Mortgages
The Biggest Mortgage Decision: Bank or Broker?
Posted by Brad Speniel | May 24, 2015 at 6:45 pm
ESTIMATED READING TIME: 3 minutes
If you’re like most Canadian homeowners, chances are you didn’t buy the first house you saw. You browsed some listings, you walked around some neighbourhoods, or drove around to find a few spots. Then you probably hit a few open houses, and you walked through several. Maybe even dozens. If you’re looking for your first home, you’ll likely do the same.
Buying a house is a big decision. You want to make the right choice. So when it comes to making one of the biggest financial transactions you’ll ever make – your mortgage – you might want to give it some serious consideration, too. So what will it be? Bank or broker? Here’s a little comparison between a mortgage broker vs. bank that we hope will encourage you to shop around.
First-time Home Buyers can Tap RRSPs to Help with a Home Purchase
Posted by Brad Speniel | May 23, 2015 at 8:44 am
ESTIMATED READING TIME: 4 minutes
Thinking about buying your first home? Wish you had saved up a good down payment? Maybe you have, but didn’t know it. Designed to help first-time buyers get into home ownership, the federal Home Buyers’ Program lets you access tax-free monies for use towards the purchase or even construction of your first home.
Why tap into your RRSP? The most common reason is to boost the down payment on a home. The bigger your down payment, after all, the smaller your mortgage. And you may qualify for better interest rates too; your healthy down payment shows the lender that you are a low-risk candidate for a mortgage loan. more First-time Home Buyers can Tap RRSPs to Help with a Home Purchase
A Peek Behind Deeply Discounted Mortgage Rates
Posted by Brad Speniel | May 23, 2015 at 8:40 am
ESTIMATED READING TIME: 1 minute
When considering a deeply discounted 5-year rate, keep in mind that cheapest isn’t always best. Strangely, we know that’s true when we’re shopping for anything else – but we still tend to think that the one and only factor in choosing a mortgage is that we need need to get the lowest mortgage rate. But, that low-rate mortgage could actually cost you more in the long run.
Understanding Collateral versus Standard Charge Mortgages
Posted by Brad Speniel | May 23, 2015 at 8:14 am
ESTIMATED READING TIME: 4 minutes
More lenders are moving to collateral charge mortgages so it’s becoming increasingly important to understand the differences between a collateral and standard charge mortgage. TD Bank announced in 2010 that all new mortgages will be a collateral charge mortgage. ING made the same announcement at the end of 2011 and it is expected that other lenders may follow. Collateral charge mortgages are now the only option with TD and ING. Standard charge mortgages are offered by the majority of all other lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. You choose the option that best meets your needs. So what’s the difference, and which is better for you?
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