ALWAYS Shop Around When Renewing Your Mortgage

The most important thing we can stress to homeowners when it comes to their mortgage renewal is to not just simply believe that your current lender is offering you the most competitive rates. Many people like to keep things simple and just get that off the list of things to do as quickly as possible. But rushing into your mortgage renewal could end up costing you thousands of dollars. We encourage homeowners to always check with a broker to find out what the current most competitive rates are. Most often our clients are amazed at the difference between their current lenders offer and what we are able to…

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CMHC “Shared Equity Program” for Home Buyers Released in the Federal Budget March 19th

The Federal Finance Minister Released in his March 19th Budget a New CMHC Program to assist New Home Buyers with their mortgage payments.  All of the detail have not been released yet however will be over the next few weeks.  This program is aimed at new home buyers to reduce their mortgage and therefore their monthly payments. How the  program is set to work is a home buyer will potentially receive 5%-10% of their purchase price in a “loan” applied to their mortgage at the onset of the purchase that reduces that mortgage amount.  Although it looks somewhat great it is limited to new home buyers, the 10%…

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Terminology Tuesday – Introductory Rate Offers! What are They – Do The Math!

Introductory rate offers are not new, banks have offered them in the past however it has been quite some time since that type of special rate term was made available. The way it usually works is the lender will offer a low interest rate for your mortgage that will be lower than the best rate offered for a full five year term.  An example is usually for 6-9 months and then the rate will go up for the remainder of the term which is almost always based on 5 year mortgage term.  That interest rate for the remainder of the mortgage term is  higher than the best discount…

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