Bring on 2012, says Canadian Businesses
Prime Minister Stephen Harper made the announcement on Thursday that he’s expecting the world to go into a “full-blown global recession” by 2012. And while that news is usually enough to have any Canadian business owner running for their calculators, and trying to figure out how they can markup prices to account for the loss, Canadian business owners are doing the exact opposite. In fact, most Canadian business owners believe that the year 2012 will be a prosperous one, global recession or not.
Read moreDifferences Between Mortgage Brokers and Mortgage Bankers
When first applying for a mortgage, you might find that there are mortgage brokers and there are bankers. But what about when you merge the two, and get a mortgage banker? What is a mortgage banker, and how do they differ from mortgage brokers?
Read moreHow Does a Second Mortgage Differ from a First Mortgage?
Last week we covered the differences between second mortgages and home equity loans. We began that post by saying that a second mortgage is any mortgage taken out after, or in addition to, the original mortgage on the home. But aside from the fact that second mortgages are taken out in addition to the original mortgage, what are the differences between a first mortgage and a second mortgage?
Read moreMortgage Prepayment Fees Land CIBC in Court
It’s not uncommon for banks and mortgage lenders to charge prepayment fees on their mortgages. Even though you’re helping the bank by paying off more earlier, you’re also hurting them by taking away the money they would gain on the remaining interest of your loan. But even though most lenders have prepayment fees, they still need to adhere to rules and guidelines when setting those fees. Recently, CIBC has broken these rules and charged their customers far too much in prepayment fees and that’s how they’re now making mortgage news – by facing a class-action lawsuit.
Read moreObvious – and Not so Obvious – Ways to Build Equity in Your Home
Equity, the one thing that every homeowner wants. But aside from paying your monthly mortgage payment regularly, how can you build equity in your home so that it’s yours, and only yours, sooner?
Read moreCash-Out vs. Cash-In Home Refinancing
There’s been a lot of talk about home refinancing these days. And with interest rates so low, it makes perfect sense. But, before you get all excited and start thinking that now is the time for you to refinance your home too, you need to know a couple things. The first is that if you’re considering home refinancing, you need to know what the amount of your mortgage is, and how much you owe. These two amounts will determine if you will be eligible for cash-out home refinancing, or if you’ll need a cash-in home refinancing. And of course, you should also know the difference between the two.
Read moreThings We’re Thankful For
It’s Thanksgiving and while we sit around stuffing ourselves with turkey and well, stuffing, let’s look at some of the main things that we as Canadians have to be thankful for this year.
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