Mortgage Zombies?

According to Moolala author Bruce Sellery, going back to your bank for a mortgage, primarily because you’ve been a customer “forever,” is “zombie behaviour.” Sellery made the comments during a Lang & O’Leary Exchange appearance Monday. “A lot of people would say it’s loyalty. I would say it’s lazy,” he adds. Sellery offered up this guidance on picking your next […]

Why Your Trusted Mortgage Broker in Vancouver May Recommend a Shorter Amortization Period

Why Your Trusted Mortgage Broker in Vancouver May Recommend a Shorter Amortization Period Before new rules decreased the maximum amortization period on default insured mortgages from 30 years to 25, (and maybe surprisingly), there were still people choosing amortization periods less than the newly mandated maximum. While attitudes regarding homeownership have changed over the last […]

Today’s Fixed Rates Are Gifts

Be careful of looking the gift horse in the mouth. Last week saw multiple broker-channel lenders get more competitive on pricing. That pushed fixed rates down to fresh record lows, inspiring some brokers to advertise 5-year rates at 2.94-2.99% or less. Much of that discounting was thanks to lower bond yields (which generally lead fixed […]

Practical Amortization Choices

Shorter amortizations can cost you less interest and help you pay off your mortgage sooner. If that’s a revelation to you, then here’s another story you’ll appreciate: Shorter mortgage is money in your pocket Since we’re pointing out the obvious, we should also note that making a bigger down payment and buying a cheaper house save […]

Mortgage Platform Down

Mortgage Platform Causes Problems for Vancouver Home Mortgages For several days last week, there was no way for thousands of brokers to send applications to lenders. This affected brokers across Canada including those dealing in Vancouver home mortgages. This resulted because the mortgage industry’s largest mortgage origination platform temporarily went down; the platform is called, “Expert”. This […]

Super Prime Mortgage

Best Mortgage Rates in BC get Better In the past, having “excellent” credit and having “good” credit didn’t make a whole lot of a difference when applying for a mortgage. But times are changing. XCEED Mortgage has launched a new product called the “Super PRIME” mortgage.  It was developed to reward premium clients,  separating them […]

One Year Fixed Rate Mortgage – Low Rate Mortage

Low Mortgage Rates on your Mind? Consider the One-Year Fixed Rate Mortgage In recent years we’ve heard quite a bit of talk from economists, banks and even Mr. Flaherty himself about the direction of mortgage rates; we were told they could only go up. But contrary to what market pundits were saying, mortgage rates fell even further. The […]

Protecting Clients’ Privacy – It’s Your Duty

Protecting Clients’ Privacy – It’s Your Duty Guest Column by Justin Beadle, Mortgage Underwriter, Fisgard Capital Corporation The speed at which mortgage brokers have adopted a networked, online lifestyle has been impressive. I would say 95 per cent of the deals I do are processed via email or Skype. What’s more, we receive electronic correspondence from […]

Pros and cons of a mortgage broker

When Chris Vale and his wife Keli Hines bought a home in Oshawa, they arranged a mortgage through an in-house firm their real estate agent’s company had. “We were told, ‘Here’s the rate and here’s what you pay,’ ” Vale recalls of the transaction, which took place several years ago. Then Vale met mortgage broker […]

Buying a house? Don’t go to the bank

I sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for. Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an […]

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