If you're new to the world of purchasing a home and haven't taken out a mortgage before, you may be confused about the differences between a mortgage broker and a loan officer at the bank. Although they can both provide you with a mortgage, there are differences between them that you'll want to learn so that you can get end up getting the best mortgage possible that matches your personal financial situation.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
Using a Mortgage Broker For Your Mortgage
This is a professional that specializes in mortgages and acts as a third-party to bring together borrowers and lenders. A broker can access a variety of lenders
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A new survey was conducted by Pfizer Canada that asked real estate brokers and agents in the province of Ontario about the price changes that could occur due to an owner smoking in their home. The survey showed that smoking could reduce a property's value by up to 29%. It's important to note, however, that Pfizer Canada is a pharmaceutical company that promotes a medication to help smokers quit the habit!
When considering the possibility of financing a home, some may overlook a few important considerations for lenders. Those buying a home with cash have less need to be concerned about the debt carried when buying a home compared with other applying for a home mortgage loan. Though higher mortgage interest rates and high debt levels can make it difficult to qualify for conventional mortgage options. Learn more about the debt-to-income ratio and how it may impact the ability to buy a home.
There are a lot of people that are just happy making their mortgage payments every month knowing that their 25 year mortgage will be paid off some day. For others, it's a race to the finish line where getting the mortgage paid off as fast as possible is a priority. If you fall into the second category and can't wait for the day when you can finally set the mortgage papers burning, here are the 3 tips you need to know in order to make it happen.
According to The Bank of Canada's recent financial review, the number of people choosing amortization periods longer than 25 years rose by 10% in 2014-2015. Almost half of all uninsured mortgages in this country are now amortized over 30 years which is in direct correlation to high prices. Having your loan spread out over such a long period of time certainly keeps the monthly payments down. It is also helping to keep the rate of delinquent mortgages down as well. However, because the debt is being paid back at such a slow rate, it leads to a higher overall level of indebtedness in Canadian households. Whether buyers choose to spread out payments or are forced to, the 30-year amortization is becoming pretty stand.
If you're like most Albertans you prefer the fixed-rate mortgage. This is according to a recent survey conducted by CIBC showing that most residents in the province would select a mortgage with a fixed-rate over a variable rate.
The market conditions have changed quite dramatically over the past twelve months. As a result, some homeowners may stumble upon financial hardships that make it difficult for them to pay their mortgage payments. Once your mortgage loan defaults, the chance of foreclosure increases.
When it comes to your next home purchase, location is going to play a vital role in your decision. You know that you have certain amenities that you want to be close to and will be asking your real estate agent to find you the perfect home in the right part of town. When it comes to real estate, location is relative but there are 4 different wanted amenities that are common to most potential buyers.
It's important to take certain precautions when you're house hunting or looking for a place to rent. In today's tight real estate market in Calgary, it can be easier to fall prey to a scam due to desperation. In order to help you avoid these scams, we have put together some common sense guidelines to follow.
Land surveys are prepared for residential homes and show you exactly where your home is sitting and any renovations and improvements that have been made to the exterior of the property. Some things that may show up on a survey report may include additional decks, pools, driveways and buildings that have been added. This is a legally binding document that can be called upon by the local municipality, mortgage company or the bank and its helpful when any real estate transfer is taking place.