SKhomes4sale and Athomecanada Mortgage Blog

Mortgage Information - Refinancing? Second Mortgage? Home Equity Loan? Understand The Basics

2008-03-22T07:06:00.000-07:00

Mortgage Information - Refinancing? Second Mortgage? Home Equity Loan? Understand The Basics

By Carrie Reeder

A mortgage is usually the biggest purchase that an individual makes, and because of that, many people tend to get nervous during the process. But wouldn’t it make things easier if you felt that you had a “handle” on the process—or at least the terminology? After all, in order to get the best deal on your mortgage loan, you will need to understand certain things such as points, interest rates and closing costs.

If you feel like you could stand to brush up on your mortgage loan terminology, why not read the following common terms and their definitions?

Points

A point is amount that a borrower will pay in order to reduce the interest rate on their mortgage. One point is generally equal to 1% of the loan amount. For example, if you were taking out a 100,000 mortgage, and wanted lower interest rates, you might have to pay anywhere from 1-3 points (or $1,000-3,000 dollars) to get that rate. It’s important to note that some lenders will advertise very low interest rates, and only when you read the fine print will you learn that you will have to pay points in order to get them.

Interest Rates

When a lender makes a loan, they make money by charging interest on that loan. With a mortgage loan, all of that interest is front-loaded, which means that for the first few years, every payment that you will make will go mostly toward the interest.

When applying for a mortgage, you will have the option of “locking-in,” or “floating” your interest rate. If you choose to lock-in your rate, then you will be assured—for about 60 days—that when you close it will be at that rate. However, if it appears that interest rates will go lower, you can choose to float the interest rate, which means that you can watch the rates carefully, and then lock it in whenever it reaches an amount that you are comfortable with.

Closing Costs

When you go to close on your home at the title company, both the buyer and seller will have to pay a pre-determined amount of closing costs. These are determined by the type of loan you get, and the area where you live. Your lender is required by law to inform you of any closing costs beforehand, so be sure to ask for your truth in lending estimate.

As you can see, mortgage terms aren’t that mysterious! Do some research or read some more articles on this site to become familiar with the lending terms that you need to know.

There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage.

About the Author: To see a list of recommended mortgage loan companies online, visit this page: http://www.abcloanguide.com/mortgageloans.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=4876&ca=Finances

The Online Mortgage Application: Make Your Life Easier

2008-02-11T01:54:00.000-08:00

The Online Mortgage Application: Make Your Life Easier

By Jason Hulott1

The Internet is an amazing tool that millions of people use around the world every day. No piece of information cannot be found on there given a little time and effort, and every company has had to catch up and create their own website in order to prosper. This also goes for financial companies. The Internet has also given rise to a new breed of independent, online only operated companies that can often undercut the bigger companies. However, the majority of those that offer mortgages have a facility for interested parties to get quote as well as make an online mortgage application.

The online mortgage application has introduced a new brand of accessibility to consumers that are looking to buy their first home or new home but do not have time to make appointments to see an advisor. Everything can be completed over the Internet, from the initial quote right through to the final stages of the online mortgage application, so you can sit in front of your computer in your own time and fill it in as and when you like. This does remove some of the stress and the pressure that is associated with applying for a mortgage to the point at which you will be surprised just how easy it actually is to get a mortgage if you sit back and let the experts work their magic!

Completing an online mortgage application has its relative advantages, which include:

• You can save your online mortgage application if you want a break and come back to it whenever you are ready. Instead of having to start all over again, you can just go back to the data you had previously inputted.

• You can often apply in conjunction with an initial quote so that you do not miss out on great rates by having to wait for an appointment.

• If you are one of the majority, you will have a very hectic lifestyle and will be unable to take time out to have an appointment with a mortgage advisor for a couple of hours. Applying for a mortgage online means that you can accomplish exactly the same thing in your own time whilst sitting in the comfort of your own home.

• An online mortgage application can really get your mortgage process in motion. It will go straight through to an advisor that can approve your application and give you an amount of money to play with.

However, despite all of the above, there are some negatives that are associated with an online mortgage application. They are mostly negligible in terms of the impact they will have on you, but you must be careful when you are deciding which mortgage product that you want. Being able to fill in an online application makes it easier to sit back and pick the first one that appeals to you. However, this one may not be right for you, so it is up to you to educate yourself before making an online mortgage applications so that you are satisfied that you got the best and most suitable product for you.

About the Author: Jason Hulott is Business Development Director at Mortgages service, PolarMortgages. Visit Polar Mortgages now for more information about UK mortgages and remortgages.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=202782&ca=Finances

Your Mortgage Solution

2008-01-08T18:00:00.000-08:00

Mortgage Intelligence - Your Mortgage Solution

By Jason Wall

Mortgage Intelligence has the Mortgage Solution for you.

