CompareMortgageQuotes.ca's Blog

Think Small To Live Big!

CompareMortgageQuotes.ca — Mon, 09 Mar 2009 14:49:21 -0500

The old adage of "bigger is better" is completely passé now. If you want to be on the forefront of what's hot in today's world, don't think big; think small! It's all the rage in nearly every industry-mobile phones, music players, fashion (mini skirts and slim jeans!), and cars. And guess what? That trend is also big in real estate. While it used to be empty-nesters and retirees who were most likely to downsize their home, more and more growing families are joining the "smaller is better" revolution when it comes to their choice of home. Why? They want a better quality of life now, while they're young enough to enjoy it.

Though there are many benefits of downsizing a home-decreased utility costs, less expensive home maintenance, and cheaper property taxes, for example-the biggest benefit of downsizing a home is the money saved on mortgage payment. I know what you're thinking: If you buy a smaller home, you'll be cramped. Well, consider this: If you're like most Americans, 45% - 55% of your income is dedicated to your mortgage payment and mortgage-related / homeowner-related expenses. When you consider your other financial responsibilities, that doesn't leave very much disposable income to just enjoy life! Going smaller, however, definitely makes more room in your budget, which means you can spend more time outside of your home exploring the world! Let's look at an example:

The average preferred size home in America today is 2,500 square feet. Now, let's say that the price tag for a home that size is about $240,000. With a 20% mortgage down payment and a mortgage rates of about 5.33%, the mortgage payment would be $1,225.77 / mo. Now, if we compare that to a 1,500 square foot home priced at $175,000 and a 20% mortgage down payment, the mortgage payment would dip to $780.04 / mo. That's a decrease of $445.73 in your mortgage payment. Over the course of one year, that's a mortgage savings of $5,348.76! Plus, you'd save about $40 for every $100 of utilities every month, which is another $480! That's nearly $6,000 annually. How much more living could you do with that kind of savings each year?

Now, for those of you who really want to super-size your mortgage savings by downsizing, you're going to need to hunt for a special kind of home: A Small House. These types of homes, which are designed by specialty builders like Tumbleweed Homes, provide the ultimate in mortgage savings.

Small Houses are cozy cottages that take economizing living space to the extreme; on average, they range from 80 square feet to less than 1,000 square feet! Of course, opting for a small house will take some getting used to for most Americans; there's room for luxuries but not non-necessities. However, if you can make the transition, it will certainly pay off in the long run. The tiniest of Small Houses can be purchased / built for about $25,000 and the larger Small Houses-even those built with top-notch fixtures and building materials-typically have a price tag of less than $70,000! Therefore, a mortgage payment at 5.33% for a 30-year mortgage would be just $390.02 / month! That's an 835.75 monthly savings on your mortgage payment if you downsized from a 2,500 square foot house, which equates to savings of $10,029 per year! Now how's that for a manageable mortgage payment, and an affordable way to live big by thinking small?

Go Green To Get More Mortgage Green

CompareMortgageQuotes.ca — Mon, 09 Mar 2009 14:38:22 -0500

"Hogwash!" That's what you should scream out in your mind if you ever come across a mortgage broker who tells you a lender will only offer you a larger mortgage loan is if you make a bigger mortgage loan down payment or improve your credit score. While both tactics will certainly encourage a mortgage lender to reduce your mortgage rate, neither tactic is truly effective in helping you to secure a mortgage loan greater than what you've been offered. However, if your dream home is just slightly out of reach, there is one way that may result in a lender granting you some additional credit: A green mortgage.

While they're not new, green mortgages (aka energy-efficiency mortgages) are gaining popularity today because more Americans are more environmentally conscious. Plus, with rising costs on food, clothing, energy and just about everything else, more homebuyers are looking to cut costs any way they can; that includes agreeing to "green" their soon-to-be new homes. That's exactly what a green mortgage is designed for: To save homeowners money in the long run.

The way green mortgages work is similar to any other mortgage. First, you must apply and qualify for a mortgage loan! That's the biggest hurdle to get over. Once you do, and if your lender offers green mortgages or has a green mortgage product, you follow the firm's specific procedures from there. If you're accepted as a green mortgage candidate, the lender will loan additional monies.

