Mortgage 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.
Read moreA Quick Lesson from Mary Bach
Lately, we Canadians have been somewhat guilty of holding our noses up to our friendly neighbours across the border. Yes, the States’ economy is in a little bit of trouble, and yes, ours is doing much better for the time being. But it turns out that even with bad decisions and a tumbling housing market, there are a few Americans that we can take a lesson from – or at least one of them at least. While it may not be breaking mortgage news, Mary Bach has recently given all Canadians a very important lesson in the value of a dollar. Or rather, the value of two cents.
Read moreHow Does Rent-to-Own Work?
We touched briefly on rent-to-own homes a couple of months ago when we explained how to recognize the scams from the legitimate offers on the market. And now that you know what you’re looking for, just how exactly do rent-to-own homes work?
Read moreWhat are Canadian Requirements for Refinancing Your Home?
Refinancing your home essentially means that you turn in your existing mortgage in order to get a better deal on a new one. And with interest rates as low as they are, more and more Canadians are understanding that if they’re interested in home refinancing, there’s no better time than now. What they don’t understand exactly is what they need in order to be eligible for it.
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