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Should I Hire A Mortgage Broker?

What is a mortgage broker?

A mortgage broker is a person who will help you to find a mortgage by doing the leg work for you.  Mortgage brokers can save you time, and sometimes, they can find you a better rate than you can find on your own.  Mortgage brokers represent a large number of financial institutions and they are compensated by the financial institutions when you are approved for a mortgage.  So, the services they provide to you are free.

Will a mortgage broker find you the best rate?

Although, ideally, you would expect to get the best possible mortgage interest rate when you hire a mortgage broker, this is not always the case.  For instance, when my husband and I were ready to purchase our second home, we got in touch with a local mortgage broker.  She took our information over the phone and was able to provide us with an interest rate in less than two hours.  She was very efficient and we were satisfied with the rate.  But, as circumstances would have it, we ended up doing a little leg work of our own, and we were able to get an even better rate.  This really surprised me as I had expected that the mortgage broker would have provided us with the lowest rate available.

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How To Shop Around For Car Finance

Buying or leasing a vehicle can take a lot of time and energy.  The good news is that you have some great resources literally at your fingertips that can help you to do your research more efficiently.

Leasing a Vehicle

There are some great apps that you can use on your mobile device that will allow you to compare car leasing deals.  If leasing a vehicle makes the most sense to you based on your lifestyle and financial situation, then make sure that the lease you select provides you with the greatest options and advantages.  Don’t just settle for the first deal you read about.  It pays to spend the time and weigh the pros and cons of each option.  Make good use of the apps and websites that are available to you.

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How The New Mortgage Rules Affect Canadians

Although the rules for mortgages in Canada changed effective July 9th, I wanted to highlight some of the changes for you in case you missed them when they were first introduced.

What’s changed?

Under the rules that went into effect, borrowers are allowed to use up to 80% of their property’s value as collateral for home-equity loans, down from 85%.  This means that Canadians can’t borrow as much as before from their home’ s equity.

In addition, the maximum amortization period dropped to 25 years from 30 years for government insured mortgages.  Note that the 30 year amortization is still available for mortgages as long as the buyers make at least a 20% down payment.  It is only the government insured mortgages that are affected.

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Pros And Cons Of Payday Loans

Keeping a budget can be a challenging thing for a lot of people, especially when expenses pop up that you didn’t expect, such as a blown tire, a medical expense, or a new PC to replace your crashed computer. Some expenses just can’t wait, and for those who don’t have credit cards or don’t want to use them, payday loans may be the answer.

There are many different companies that provide payday loans. These lenders look at what your typical paychecks provide and lend you enough money to make sure you can make it through until payday, while assuring you’ll have enough money in your check to pay them back. They are the ultimate short term loan, a version of asking your mom, brother, or buddy to spot you till you get your check– only without the personal connection and most likely with more interest. This can be good or bad. Here are some pros and cons of payday loans.

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Tips For Saving Money On Your Mortgage

Improve your Credit Score

Did you know that you can actually save money on your mortgage? Most people don’t realize this, however, it is true. The best way to save money on your mortgage is to first increase your credit score and improve your lending history. By doing this you will show the mortgage lender that you are a reputable borrower and that their money is safe with you. Now, that is the obvious answer as to how to save money, but there are a couple more ways.

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