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 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 moreShould Mortgage Brokers Force Exclusivity Deals?
RBC and TD Canada Trust were the first to raise their variable mortgage interest rates this week and by the time end of week came, all the others had followed suit. Consumers though, are not quick to be fooled and rarely go with the first rate they’re given. So in turn, they do their due diligence and run around town getting quotes from other lenders, most of them mortgage brokers, to try and get a cheaper rate. Once the consumer gets the cheaper rate from the broker, they then go back to their bank, asking them to match the rate. And as this week has proven, most times the banks will. So where does the unfairness lie?
Read moreSaving for a Home? Should You Use an RRSP or a TFSA?
When it comes time to start thinking about buying a home, you’ll hear a lot of talk about the Home Buyer’s Plan, an incentive program provided by the government through the RRSP. This plan, which has been around since the early 90s, allows future homebuyers to use their RRSP as a savings account, from which the funds can later be withdrawn and used as a down-payment on a future home. But, when you start speaking to mortgage brokers about financing your future home, you may hear of different options: one of these being TFSAs, or tax-free savings accounts.
Read moreRBC TO Brokers: We’re Sorry.
RBC Vs. Mortgage Brokers: Blown Way Out Of Proportion, But A Good Lens From Which To View The Mortgage Industry Nevertheless.
Read moreLong Live The King! Cash, or Credit?
Regardless of anything else, credit is the one key factor of your application that is almost entirely under your control …
Read moreInterest Rates About To Spike? Think Again.
Bank of Canada to remain in neutral for at least the next few months, maybe more. Variable rates still the winner. Consider using a mortgage broker to access equity in your home to consolidate unsecured debts via a second mortgage.
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