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 »
Posted on November 27, 2013 by Mortgage Intelligence
MACP Provides A New Option for Spousal Buyouts
One Canadian Lender has come up with a solution to buying out a spouse to 95% of the value of the matrimonial home. Under the new Mortgage Rules of July 2012 is not possible to re-finance above 80% of a home’s value.
MCAP has created an option that allows buyouts to 95% of the value, making it possible for one spouse to keep the home after a divorce. There are of course certain guidelines that must be followed but overall this is a great solution for those who are divorcing.
The new options requires:
- A Separation Agreement finalized by a lawyer
- A simple Sale Agreement drawn by a lawyer. (deposit with offer is $0)
- Full CMHC premium to be paid (this is now a purchase not a refinance)
- Best rates apply for all mortgage terms at MCAP
This cannot be done if there is only one spouse on title and that is the spouse that wants to keep the house. That would be seen as a re-finance.
If you find yourself in a situation where you want to keep the matrimonial home after divorce please contact us. MCAP mortgages are provided by Mortgage Brokers only.
or use the handy form to contact us so we can determine if this solution is right for you.
Filed under: Family Times, Mortgage News, Uncategorized, Your Money | Tagged: dovorce, matrimonial home, MCAP, Mortgage Brokers, new mortgage, separation agreement, Spousal buyout | Leave a Comment »
Posted on November 26, 2013 by Mortgage Intelligence
Enjoy our 5 yr rate special
3.30% for a 5 yr fixed Mortgage
Filed under: Mortgage News, Your Money | Tagged: cheap mortgage rataes, low rate mortgages, Rate speical | Leave a Comment »
Posted on November 23, 2013 by Mortgage Intelligence
According to a webcast this past week with renowned CIBC economist Benjamin Tal, we are in a very different economy and our rates are not that usually low.
In a quote from the Globe and Mail:
“Finance Minister Jim Flaherty called Canada’s low interest rates an “anomaly” last week, echoing warnings that other government officials have been making since 2009. But one of the country’s best-known economists believes today’s rates are closer to normal than many think.
Benjamin Tal, deputy chief economist at CIBC, caught viewers off guard in a recent webcast with a mortgage company TMG The Mortgage Group. Whereas most economists have been calling for the Bank of Canada to lift its 1 per cent key lending rate back to a more normal 3 per cent, Mr. Tal thinks that these days, “normal” is significantly less.”
The current low rate environment means we can offer you even more competitive rates when you need a mortgage. Call us and find out how we can save you thousands on a mortgage!
Read the entire article on The Globe and Mail site. The information is enlightening, but then if you are a fan of Benjmin Tal, you already know his reports always bring clarity.
Filed under: Uncategorized | Tagged: Benjamin Tal, CIBC economist, Globe and Mail article, jim Flaherty, low interest rate, mortgage rate | Leave a Comment »
Posted on November 22, 2013 by Mortgage Intelligence
8 Tips to save you money on Bank related fees.
We always love to share information about saving money and today’s blog will go a long way to do just that!
Cash is no longer how we transact on a day-to-day basis. But we still need bank accounts to access funds with debit and credit. Most of us also have a line of credit or loan so there are fees that can be reduced or eliminated with the right tools.
Bank fees are perceived as being too high according to a recent Ipsos-Reid Poll so get ready to do your share of saving by following some of all of our tips.
- Check your monthly statement to see just what you are paying each month. Knowledge is power.
- Virtual Banks often have no-fee chequing and some actually allow you to have an account without monthly fees. PCF is certainly one option to consider.
- If you still want to stay with your bank, find out if they have low-fee accounts. Chances are you aren’t using all the features of a high fee account anyway.
- Be bold! Ask your bank for discounts if you are a Senior, student or youth. You won’t know if you don’t ask.
- No single Bank is all things to all people. Some have lower fees on loans than others services. If it’s not inconvenient, use more than one institution for your various needs.
- Use less cheques. Accounts typically charge for each cheque processed. Make on-line banking your best friend. And don’t forget about services such as Paypal. They allow you to buy on line and use your credit card in a very safe environment. Best of all Paypal is free.
- Create a budget for all your spending and use debit or cash more so than credit. High interest fees on credit cards drive up monthly costs more than Bank fees will if you can’t pay off the balance each month. Most credit cards carry an interest rate of 19%; store cards are about 28%. Are you surprised?
- Use your own Bank’s ATM, fees are anywhere from $1.50 to $3.00 per transaction at outside ATMS.
We’re always here to help you save. Your Mortgage may be your largest debt so be sure to ask us about the best possible rate when you need financing.
Filed under: Your Money | Tagged: ATM fess, bank account fee, Bank fees, credit card, debit and credit, Line of Credit, Low-fee Banking, lower borrowing costs, lower credit card fees, PCF, Save bank fees | Leave a Comment »