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first time home buyer mortgage,

6 STEPS FOR A PERFECT FIRST TIME HOME BUYER MORTGAGE

Let’s see the Six steps to get a Perfect First time home buyer Mortgage.

A first time home buyer mortgage is the mortgage a first time home buyer takes to purchase the home of their dreams. These kind of borrowers seem incredibly attractive to lenders as they are less risky than other borrowers. They do not have many loans and are not drowning in debt. There are quite some rewards to getting a mortgage as a first time home buyer. Here we have listed 6steps to the best and the quickest first time home buyer mortgage for yourself:

First time home buyer mortgage

Steps to Get a First time home buyer Mortgage:

1. Hire a broker:

Yes, this is the first tip for a first time home buyer looking for a mortgage. Even though most people consider a mortgage broker an expense, what they fail to realize is that they could help you save a lot of your hard-earned dollars with the help of exclusive schemes and expertise. They have been in the field for quite a while and will also have dealt with plenty of mortgage borrowers who are first time home buyers. So, it would only work in your favor to hire a mortgage broker.

2. Get pre-approved:

Pre-approval has almost become synonymous with the first time home buyer mortgage process. Pre-approval refers to the process of finding out how much you can afford. It involves receiving an approximate figure which is quite close to the finances you would be receiving in the form of a mortgage as a first time home buyer. This helps you to make decisions with a budget in mind thereby preventing you from any disappointments. It also helps you look profoundly serious when you talk to a seller. It could give you the competitive edge you are looking for with the seller.

3. Go house hunting early:

With a mortgage pre-approval in hand, you can now finish your house hunting process with vigor. Start searching for houses and you will find many listing to suit your first time home buyer needs. This is probably the most exciting part of the entire process. The earlier you start, the faster you would be able to complete the process. It will also allow time for scouring other neighborhoods which were not initially on your list. All of this with the guarantee of a fixed amount in payment could make the process a lot quicker than you would imagine.

4. Choose your mortgage:

After the process of home hunting is over, the duties of the first time buyer will kick in. In this step, you need to sit down with your mortgage broker and find the right plan which will fulfill all your requirements. Since you have a pre-approval in hand already, mortgage brokers will use it as a base to give you the mortgage. Negotiate it down to a reasonable rate and choose the perfect mortgage for yourself.

5. Talk about the costs involved:

The payment for the home will not be the only cost you incur for your mortgage as a first-time buyer. There could be a lot of costs involved which you may be unaware of. Make sure you are made well aware of the costs, hidden or visible. As a result, this can help you find out if your mortgage lender is duping you or not. Mortgage brokers can help you see through the red flags in the documents and assist you in finalizing the perfect mortgage for your needs. It is also advisable to keep a small portion of your mortgage amount separately for such hidden costs so that you are not surprised when they do show up.

6. Save early for your down payment:

The down payment is a very integral step to getting your mortgage. Depending on your financial status, credit score and income, you would be assigned to pay a certain amount as down payment for your first time home buyer mortgage. This down payment needs to be saved Certainly for and then paid off promptly to ensure a quick and comfortable process for the first time home buyer mortgage process. After all the processes have been completed to the dot, it is time to sign on the dotted line and claim your mortgage. You can then take custody of your home and have a happy stay there.

call Finser mortgage for more details or you could visit: http://finser.ca/first-time-home-buyer/

check out our another bog to get a clear idea: http://finser.ca/tips-for-first-time-home-buyers/

Debt Consolidation

Debt Consolidation: The Benefits

The Benefits of Debt consolidation:

Debt consolidation is simply the combining of all your debt into one debt. This is cleared off with monthly payments at low-interest rates. It is an automatic payment and can help you recover your financial status with ease. It also helps you to bring back a stability to your finances. But why should you know the benefits of debt consolidation? You’re already paying money to different people at varying interest rates, regularly. Here are the top five benefits which can help you decide if taking a good debt consolidation plan from one of the best brokers such as Finser Mortgages can help you.

Debt consolidation

The top five benefits of taking a good debt consolidation plan from one of the best brokers such as Finser Mortgages:

  1. Lower rates: The first reason to consider this option for your debt, be it a credit card or other accumulated debt from mortgages, you can consolidate all your debt for much lower rates than you had initially. This can help you save a lot on your payments. It can turn out to be a prosperous decision for you.
  2. Single payment: If you are tired of paying multiple lenders, at various times, with different rates and interests then debt consolidation is the right step for you. In this method, you need to make only a single payment to the lender, every month for the stipulated period of time. This is an automatic payment and is extremely easy and quick.
  3. Bad credit: If your finances are about to go down the drain or are affecting your credit score, you can opt for a service which lets you consolidate your debt. This method can help you even out your finances and make sure that you are improving your credit score as you pay off your debt with ease.
  4. Faster clearance: Debt consolidation can help you gain enough money to make an investment of the right kind. Since your monthly payments make your payment easier, you can have a good amount in hand while you are shaping up your credit score. It is like having a smart move in your back pocket. Since there is one payment, you can clear your debts quickly.
  5. Savings: Debt consolidation can help you reduce the amount you are paying as installment and interest. Low rates can help you survive with ease. Debt consolidation is usually a great idea as it can really promote the savings plan of various citizens. It can really lower the amount you are spending on clearing your debts.

