more interest you pay.

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11 Mar

What you need to know before you renew your mortgage

General

Posted by: Lynn Nequest

What you need to know before you renew your mortgageWhat you need to know before you renew your mortgage could save you thousands of dollars. Is your mortgage on your home or other properties maturing in 2018?

Typically you will receive your mortgage renewal notice from your current lender 3-4 months in advance of the renewal date. Sometimes you may receive an offer for early renewal. Either way, always reach out to your Dominion Lending Centres mortgage broker to find out your options and what you need to know before your renew your mortgage.

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7 Mar

Time For A Mortgage Renewal

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Posted by: Lynn Nequest

Time For A Mortgage RenewalIs your mortgage coming up for renewal this year?

There is a good chance that you or someone know has a mortgage coming due. Some 47% of Canadians, almost one out of every two households, that currently have financing in place will mature within the next 12 months with a major lender in Canada.

Here are a couple simple rules to follow if you, a friend, a family member or colleague are renewing your mortgage this year.

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5 Mar

Tips for your variable rate mortgage that could save you thousands

General

Posted by: Lynn Nequest

Tips for your variable rate mortgage that could save you thousandsWith changes to mortgage rules and interest rates on the rise here are some tips for your variable rate mortgage that could save you thousands.

Since 2009 the prime lending rate has shifted from a high of 6% down to 2% range remaining fairly level for the past few years before rising to a present day level of 3.45%. During that time, lenders have offered consumers high discount variable mortgage as low as 1.2% when rates were at their lowest, to current rates of 2.45 (depending on the lender and if the mortgage is insured or not).

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