How to choose your mortgage lender?

How do people typically choose their mortgage lenders?

  • It could be through family, like an uncle or aunt;
  • It could be through their first or current bank that they're loyal to,
  • It could even be because they simply like the banks' brand colours!
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mortgage amortization

Mortgage Amortization

Let us break amortization down in my blog post below! Remember, knowledge is key when it comes to anything in real estate and mortgage industry. Don't forget to read my insider information at the bottom of this post!

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vendor take back

Vendor Take Back

What if I told you that there's an alternative to the banks/mortgage advisor? No, this isn't the matrix, but let me introduce you to something called Vendor Take Back.

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real estate lawyers

Real Estate Lawyers

Let us start with real estate lawyers’ role in a Transaction. To put it simply, the lawyers’ role is to complete your real estate Transaction within the legal parameters of that jurisdiction.

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recourse vs non-recourse loans

Recourse vs Non-Recourse Loans

Let's say you moved to a mining town out west and purchased a house for $1755,000 with 5% down payment, but still owe $150,000 on your Mortgage. Forward a bit, the town is now dead and a realtor says you can get $75,000 for the property at most. Now you're out of luck if you want to walk away, because the loan is backed by the CMHC; since the loan is now "under water", the bank is left short and the CMHC must cover this by likely suing for any losses - if you have assets, they'll go after that.

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home mortage rate

Real Home Mortgage Rates

Whether you like it or not, your effective home mortgage rate will be higher than what is advertised as your mortgage interest rate. To simplify the concept of interest rates, keep in mind that your effective mortgage rate depends upon how frequently your bank does the compounds calculations annually.

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mortgage refinancing

Mortgage Refinancing - Mortgage Delivery Guy's Way!

What is refinancing? In short, Mortgage Refinancing is the process of replacing your existing mortgage with a new mortgage, generally with different terms than the original mortgage. This is often beneficial!

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mortgage rates

Mortgage Rates - Most Common Questions

It's not necessarily about “the mortgage rates” – or at least it shouldn’t be. Yes, the rate is an important aspect when looking for a mortgage, but it's not the main thing you should focus on. You should be looking for mortgage product that best suits your individual needs. Once mortgage product is decided then go for best available terms and conditions along with acceptable rates.

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Mortgage Stress Test

 

Effective Oct 17, 2016 Ottawa announced a mortgage stress test which affects all home buyers with less than 20% down payment. The stress test is designed to test how resilient the mortgage seeker is financially, in case the mortgage rates go up. This means all home buyers seeking mortgages with less than 20% down payment has to, qualify at the rate of 4.64% (5 years standard mortgage rate) with 25 years amortization. Those who pass this stress test will be entitled to the rates being offered by their banks.

Mind you, this qualifying rate is nothing new cause previously all mortgage seekers who wanted Variable rate mortgages and any fix rate mortgage with less than 5 years term were being qualified with the standard mortgage rate of 4.64% with 25 years amortization.

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three mortgage tips

Mortgage Delivery Guy’s Top Three Mortgage Tips!

Just keep this in mind: rates posted at your bank or flashed at you in online ads are just the tip. Not only are these rates high, they are also likely to come filled with warning pits, including your favourite (not!) - Tight restrictions. That is why they are called sucker rates!
Three Tips: 1. Start early and be prepared ; 2. Have a strategy in place and a product in mind to achieve it ; 3. Think about what will work best for you

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Canadian Mortgage Planning

Canadian Mortgage Planning

Dimitry and Natasha a middle age couple got their landed papers in June 2010. They are presently renting an apartment for $1450 all inclusive. They had plans to buy a new car within next year or so. Their good friend Ivan advised them to own home and stop renting since the mortgage rates are record low. Since Canadian real estate is safest in the world and price will go higher they should use equity of their home and buy their car in a year or so.

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canadian credit

Canadian Credit System

Consolidating your debt? Seeking a home renovation loan? Planning for a new mortgage? The good news is we can provide you personal, time-saving service.

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Canadian Mortgage Insurance

 

You got it right. It literally means “Insurance of your mortgage”. No matter how you feel, mortgage insurance is very intimate part of Canadian mortgages. Any time your mortgage is approved, banks offer you a mortgage insurance waiver/ acceptance form to sign. 90% of first time borrowers do not know their choices on Mortgage Insurance. Let’s start with basics.What is Mortgage Insurance? “In case borrower dies or gets seriously ill before paying off mortgage, mortgage insurance pays off the mortgage so that your family continues living in the house without any mortgage obligations”.

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Mortgage Down Payment

Effective February 15, 2016 the new down payment rule has been implemented for home buyers in Canada. Finance Minister Bill Morneau announced on Dec11, 2015 that CMHC will require 10% down payment on any insured portion of the house price above $500,000.The new down payment is designed to lower the CMHC risk and to increase the home buyer’s equity and will be serious about buying their home which they can afford. This should also reduce the real estate price hike in the hot zones like in Vancouver and Toronto.