for more details visit: http://finser.ca/debt-consolidation/

CREA hikes forecast

Canadian home ownership inches further out of reach

Rising house prices made home-ownership slightly less affordable in Canada during the second quarter of this year, when buyers returned to the market after a lengthy slump.

Royal Bank of Canada’s housing affordability index, which looks at the proportion of household income required to keep up with the cost of owning a home, rose by 0.3 percentage points to 42.7 per cent for detached bungalows, and by 0.4 percentage points to 48.4 per cent for two-storey homes, according to a report to be released Tuesday.

Posted by The Globe and Mail dated August 27, 2013 http://www.theglobeandmail.com/report-on-business/economy/housing/canadian-home-ownership-less-affordable-report-finds/article13959274/

Bank of Canada Publishes 2014 Schedule for Policy Interest Rate Announcements and Monetary Policy Report Releases

Ottawa –
The Bank of Canada today published its 2014 schedule of key policy interest rate announcements and quarterly Monetary Policy Report (MPR) releases, and re-confirmed the scheduled announcement dates for the remainder of this year.

The scheduled announcement dates from September 2013 through December 2013 are re-confirmed as:
•Wednesday, 4 September 2013
•Wednesday, 23 October 2013*
•Wednesday, 4 December 2013

The scheduled announcement dates for 2014 are:
•Wednesday, January 22*
•Wednesday, March 5
•Wednesday, April 16*
•Wednesday, June 4
•Wednesday, July 16*
•Wednesday, September 3
•Wednesday, October 22*
•Wednesday, December 3
Posted by Bank of Canada on July 23, 2013 http://www.bankofcanada.ca/2013/07/publications/press-releases/bofc-publishes-2014-schedule-fad-and-mpr-releases/

Bank of Canada maintains overnight rate target at 1 per cent

Ottawa –
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Global economic growth remains modest, although the pace of economic activity varies significantly across the major economies. The U.S. economic expansion is proceeding at a moderate pace, with the continued strengthening in private demand being partly offset by the impact of fiscal consolidation. In Japan, fiscal and monetary policy stimulus is contributing to a rapid recovery in economic growth. In contrast, economic activity in the euro area remains weak. While stronger than in the advanced economies, real GDP growth in China and other emerging market economies has slowed, exerting downward pressure on global commodity prices and, as a consequence, the Bank has downgraded slightly its global growth forecast. The global economy is still expected to pick up in 2014 and 2015.

Posted by Bank of Canada on July 17, 2013 http://www.bankofcanada.ca/2013/07/publications/press-releases/fad-press-release-2013-07-17/

“The Bank now expects the economy to reach full capacity in the second half of 2014, later than anticipated in October,” Carney said

Bank of Canada Governor Mark Carney held the key overnight interest rate steady at 1 per cent on Wednesday, and lowered growth expectations for 2013 citing global and domestic economic challenges.
Carney said Canada’s economy experienced more of a slowdown than expected in the second half of 2012, and going forward “economic activity is expected to be more restrained.”
“The Bank now expects the economy to reach full capacity in the second half of 2014, later than anticipated in October,” Carney said, reading from the bank’s quarterly Monetary Policy Report.

Read more: http://www.ctvnews.ca/canada/bank-of-canada-holds-key-lending-rate-at-1-per-cent-1.1125728#ixzz2IpLOjghd

New stricter mortgage rules come into effect today-New amortization period reduced to 25 years

New rules Ottawa announced last month that will tighten Canada’s mortgage industry go into effect today, but a major Canadian bank says many people are unaware of what exactly is changing.

In June, Finance Minister Jim Flaherty unveiled major changes to the limits of what the Canada Mortgage and Housing Corporation is allowed to insure, effectively tapping the brakes on a housing industry that many experts worry has become too hot.

Starting Monday, lenders can only issue home equity loans up to a maximum of 80 per cent of a property’s value — down from 85 per cent. And anyone wanting to buy a home worth more than $1 million, for instance, must now have a downpayment of at least $200,000.

But the biggest change of all is the shortening of the maximum amortization period to 25 years from 30 years — forcing borrowers to pay back their debts sooner. That will reduce the amount of interest they’ll pay over the life of the loan, but make mortgage payments larger as more debt gets paid back with each payment.

http://www.cbc.ca/news/business/story/2012/07/09/bmo-mortgage-housing.html