All the banks want to do is sell to Clients. Ex-banker spills the beans!

I just recently read an article where an ex-banker tells exactly what it was like to work at the bank.  The clients needs come second to that of the banks and if the client can be sold a product, whether that product is in the best interest of the client or not — as the employee, you are to sell the product.Read more…

The ultimate advantages of working with a mortgage broker in Canada

Mortgage Brokers in Canada offer more products and options

Unlike a bank, a mortgage brokerage works with as many as 35 different lenders, giving you access to hundreds of mortgage products. This breadth of choices allows you to select the product that is most appropriate for your circumstances. Whether specific terms or rates are of greatest importance, or the structure of the loan product itself, a mortgage broker in Canada is able to help you decipher the options and select the most beneficial product. The market in Ontario is complex and cluttered with options; having an expert who can serve as both a teacher and advocate is a significant advantage.Read more…

The top 10 secrets that banks don’t want you to know

1.  It’s not all about the interest rate.  Most individuals go into the process looking for a good rate and they get tunnel vision as a result.  The banks prey on this and they set people up with restrictive mortgages as a result.  Those who work with a mortgage broker understand that having options is more important than the interest rate you receive.  Rate is important, but sometimes it is better to take a slightly higher rate if it means getting a better mortgage.Read more…

Debt consolidation strategies that will save you thousands of dollars

If your debts are becoming hard to manage, and you are looking for a way of reducing monthly payments, consider debt consolidation. There are several methods of consolidating debt, but perhaps the best one is to use the equity in your home. The value of your home is likely to be higher now than it was when you bought it, so there should be some equity built up for you to use. The monthly payments you have been making have also been reducing the principal balance of your mortgage and increasing the amount of the available equity in your home.Read more…

4 Costly Renovation Mistakes No One Can Afford To Make

1.  Not Making A Budget

Before you seek renovation financing, you should know exactly what you need to spend. Start by make a dream list of what you want changed, in order of most desired to least desired. Then, ask two contractors and two architects to review your plans for home renovations and provide you with cost estimates. Often they will do this for free to earn your trust. After you have all four estimates, carefully look them over. Find an acceptable compromise between what you want done and the quality required, within your budget.Read more…

Refinance to consolidate debt

If you own a home and need a means to consolidate your debt and reduce the number of monthly payments you are making while decreasing the amount of the total payments, you should consider a mortgage refinance.  Refinancing mortgages is where a mortgage agent or broker can help you access the equity in your home to consolidate debt.  When you refinance, mortgage term are renegotiated to increase the total amount of your mortgage.  Read more…

Refinance for home renovations

The equity in your home is essentially the difference between what your house is worth and what you currently owe on your mortgage balance.  Since property values tend to increase over time, most people who have been in their home for an extended period of time may have a substantial amount of equity accumulated.  By using a mortgage broker or agent from RMA, you can take the necessary steps to refinance your mortgage up to 95% of value of your home. The equity you have built up would then be distributed to you and can be applied to the home renovation projects you are interested in.Read more…

Take advantage of a lower rate on your mortgage by refinancing

When the economy is suffering, one of the main steps governments and financial institutions take to encourage spending is to offer a lower interest rate to consumers interested in refinancing their mortgage.  By reducing the interest rate by 1.00% or more (which is a very realistic reduction), a home owner with a mortgage of $200,000 can save about $10,000 over a 5 year period of time.  By refinancing to lower interest rates, consumers are not only able to reduce their monthly payments, they are also able to decrease the total amount of interest they will be paying over the life of their mortgage (usually 25 years).  This lower mortgage rate not only frees up cash flow for current financial needs, it also saves a significant amount of money over time.  A reputable mortgage broker or agent, like the ones at Real Mortgage Associates, can explain all of the various refinancing options available to you.Read more…