Before you set out to secure the lowest mortgage rate available, you’ll need to make an important decision concerning your payment term. Almost every new mortgage customer struggles when it comes to deciding their amortization schedule. While some customers prefer the lower monthly costs of a long-term mortgage, other’s want to pay off their loan as quickly as possible.
So, should you go for a short-term or long-term solution? Let’s look at your options. Continue reading
Fixed or variable? If you’re thinking about buying a home, it’s one of the most important decisions you’ll make. According to a recent poll conducted by CIBC, 50 percent of Canadian’s prefer to go with a fixed rate mortgage product – an increase of 39 percent over last year’s numbers. And while this isn’t surprising, given the convergence of fixed and variable rates over the past six months, it’s a telling sign of the times. More and more Canadians are locking in low, long term mortgage rates in anticipation of rate hikes from the Bank of Canada. Continue reading
The Financial Post recently reported that Canadian real estate investment trusts (REITs) have rallied to the highest levels in five years, and that’s despite Finance Minster Jim Flaherty’s constant threat of increased interest rates.
So, just what is a real estate investment trust and how can it impact your best mortgage rate search? Let’s take a look. Continue reading
Finding your dream home just became a whole lot easier thanks to HomeSort.ca, a new interactive website that makes organizing, comparing and sharing promising real estate listings easy. Developed by industry-leading online mortgage specialists, FamilyLending.ca, the HomeSort.ca system takes the hassle out of home hunting.
“Looking for a new place is tough,” explains Robb Nelson, President and CEO of FamilyLending.ca, “Monitoring, comparing, and sharing listings with your circle of friends and professional acquaintances used to require hundreds of emails, phone calls and print-outs. Now all you need is your free HomeSort.ca account.”
With a few simple clicks, users can save different real estate listings from external sites like HomeFinder.ca, Zoocasa.com and Realtor.ca into HomeSort.ca’s streamlined property management system. Simply copy and paste the URL of the listing and HomeSort.ca will save important details to your account for future access. Continue reading
More stringent mortgage qualifications are on the way. On Tuesday, the Office of the Superintendent of Financial Institutions in Canada released draft recommendations that would impact Canada’s banks and other federally regulated lenders.
The 18 page document contained a slew of information, the majority of which make complete sense. However, there’s still great cause for concern in the financial sphere. According to this document, the OSFI is proposing a swift implementation that could shake the system off its foundations. One reputable mortgage source described the OSFI’s recommendations as a “policy-initiated free-fall”.
While we encourage home hunters to review the entire document (available via this link), here’s what best rate mortgage hunters need to know. Continue reading