mortgage

Get the Best Rate on Your Mortgage, Insurance, Credit Cards and More with RateSupermarket.ca

September 1, 2016 by Kathryn Leave a Comment

So far, 2016 has been a year of change, adventure and fun at every turn. And those are all themes that are going to be continuing for the rest of the year too. With my upcoming wedding on October 1, a honeymoon in Ireland, a move to a new city later in October and the purchase of a new house, we’ll be busy every minute for quite a few months…and loving every minute of it!

Knowing we’ll need to purchase a house soon, I’m already starting to look into the many details involved in the process. From finding a good lawyer to draw up the paperwork to investigating the current prices in the markets we’re looking at, being prepared gives me the confidence that we’re making the best choice for our family’s future. And a big part of that process is making sure that we have the best mortgage available.

Luckily, finding a great mortgage is something I can do in seconds thanks to RateSupermarket.ca! This online insurance comparison website lets us quickly and easily check current available mortgage rates anywhere in Canada so that we can find the best one for us in just seconds. [Read more…]

3 Ways Mortgage Refinancing Can Help Canadian Families

February 20, 2013 by Kathryn Leave a Comment

If you are like most busy parents, refinancing your mortgage is the last thing that you think about on a daily basis. Instead, you may be caught up in the details of day-to-day life, such as if your son will pass his math test or how much your daughter’s braces will cost. Of course, your family’s finances play a major role in many of the decisions that you make on a regular basis as well as on how you plan and prepare for the future. With how busy you are, however, if things aren’t broken, you may not consider taking the time to make an improvement. While this is understandable, the fact is that there are three key reasons why you should think about refinancing your mortgage today.

Taking Advantage of Low Interest Rates

Unless you only recently obtained your current mortgage, chances are that your interest rate is considerably higher than the rates currently available. Why does a low interest rate matter? Your interest rate will affect how much money you throw away in interest charges each month. A lower interest rate means that a greater percentage of your payments are applied toward principal, and this can help you to build more equity in your home. In addition, it can also lower your monthly payment. [Read more…]

Four Easy Tips for Picking the Best Mortgage

March 13, 2012 by Kathryn Leave a Comment

If picking a mortgage sounds like a great big headache to you, you’re not alone. However, shopping for financing for a home is often complicated and frustrating simply because it’s difficult to know where to start. Want to know how you can pick the right mortgage for you? Here’s how.

Let the mortgage pick you.

Finding a mortgage isn’t a passive process at all, but there are steps you can take to make sure that you attract the right kind of offer. Before you even consider buying a home, make sure to clean up your credit report so that you can get the best mortgage rates in Canada. You should also pay down as much of your credit card debt as possible because lenders usually offer better interest rates to buyers with a low debt to credit ratio. Outside of the credit realm, try to save up enough money to make more than the minimum down payment so that you can shorten the term of your mortgage and avoid paying more interest than you have to.

Find a great mortgage lender.

Your mortgage contract is only as good as the professional who draws it up, so make sure that you are working with a lender that you trust. While there is no set time frame for the appropriate amount of experience that your lender should have, choosing someone who has at least five years in the business is a good rule of thumb. It also helps to ask family and friends for recommendations; lenders who earn more business through word of mouth are usually trustworthy and pleasant to work with, which will make a major difference when it comes to financing the home of your dreams.

Explore the options.

Choosing a mortgage shouldn’t be a cut and dry process; there should be some sweat equity thrown into the negotiations to make sure you’re getting the best deal possible. When your lender makes an offer, don’t be afraid to ask him or her to expand upon some details, reduce the fees, or transfer the responsibility of some of the administration costs to the seller. Walk into your meeting armed with the best information so that you know when to make these calls by researching Canada mortgage rates with Ratesupermarket.

Come up with a payment plan.

When it comes to mortgage payments, would it suit you to make bi-monthly payments instead of once a month? Or would you be able to shorten the term of your mortgage contract by making bigger payments? Do you have enough room in your budget to make one additional payment a year? All of these provisions can help you pay off your house faster, but they also require financial planning as you are working your way through the terms of your mortgage. Avoiding additional interest payments is nice and some of these decisions can have a big impact on the terms of your housing loan, but remember not to take on too much financial responsibility at a time or you could undo all of your careful planning by falling behind.