If you need a mortgage, they have the solution for you.

APPLY NOW!

Here are some mortgage products that our mortgage broker provides:

First Time Home Buyers
Mortgage Renewals
Pre-Approval
Refinancing
Vacation / Cottage Loans
Investing Financing
Equity Takeout
Self Employment Mortgages

APPLY NOW!

If you have any questions at all, please respond to the blog entries.

Please enjoy!!!!

About the Author: Jason Wall is the owner of SKHomes4sale.com and ATHomecanada.com. His company provides an advertising avenue for home owners selling their home privately in Canadian Real Estate and thus providing buyers a great way of searching and viewing private homes for sale in Saskatchewan, Alberta, British Columbia and Manitoba. There are hundreds and hundreds of homes on the site for people who are buying their home privately.

Source: www.skhomes4sale.com
Source: www.athomecanada.com
Source: www.mortgages.athomecanada.com

Mortgage Rates - Something Better than Shopping for Rates

2007-12-18T08:12:00.002-08:00

Mortgage Rates - Something Better Than Shopping For Rates

By Gregory Van Duyse

Is it possible? Something better than getting the best mortgage rates! Yes. I know it’s surprising and that it goes against what everyone says but it is true and…

I can prove it.

First let’s define what we mean by the “best rates” and the financial value that we can attach to shopping for the best rates. The best rate is the best mortgage rate available for you by any lender.

The advent of super mortgage brokers and the Internet has forced the mortgage industry to become very competitive. Each lender has his best rate and most of the time it’s within 0.06% of the rates of major banks. Shopping with a mortgage broker makes this easy.

The financial impact of getting a better rate of 0.06% on a 100,000$ mortgage is 1028$ over 25 years or 41.12$ per year. That is not what I call super savings!

Something better than the Best Rate

Dr. Milevsky at York University (Toronto, Canada) published a stunning report. He compared two mortgage strategies between 1950 and the year 2000 and found that:

• 88% of the time one strategy was better (money saved)
• the average savings was 22,000$ on a 100,000$ mortgage amortized over 15 years.

Now we’re talking. Saving 22,000$ in 15 years, that’s 1466.66$ per year. It’s not hard to see that choosing the right mortgage strategy is a LOT more important than simply shopping for a better rate.

The real conclusion of the study is not that one mortgage strategy is always better. It’s not! The lesson is that choosing a strategy is very important.

[Note: the conclusion of this study is applicable for Canadians and Americans. The interest rates during 1950 and 2000 are very similar and the different strategies are available in both countries.]

What should you do?

Selecting the best mortgage strategy is not as simple as calling around for the best rate. You need to:

• analyse your situation and your long term objectives
• analyse the current interest rates and where they are likely to go in the next 10 to 15 years.
• choose the best strategies based on that information

I suggest that you take the time to find a mortgage broker that does more than shop the mortgage rates for you, but a broker that will take the time to set up a plan to save you money over the entire life of your mortgage. Once you have found a good broker, ask him to present you with 3-4 strategies and his recommendations.

It could save you a lot of money.

About the Author: Gregory van Duyse, AMP – is an Accredited Mortgage Professional in Canada and has written a series of articles on choosing the best mortgage strategies (hypothèque). Visit: www.informezvous.com

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=111080&ca=Finances

Mortgage Products for all Needs

2007-12-08T07:04:00.000-08:00

Mortgage Products for all Needs

By Jason Wall - Mortgages.Athomecanada.com

Why negotiate with only one bank in your local area when you can negotiate with hundreds from coast to coast?

When buying a car, yo shop around for the best deal...don't you? Do why not shop around for the best mortgage?

At Athomecanada Mortgages our mortgage consultants from Mortgage Intelligence will shop for the best mortgage product as well as the best mortgage rate for you.

So...SAVE MONEY...at NO COST to you.

Here are some mortgage products that our mortgage broker provides:

First Time Home Buyers
Mortgage Renewals
Pre-Approval
Refinancing
Vacation / Cottage Loans
Investing Financing
Equity Takeout
Self Employment Mortgages

If you have any questions at all, please respond to the blog entries.

Please enjoy!!!!

About the Author: Jason Wall is the owner of SKHomes4sale.com and ATHomecanada.com. His company provides an advertising avenue for home owners selling their home privately in Canadian Real Estate and thus providing buyers a great way of searching and viewing private homes for sale in Saskatchewan, Alberta, British Columbia and Manitoba. There are hundreds and hundreds of homes on the site for people who are buying their home privately.

