All About Real Estate, Finance & Mortgages

Many consumers assume that “mortgage companies” are banks that lend their own money. In fact, a company that you deal with may be either a mortgage banker or a mortgage broker. A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers (also known as “direct lenders”) sometimes retain servicing rights as well. A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”). Using a mortgage banker can save the fees of a middleman and can make the loan process easier. A mortgage banker can give you direct loan approval, whereas a broker gives you information second-hand. However, many mortgage banks are limited in what they can offer, which is essentially their own product. In addition, if you present yo...

Controlling debt... : "Mar 24, 2006 Mike Lacey - More from this author Managing personal finances is among the biggest challenges facing Canadian households. Personal debt continues to climb as people seem either unable, or unwilling, to effectively manage their money. This time of year is when the giving of the Christmas season comes home to roost, says Steve Wesley, manager of the credit counselling program at the Community Counselling and Resource Centre. He explains many of those unable to meet the credit card bills that pile up after the holiday season are facing collection agencies. Many people don't know where to turn as they're swallowed up by debt. Mr. Wesley and others with his organization provide free credit counselling services to those in need, helping to set up personal budgets and provide tips on ways to get rid of debt. He says there are some simple, common sense steps people can make to ensure they don't end up in financial trouble. 'The first thi...

The Rediff Interview/David Wyss, chief economist, S&P 'The real threat is global imbalance'Sunil Jain March 24, 2006 Standard & Poor's Chief Economist David Wyss predicts that 2007 will be a reasonably good year as well (4 per cent global growth as compared to 4.5 this year), but sees increasing global imbalances as the problem area. Excerpts from a conversation with Business Standard: Despite the risks associated with the twin US deficits, you're projecting pretty robust growth in not just this year, but also in 2007. We're looking at 4.5 per cent this year and 4 per cent in 2007. The Eurozone is looking better and the good thing about Japan's growth (this is the third year it's over two per cent) is that it is now driven by domestic demand and not exports as in the past. Asia and Latin America continue to do well and account for half the world's growth. The twin deficit is not just a US problem. France, Germany and the UK have sizeable fiscal ...

TheStar.com - Man finds house was secretly sold : "Man finds house was secretly sold Owner discovers new family living in house Police say estranged wife made own deal Mar. 22, 2006. 10:15 AM STAN JOSEY STAFF REPORTER A Toronto man got a shock when he tried to return his children to his estranged wife at their matrimonial home in Ajax after a weekend visit and found another family living there, police say. Durham Region police allege that the man's wife sold the home on Delaney Dr. without his knowledge and bought a larger home in Ajax with the $200,000 proceeds from the sale � a situation known as title fraud. 'I've never heard of a case quite like it,' said Det. Jack Haze. Since their separation, the man usually returned the children to his wife at a specified location. However, on one day in January 2005, the man missed the appointment with his wife and decided to take the children back to what he thought was their home in Ajax. 'He got the shock of his life...

TORONTO — About 17 per cent of Canadian homeowners say their homes will be their primary source of retirement income, according to a survey released Wednesday. The survey, by RBC Royal Bank, also found that 32 per cent of respondents 55 and over hold a mortgage, and suggested that Canadians are increasingly comfortable with housing debt following the rise in house prices over the last few years. ‘‘There’s definitely a trend among aging baby boomers that they are very comfortable in holding debt later in their lives, and so I think that a reverse-mortgage, or at least leveraging the equity in their homes, is something they’re comfortable with,’’ Catherine Adams, RBC’s vice president of home equity financing, said in an interview. Another recent study by the bank found that 48 per cent of Canadians do not believe it’s necessary to retire debt free. Wednesday’s 13th annual Homeownership Survey also found that 60 per cent of Canadian homeowners currently hold a mortgage, up from 56 per cen...

Preparing your home for sale...

TheStar.com - Lenders eye off-prime market

Years ago you had to go to the bank on the corner to apply for your mortgage. Basically beg the banker for a house. If you didn't fit the bank's criteria you didn't get approved. Sorry about your luck. NO! And there really wasn't anywhere else to go. Until now... These days there are more lenders, more banks and more mortgage options. One product we specialize in is the Non-Conforming Mortgage Loan. Specifically those mortgages for clients that have past credit issues (including bankruptcy) or are buying a unique property that doesn't fit into portfolio of the major banks or CMHC. Our Non Conforming Mortgage Loan program helps people who... Need a sub prime mortgage Have less than perfect or bad credit Have no established credit Have tarnished credit Have a previous bankruptcy Are in consumer proposal Are in credit counselling Are recent landed or non-landed immigrants to Canada Are recently self employed and can't verify their income Are foreigners investing in...

