Why NOT To Lock-In A Variable Rate Mortgage
Why NOT To Lock-In A Variable Rate Mortgage Choosing between a variable rate and a fixed rate mortgage is an important decision. There will also always be merits for choosing either at any point in time. This why I believe that the rate type (fixed vs. variable) one selects should be best matched against the [...]
Consider A Shorter Term To Save With Your Mortgage
Consider A Shorter Term To Save With Your Mortgage Once you have answered the question whether to go with a fixed or variable rate, and if you have chosen to go with a fixed mortgage rate, do not automatically assume you should select a five (5) year term. Terms shorter than five (5) years can [...]
Lowest rate assumed. What I do not assume is …
Lowest mortgage rate assumed. What I do not assume about my clients is … I am often asked “what is the lowest rate you have available”? This is a difficult question to answer while ensuring you are also truly helping your client, without knowing more information. It is important to know what your client’s needs [...]
Mortgage Changes Part 3 – Self Employed
Changes to self employed mortgage programs This set of changes will happen slightly earlier than the other 2, by or before April 9, 2010. Here is a summary of the changes and impact to self employed individuals and their insured mortgage program: New minimum down payment, increased to 10% of the purchase price New maximum [...]
Mortgage Changes Part 2 – Rental properties and Rental income
New mortgage rules for investment properties and rental income. By or before April 19, 2010, there will be changes to how non-owner occupied properties (i.e. rental and investment properties) are handled with respect to mortgage insurance (e.g CMHC, Genworth, AIG). These changes will affect people who are looking to both purchase a non-owner occupied property [...]