Now, green mortgages are not "name your mortgage amount: type loans; the amount is capped. Typically, lenders will up to 15% of the home price. Though each mortgage lender may state stipulations in various ways, the main stipulation is that the loan amount beyond the home price must be used for energy-efficient improvements or installments on the home. For example, you may decide to use some of the monies to install lighting that uses electricity more efficiently, low-flow water pumps, and a water recycling irrigation system.

Now, I bet you're wondering how taking on a bigger mortgage loan and greening a home saves the homeowner money in the long run. Simple: By installing or improving the home so it's more energy-efficient and environmentally friendly, the homeowner saves money on utility bills-water, electricity, etc. Homeowners can easily save $200 or more each year on utilities. That savings will "reimburse" the homeowner well before the 30-year term of the loan has been reached; the savings on utilities also makes managing the slightly higher mortgage payments manageable. Plus, there's an added benefit for buyers who obtain a green mortgage for a newly constructed home: The homeowner will save on the cost of the building materials used on the home.

If you're interested in a green mortgage, the first step is to do your research into lenders who offer them; the lenders are few and far between so do not be surprised if they are not available in your area. Also, realize that, mortgage lenders are highly selective in those to who they will offer green mortgages. Don't let that stop you from asking though because you never know. Besides, even if you don't get a green mortgage, you'll still have your home...and can green it when you're financially able.

FREE Mortgage Calculator for Your Website or Blog

CompareMortgageQuotes.ca — Sat, 20 Dec 2008 10:03:14 -0600

Hello ActiveRain,

Just wanted to let you all know of a cool and free mortgage payment calculator I developed so you can place on your website or blog..

Increase the time visitors stay on your website or blog by placing cool tools like this Mortgage Payment Calculator. All you have to do is copy and paste the following code on your website or blog in the exact location you want the mortgage calculator to appear:

Click Here to get code

If you are having trouble copying above code (or you can't see the above code) please visit our website and you should be able to copy it from there at: FREE Mortgage Calculator.

Footprints In Cyberspace: The First Steps To Getting DIY Web Traffic

CompareMortgageQuotes.ca — Mon, 24 Nov 2008 12:59:57 -0600

If a tree falls in the woods, does it make a sound? If a Web site is posted on the Web but no one knows how to find it, is it really there?

I, like many am still undecided about the tree riddle, but when it comes to the Web site riddle, there is no question. If a Web site is posted on the Web but no one knows how to find it, it isn't there! Finding information on the Web is all about someone and something knowing that the Web site is available for accessing. If a search engine doesn't know what your Web address is and the type of content on your Web site, it cannot send Web surfers to your site. Additionally, if Web surfers never have the opportunity to be exposed what your Web site has to offer, they will never know about your wonderful business. That would be bad for business, very bad.

So, what do you do? Simple. You introduce your Web site to search engines and Web surfers via online promoting. Here are some the most common and effective online Web site promotion tactics that you can implement yourself immediately after launching your Web site:

Step 1: Determine who you want to visit your Web site. This should be based on the target audience for your business. Here's what you need to know precisely:

1. Who is your target audience?

2. Are your goods or services directed toward local, national or global audiences?

3. What keywords would they be most likely to search for in order to find the goods / services you sell?

4. What might be some of sites on the Web that your target audience may frequent?

You will not be able to successfully and effectively market your Web site online if you do not know the answers to these questions. You must focus your marketing efforts!

Step 2: Submit your Web site URL to the major search engines and get listed in the major Internet directories. Why? Search engines and search directories call the shots on the World Wide Web. It's a fact. Therefore, it is critical to be in "cahoots" with them. Without submitting your URL to search engines or listing your Web site in the directories, search engines won't know to crawl your Web site and Web surfers will have a hard time finding your Web site without already knowing your Web site address. In North America, the major search engines and directories include the following:

Google Open Directory

Yahoo! Yahoo! Directory

MSN LookSmart

Ask Yellow Pages / Super Pages

Keep in mind that those are just the major search engines and directories. There are literally hundreds on the Web to which you could submit your information, but that's not really necessary. However, one thing you will want to consider is researching business-specific directories on which you can further promote your business. In many cases, submitting your Web site the search engines and directories will be free, but some of the companies do charge a fee. Also, if you plan to do business in outside of the United States, or if your target market is not North America, you will need to research to find out what the major search engines and directories for the nation you're targeting are.

