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Prepayment Penalties and How They Are Determined
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Fixed Rate Mortgages
Fixed Rate Mortgages Fixed rate mortgages offer a stable payment that does not change throughout the term. With some lenders you have the ability to port and increase via blended rate or refinance with blended rate to avoid a penalty Statistically, most people don’t make it through a 5 year term for a variety of reasons such as: 1.- They move 2.- Need to refinance to access equity for debt consolidation 3.- To buy another property Bond Yields Unlike Prime which is dictated by Bank of Canada, fixed rates vary based mainly on bond yields. Bonds are typically safer investments than stocks. When the economy is less stable and stocks…
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If you break your mortgage prior to maturity, you will pay a penalty.
Variable rate mortgages have the simplest calculation. The penalty to break your mortgage is 3 months simple interest. The lender will either calculate your penalty on their prime rate or contract rate, which includes your discount. If your mortgage balance is $500,000 and the prime rate is 3.20% and the lender is basing the penalty on the prime rate, the penalty is $4,000.00. (Mortgage Amount x Interest Rate /12 Months) x 3 Months ($500,000 x 3.20% / 12) x 3 = $4,000 If the lender calculates the penalty based on the contractual rate and your rate was 2.40%, then your penalty would be $3,000.00 (Mortgage Amount x Interest Rate…
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The differences between variable rate mortgages and adjustable rate mortgages
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Canada's housing market: 5 things to know this spring, from mortgages to supply
Original Article Source Credits: Yahoo Finance, https://ca.finance.yahoo.com/
Article Written By: Steven Ladurantaye
Original Article Posted on: March 11, 2021
Link to Original Article: https://ca.finance.yahoo.com/news/canadas-housing-market-5-things-to-know-this-spring-from-mortgages-to-supply-145422706.html
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Why You Should Choose Corina Murphy Mortgages!
If you’re using a mortgage broker to assist with your financial transaction, you want to make sure you’re working with the best. A qualified mortgage agent will evaluate your present personal and financial situation and find a mortgage deal that is tailored to your needs.
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The State of the Residential Mortgage Market: 2021
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: March 26, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/03/the-state-of-the-mortgage-market-2021/
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Why you need to consider a variable-rate mortgage now more than ever
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Joseph Czikk
Original Article Posted on: March 30, 2021
Link to Original Article: https://financialpost.com/moneywise/why-you-need-to-consider-a-variable-rate-mortgage-now-more-than-ever
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Choosing a mortgage that is right for you
Original Article Source Credits: Canada.ca , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2021-01-22
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html
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Mortgage rates may rise as Bank of Canada ends emergency pandemic program
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Liz Beddall
Original Article Posted on: February 1, 2021
Link to Original Article: https://financialpost.com/moneywise/mortgage-rates-may-rise-as-bank-of-canada-ends-emergency-pandemic-program-2
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Mortgages Lead Credit Growth as Delinquency Rates Decline
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: March 9, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/03/mortgages-lead-credit-growth-as-delinquency-rates-decline/
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Canadian Real Estate Is Playing With Fire, Approaching Classic Bubble: BMO
Original Article Source Credits: Better Dwelling , https://betterdwelling.com/
Article Written By: Daniel Wong
Original Article Posted on:
Link to Original Article: https://betterdwelling.com/canadian-real-estate-is-playing-with-fire-approaching-classic-bubble-bmo/
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Common Mistakes People Make When Getting a Mortgage
Getting a mortgage can be a complicated process, and one can end up making many mistakes if one is not aware of the rules and regulations regarding the process. What you don’t know can definitely hurt you. Understanding these mistakes is important if you want to avoid making them. With understanding comes the knowledge necessary to make sure that your mortgage process moves smoothly. This is it is necessary for you to do your research before committing to a particular broker, lender, or mortgage program.
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Mortgage fees: Prepayment penalties
Original Article Source Credits: Canada.ca , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2020-09-16
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html
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Canadians haven't been this bullish about the housing market in at least ten years
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Shelly Hagan
Original Article Posted on: January 11, 2021
Link to Original Article: https://financialpost.com/news/economy/hot-property-market-stokes-rising-optimism-for-canada-consumers
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'This doesn't look like 2017:' Bank of Canada Governor isn't worried about a housing bubble
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Shelly Hagan and Theophilos Argitis
Original Article Posted on: January 21, 2021
Link to Original Article: https://financialpost.com/news/economy/bank-of-canada-governor-isnt-worried-about-a-housing-bubble
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Canada’s Real Estate Market Is The Fastest Growing In The G7, And The Most Inflated
Original Article Source Credits: Better Dwelling , https://betterdwelling.com/
Article Written By: Stephen Punwasi
Original Article Posted on:
Link to Original Article: https://betterdwelling.com/canadas-real-estate-market-is-the-fastest-growing-in-the-g7-and-the-most-inflated/
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RISKS OF CONDITION FREE OFFERS
What are the risks of Condition-Free Offers?
Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market.
If you have been pre-qualified by a licensed mortgage broker, you may be vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision.
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Busted! Don’t Believe These Mortgage Myths!
Working with an experienced mortgage broker is a great plan when buying a house. They can help pull your credit score, achieve a pre-approval, and close your mortgage in no time, so you can move into your dream home. However, misconceptions about these professionals have misled many individuals into believing that hiring a mortgage broker is not a good idea.
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Renewing your mortgage
Original Article Source Credits: canada, https://www.canada.ca
Article Written By: NA
Original Article Posted on: 2020-09-17
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
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