Archive for the ‘Toronto Mortgage Broker’ Category

Bank of Canada Slashes Growth Prediction

Share Canada’s economic growth will decelerate sharply in the second quarter of the year, according to a new report by the Bank of Canada. The country’s central bank said it now expects Canada’s gross domestic product (GDP) to expand in the April-to-June period — but by less than half of the 4.2 per cent it [...]

7 Ways to Better Your Credit Score

Share If you’re in the market for a mortgage, a car loan, or looking to rent an apartment, it may be time to check your credit score. A credit score is an ever changing three-digit number between 300 and 900. The higher your number, the more likely you are to be approved for a loan [...]

First National’s Option 60

Share Last week, First National rolled out a 3.79% 5-year fixed offer called “Option 60.” It’s a fairly decent rate for a nationally-available full-featured mortgage that includes a:   60-day rate hold [Most competing full-featured mortgages at this rate have only a 30- or 45-day hold.]   15% lump-sum prepayment privilege 15% payment increase option [...]

Top 10 Effects Of The New Mortgage Rules

Share We may not go 10 for 10, but crystal ball-gazing is fun nonetheless. In this humble of spirits, we present ten trends to watch out for in 2011, courtesy ofFlaherty & Co.’s new mortgage regime: Lower purchase and refinance demand will depress mortgage volumes, sparking greater rate competition as lenders battle for less business [...]

Buying a home is about to get tougher

Share The federal Conservative government is expected on Monday to introduce new rules aimed at toughening up mortgage lending in an effort to curb further growth in record household debt levels. The key change Finance Minister Jim Flaherty is likely to unveil is a cut in the maximum amortization period, to 30 years from 35 [...]

The Truth About Home Loans

Share Home loans are available from several types of lenders—thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than [...]

Mortgage Refinancing

Share Have interest rates fallen r do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? The answers to these questions will influence your decision to refinance your mortgage. But before [...]

Pre-qualification vs. Pre-approval: Understanding the Difference

Share A borrower(s) can choose one of two techniques to get qualified when looking for a mortgage. One is a Pre-Qualification and the other is a Pre-Approval. These two terms are often misused and cause a lot of misrepresentation. Let’s see if we could understand the difference between the two. Pre-Qualification is a term meaning [...]

Understanding Your Options for Interest on Home Loans

Share The world of home mortgages is more than just a bit murky.  An incredible number of different loan types exists that can confuse potential homebuyers and make the entire process very frustrating.  One of the best ways to judge a mortgage is by the interest charged.  While this might sound straightforward, it will require [...]

Top Reasons a Larger Down Payment Will Save You Money on a Home Loan

Share Homeownership is a liberating experience, particularly if you have been a longtime renter.  Owning your own home is one of the best investments you will ever make, regardless of what the real estate industry might do – you simply hold onto your property until the market rectifies itself and you’re back in the black.  [...]