Posted on March 10, 2014 by Mortgage Intelligence
2.99% rate Special. No Kidding!
New Mortgage applications can qualify for 2.99% for 5 yr fixed rate mortgages.
Compare most major lenders at 3.69% and higher.
Contact us for more information or Apply today
All Mortgages for this special must be completed in 45 days from application. OAC applies.
Filed under: Buyer and Sellers, First Time Buyer Basics, Mortgage News, Mortgage Updates, Real Estate, Your Money | Tagged: 2.99% rate Special, Fixed rates, low rate mortgages, Mortgage intelligence rate special | Leave a comment »
Posted on March 9, 2014 by Mortgage Intelligence
CMHC Increasing Fees.
On May 1st CMHC will be increasing the fees they charge when you need a mortgage for a homeowners and for rentals with 1-4 living units. Self employed individuals will also be affected.
This is the statment CMHC issued about the increase:
“The higher premiums reflect CMHC’s higher capital targets” said Steven Mennill, CMHC’s Vice-President, Insurance Operations. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”
Average Canadians will see this reflected as about a $5.00 increase to their monthly mortgage cost.
Please refer to the chart to see how the increases will affect fees:
Loan-to-Value Ratio -Standard Premium(Current)-Standard Premium
(Effective May 1st,2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
Non-Traditional Down Payment 2.90% 3.35%
CMHC reviews its premiums on an annual basis and, going forward,
plans to announce decisions on premiums in the first quarter of
each year. The homeowner premium increase follows changes
CMHC made to its portfolio insurance product earlier this year.
If you intend to buy a home this year, consider doing so before the fee increase on May 1st.
Get pre-approved today!
Filed under: CMHC, First Time Buyer Basics, Mortgage News, Mortgage Updates, Uncategorized, Your Money | Tagged: CMHC, CMHC fee increases, Increaes to CMHC fees, Mortgage Brokers Oshawa, Mortgage Intelligence | Leave a comment »
Posted on February 18, 2014 by Mortgage Intelligence
See You at the Home and Garden Show!
Look for the Mortgage Intelligence booth and fill in a ballot to win one of our fantastic prizes!
Friday, March 7 at 1:00pm
Free Parking is available.
Filed under: Being Green, Events and Activities | Tagged: GM Center, Home and Garden Show, Mortgage Intelligence, The Home and Garden Show | Leave a comment »
Posted on January 14, 2014 by Mortgage Intelligence
The Old Chicken and Egg dilemma applies to anyone thinking of buying another property. What’s the best thing to do Buy..Then Sell or Sell…Then Buy?
There is value in both scenarios but there can also be serious financial consequences. I read a great article in the Star today and it highlighted what happened to a couple in Toronto that found a home they fell in love with. Problem is they hadn’t tested the market and found themselves in the situation of owning 2 homes.
If you are thinking about selling your current home and looking for the next one you will enjoy the valuable information in the article. The Star
Please remember, just as you shopped for the right mortgage when you bought your existing home, it’s a good idea to be just as prudent the next time. Having a pre-approval in place is assurance that you can buy a home that you qualify for. Take advantage of our on-line Application to get Pre-approved today!
Filed under: Buyer and Sellers, Uncategorized | Tagged: Elfie Hayes, home buyers, Home Sellers, Mortgage Broker Oshawa, Mortgage Intelligence, Mortgage Pre-approval | Leave a comment »
Posted on November 29, 2013 by Mortgage Intelligence
Is the person referring you to a Bank for your Mortgage being paid by that same Bank or Trust Company or Credit Union?
Many lenders these days use financial incentives to get referrals from Real Estate Professionals and Financial Advisors. There’s nothing wrong with it provided they disclose it to you and you are aware that you might not be offered the many options available in the market place.
A referral is usually a good faith transaction, meaning that one professional knows of another professional who can serve the needs of the client. No money changes hands.
But that’s’ not what’s going on these days.
As a consumer you should be asking yourself if the referral from your professional is in your best interest. No one lender can provide the best solutions every time. A person who refers the same lender to each borrower, simply to receive compensation is not doing anyone a favor, except themselves.
Don’t take my word on this, read the article in the Globe and Mail
Mortgage Brokers have access to so many lenders and mortgage options. Banks can only access their own product shelf, so you may not be exposed to the best rates or terms from a single Bank, Trust Company or Credit Union!
Do your homework! Research the web! You deserve the right solutions when you need a mortgage.
Filed under: Mortgage Tips, Real Estate, Your Money | Tagged: Banks, Credit Unions, good faith referrals, mortgage referrals, Oshawa Mortgage Brokers, referral incentives to realtors, trust companies | Leave a comment »
Posted on November 29, 2013 by Mortgage Intelligence
Is this the Spirit of Christmas?
Is the Black Friday Stampede in the US a sign that the Christmas spirit is not alive and well?
Remember nothing is a bargain if you don’t really need it and buying gifts to impress people is not what Christmas is about.
There’s so much hype about Black Friday but making a list and checking it twice before setting out to shop should help keep you from impulse buying. Retailers offer some fantastic specials to get you in the door. If it’s not on your list, don’t buy it! The day of reckoning will come when the January credit card statement comes in.
This year many will choose to shop online. Think about all the stress you can avoid and the savings you achieve by not driving around to shop.
No one is asking you to be a Christmas Grinch! This year try using cash instead of credit for a truly Happy Holiday!
How are you planning to stay on budget this holiday season? We’d love to hear your tips.
Filed under: Events and Activities, Your Money | Tagged: Black Friday, Black friday specials, Black Friday Stampede, Christmas, Christmas Grinch, christmas spending, Christmas spirit, the Christmas spirit | Leave a comment »
Posted on November 28, 2013 by Mortgage Intelligence
If you have not opened a TFSA yet you could be missing out on potential savings including saving in the long term for retirement. Every year you are permitted to contribute $5,000 and any gain will be tax free.
The big difference between a TFSA and a RRSP is you will pay tax on the RRSP funds as you redeem them but the increase in value on the TFSA can be redeemed tax-free!
Depending on your tax bracket you may end up paying substantially more Tax through and RRSP.
To learn more about how a TFSA could help you save money for retirement please read this great article from moneyville.ca.
Thousands of our clients save everyday. They know the value of having “Your Durham Mortgage Solutions Team” get the low rate and great terms they deserve. To join them, Apply today!
Filed under: Community Interests, Uncategorized | Tagged: Retirement, RRSP, Save Money For Retirement, Tax Free Saving Account, TFSA | Leave a comment »