Mortgage Brokers and Banks: The 3 Major Misconceptions
When it comes time to apply for a mortgage, you might wrestle with the decision to go through a mortgage broker, or to go through your bank. The one you’ll choose will ultimately be the one that’s best for you, but so many people automatically favour banks for their mortgages because they think bank mortgage loans carry more benefits than loans obtained through a mortgage broker. But, that’s not actually true. And you need to break through the major misconceptions before you make your choice.
Read moreUS Banks Being Sued; Here’s for What
It was on Friday that the news rang out through the world that the U.S. banks were being sued by the Federal Housing Finance Agency (FHFA), on behalf of Freddie Mac and Fannie Mac. But just why are they being sued, and what banks exactly can expect to go to court (or at least shell out some major bucks in damages in order to avoid it?)
Read moreHome Staging, the Feng Shui Way
You’ve probably heard of home staging, the process of making your home picture-perfect before you show it to potential home buyers. And you’ve probably heard of Feng Shui, a concept that originated in China of decorating your home in a specific way and placing furniture in specific places, in order to enhance the harmony in your home. Put the two ideas together and you’ll soon be moving out of that home you’ve been trying to sell, and getting into that one that you’ve had your eye on.
Read moreWhat’s the Outlook for the Baby Boomers’ Babies?
There’s a lot of talk about the many, many Baby Boomers that are already stepping into their retirement years or are looking forward to doing so in the next several years. And while everyone’s talking about the impact this many Boomers will have on the economy, you can’t help but also question the impact their retirements will have on the generation that’s to come after them – their kids. While the Boomers may be creating historical stats, the Baby Boomers’ babies will experience a retirement very different than that of their parents and their grandparents.
Read moreBC = No HST, and That’s Good News for the Housing Market!
Last week’s referendum in British Columbia to scrap the HST had just about every Canadian wondering if the same thing could happen in their own province. In some maybe; in Ontario, no. Laws are different here and as such, we’re likely to live with the HST until some good-loving politician gets rid of it. But the people of BC are currently rejoicing and it’s no wonder why. With HST gone, residents are going to pay nearly half what we do in taxes for the things we buy, and that includes big purchases like a home mortgage.
Read moreVariable Rates or Fixed Term? Choice Getting Harder for Canadians
It wasn’t that long ago that the choice was clear: interest rates are low, and they’re going to stay low, so get a variable rate mortgage because it’s going to be cheaper than a fixed rate. But now, the choice isn’t as clear. Discounts are getting so high on fixed rate mortgages that lenders need to be able to make up for some of that money somewhere. And the only logical place is in the variable rate.
Read moreAvoiding the Rising Cost of Home Insurance
If you’ve noticed the rise in natural disasters lately, you’re not the only one. Insurance companies, or rather reinsurers, the insurance companies that cover your insurance companies, also have. Hurricane Irene is the most recent example of a natural disaster that has caused extensive damage; but no doubt that many of us could list 5 natural disasters that have occurred in the last two years off the top of our heads. With this damage comes a lot of cost, and someone needs to be able to pay for it. Unfortunately for homeowners, most of the time it ends up being them.
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