When looking for a home in a shifting interest rate environment, you need to make sure that you get a good rate.
An independent mortgage broker is the best starting point – he or she will discuss your borrowing needs, introduce you to your best financing options, and get you a very competitive interest rate.
A broker can also obtain a mortgage pre-approval for you that includes a rate hold of up to 120 days. If fixed mortgage rates rise during your rate hold period, you’ll be protected (and if they fall, you’ll have access to the lower rate).
With a rate hold you’ll have peace of mind about your mortgage rate while you look for the home that suits you best. A pre-approval also means you’ll know how much you can afford to spend on the home.
For expert advice on what mortgage strategy is best for you, and professional service throughout the mortgage process, count on an Invis mortgage professional.
Thursday, June 25, 2009
Monday, June 15, 2009
Canadian Home Purchasers Savvy and Optimistic: CMHC
Nearly 90 per cent of recent home purchasers across the country believe that home ownership is a good long-term investment and that almost 70 per cent think that now is a good time to purchase a home in their community. That’s according to the 2009 Mortgage Consumer Survey by the Canada Mortgage and Housing Corporation (CMHC).
The survey results also indicate that recent purchasers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86 per cent are of the view that the level of total housing and other monthly payments should generally not exceed 40 per cent of gross household income, which is in line with generally accepted mortgage lending practices.
The survey shows that recent purchasers are prudent mortgage managers. According to the survey, 75 per cent of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20 per cent of recent purchasers report having made a lump sum payment to their mortgage.
Similar to CMHC’s last Mortgage Consumer Survey, the 2009 survey also indicates that Canadians continue to be well served by the mortgage industry, with 77 per cent of recent mortgage purchasers expressing satisfaction with the service received from their lender or broker.
The survey results also indicate that recent purchasers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86 per cent are of the view that the level of total housing and other monthly payments should generally not exceed 40 per cent of gross household income, which is in line with generally accepted mortgage lending practices.
The survey shows that recent purchasers are prudent mortgage managers. According to the survey, 75 per cent of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20 per cent of recent purchasers report having made a lump sum payment to their mortgage.
Similar to CMHC’s last Mortgage Consumer Survey, the 2009 survey also indicates that Canadians continue to be well served by the mortgage industry, with 77 per cent of recent mortgage purchasers expressing satisfaction with the service received from their lender or broker.
Monday, June 8, 2009
Make Sure You Understand Closing Costs
Whether you are among those who are buying a home this spring or are still contemplating a move, it pays to be informed about the closing costs you may have to incur when completion date comes on the closing of your real estate purchase. Many homebuyers are startled to learn that after they arrange their mortgage they have to pay a range of additional fees to finalize the deal.
Your exact closing costs will depend on where you live, how much you are borrowing, how you finance your mortgage and your closing date. The rules and regulations surrounding the various mortgage fees are complex, and can vary from lender to lender.
An MortgageDirect2u Invis mortgage professional can offer you a wealth of advice on what these closing costs are, which ones you’ll have to pay, and even how to minimize what you pay. He or she can answer your questions on costs you may encounter such as the land transfer tax, title insurance, as well as fees for an appraisal and/or a home inspection, a land survey, and legal services.
Your exact closing costs will depend on where you live, how much you are borrowing, how you finance your mortgage and your closing date. The rules and regulations surrounding the various mortgage fees are complex, and can vary from lender to lender.
An MortgageDirect2u Invis mortgage professional can offer you a wealth of advice on what these closing costs are, which ones you’ll have to pay, and even how to minimize what you pay. He or she can answer your questions on costs you may encounter such as the land transfer tax, title insurance, as well as fees for an appraisal and/or a home inspection, a land survey, and legal services.
Monday, June 1, 2009
Tips for Getting the Most for Your Home When Selling
In any real estate market, prepping your home so that potential buyers see it in its best light can mean that your home sells more quickly and possibly at a better price. Here are a few simple steps that can yield big dividends:
Check the curb appeal - make sure that the front yard and front porch / entranceway is clean and free of any messy looking items such as recycle boxes.
Get it fixed – repairs are important: make sure that bathroom tiles are not cracked, or the kitchen faucet doesn’t drip, to give two obvious examples.
Spruce things up in the kitchen – if this room is in need of a remodelling, you can update the space quickly and inexpensively with new curtains, new cabinet knobs, and a fresh coat of neutral paint.
Thoroughly clean – you may wish to hire a professional cleaning service to ensure that everything in your home from floor to ceiling has been carefully cleaned and/or dusted. Power-washing the exterior is also a good idea. Make sure rooms are free of extra clutter.
Brighten up your home – very clean windows and higher wattage bulbs do wonders for making a space seem airier and bigger.
Don’t get too personal – anything directly connected to you should be stashed from sight, such as toiletries in the bathroom or framed family photos, so that potential buyers can easily imagine themselves living in the home.
Check the curb appeal - make sure that the front yard and front porch / entranceway is clean and free of any messy looking items such as recycle boxes.
Get it fixed – repairs are important: make sure that bathroom tiles are not cracked, or the kitchen faucet doesn’t drip, to give two obvious examples.
Spruce things up in the kitchen – if this room is in need of a remodelling, you can update the space quickly and inexpensively with new curtains, new cabinet knobs, and a fresh coat of neutral paint.
Thoroughly clean – you may wish to hire a professional cleaning service to ensure that everything in your home from floor to ceiling has been carefully cleaned and/or dusted. Power-washing the exterior is also a good idea. Make sure rooms are free of extra clutter.
Brighten up your home – very clean windows and higher wattage bulbs do wonders for making a space seem airier and bigger.
Don’t get too personal – anything directly connected to you should be stashed from sight, such as toiletries in the bathroom or framed family photos, so that potential buyers can easily imagine themselves living in the home.
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