Should You Negotiate Your Mortgage?

Posted onOctober 26/2015By

Finally thinking about joining the homeowner club – negotiation is a key trick of the trade when it comes to mortgages. If you know the power of negotiation, you will save yourself a lot of hassle, money and time in the end. Becoming educated on the home buying process and the financial aspects of it, can give you the upper hand. Remember the lenders are competing for your business, you don’t have to just settle for what you can get, you can get the best if you know your stuff. 3 Tips to help you negotiate your mortgage Calculate your finances. It’s important that you are fully aware of your finances. Know your credit score and how much money you have in the bank. If you have a high credit score, try to maintain it. If your credit score is on the lower end, speak with your financial agent to…

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Can you Pay your Mortgage with a Credit Card?

Posted onOctober 23/2015By

There are a lot of ways to use your credit card these days. You can swipe it, type it, insert it and tap your card online and in-store almost everywhere. You can buy almost anything with your card; clothing, food, technology, the options are endless. But have you ever thought of using your credit card to pay your mortgage? It’s just another option in the pool of payment options that may be available to you. A credit card always has good points and bad points, but do the bad points outweigh the good ones? It’s up to you to decide what works best in your situation. The good side of using your credit card: Before you think this is a good idea and act on it – you must remember that it doesn’t make sense to pay your mortgage with your credit card if you would be unable to pay…

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Benefits Of Early Mortgage Renewal

Posted onOctober 19/2015By

Depending on the numbers, you have the opportunity to save cash with an early mortgage renewal. Each mortgage situation will be different based on many factors including the amount owing, the time left on the term, and your obligation to your lender, but there may be some benefits for you. What are the benefits of early mortgage renewal? Early renewal gives homeowners the chance to negotiate the terms of your mortgage. Even though you will be breaking the terms of your current mortgage, you can enter into a new term with a much more desirable rate. When you break a contract, you know there will be some penalties or consequences. The usual penalty is a prepayment penalty of three months at your current rate or at the IRD, also known as the Interest Rate Differential. You have the ability to weigh your potential savings with the Mortgage Penalty Calculator. Tips…

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How To Calculate Mortgage Closing Costs

Posted onOctober 16/2015By

Are you thinking about buying a new home? The home-buying process can be confusing and difficult without the proper resources, but with the right information, you will be just fine. By now, you probably know what houses are in your price range and what areas you are interested in buying in. What’s next? Aside from your down payment and mortgage payments that cover the purchase price of your new home, you have to start thinking about closing costs as well. Closing costs come into play once the purchase of your home is finalized. These costs are different in each province and sometimes even vary city-to-city. It is important to have a good real estate agent or knowledge of the process, mortgage or lender services assistance and lawyer or notary; this way you are aware of all of the financial obligations, rules, regulations and pertinent information. What are closing costs? The…

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Why Do You Need Home Insurance?

Posted onOctober 12/2015By

Home insurance is the best way to manage your risks and to protect your assets. Although home insurance is not mandatory in Canada, it doesn’t mean that you shouldn’t get it. It is highly recommended by lenders and other experts in the field to get home insurance. The fees that you pay to your insurance company, also known as the premium, covers the cost of a potential loss. If something was to happen to your property, you want to make sure that you and your family are best protected. You are able to choose the best insurance plan for your wallet and home, as most insurers offer coverage in the following areas: Water damage This will be needed if you encounter plumbing problems or an appliance breaks down causing flooding, clogging or other types of damage. Every year many homeowners deal with water damage issues in their homes, water damage…

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