10 Things to Consider Before your Mortgage Renews

1. Have you explored all your options? 
Once you receive your mortgage renewal statement, there’s
nothing easier than simply signing on for another term.
But while this may makes sense in many cases, your
family or financial situation may have changed over time.
We can look for opportunities that could better meet your
needs right now.

3 Mortgage Refinancing Tips

Mortgage refinancing is a great way to take advantage of low interest rates and save a lot of money. However, many homeowners do not think that they will be able to get approved for a beneficial mortgage refinance and are scared off. Never fear! Here are some home loan refinance tips that homeowners can use to help them get approved for a beneficial mortgage refinancing.

6 Home Mortgage Tips to Maximize the Value of Your Loan

Are you currently preparing to buy a home?

Or do you want to maximize your money during a refinance on your current home?

We had our last five children in only seven years and while they were little, we moved eleven times in thirteen years.

We used to let the kids play in the boxes, until one day when we almost taped up a three year old in a wardrobe box.He thought it was funny, but his mama was mortified! From that point on, we let a friend babysit the herd on packing day!

Mortgage Top 10 Tips

1. Do your homework

If you already have a mortgage, dig out your documents and find out more about the product you currently have. It’s not enough to just know what your monthly payments are. Find out what rate you are on, when it’s up for renewal, the penalty fee to break your mortgage, and the restrictions for changing your mortgage rate (i.e. the conversion privileges for moving from a variable rate into a fixed rate).

If you are a first time home buyer, make sure you have a complete picture of your total income, debts and expenses so the lender can easily determine how much you can afford. A good rule of thumb is that your mortgage payments should not exceed more then 40% of your net income.

2. Don’t take on more debt than you can afford

It seems that Canadians (and the rest of the world) are taking on too much debt. This is partly a result of record low interest rates which have encouraged consumers to borrow more money. But interest rates have been low for a long time now and as the economy picks up pace, it is inevitable that rates will increase.

Many experts are saying rates will increase in the third quarter of 2013, so be sure to plan for rate increases when calculating how much debt you can afford.

Tips And Tricks When Looking For A Mortgage

You have made the call, you’re going to start looking for a house. Now comes the dreaded procedure of getting a mortgage. So what are the best questions to ask and some tips and tricks from experts for getting yourself a mortgage you can live with, for the house that you live in.

Mortgage lending and things you should know

  If you are thinking of buying or refinancing or just looking to give some advice to a friend or family member, read ahead.  Some words of wisdom: that we can all benefit from:

•  If you are speaking to a loan officer at a bank, a mortgage banker or a mortgage broker and they ask that you help them fill out an application without going over your financial pedigree, you may be asking for a lot of trouble.

Mortgage – Helpful Tips

1. Different Loan Types Explained

Standard Variable Rate Home Loan

The Standard Variable Rate loan is the most common type of home loan. The interest rate that applies to the loan is subject to change, depending on the official rates set by the Reserve Bank rate and the prevailing market conditions. If the rate is increased, so do the amount of your regular loan repayments. If the rate falls, your repayments will be accordingly reduced.

This type of loan is the most flexible and may include optional features such as the ability to make extra repayments, to split the loan, or to redraw extra repayments made.

Basic Variable Rate Home Loan

A Basic Variable Rate loan is usually a “no frills” version of the Standard Variable Loan, good for the budget conscious borrower. It generally offers a lower interest rate, but with less flexibility and fewer features than the Standard Variable roan. In some cases, there will also be more restrictions on this type of loan, with higher fees charged for greater flexibility. As with the Standard Variable Rate, the Basic Variable Rate is subject to official and market interest rate changes.