Mortgage Pre-Payment Privileges – How to really save on your mortgage
Mortgage pre-payment privileges is the term used to describe the options that are built into most, but not all mortgages. This feature allows you to “pre-pay” your mortgage in an amount over and above your regular monthly payment. BE CAREFUL when you see a discounted mortgage rate, these mortgages may have NO pre-payment privileges. For more information contact me at any time, maury@maurylum.com.
Accredited Mortgage Professional (AMP) – Is Your Mortgage Broker?
Accredited Mortgage Professional (AMP) is the only national designation available for Canada’s mortgage industry. This designation is managed by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Is your mortgage broker an Accredited Mortgage Professional?
Licensed vs. Non-licensed Mortgage Broker
To work in the mortgage industry and arrange mortgages in Vancouver, BC you may or may not require a license to do so. However, there are several benefits of both being licensed and working with a licensed mortgage broker. Is your mortgage broker, mortgage specialist, or mortgage professional licensed? Contact me for any mortgage related questions you may have, maury@maurylum.com.
Bank Prime Rate – Variable Rate Mortgage, No change
Once again, the Bank of Canada announced it would keep the key interest rate at a record low to achieve its inflation target of two per cent. As such, Bank’s Prime rate will also likely remain unchanged from its current level of 2.25%. This rate is expected to hold steady through to the end of the second quarter of 2010, after which we can expect to see some increases.
Remember, fixed and variable mortgage rates are affected by different factors so they do not necessarily move together or in the same direction. It would not be unreasonable to expect to see fixed mortgages start to increase before the summer.
For more information on mortgage rates or any other mortgage related matter you can contact me at any time, maury@maurylum.com.
Mortgage Refinance – Basics
A mortgage refinance is the term used to describe the situation when you make a change to your mortgage (e.g. take equity out for investment or for renovations, cancel current mortgage to take advantage of lower interest rates at the time, etc.) prior to the renewal date (i.e. date your term ends). This video is an introduction to a mortgage refinance. For further details on refinances or to discuss your specific situation please contact me at anytime. maury@maurylum.com.