Archive for Mortgage and Credit Info

Getting the right mortgage for you!

Sasha Dear / December 1, 2011 / No comments

Mortgage rates change daily, but when you’re shopping for a loan, interest rates tell just part of the story. You’ll also need to study the various fees lenders charge. Don’t get caught up in the pitfalls of financing, give me a call today, and I can recommend several qualified mortgage professionals to answer all your questions.

Category: Buyer & Seller Info, Mortgage and Credit Info /

Clarity on New Mortgage Rules

Sasha Dear / July 6, 2011 / No comments

 

Mortgage rules changed this year, causing some confusion for homebuyers and homeowners.

For homebuyers, the biggest change is a reduction in the amortization period – the amount of time after which, if all monthly payments are made on time and in full, the mortgage loan will be repaid.

Under the changes, the maximum amortization period was decreased to 30 years from 35 years for all new government-backed insured mortgages.  A shorter period for repayment will mean that your mortgage payments will be greater. However, this shorter period means your mortgage will be paid off faster and you will save on interest.

Generally, if you are just setting up your mortgage, it’s a good rule to go for a short amortization and not be tempted by the longest amortization possible. A longer-term obligation may seem appealing, as it will leave you with more cash in hand each month. However, if you seek out the shortest amortization schedule you can afford, you will pay down your mortgage faster and incur less in interest charges. Ask your Mortgage Broker for advice on what strategy would be best for you.

For existing homeowners, the recent regulations do not cause any change in your existing mortgage. However, the biggest change is in the amount you can borrow against your home for refinancing. The maximum amount Canadians can borrow in refinancing their mortgages has been reduced to 85 per cent of the value of their homes, down from 90 per cent.

This is the second time in two years that the refinance limit has been tightened. In April 2010, it was reduced from 95 per cent of the value of your home to 90 per cent, and, with the latest reduction, this means a ten-percentage-point reduction in the amount you can borrow against your home.

This will mean you can borrow less against your home for things such as investing for retirement or for renovations. It may also mean that you will have to revisit your long-term financial plan — or explore other financing routes. A qualified financial adviser may be able to help.

While the recent rules will make home financing more difficult in some circumstances, in theory these changes should make for lower debt levels over time and could provide consumers with an incentive for more prudent financial management.

Article provided in part by ScotiaBank

Category: Buyer & Seller Info, Market Updates, Mortgage and Credit Info / Tags: , , , , ,

Latest Mortgage Rates

Sasha Dear / December 22, 2009 / No comments
This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.shaunoflynn.ca
Terms Bank Rates Our Rates
6 Month 4.60% 3.85%
1 YEAR 3.65% 2.35%
2 YEARS 3.95% 2.95%
3 YEARS 4.50% 3.25%
4 YEARS 5.19% 3.85%
5 YEARS 5.59% 3.79%
7 YEARS 6.60% 5.25%
10 YEARS 6.70% 5.35%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.25%
Variable rate mortgages from as low as Prime - .15% 

Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.
Category: Buyer & Seller Info, Mortgage and Credit Info / Tags: , , , , , , , , ,

Shameless Plugs – because they deserve it!

Sasha Dear / December 13, 2009 / No comments

In our industry we have the opportunity to meet so many other industry related professionals, and sometimes, you realize that there are those who simply stand out from the rest of them. Those who consistently deliver great results, and exceed your expectations.

In a world where competition runs high, it is only right to help promote those who deserve high recognition for their service.  Here are my shameless plugs. I would recommend the following individuals and their businesses to my closest friends, family, other Real Estate Professionals, and Clients alike. After-all, there are so many times when we all need to locate the services of someone, and word of mouth referral is something that most of us come to depend on. Please note that I make no financial gain from any of the following. You can depend on the following referrals:

Barrie Move N Save. The owner the company, Robert Winder,  is hard working, and has recently expanded his moving company to encompass other services such as removal, long distance, storage, RV and boat haulage, deliveries. Barrie Move N Save now has a large fleet of trucks, and a great team of professionals who can undertake any request. You may find this local company more ‘approachable and flexible’ that the larger franchises. http://www.iwillmoveit.com/

Simcoe Muskoka Generators by Geoff Sale Electric. Authorised supplier, installer, and servicing of Guardian Automatic Stand-by Generators for both residential and commercial use. Geoff is a Master Electrician who specializes in supplying his customers with sound advice and quality of work that surpasses the standards required. www.simcoe-muskoka-generators.com

 Shaun O’Flynn – Mortgage Broker. Whether you are in a position where you need assistance with personal credit, or simply looking at alternative financing options, Shaun O’Flynn really does go above and beyond to help you achieve your goal. He has helped people get what they want or need where others have failed. soflynn@rogers.com

Greg Thomson – Buyer’s Choice Home Inspections. It costs the Buyer up-front to have an inspection done on the home they wish to purchase. You’ve heard the horror stories! Hire someone who is recommended. Greg Thomson, with Buyer’s Choice, is honest and detailed in his duty to inform his Clients about all aspects of the home. Contact Greg on 1-888-646-6302

Category: Buyer & Seller Info, Mortgage and Credit Info, Off Topic, recommended contractors/services / Tags: , , , , , , , , , , , , , , , ,

Great News For First Time Home Buyers

Sasha Dear / November 19, 2009 / No comments

photo 5Great opportunity for first-time homebuyers

If you’ve been thinking about purchasing your first home, but haven’t yet made up your mind, now is an ideal time to think about taking the plunge into homeownership.

 Your first step in the home-buying process should be to talk to a licensed mortgage professional. These experts have access to a vast array of lenders – up to 90+ institutions, including big banks, credit unions and trust companies – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products.

 

Fulfill your dream

Fulfill your dream

 Mortgage professionals can get you pre-approved for a mortgage so that you know how much you can afford to spend on a home before you start shopping.

 And thanks to the latest federal budget, there are a couple more reasons why now is the optimal time to purchase your first home.

 First, the budget proposes a $5,000 increase to the RRSP Home Buyers’ Plan, meaning first-time homebuyers can now withdraw up to $25,000 from their RRSPs for a down payment – tax- and interest-free.

 The budget also proposes a $750 tax credit for first-time homebuyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.

 The tax credit is based on an amount of $5,000 for first-time homebuyers who acquire a qualifying home after January 27, 2009 (ie, the closing is after that date).

 An individual will be considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

 If you’re thinking of buying your first home, Dominion Lending Centres mortgage professionals can answer all of your mortgage-related questions.

Contact Shaun O’Flynn for more information 705-791-4685

or go to www.SashaDear.ca to find your perfect first home

Category: Buyer & Seller Info, Mortgage and Credit Info / Tags: , , , , ,