Latest News

Are shorter mortgage amortizations always better?

posted by The Mortgage Associates    |   October 8, 2014 10:25

Are shorter mortgage amortizations always better?  In some cases, no.

Article by Robert Mclister, The Globe and Mail, May 21, 2014

"For years we’ve been taught that shorter mortgage amortizations are better. Most people in the mortgage business don’t challenge this premise and certain lenders preach it as gospel.

Consider this recent statement by a bank spokesperson: “Choosing a shorter amortization is the most responsible approach to home financing. It’s something we have been encouraging our customers to consider for years, as it means becoming debt-free sooner.”

How wise is that advice? Do longer mortgage repayment periods truly cost you more, all things considered?

In some cases the answer is unequivocally no. Longer amortizations, which spread your payments over 30 or 35 years instead of the traditional 25, can cost you significantly more in mortgage interest. But consider these four scenarios where “longer” is actually better."

To read the full article, please click here.

5 Things You Won't Believe Hurt Your Credit Score

posted by The Mortgage Associates    |   October 7, 2014 14:11

5 Things You Won't Believe Hurt Your Credit Score

Article by Jonathan Roisman, NextAdvisor.com, August 18, 2014

"Deciphering your credit score can be difficult, especially if you don't know all the ways you can be hurting it. Your credit is not only attached to your credit card use, but with many everyday financial activities. Here are five things that can hurt your credit, and ways to prevent them from happening to you.

1.  Closing a credit card account

2.  Apply for new credit

3.  Renting a car with a debit card

4.  Financing a major purchase

5.  Not paying a parking ticket"

To read the full article, please click here.

Shawna was very efficient and always followed up

posted by The Mortgage Associates    |   October 6, 2014 08:31

Shawna MacDonald"Shawna was very efficient and always followed up.  Greatly appreciated!"

Mark & Alexis Bourassa, July 2014








Mortgage rules may be tighter for the self-employed, but options remain

posted by The Mortgage Associates    |   October 3, 2014 08:51

Mortgage rules may be tighter for the self-employed, but options remain

Article by Romina Maurino, The Canadian Press, July 14, 2014

"If you are self-employed, live in a rural area or don’t have the best credit, you may find it increasingly difficult to get a mortgage.

Yet while tighter lending rules are making it harder for some people get approved by a bank, going to a second or third-tier lender isn’t something everyone is comfortable with.

Real estate experts say if you are self-employed, traditional lenders like the big banks may still lend you the money – it may just come at a higher interest rate, require a bigger down payment and increased scrutiny.

Customized products for the growing number of people who are self-employed often come with a minimum 10 per cent down payment instead of the usual five per cent, while the typical five-year closed rate for most is higher than what many banks are offering, said John Andrew, a real estate expert with Queen’s University.

Your chances are also better if you can show income tax records dating back a few years that suggest a steady income."

To read the full article, please click here.

Very thankful we were referred to Shawna MacDonald!

posted by The Mortgage Associates    |   October 1, 2014 08:30

Shawna MacDonald "Very thankful we were referred to you!  Thanks for all your great, professional help!"

Cindy & Wade Madland, July 2014

 

 

 

 

 

 

 

Top five home renovations that increase property value

posted by The Mortgage Associates    |   September 29, 2014 09:00

Top five home renovations that increase property value

Article by Genworth Canada

"Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.

#5:  Flooring

#4:  Fixtures

#3:  Bathroom

#2:  Kitchen

#1:  An Income Suite"

To read the full article, please click here.

Housing crisis "is not going to happen"

posted by The Mortgage Associates    |   September 26, 2014 08:56

Shawna was very efficient and have answers to all our questions! Excellent service!

posted by The Mortgage Associates    |   September 25, 2014 08:11

Shawna MacDonald"Shawna was very efficient and had answers to all our questions!  Excellent service!"

Bernie Lucko, September 2014








Buying your first home..check out the mortgage glossary

posted by The Mortgage Associates    |   September 24, 2014 08:11

Buying your first home.. check out the mortgage glossary

Home Buying Step by Step:  Words to know when buying a home

Click here to view the glossary.

When it comes to home buying, smaller is better

posted by The Mortgage Associates    |   September 23, 2014 08:15

When it comes to home buying, smaller is better

Article by Robert Brown, Globe and Mail, September 16, 2014

"When you buy a house, you’re going to be facing a lot of expenses, most of which you haven’t faced before, above and beyond your new mortgage payments. Heating, electricity, insurance, and property taxes are just some of the additional bills that come with owning a house. All other factors being equal, the bigger the house, the bigger those expenses will be.

Regardless of how your house is heated, it would seem reasonable to assume that it would cost twice as much to heat (or air condition) a 3,200 square foot home than it would one that is 1,600 square feet. But, as reasonable as this seems, it’s incorrect; it actually costs more than twice as much. Yes, the larger home has double the space to keep warm or cool, but it also has more doors and windows that will allow drafts in during winter and cool air out during the summer.

On top of that, the larger home will have more exterior wall surface exposed to the outside during the winter months, which will make the house harder to heat. Circumstances vary, but it can cost up to three times as much or more to heat and cool a home that is only twice as big."

To read the full article, please click here.