According to Statistics Canada, in 2005, 37% of people were home renters and 63% of people were home owners. Most home renters would love to be home owners but choose to rent because of lack of money available for a down payment, unfavorable credit or simply are not making enough money to carry a mortgage. When you are renting for said term outlined in the rental agreement, you are making your landlord a very rich person. In this process, you are paying down his mortgage and putting cash in his pocket every month. At the end of your rental term, you walk away with nothing. Knowing this most people neglect the units and do not take pride in their living space and that is why most of the rental units are substandard.Continue reading
Power of sale notice period Ontario, all the notices of power of sale are regulated under the Ontario Mortgage Act. The lender (banks) does not necessarily have to go to the court to do a power of sale. Before a notice to proceed is sent out, the lender will be following steps to take action.
Future Fit and You are The Boss Mortgages is very innovative mortgage product offered by VanCity. “Canadian credit unions are become exceptionally creative to attract lion’s share of Canadian mortgages” says Navtaj Chandhoke, founder, Professional Real Estate Investors Group (PREIG) Canada. “They intend to understand their needs much better than larger lending institutions. Their mortgage product has lot more features and flexibility. They are also competing among each other”
Future Fit and You are The Boss Mortgages
Future Fit and You are The Boss Mortgages, Financing your home purchase raises so many choices: down payments, terms, interest rates. But it’s important to structure your mortgage so that it works for you now and in the future. Future Fit mortgage feature does just that. It gives you the flexibility to meet your financial goals and lifestyle as they change and evolve.
Features and benefits
* diversify your interest-rate risk by splitting your mortgage to include Home prime variable and fixed-rate components
* manage your interest-rate risk by having portions of your mortgage mature at different times
* switch your Home prime variable rate portion to a fixed rate during the term of your mortgage*
* use part of your mortgage as a line of credit to fund home renovations, debt consolidation or an investment property
* reduce your mortgage and interest cost with 20/20 lump-sum payments:
Or prepay up to 20% of your original mortgage amount once a year without penalty Increase your payments up to 20% once a year without penalty
* enjoy other standard Van city mortgage features: flexible payment options, portability and assumability. And great rates.
Van city has 400,000 members with $14.5 billion of their assets, making them Canada’s largest Credit Union.
Future Fit and You are The Boss Mortgages is full of flexible features designed to put you in charge. Because saying hello to a mortgage shouldn’t mean saying goodbye to life as you know it.
Management at Coast isn’t content with being the second largest credit union in Canada. They want to be the first. So, the BC-based company has been challenging big banks head on.
Its strategy has primarily been two-pronged:
a) Advertise some of the most competitive mortgage rates in BC; and,
b) Develop innovative products.
The you’re the Boss mortgage comes with:
* 30% lump-sum pre-payment privileges
The most of any closed mortgage in Canada (Here’s how Coasts pre-payments compare to the banks.)
* A Save and Take feature
This lets people re-borrow the money they’ve used to pre-pay their mortgage (subject to a $500 minimum)
Customers can check their available re-borrowing limit online
Clients can make a withdrawal by phoning Coasts call center. The money is put in the customer’s account the next business day.
O BMO has something similar called the Mortgage Cash Account but BMOs minimum re-borrowing amount is $2500 vs. Coast Capitals $500
* A Half & Half rate option
o This sets the rate at the mid-point between the current variable and fixed rates, thus reducing risk compared to a straight variable mortgage
o Coast says this feature appeals to the 47% of borrowers who are unsure about whether to purchase a fixed or variable rate.
o Customers can instead opt for a regular 5-year fixed or variable rate if they choose
* 100% payment top-up privileges
o Allows customers to make up to double their regular payments
o Clients must phone in to make these extra payments (it can’t be done online).
Big pre-payment allowances are swell, but remember that only 12% of people actually made lump-sum pre-payments last year, according to CAAMP.
Save-and-Take-Payments Coasts new save and Take feature works sort of like a re advanceable mortgage. The difference is that re advanceable mortgages let you re-borrow all of your principal payments. The Save and Take feature only lets you re-borrow principal that has been pre-paid over and above normal scheduled payments.
In researching this product Coast found that 40% of local mortgage holders set aside funds for emergencies rather than using that money to pay down their mortgage. Allowing re-borrowing keeps people liquid and makes pre-payments more appealing.
Other notables of the You’re the Boss mortgage:
* Maximum loan-to-value: 80%
* Property Types: Owner-occupied residences only
* Term: 5-year fixed, 5-year variable, or Half & Half (part fixed/part variable)
* Where to get it: Coast branches, Coast mortgage specialists and approved brokers
Not all lenders can offer this kind of mortgage. The re-borrowing feature makes it very hard to securitize and more complicated to fund. For those reasons, mortgages like this generally have to be kept on a lenders balance sheet (which Coast does). That makes it harder for non-deposit-taking lenders to compete with this kind of product, apart from competing on price.
Coast Capital serves British Columbia and has 425,000 members, 50 branches, and $12.9 billion in assets.
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Court Queens Bench Alberta Foreclosure
World Wealth Builders Visit Four Different Courts of Queen’s Bench in Alberta
Calgary, Monday Nov 16th, 2009 – World Wealth Builders completed another very special Alberta Foreclosure Apprenticeship in Calgary. Each apprentice took part in two days of intensive and exhausting education, which involved ten different laws, group activities, class activities, partner activities, and several tactical exercises.
A high ratio mortgage is a mortgage in which a borrower places a down payment of less than 20% of the purchase price on a home. Another way of phrasing a high ratio mortgage is one with a loan to value ratio of more than 80%. A mortgage with more than a 20% down payment is called a conventional mortgage.
A high ratio mortgage will require mortgage insurance. Mortgage insurance is usually purchased by the lender through one of Canada’s three default insurers, the Canada Mortgage and Housing Corporation (CMHC), Genworth and Canada Guarantee and the cost of the premium is charged to the buyer as a closing cost, or is financed through the mortgage.
What is Down payment?
What is Mortgage payment?
A regularly scheduled payment that is often blended to include both principal and interest. This payment can be made weekly, bi weekly or monthly depending upon the bank and what have you negotiated.
A syndicate mortgage is where several investors combine funds together to create one instrument (a mortgage). The investment ‘moves’ as one funding but each investor is individually registered and secured proportionally. Syndicate mortgages allow you to have direct collateral for your investment and ongoing returns from the interest earned by the mortgage.
The majority of people in the world dream of becoming successful from childhood. They define success as earning an endless amount of money, driving the most recent and luxurious car on the market and living in a house that’s so big that you couldn’t even imagine. Do all of these luxuries come from working extremely hard at one workplace for many years or having the perfect career? The truth is that many of the wealthy people in this world have a source of passive income. In some cases, many people have a side job to make passive income for which they choose how and when they would like to work.
Effective March 18, 2011:
- Reduce the maximum amortization period from 35 to 30 years for new insured mortgages with loan-to-value ratios of more than 80 per cent.
- Lower the maximum amount Canadians can borrow when refinancing a 1 – 4 unit owner-occupied property from 90 to 85 percent of the value of their homes.
Why do the Canadian mortgage rates move the way they do? Why don’t the Canadian Mortgage rates march in lock step with other interest rates?Interest rates in the bond market influence Canadian mortgage rates, but that isn’t where the money for mortgages comes from.