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  • Don't get sucked into an emotional roller-coaster when buying your dream home | Archive | Blog | 1.866.257.0158
    your dream home Buying a home is one of the most involved and important decisions a person could ever make in their life So it is not so unreasonable to believe that it can be quite an emotional roller coaster for everyone involved However letting your emotion and the stress of limited time greatly influence your final decision in purchasing a home can be dangerous After all you could spend years perhaps the rest of your life there so it can t be a move made in haste That does not mean that your emotions should be totally ignored but that they should be controlled Keep them in check stay smart focusing on what is really important when cruising the home market Purchasing a home is not all fun but you shouldn t turn it into something miserable and upsetting Make a list of what your home absolutely has to have or would be nice if it had this would be referring to your wants and needs in buying a home The first time home buyer should especially consider this step as they are generally new and inexperienced Do you need to have a certain amount of bedrooms or bathrooms Is a front and back porch important When viewing a home keep notes for each one that you visit What did or didn t you like What small things that you don t like can be changed at an affordable price Take pictures and attach them to their corresponding notes so that you can remember what the home looked like inside and out Everything starts to blend together after awhile so when buying a home it is important to have something to make each one stand out Many people have in their mind what their dream home would have so

    Original URL path: http://www.moneytime.ca/blog/archive/don-t-get-sucked-into-an-emotional-roller-coaster-when-buying-your-dream-home (2014-10-22)
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  • Top 3 mistakes people make when purchasing a home | Archive | Blog | 1.866.257.0158
    seller wants to get the highest price possible for the house and the buyer wants to pay the lowest price possible There is absolutely no way that the Realtor can represent both parties keeping their best interests at heart This conflict of interest starts to become apparent when you as the home buyer ask your Realtor How low do you think the seller will go If the Realtor is acting on behalf of both the seller and the buyer they are legally not allowed to advise you While a realtor that is acting for you the buyer alone can and mostly will give you their recommendation Always remember that Realtors are paid by the seller so get your own representation when you are buying a home When buying a home the written offer should contain at least one contingency clause Unless you are paying cash for the house not relying on any financing from a lender at all that contingency clause or condition should be one that stipulates the buyer is to arrange financing for the property Many first time home buyers and repeat buyers fear let their Realtor or other family friends scare them into thinking that putting this clause in could jeopordize them in buying the home This is not the case If a seller tries to indicate that then you should walk away as a home buyer Getting approved for financing is a two step process the first step is getting the borrower approved which includes looking into their employment credit assets liabilities etc The second step is the lender approving the property While it s not common there are properties that lenders will not lend on for various reasons Some of these reasons may be known to the buyer and some may not either way if

    Original URL path: http://www.moneytime.ca/blog/archive/top-3-mistakes-people-make-when-purchasing-a-home (2014-10-22)
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  • Purchase a home with 20% or more down | Archive | Blog | 1.866.257.0158
    About Jim Thornton Purchase a home with 20 or more down When someone is purchasing a home there are a couple of choices they have with regards to the down payment they put towards the purchase The down payment is basically the amount of equity or money that the buyer is willing to put towards the purchase of a home When you purchase a home the Bank of Canada states that banks trust companies and other lenders are not allowed to lend on a property if the mortgage represents more than 80 of the value of the home referred to as LTV within the industry this ratio is called loan to value If the mortgage exceeds 80 LTV then the lender is required to obtain mortgage default insurance provided by one of three Canadian companies AIG Genworth and CMHC with the latter being the most commonly known company When the lender obtains this mortgage default insurance then the purchasers or borrowers are usually stuck with paying the bill which can represent a sizable amount since the amount is based on a percentage of the mortgage amount For this reason many people don t want to put less than 20 down when purchasing a home The problem arises when people scrape up every last cent that they have to close the transaction this almost always translates into additional consumer debt The reason being when buying a home and putting all your money into the purchase you no longer have any money for incidentals like un expected costs cleaning costs e g carpets or things like minor renovations or upgrades As a result these things are put on credit cards and or lines of credit which carry a much higher interest rate and can cost much more than a small CMHC premium