Source: www.skhomes4sale.com
Source: www.athomecanada.com
Source: www.mortgages.athomecanada.com

First Time Home Buyers

2007-11-28T14:04:00.000-08:00

First Time Home Buyers - Choose the right broker

By Jason Wall - Skhomes4sale.com and Athomecanada.com

If you are a first time home buyer it is CRITICAL that you get hooked up with a qualified mortgage consultant. Buying your home is a huge purchase so please don't take it lightly. Advice you get from a mortgage consultant can have a huge financial impact over the long term.

Here are some questions you should ask:

How much will I need for a downpayment?
What should I get - a fixed or variable rate?
How much will my monthly payments be?
How quickly will I be able to pay off my mortgage?

If you are a first time home buyer, have our mortgage consultant from Mortgage Intelligence give you a call, or apply online.

Apply on-line

Have Us give you a call

About the Author: Jason Wall is the owner of SKHomes4sale.com and ATHomecanada.com. His company provides an advertising avenue for home owners selling their home privately in Canadian Real Estate and thus providing buyers a great way of searching and viewing private homes for sale in Saskatchewan, Alberta, British Columbia and Manitoba. There are hundreds and hundreds of homes on the site for people who are buying their home privately.

Source: www.skhomes4sale.com
Source: www.athomecanada.com
Source: www.freethingscanada.com

Welcome to our new Mortgage Blog

2007-11-26T12:59:00.000-08:00

Welcome to our new Mortgage Blog

By Jason Wall - Skhomes4sale.com and Athomecanada.com

On behalf of SKhomes4sale.com and Athomecanada.com, welcome to our new Mortgage blog.

I created this blog because we receive so many questions about all the different types of mortgages that are out there when buying an home.

We will try to provide all of our home selling and buying customers with as much information about mortgages and keep things as simple as possible. We will be posting approximately 2 to 3 posts per week.

If you have any questions at all, please respond to the blog entries.

Please enjoy!!!!

About the Author: Jason Wall is the owner of SKHomes4sale.com and ATHomecanada.com. His company provides an advertising avenue for home owners selling their home privately in Canadian Real Estate and thus providing buyers a great way of searching and viewing private homes for sale in Saskatchewan, Alberta, British Columbia and Manitoba. There are hundreds and hundreds of homes on the site for people who are buying their home privately.

Source: www.skhomes4sale.com
Source: www.athomecanada.com
Source: www.freethingscanada.com

Mortgage Refinancing For People With Bad Credit

2007-11-26T10:23:00.000-08:00

Mortgage Refinancing For People With Bad Credit - Ways To Reduce Refinancing Costs

By Carrie Reeder

Because of declining home mortgage rates, many people are eager to refinance their existing home loan and take advantage of a lower payment or a fixed rate. In fact, homeowners with bad credit may also benefit and obtain comparable low rates. Although refinancing is very common, homeowners must be prepared to pay closing costs and other fees. Fortunately, there are ways the financially strapped can save money on a refinancing.

Understanding Refinancing Costs and Fees

Applying for a refinancing is similar to obtaining your initial mortgage. A refinancing creates a new mortgage. Thus, homebuyers are obligated to pay certain costs and fees at closing. Typical fees include broker fees, appraisal, title search, inspections, etc.

For the most part, these fees are paid at closing. If purchasing a new home, the buyer may negotiate and have the seller pay the closing fees. However, if you are the original owner, you may have to employ effective techniques to reduce your closing costs.

Tips to Reduce Refinancing Closing Cost

When refinancing your home, it may be wise to apply for a new home loan with your existing lender. In some instances, the lender may be willing to waive some fees. If a good credit history has been established, the lender will want to keep you as a customer. Hence, you have negotiation power.

Because of low mortgage rates, homeowners may also take advantage of “no or low closing cost” refinancing. With this option, the lender agrees to waive the application fee. Moreover, these lenders will pay the appraisal and title fee for the homeowner.

The downside is that these loans entail a slightly higher interest rate. Nonetheless, “no or low closing cost” loans are beneficial. Because these loans consist of a higher interest rate, this option is more practical for homeowners who plan on moving within three years.

Another common approach for homeowners refinancing involves including all closing fees into the home loan. This will increase the final loan amount. While this approach will not necessarily reduce closing costs, homeowners are not obligated to pay for their closing fees out-of-pocket. This method is perfect for homeowners with little available cash.

About the Author: Visit www.abcloanguide.com to find a list of reputable online lenders for a bad credit mortgage refinance loan. Also, view all of our recommended lenders for property finance.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=36835&ca=Finances