The following describes mortgage options that may be available to you, individually or in combination. Low Interest Rate Mortgage Generally the best way to find the lowest rate is to shop around. But every time you go to a bank they pull your credit bureau and applying too many times can lower your beacon score. Going to a mortgage broker is the best way to find your best rate and terms. They pull your credit bureau once and will shop a wide variety of banks for you, determining the best rate and terms. A broker may also know of smaller lending institutions which offer much more competitive rates than a large bank or finance company. Adjustable Rate Mortgage With an adjustable rate mortgage (sometimes called ARM) your payments will change over time to reflect any current interest rate fluctuations. The interest’s rates are adjusted semi-annually or on an annual basis. If the rate goes down your mortgage payments will go down and if the rate goes up so do your payments. The initial adju...

The Bankruptcy Nightmare and How to Re-establish your Credit The Bankruptcy Nightmare Maybe you lost your job due to downsizing, or a maybe you’ve gone through a recent divorce or split that made it impossible to pay back the debt you owe? Someone in your family might have got ill and you didn’t have insurance to cover the lost income. Even if you have lost a loved one and didn’t adequately plan for it, what ever your circumstance may be this can be the beginning of a long tiresome journey and will require some hard work to recover on your part. Creditors on Your Back There are many situations in which we find ourselves falling behind on our payments, not being able to even pay the minimum payment amount each month. We get so far behind that there is no way to catch up. It’s not a good feeling. Then the creditors start calling demanding their money when you just don’t have it, especially when they don’t seem to care or don’t even try to understand your situation, they just want their m...

We will help you Consolidate debts & lower your payments Buy a new home, a second home or a vacation home Achieve your financial goals so you can retire early Take control of your largest asset. Your home! We have a wide variety of mortgages from over 50 of Canada’s top lenders. Banks, trust companies, private lenders and more. Your mortgage approval is just a phone call away! 1-877-590-1961 Even if you have been turned down by the bank before do not hesitate to call. We are experts at creative finance! Our non-conforming mortgage program can help if you have bad credit , a prior bankruptcy or other difficult situation. Fill out our short questionnaire to see if you qualify for a mortgage today.

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Mortgages are tough to qualify for when you are self-employed or commissioned. Even with a good credit history, getting a mortgage from a major bank is sometimes frustrating. Over 20% of Canadian income earners are self employed, business for self or are 100% commissioned. With this large of a segment of the population working for themselves you would think the mortgage banks in Canada would be a little more accommodating. Well they have! Finally. Most people in business write off expenses before declaring their income. That's the advantage of being in business for yourself. You pay income tax on a lesser amount but when you need to prove income for a mortgage approval, your tax returns make it look like your income is low and you can't afford the mortgage you deserve. Qualifying for a Low Documentation Mortgage is easier than you think. You can purchase a new property or re-finance your existing home up to 90% of its appraised value. The lender bases their mortgage approval on...

What is a Mortgage Broker? A mortgage broker is an independent professional who works as the liaison between the borrower and the lender to negotiate mortgage loans. We are mortgage loan specialists. Whether you are purchasing a new home, switching your mortgage, or refinancing you existing mortgage, many factors must be considered. Its our job to analyze specific needs and find the best mortgage product that satisfies your budget and goals. Why use a Mortgage Broker? We have access to numerous lending institutions and investors. We will make sure to get the best loan possible: the best interest rate, conditions, and prepayment privileges. You won't have to deal with any financial institution yourself. We deal with the same lenders you're used to dealing with. Including the 'Big Banks' and Trust Companies. We deal in great volume of mortgages and pass on the savings to you. We also deal with some innovative broker-only lenders who can offer even more attractive rates an...

Build or re-build your credit in Canada, even if you've had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating. Virtually all Canadians are approved. Find out more here...

Our Mortgage Payment Calculator will show you how different rates and payment frequencies can affect your mortgage. How much can you afford? What payments can you expect to be making on your mortgage? Simply fill in the form and click the "Compute Payment & Balance Summary" Button.