    Original URL path: http://www.moneytime.ca/blog/archive/purchase-a-home-with-20-or-more-down (2014-10-22)
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  • 4 reasons to use a mortgage broker when purchasing a home | Archive | Blog | 1.866.257.0158
    to get the job done For a first time home buyer using a mortgage broker is an excellent idea for a host of different reasons Purchasing a home is a difficult process but it doesn t have to be completely overwhelming There are people out there who can help you make the process as seamless and as painless as possible so you d be smart to use those resources when making your purchase A mortgage broken can be one of those individuals so as a first time home buyer you should be looking for the best possible one Here are reasons to use a mortgage broker when purchasing a home Accessing a full selection of banks One of the things that you should be looking for as a first time home buyer is a large selection of mortgage products You want to know that you re getting the best possible deal in terms of both the interest rate and your own personal financial needs In Canada there are many banks that can help make the process easy Using a mortgage broker will enable you to work with many of the top banks in the country Because each bank has a number of different products you will have access to as many as 350 different choices Saving time When you are looking for a good deal on a home mortgage your time is important and it s valuable Using a mortgage broker will allow you to save time when it matters most The problem with shopping for a mortgage by yourself is that most banks will ask you to go out and shop for a rate then they ll match that rate This means less work for them and more wasted time for you It s better to work with a

    Original URL path: http://www.moneytime.ca/blog/archive/4-reasons-to-use-a-mortgage-broker-when-purchasing-a-home (2014-10-22)
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  • Purchase a home with no money down | Archive | Blog | 1.866.257.0158
    allowed CMHC Genworth or AIG to insure mortgages for people trying to purchase a home with no money down Currently the rules state that when buying a home if the purchaser has less than 20 of the purchase price to put as a down payment the bank lender that is providing the mortgage must get mortgage default insurance Just a short time ago the insurers CMHC Genworth and AIG had programs that allowed purchasers with very good credit to purchase a home with no money down that still gave the borrower access to fully discounted rates This announcement made by the Canadian government in October of 2007 put a stop to fully discounted zero down mortgages Despite these changes made by the government of Canada it is still possible to buy a home with no money down While it is true that these programs have been cancelled there are other options that have been around for years By using a product called a cash back mortgage it allows first time home buyers when purchasing a home to buy with no money down The process is a little different than the traditional 100 financing but the end result is the same the purchasers get a home with no money down The way this product works is that the borrower s agree to put 5 down on the purchase for the house On closing the lender gives the borrower s a cash back incentive which is equal to 5 of the mortgage amount The borrower s get this incentive on an interest free basis but they have to sign an agreement which states that if they repay the mortgage in full prior to the end of the term that they will pay a pro rated portion of the incentive back The 95 financing that has been arranged is done on the posted rate which makes up for the interest free portion This higher rate tends to scare off a lot of first time home buyers but you need to look at how the numbers work to understand that it isn t as bad as it sounds Previous Program No Money Down Item Value House Value 225 000 Down payment 0 0 Mortgage Amount 225 000 CMHC Premium 7 875 Mortgage Balance 232 875 Interest Rate example only 4 09 Monthly Payment 1 038 89 Remaining Balance 216 153 77 Current Program Cash Back Mortgage Item Value House Value 225 000 Down payment 5 11 250 Mortgage Amount 213 750 CMHC Premium 7 053 75 Mortgage Balance 220 803 75 Cash Back interest free 11 040 19 Interest Rate example only 5 39 Monthly Payments 1 161 33 Remaining Balance 208 423 89 Note The interest rates shown in this example are not accurate They are used for comparison purposes only As you can see in the examples above there is about 130 per month difference between the way things work now under the cash back program to the way they use to