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mortgage calculator

Mortgage Calculator App Mortgage Delivery Guy

This Mortgage calculator app is an unique, comprehensive smart phone app for Canadian mortgage seekers. It’s way more than just an app capable of computing mortgage payments. It is easy to use, even if you are not tech savvy.A must download app for android or apple devices. Mortgage delivery guy invites you to check it out and be a judge

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Credit Bureau Services

Credit Bureau Services

The term CREDIT is referred to a mutually agreed upon arrangement where money is provided by one party (lender) to another party (borrower) and the borrower does not pay the resources back to the lender in full and create a debt. The borrower in turn makes an arrangement either to return the resources at later date or pay some interest (%) on top of the borrowed principal amount. The term CREDIT is used synonymously to GRANTING LOANS.

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Refinance Your Mortgage- Jim Flaherty’s Way!

Refinance Your Mortgage- Jim Flaherty’s Way!

Monday July 09, 2012 our finance minister implemented new mortgage rules which directly impacts present home owners looking to tap into their equity in near future. Is it a good thing or bad, depends upon what hat you have on. This blog post briefly explains the affect on you as a home owner looking to refinance your mortgage.

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Canadian Mortgages- Jim Flaherty’s Way

Canadian Mortgages- Jim Flaherty’s Way

Insured Canadian mortgages are the mortgages when a home buyer has less than 20% down payment and lender is required to insure this loan in case the home buyer defaults. The home buyer pays for this insurance while lender lends you money to buy your home. The 2 major players in Canada insuring low down payment mortgages are CMHC & Genworth. To learn more on premiums of this insurance you are encouraged to visit MortgageDeliveryGuy.ca

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CMHC Insurance Rates

CMHC Insurance Rates

The amount of down payment has direct impact on affordability but there are other expenses to be considered.Average home buyer is keen to know how much maximum mortgage they can get approved for and disregard the factor of down payment. The tendency is to establish the maximum mortgage amount prior to looking into available down payment.

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Rent or Own Home

Rent or Own Home

If you have at least 5% to put down and closing cost, you may qualify for High Ratio Mortgage Insurance. In this option, you pay a small insurance premium to your bank and get a mortgage. If you qualify, mortgage delivery guy can even get you some of your down payment back after the deal is closed.

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I Like Renting

I Like Renting

II like renting because i like vanilla walls and a patio slab where the back yard should be. It’s convenient to simply call maintenance when the water heater goes out. After all, as a homeowner, you could install an energy-efficient new unit, enjoy limitless gallons of clean, temperature perfect water and it can pay for itself the first year. You would prefer to make “rental payments” on that old unit that maintenance continues to patch.

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Worst Enemies Credit

2 Worst Enemies of Good Credit in Canada

It has been around for olden days. Prior to 1970, nearly 150 regional credit bureaus divided the whole country. These bureaus were nothing but groups of merchants who shared information to reduce the risk of giving out bad credits. These groups slowly evolved into today’s credit bureaus. Majority of the countries has some kind of credit bureaus in place.

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non mortgage solution

Non Mortgage Related Solutions for Canadians!

They are looking to buy their first home. However due to their past financial decisions, their credit is bad and no Canadian lenders feels comfortable lending money to them.

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home buyers mortgage

New Immigrant First Time Home Buyers Mortgage

Jatinder Singh new immigrant first time home buyer, self employed and very pleasant man, is referred to mortgage delivery guy for a mortgage by a good friend of mine.

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Second Mortgages

Second Mortgages

Life is unpredictable and mortgage is the biggest financial commitment of your life. Mortgage delivery guy prefer to offer mortgage business to lenders who are flexible and understand real life situations. To save yourself time, money and most importantly your sanity in future, make sure you know your lenders position on additional liens against your home.

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first Mortgages

First Mortgages in Toronto

We all know what is mortgage and how does it impact Canadians lives. Strangely, I come across a blank face impression when it comes to First, Second mortgage positions against the title of the properties.This short article is an attempt to explain the first mortgage & first mortgage liens for those who are looking to buy their home in Toronto GTA area.

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restrictive Mortgages

Restrictive Mortgages in Canada

No doubt low interest rate and agree that it is difficult to beat! I am sure other Red, Green and Blue color banks are waiting for a bright sunny day to declare similar or even better rates and that’s where the fun starts. Discover secret facts Canadian mortgage arena does not want you to know about low interest rates mortgages. Rest you be the judge yourself!

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dead pledge

Canadian Mortgages a Dead Pledge

The word “Mortgage” originated from Latin language and got accepted in old French in around 1283. Mortgage is made from 2 Latin words. Mort-Gage.

“Mort” means Dead

“Gage” means Pledge

If borrower pays off loan by the end of the term, the Pledge was dead. If loan is not paid off, then the property was Dead to the borrower or was taken away by the lender.

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