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Is Loan Consolidation A Good Choice for You?

June 14, 2017

One of the most common uses of mortgages are for the purpose of loan consolidation. Often times, through a series of life circumstance, we tend to pile on a variety of debts at different interest rates. And example of some of debt types and interest rates are as follows: Credit cards – 19.99%-29.99% Personal loans – 10%+ Lines of Credits (Unsecured) – 5%+ Pay Day loans – 30%+ People are realizing more and more that it is no longer feasible to carry their unsecured debts because they are unable to successfully pay them down at their current interest rates. As … Continue Reading

The Difference Between Private Mortgage Lenders And Banks

May 31, 2017

As many borrowers come to know, there are few types of mortgage lenders that exist in the world of lending. To simplify things, there are 3 main types: “A Lenders” “B Lenders” Aka “Alternative Lenders” Private Lenders The “A” mortgage lenders consists of the traditional banks and institutions that most people bank with. These mortgage lenders are usually the 1st choice for borrowers who seek a mortgage approval but not only because they offer the good rates, but also due to the fact that they are comfortable with them. There are also “Alternative A” mortgage lenders who offer products very … Continue Reading

What is Power of Sale?

May 17, 2017

A ‘power of sale’ is the legal terminology used for the repossession of real estate by the bank that holds the mortgage. In almost 100% of cases, a power of sale takes place when the mortgagee (the owner of the property) fails to meet regular re-payment on the mortgage loan. Late payments do not necessarily fall under this category, especially if you arrange with your bank to make payments on an arrears payment plan (agreed to, by your bank of course). Power of sale usually occurs after 2-3 consecutive missed payments, and when there is no due diligence on the … Continue Reading

How Mortgage Rates Today Differ From 10 Years Ago

May 3, 2017

Thankfully, mortgage rates today (even now in 2017) have remained historically low which is great for Canadians. Unless you’ve owned a home for quite some time, it may be difficult to understand what dictates Canadian mortgage rates today, and how any changes in rates impact the purchasing power of newer/future buyers. Mortgages rates today are determined by either the Bank of Canada key rate (direct effect on Variable Rate), or the Canadian government bond (bond yield) (direct effect on Fixed Rate). To understand the historic trends in mortgage rates, one would need to understand the factors that influence the bond … Continue Reading

Why You Should Work With a Mortgage Advisor

April 19, 2017

With all the banking guideline changes that have taken place between 2016 –present, it’s important to speak with a mortgage advisor. When we say mortgage advisor, we don’t mean an advisor that works for any one particular bank… we’re talking about experienced advisors such as the representatives of CMS who understand the mortgage products offered by over 15 different banks/lenders. Many brokerages will brag about working with over 30-40 different lenders, but do they really understand the products each one offers in full depth? This is just a marketing gimmick. There is no need to expose any client’s application to … Continue Reading

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