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Friday, 25 April 2014

Rates and products or how to save a bundle on mortgage interest

Mortgage brokers in love with variable rate mortgages, I am at least as I think they are the best products available, and they do save you. Thousands! Still most people chose to go into fixed rate products, wonder who is the professional here?
“We are in a very stable rate environment and it has been stable for many years and I believe it will continue for many more years to come" Zoltan M. Padar of MortgagePRO Ltd. “ Canadians are prudent, also the best lenders are not about to raise their rate overnight, endangering borrowers and affordability, resulting foreclosures. Many foreclosures”  He also said "With fixed rates near historic lows, Canadians see an opportunity to lock in for a number of years at any time they fill the rates are going out of hands. That is why so important your enlist the services of a Mortgage Brokerage, be secured, educated and get the right advice from them when you needed the most”
“Forty eight percent of people chose the fixed option” according to Karan Dhillon, a seasoned and trusted mortgage adviser at MortgagePRO “ thirty one percent loves variable products and the rest undecided. Now that is dangerous, you will not make a good decision without the facts. That is the reason we have providing our clients advice and information. Our web site is open to all, visit and get informed” she said as she believes smart home owner frequents this site and understand more!

Now, do not forget: most people still just walk in their bank and get a mortgage, without getting a second opinion and or without look other offers. Common mistake, however it is also costly mistake. A Mortgage Broker has all the newest product, rates and other information to be able to give you a choice when you purchase and or refinance your property. While your bank has only once choice; no matter how you look at it, however Mortgage Brokers will bring you plenty of choice, as they are dealing with all the lenders across not only in your neighborhood, but across Canada.

Thursday, 17 April 2014

Agreement for Sale – A Great Selling Tool for Realtors, Home Owners and Buyers Alike!

An agreement for sale can be a fantastic way for homeowners to get MORE than the expected asking price for the sale of their homes and can also be a great way for Realtors to close more sales and really satisfy sellers.
What is an Agreement for Sale?
An Agreement for Sale is a contract where the final conditions of the agreement are held over for a specified period of time into the future. In Real Estate sales, this simply means that the property is sold now, the buyers move in now, make mortgage payments to the vendor while the vendor remains on title until of the terms of the sale are satisfied. From a vendor’s perspective it is a great way to get full asking price or even ABOVE asking price for your property, make positive monthly cash flow and have the security of remaining on title. For the buyer it is a great way to get a legally binding sale when experiencing short-term financing issues.
What should be your first step?
Enlisting the services of an experienced Mortgage Broker, will litigate your exposure to mistakes.  Your ability of qualify a mortgage at the time the Agreement for Sale calls for and avoid to lose your deposits and payments. 
  We will help you to understand the complete process and get you approved for a mortgage when you need one.

Agreements for Sale are more secure than Rent to Own deals for both the buyer and the seller. Contact Tom Manley at MortgagePRO for more information.

Tuesday, 1 April 2014

How mortgage refinancing works and what are the reasons

A home mortgage is a long term commitment. For most people it is a 30-year commitment. In this amount of time many things can change. Many people will outgrow their home and sell their house. Sometimes people also outgrow their mortgage. In this instance, mortgage refinancing can be useful.
Benefits of refinancing: There are many reasons why people decide to refinance their home. As you pay off your mortgage, the principle reduces while the value of your property increases. The difference between these two figures is known as equity. When you refinance your home, the bank may give you a home equity loan. You can use this money to improve or enlarge your home, pay for tuition, or even take a holiday.
Sometimes, as a mortgage decreases, home owners decide to refinance for a lower rate in order to lower their monthly repayments. This is a good option if you are struggling with difficult financial times or are just looking to free up cash flow for other projects.
Refinancing your home also gives you a chance to renegotiate your mortgage terms with your bank or lender. This means that you may be able to achieve a lower interest rate and also lessen the fees and charges which are attached to your home loan.
The Refinancing Process: When you refinance your mortgage, you can stay with your current lender or shop around for a new one. MortgagePRO will do the shopping for you, providing peace of mind and convenience. The refinancing process is similar to the one when
you originally bought your house and applied for a mortgage.
The bank or lender will most likely go ahead with the usual checks, such as employment and identity checks. They will also require a valuation of your home, which they will arrange. Once this has all been finalized, your old mortgage will be discharged and your new mortgage will come into effect.
There are usually some fees attached to a refinance loan. These can include a loan establishment fee, a valuation fee, and the possibility of ongoing fees. There is a chance that there may be a fee from your lender for the early discharge of your loan.
Search for a mortgage: Finding out as much mortgage information as possible before you sign up for any loan is a good idea. Being aware of not only the interest rate, but the fees and charges attached to the loan product, is essential. Reading the small print now can save a lot of heartache later.