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For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. The mortgage world - like the investment world - can sometimes be confusing. There is a vast array of choices - open, closed, fixed, floating, long or short amortization, prepayment options, portability... and of course, the rate itself.
Making the right mortgage decision can have a huge financial impact over the long term. Many Canadians have an investment advisor to help them sort through their choices. Now, Canadians are also beginning to turn to mortgage brokers to help them make better mortgage decisions. Canadians are just now catching up with their counterparts south of the border, where mortgage brokers already arrange approximately 70 per cent of mortgages for U.S. properties.
So what is a mortgage broker? The role of a mortgage broker is to understand your mortgage needs, seek out the best options for your situation, and guide you through the lending process. A mortgage broker does not work for any individual institution or lender, but is independent, and has up-to-the-minute loan rates for a wide array of banks and other lending institutions.
There was a time when the banks exercised the view that they "owned" their customers, and mortgage brokers were perceived only as a last resort for home buyers with poor credit history. But times have changed, and home buyers in every bracket are learning they can benefit from the professional advice of a mortgage broker.
A good investment advisor can make you thousands of dollars. But a good mortgage broker will SAVE you thousands of dollars. Whether you are buying a home or renewing a mortgage, consider making a mortgage broker part of your financial plan this year.
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2% Mortgage Rates for Refinancing with President Obamas Stimulus Plan
By: MPetrone | 24/12/2009Homeowners can now get a mortgage refinancing into a 2% interest rate, save money, and save their home with President Obamas stimulus plan. This program is designed to help all sorts of homeowners find financial relief, save money, and avoid losing their home to foreclosure or mortgage default. It has never been easier or more beneficial to refinance a mortgage than it is now. Here is some information for homeowners who want to use this stimulus program for themselves.
New Mortgage Refinancing Options from CitiMortgage and Obamas Stimulus Program
By: MPetrone | 24/12/2009CitiBank is participating in President Obamas “Making Home Affordable” plan. This means that homeowners in all types of bad financial situations can get help refinancing a mortgage with CitiMortgage and it is easier, and more beneficial than ever before. Here are some things a homeowner should be aware of before using this plan to refinance their home loan.
Refinance a Mortgage by Using President Obamas Stimulus Plan
By: MPetrone | 24/12/2009The new mortgage stimulus programs available because of President Obamas “Making Home Affordable” plan will help millions of people. The help will come from new mortgage refinancing and modification options that will lower monthly payments, help homeowners avoid losing their home, and save people money. Here are some important things you should know regarding refinancing a mortgage with Obamas stimulus program.
FHA Mortgage Requirements
By: Florida Mortgage | 24/12/2009FHA loan qualifying requirements have been relaxed as part of the Federal government's Housing and Economic Recovery Act, 2009. The purpose of the act is to provide some relief for home owners affected by the subprime housing finance crisis, and to help stabilize the housing market overall.
An FHA loan can be the solution to monetary concerns or problems
By: FHA home loan Lender | 24/12/2009An FHA loan can be the solution to monetary concerns or problems.
Principal Reduction Program
By: Brian Correa | 24/12/2009A Principal Reduction Program is designed to help owners who owe more than their home is worth by removing their negative equity.
2010 Mortgage Interest Rate Predictions
By: MPetrone | 24/12/2009Mortgage refinancing in 2010 will still be beneficial to many homeowners, but I do predict that interest rates will rise making it less beneficial for everyone, and making it not beneficial at all for many others. While mortgage interest rates will remain low, they will rise, and I think I know when and why. Here are my mortgage interest rate predictions for 2010, and how I made them.
Refinancing a Mortgage with Chase Bank and Obamas Stimulus Plan
By: MPetrone | 23/12/2009Chase bank is taking part in President Obamas “Making Home Affordable” stimulus plan and offering new mortgage refinancing and modification options to homeowners. These new options allow all sorts of homeowners in all sorts of financial problems to easily get help lowering their monthly payments, saving money, avoiding foreclosure, or all of the above. Here are some important things you need to know about refinancing a mortgage with Chase and Obamas stimulus plan.
Downsizing Your Home, Expanding Your Options
By: The House Team Of Mortgage Intellingence | 01/04/2008 | Moving & RelocatingOnce the kids have grown and moved out, it often makes less sense to hold onto a big home. Ongoing maintenance costs and taxes may be difficult to justify when only one or two people are occupying the home.
7 Reasons to Use a Mortgage Broker
By: The House Team Of Mortgage Intellingence | 01/04/2008 | MortgageFor many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.
5 Steps to Making Your Dream Renovation a Reality
By: The House Team Of Mortgage Intellingence | 01/04/2008 | Home ImprovementThe lure of a stunning gourmet kitchen or sparkling spa-style bathroom may have you chomping at the bit to begin a home renovation. But if you heed the advice of experienced renovators, pre-planning and advanced preparation are the secrets to renovation success. Here’s a helpful checklist to get your renovation started on the right track
Is a Recreation Property Right for You?
By: The House Team Of Mortgage Intellingence | 28/03/2008 | Real EstateWhether it's called a cottage, a chalet or a country house, the lure of a recreation property far from the hustle of the city is too much for many of us to resist.
Trading Up? Tips to Get Into That Next Home Faster
By: The House Team Of Mortgage Intellingence | 28/03/2008 | Real EstateThe resale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association.
Belleville's House Team - One of Canada's Best
By: The House Team Of Mortgage Intellingence | 18/01/2007 | Press ReleasesLocal mortgage broker Peter House also named to national awards shortlist for Canada’s Broker of the Year
Mortgage "stores" are a Hit With Homebuyers
By: The House Team Of Mortgage Intellingence | 11/01/2007 | MortgageOkay, that may have been an easy one if you read the headline of this column. For most Canadians, their home is their biggest investment - and their most powerful financial tool.
Fixed or Variable-rate Mortgage?
By: The House Team Of Mortgage Intellingence | 11/01/2007 | Mortgage"Wow!" you say to your spouse as you hit the brakes on the car. "Did you see the mortgage rate those guys are advertising?" Your worries are over, you're thinking. Just lock in a rate like that for the next ten years, and you've got it made.