Make a Mortgage Broker Part of your Financial Plan
Filed Under (Mortgage) by admin on 26-09-2009
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For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. The mortgage world – like the investment world – can sometimes be confusing. There is a vast array of choices – open, closed, fixed, floating, long or short amortization, prepayment options, portability… and of course, the rate itself.
Making the right mortgage decision can have a huge financial impact over the long term. Many Canadians have an investment advisor to help them sort through their choices. Now, Canadians are also beginning to turn to mortgage brokers to help them make better mortgage decisions. Canadians are just now catching up with their counterparts south of the border, where mortgage brokers already arrange approximately 70 per cent of mortgages for U.S. properties.
So what is a mortgage broker? The role of a mortgage broker is to understand your mortgage needs, seek out the best options for your situation, and guide you through the lending process. A mortgage broker does not work for any individual institution or lender, but is independent, and has up-to-the-minute loan rates for a wide array of banks and other lending institutions.
There was a time when the banks exercised the view that they “owned” their customers, and mortgage brokers were perceived only as a last resort for home buyers with poor credit history. But times have changed, and home buyers in every bracket are learning they can benefit from the professional advice of a mortgage broker.
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 or renewing a mortgage, consider making a mortgage broker part of your financial plan this year.
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Help answer the question about mortgage
What happens to the mortgage on a house that is left to me in a will?A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.
from the way how I see it.. it is down to the interest rates. If your base currency has the higher rate you go long the base eg GBP/JPY GBP is base.. which over time causes the exchange rate to go up(GBP/JPY in this example – as it did from 90-07) hence weakening the JPY – same applied for USD/JPY.
I would say US’s debt ratio to GDP is higher than Japan .. in fact by almost 3 times.. This is external debt mind, also.. Japan has a current account trade surplus unlike the US
depends on your interest rate
lets say you did a 30 year 5% fixed
1825.19 would be your monthly
http://public.propertylinx.com/custom/templates/mortgage_calculator.asp?price=350000
here's a calculator.. toss around your own numbers.
read on…
http://myfinancetimes.com/2008/05/24/subprime-mortgage-creditcrisis/
The above article elucidates you on the actual subprime mortgage crisis in us. and the persons behind the mortgage fraud and all those who are to be directly blamed for this financial catastrophe.
That depends on a few things.
How much equity do you have in your current home?
What is your credit score?
What is your debt load?
Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.
Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.
You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.
In a nutshell, yes you can, if all your other ducks are in a row.
Good luck
I don't know the numbers, but it is an astronomical amount.
that´s exactly what Mike Norman says… why borrow when you can print… that guy is a sinking turd…
Dollar is new Peso — not funny!!
PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home's value.
When a senior lien forecloses, a junior lien is wiped out.
So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you'll still owe the first.
Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment.
creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to PEOPLE WHO COULD NEVER PAY THEM BACK..
i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!
If youre stuck at home now anyway you should do some work online.. you can find out more at soloemployee . com
I´ve a question.
The JPY has been at a roughly 1:100 exchange rate to the USD during the carry trade years.
Isn´t a higher exchange rate the prequisite for a carry trade system?
Kind of elongating the lever by leting the USD exchange rate sink to, let´s say, 1:10 to the EUR?
I can attest to that as a fact. I’m starting to make some significant profits. This coming depression is going to make me wealthy because I pay no attention to the establishment’s lies. Schiff for Senate in 2010!
LOVE IT!
A week or so ago I posted a comment regarding the carry trade and the turtles.
I just re-read it and I see had at least one typo. “It”, the article was published in the the turtles, not me.
Sorry, my apologies.
Joe