May 2012

What Is a Mortgage Penalty? Early Termination Fee? Prepayment Penalties?

by Kyle Pearce - Mortgage Centre Specialist on May 30, 2012

in Home Mortgage Ontario, Interest, Mortgage

Regardless of what they’re called, be aware to avoid paying them! You may not realize it, but when you sign on the dotted line of a mortgage contract, you are agreeing to pages and pages of terms and conditions. For example, the CIBC Set Of Standard Charge Mortgage Terms from 2009 has 31 pages of [...]

{ 2 comments }

What Is a Home Equity Line of Credit (HELOC)?

by Kyle Pearce - Mortgage Centre Specialist on May 26, 2012

in Home Mortgage Ontario, Interest, Mortgage

You may have come across the term “Home Equity Line of Credit” in the newspaper or on the radio, but are you unsure of the details surrounding this borrowing vehicle? If so, don’t be alarmed; many Canadians feel the same way. If you are like most, you probably know that a Home Equity Line of [...]

{ 0 comments }

What Is a Mortgage Broker and How Are They Paid?

by Kyle Pearce - Mortgage Centre Specialist on May 23, 2012

in Home Mortgage Ontario, Mortgage

In Canada, about 30% of mortgage seekers will use a mortgage broker for their home financing needs, while more than 90% of Americans trust their brokers to find them the best mortgage for their families.  The low percentage of Canadians using mortgage brokers can be attributed to the fact that an open mortgage industry in [...]

{ 0 comments }

Why the 5-Year Fixed Mortgage Product?

by Kyle Pearce - Mortgage Centre Specialist on May 21, 2012

in Home Mortgage Ontario, Interest, Mortgage

In Canada, a 5-year fixed mortgage is the most commonly selected home lending product. Widely popular due to their protection against quick interest rate spikes and their constant interest rate for the entire term, most home owners tend to lock-in for 5-years over other options. Some of this trend could be traced back to the [...]

{ 0 comments }

Benjamin Tal – Economic Buzz – Spring 2012 – The Mortgage Centre

by Kyle Pearce - Mortgage Centre Specialist on May 19, 2012

in Finance, Home Mortgage Ontario, Mortgage

Benjamin Tal Deputy Chief Economist CIBC World Markets He is responsible for analyzing economic developments and their implications for North American fixed income, equity, foreign exchange, and commodities markets. He also acts in an advisory capacity to bank officers on issues related to wealth management, household/corporate credit and risk. The American consumer is starting to [...]

{ 0 comments }

Need a No Downpayment Mortgage? Get a Cash Back Mortgage!

by Kyle Pearce - Mortgage Centre Specialist on May 18, 2012

in Home Mortgage Ontario, Interest, Mortgage

5% Cash Back Mortgage – No Downpayment Mortgage Currently paying hefty monthly rent to a landlord? Have you ever wondered how you would ever be able to save up enough money for a downpayment on a home? You can get a no downpayment mortgage through many Ontario lenders through a 5% cash back mortgage! Regardless [...]

{ 0 comments }

How to Get the “Right” Mortgage For You

by Kyle Pearce - Mortgage Centre Specialist on May 4, 2012

in Home Mortgage Ontario, Mortgage

Buying a home is a stressful process for many, since it is often the largest investment you will make in your lifetime.  Because of this, most buyers will work hard to ensure that they are working with a reliable and hard working real estate agent to help make the process as easy as possible.  While [...]

{ 2 comments }

Bankruptcy vs. Foreclosure – What You Should Know

by Kyle Pearce - Mortgage Centre Specialist on May 4, 2012

in Credit, Home Mortgage Ontario, Mortgage

Author: Juliana Montgomery When looking at bankruptcy vs foreclosure, you should think about several different parts of your finances. It is important to educate yourself regarding all parts of each option. This includes current and future consequences as well as the suitability of the solution for your circumstances. Both have long term ramifications and neither [...]

{ 4 comments }

Loan Modification – Frequently Asked Questions

by Kyle Pearce - Mortgage Centre Specialist on May 4, 2012

in Credit, Home Mortgage Ontario, Mortgage

Author: Home Loan Modification A home loan modification is a program designed to help homeowners make adjustments to the terms of their existing mortgage in order to make their payments more affordable and prevent foreclosure. The federal home loan modification program helps lenders by providing federal funds to help offset losses a lender would experience [...]

{ 3 comments }

Why Companies Still Provide Bad Credit Loans

by Kyle Pearce - Mortgage Centre Specialist on May 3, 2012

in Credit, Home Mortgage Ontario, Mortgage

The FICO score starts from 300 and it ends at 850. This score determines whether you will be eligible for a loan or not, and how much you will be given. The score is usually calculated using a number of variables such as your monthly income and expenses, the debts that you have, you job [...]

{ 2 comments }

Take Charge of Your Credit, Know Your Score!