Tag Archives: Online Mortgage Calculator

Make the Most of Low Mortgage Rates in 2012

Are you in the market for a mortgage renewal this year? Then pull up your socks, grab a mortgage calculator, and get ready to start saving some serious cash! If you’re one of the many Canadians who settled for a fixed-rate five-year mortgage back in 2007, chances are you’ve been kicking yourself ever since. At the time, locking in a 5 percent or higher interest rate seemed like a bargain – the market was hot, housing prices were high, and interest rates were on a continued climb.

And then the bubble burst, the U.S. economy toppled, and interest rates dropped to historic lows. Five-year fixed mortgage holders were left with massive payments while the rest of the country took advantage of some of the best mortgage rates ever.

But the tides are about to turn. Continue reading →

Low Mortgage Rates = False Sense of Security?

Historically low interest rates are making it easier for Canadians to enter the real estate market. Why continue to rent when a mortgage payment could be less than your current monthly lease? If you’re considering the here and now, buying makes perfect sense. With the help of a seasoned mortgage broker, you can easily secure a best rate mortgage that’s cost-effective – but what happens when the market shifts and interest rates begin to rise? Continue reading →

Changes Coming for Mortgage Penalties

One of the easiest ways to ensure you’re getting the best mortgage rate around is to renegotiate your financing terms when interest rates are low. Which is great… except for one small problem: penalties. Banks are notorious for slapping borrowers with hefty penalties, especially those who are looking to wiggle their way out of a long-term fixed rate deal.

It used to be that borrowers could anticipate a penalty charge that amounted to approximately three months’ worth of interest at their current rate. Today, most lenders charge a penalty that is based on three factors:

  1. The current and past interest rates
  2. The outstanding balance
  3. The number of months left in the mortgage term

This is knowns as the Mortgage Rate Differential (IRD). Unfortunately for homeowners in search of a best rate mortgage, the IRD is now significantly higher than in the past thanks to rock-bottom interest rates. Continue reading →

Getting to Know Your Debt-to-Income Ratio

Do you know your debt-to-income ratio? If you’re like most Canadians, the answer is no. Unfortunately, failure to fully understand this important element of your financial portfolio could cause you grief when it comes time to secure a mortgage pre-approval. Luckily, calculating your debt-to-income ratio is easy – all you need is a good financial calculator and a few necessary numbers. Continue reading →

The Advantages of Searching for a Mortgage Online


Locating the best and most cost-effective mortgage has always been a cumbersome activity. Investigating interest rates, evaluating mortgage loans, as well as reviewing sources can take a substantial amount of time, effort, and expertise. Thankfully, on-line mortgage brokers, like FamilyLending.ca, are making it their mission to relieve these stresses and make mortgage browsing faster and easier. Locating the best mortgage offer is a valuable part of the home shopping process – make the search less complicated by utilizing the free online mortgage finance calculator as well as other options made available from FamilyLending.ca.

4 reasons why shopping online to get a mortgage loan is sensible:

It’s simple and convenient
Finding information about rates on mortgages has never been easier, thanks to Online Mortgage Brokers. Online mortgage loan organizations give home buyers endless access to important mortgage loan information and facts, along with the opportunity to shop around, as well as complete the mortgage acceptance process, right from the comfort of their own living room.

It helps secure your personal privacy
Purchasing a mortgage online will help safeguard a potential buyer from obtaining an unfair assessment based upon their social standing or local community ranking. Shopping by using an online mortgage loan website will ensure that you are offered a legitimate rate, and not one that’s based upon an unrelated factor.

It will help deal with Interest Rate volatility
The mortgage loan market is highly unpredictable by nature. The rate you see today could be higher than yesterday’s rates, and lower than tomorrows! Thankfully, on the internet mortgage brokers have got specific tools and techniques set up that make it easy for customers to manage market unpredictabilityand easily compare real-time rates.

It helps prevent low-balling
Mortgage low-ballers are financial institutions who trick customers by quoting them home financing rate they may have absolutely no intention of supplying. This occurs whenever a mortgage lender locks an interest rate with the existing “market price” merely to later increase the price when the time comes to complete the agreement. On-line mortgage loan buyers are not vulnerable to price low-balling simply because they can easily check their price online on the lock date. View our Rates Now!

Learn how to get the ideal mortgage online
There are a few factors you’ll need to understand prior to successfully finding as well as applying for a good online mortgage rate. First, you’ll need to understand the procedure for online mortgage loan searching. Family Lending offers a comprehensive collection of content articles on numerous mortgage loans, mortgage refinancing, the home equity process, and much, much more. You will also discover a free online mortgage loan finance calculator that may help you gain a much better understanding of your financial circumstances. Take some time to review these resources prior to shopping online in order to guarantee your comfortable with the actual mortgage approval procedure.

 

You’ll also wish to decide on the type of on-line mortgage you’d like – are you searching for a Fixed rate or Variable rate? Would you like to make biweekly installments or monthly installments? Knowing the answers to these questions is likely to make your online mortgage shopping encounter an enjoyable one.

 

You should not have to have a diploma in economics to understand an online mortgage loan application. Shopping on-line for a reasonably competitive mortgage rate is a great strategy to get educated on home financing, as well as make certain you receive the best possible mortgage. For more information on the online mortgages obtainable from FamilyLending.ca, please contact one of our customer service representatives toll-free at 1-866-941-6678.