    Original URL path: http://www.moneytime.ca/blog/archive/purchase-a-home-with-no-money-down (2014-10-22)
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  • Blog | Page 2 | 1.866.257.0158
    units Blog About What is Moneytime ca About Jim Thornton First Time Buyer A feeling like no other Buying your first home is a dream come true Debt Consolidation It s not just about money Being debt free means that you have the freedom to do what you want when you want to do it Debt consolidation strategies that will save you thousands of dollars The cost of everything seems to be going up these days with no relief in sight People have utility bills house payments the cost of transportation food and various other expenditures every month and many have additional loan payments They may have charged things on credit cards when their economic situations were better and are finding it difficult to make even the minimum monthly payments now Read below and find out how you can save literally thousands of dollars by implementing a few simple strategies Read more 4 Costly Renovation Mistakes No One Can Afford To Make Are you planning to do some major home renovations You can increase the sales price of your home by thousands of dollars by making some significant changes to the design and construction On the other hand making repairs may be more cost efficient and practical instead of moving to a new home As you begin sorting out the details you may end up paying a lot more for renovation financing and renovation loans Here are 4 costly renovation financing mistakes no one can afford to make Read more Refinance to consolidate debt In today s tight economy one of the most stressful problems consumers face is how to handle the various debts they have acquired Over the past few years many consumer racked up debt due to outside factors such as minimal to no salary increases or even

    Original URL path: http://www.moneytime.ca/Page-2 (2014-10-22)
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  • Refinance to consolidate debt | Archive | Blog | 1.866.257.0158
    to outside factors such as minimal to no salary increases or even worse unemployment However what most people do not realize is that they have an easy way to consolidate debt by refinancing Mortgage brokerages like Real Mortgage Associates provide agents and brokers that can help by negotiating with banks and lenders on your behalf getting you a low interest rate If you own a home and need a means to consolidate your debt and reduce the number of monthly payments you are making while decreasing the amount of the total payments you should consider a mortgage refinance Refinancing mortgages is where a mortgage agent or broker can help you access the equity in your home to consolidate debt When you refinance mortgage term are renegotiated to increase the total amount of your mortgage This enables the home owner to access some of the equity that has been built up in the home for the purpose of debt consolidation By using this method of debt consolidation the extra money added to your mortgage is used to pay off various high interests debts such as credit cards loans and lines of credit When you are done refinancing mortgage payments may increase a few hundred dollars from your original monthly payment but your total monthly payments will be lowered by 500 to 1000 every month The ability to consolidate debt may save you thousands of dollars over the term of your mortgage There are many options available to refinance mortgage brokers and agents at RMA can explain the different options available to you We specialize in developing solutions for refinancing by helping clients gain access to mortgage products specifically targeted at homeowner s interest in debt consolidation Because of this Real Mortgage Associates are able to better cater to this growing market

    Original URL path: http://www.moneytime.ca/blog/archive/refinance-to-consolidate-debt (2014-10-22)
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  • Refinance for home renovations | Archive | Blog | 1.866.257.0158
    the easiest ways to make your old home seem new again is with a major or sometimes minor home renovation While the benefits of a home renovation may be substantial the cost involved in the process is often extremely high and is often put on high interest department store cards With the economy still struggling to recover from difficult times obtaining an unsecured loan to renovate your home may not be easy to do especially with all the additional consumer debt that has been accumulated in recent years One of the easiest way to obtain a loan to renovate your home is by tapping into the equity you already have built up by refinancing your mortgage to obtain renovation financing The equity in your home is essentially the difference between what your house is worth and what you currently owe on your mortgage balance Since property values tend to increase over time most people who have been in their home for an extended period of time may have a substantial amount of equity accumulated By using a mortgage broker or agent from RMA you can take the necessary steps to refinance your mortgage up to 95 of value of your home The equity you have built up would then be distributed to you and can be applied to the home renovation projects you are interested in The main difference between obtaining a new loan to cover renovation financing and working with a mortgage broker at Real Mortgage Associates to apply for mortgage refinancing is that you are essentially accessing your own money through a new mortgage Unsecured loans to acquire renovation financing often also carry much higher interest rates and much shorter loan terms that traditional mortgages which means much higher monthly payments Depending on how much equity you have

    Original URL path: http://www.moneytime.ca/blog/archive/refinance-for-home-renovations (2014-10-22)
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