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Ontario Mortgage Rates

Monday, Mar. 21 2011  |  Posted by: Surina  |  0 comments

For week of March 21st, 2011

 

Prime Rate is 3.00%                                  5 YEAR - 3.99%

                                      6 Month - 3.75%

   1 Year Closed - 2.75%                        4 Year Closed - 3.89%   

   2 Year Closed - 3.29%                        7  Year Closed - 4.85%

   3 Year Closed - 3.59%                        10 Year Closed - 5.15%

Current Variable Ontario mortgage rate is 2.30% 

 

Permalink  |  Posted in: Mortgage & Finance

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Why Use A Mortgage Broker?

Tuesday, Jan. 05 2010  |  Posted by: Surina  |  0 comments

With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage consultant lies in the opportunity to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders.

As a result, the popularity of independent mortgage brokers is growing. Last year approx 25% of all mortgages placed in Canada were through a mortgage broker compared to 14% in 1999.

A mortgage consultant can also be a source of information and provide unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable rate mortgages? Having problems getting a mortgage because you're self-employed? Or perhaps you need assistance with arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.

What is a Mortgage Consultant (Broker)?

A mortgage consultant (or mortgage broker in some provinces) is an independent agent, or intermediary between you the consumer and the mortgage lender. The mortgage broker will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances.
A good investment advisor can make you thousands of dollars. But a good Mortgage Broker will SAVE you thousands of dollars. Whether you are buying a home, refinancing or renewing a mortgage, consider making a Mortgage Consultant part of your financial plan this year. The best part, depending on your credit picture, there is no charge to the consumer for the service! The mortgage consultant's fee is normally paid by the lender.

provided by:
Mark A. Piers
Dominion Lending Centres Alliance

Permalink  |  Posted in: Mortgage & Finance

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Improve Your Payment History

Monday, Jan. 04 2010  |  Posted by: Surina  |  0 comments

Since your payment history accounts for 35% of your credit score, you need to make sure that all your accounts are up to date and don't show late payments. Pay off past due accounts, and then concentrate on paying your bills consistently before the due date. If you tend to forget to mail your payment in on time, consider automatic bill payment options (either through your bank or online).

You may be wondering how liens, judgments, collections, and bankruptcy will affect your credit score. I won't lie to you. These bad marks will seriously lower your credit score, but not indefinitely. Since this information may only be reported for 7 to 10 years, it will eventually drop off your record. And, if you can consistently pay your bills on time for two or three years, the impact of these negative items will not be as great.

 

Permalink  |  Posted in: Mortgage & Finance

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