Step 3: Seek out beneficial reciprocal linking opportunities. While having your site listed is critical to having search engines acknowledge and Web surfers to find your site, having a number of links to your site is also important. That's because the more links to your site there are, the better your rankings within the search engines will be. Haven't heard of reciprocal links before? Well, reciprocal links are made possible through a simple agreement between you and another Web site owner; you both agree to display a hyperlink on your Web site to the other's site. That's all there is to it but here's one final thought regarding reciprocal links: When choosing partners to exchange reciprocal links with, choose Web sites that complement or are related to the product or service that you offer; it's the best way to get traffic that encompasses your target audience.

Step 4: Invest in online advertising. Pay-per-click (PPC) and pay-per-impression (PPI) ads are the most common forms of online advertising. PPI ads are ideal if you can pinpoint the people who you want to see your advertisement and attract to your Web site. For example, if you're a local restaurant owner, you may choose to purchase PPI advertising on the Web site for the local newspaper in the movies section. Meanwhile, PPC ads may be a better investment if you're planning on advertising to a wide audience. PPC ads are triggered by the keywords that you choose in efforts to attract people who are searching for what you're selling. If a search engine finds your Web site to be relevant, your ad will appear in the ads section of the surfer's search results. PPI and PPC ads can be in the form of image or text ads so you do have some flexibility on how your ads will appear to potential consumers.

Once you've done all of the above, you will be in good position to attract more Web traffic. And though the advice above is solid, tried and true advice, there's one piece of advice that is essential: Be patient! Building steady Web traffic takes time-months or even years, actually. Therefore, don't expect hundreds or thousands of hits overnight. Once you're able to give up the DIY online promoting, consider hiring a firm that specializes in search engine optimization and promotion to help speed up the online process...and free up your time to handle other aspects of your business.

- Find low mortgage rates and compare mortgage lenders at CompareMortgageQuotes.ca

Making Mortgages Work To Your Financial Advantage

CompareMortgageQuotes.ca — Tue, 18 Nov 2008 21:58:56 -0600

Being a homeowner is a huge undertaking. As a homeowner, you're responsible for mortgage payments, property taxes, maintenance on the home, and the exterior upkeep as well. They're all major responsibilities but the one responsibility that's the most important, and that will affect your ability to handle the responsibilities listed above, is selecting an affordable mortgage loan; the key to that is know what your financing options are and how to use those options to your advantage. Three steps is all it takes.

The first step in using your financing options to your advantage is to shop around for up to three mortgage lenders-whether they're brokerage firms or bank-direct lenders-to foster the financing of your mortgage. Find firms / mortgage consultants that are patient, willing to answer your questions directly and that appear to genuinely care about helping you find a good mortgage loan. Do not move forward with the second step until this is done.

The second step is to order your credit reports from Transunion, Equifax, and Experian. The goal here is simple: To find out your credit standing before you have a mortgage consultant make an official inquiry. Once you have your credit reports, look to see which report has the lowest credit score; use that number as the credit score you give to mortgage consultant to help them determine the types of loans for which you may be eligible. That way, you'll know what your mortgage loan options are in a "worst case" scenario.

The third step after you've chosen a your potential mortgage lenders and have your credit reports in-hand is to look at all of the financial aspects of each mortgage loan your chosen mortgage consultants offer you based on that credit score. More specifically, you should pay attention to the (1) mortgage rates, (2) mortgage points, (3) mortgage down payment requirements, (4) mortgage loan fees, and (5) private mortgage insurance requirements. Here's a look at what you need to know and ask in order to make sure you select the best (aka least costly) mortgage loan:

Mortgage Rates

Mortgage rates are the interest rates at which a lender agrees to loan you money for your mortgage. The rates for a proposed loan can be fixed, variable, or a combination.

» Where can I find a list of the current mortgage rates your firm offers?

» Are the listed rates daily, weekly, or monthly rates?

» How will I know whether the rate is fixed or adjustable?

» For the adjustable mortgage rate loans, how often do the rates change?

Mortgage Down Payment

The mortgage down is like any other initial payment; it's simply a way to show the lender that you're willing to financially invest in your home purchase so they're not taking all the risk. Generally, the larger down payment you can make, the better. With that said, here's what you should ask:

» What is the minimum down payment required for each loan?

» By how much will my mortgage payment decrease if I pay a larger down payment than
the minimum required? Note: You can also do this online yourself with a mortgage loan
calculator.

Mortgage Points

Mortgage points can be a fee applied to your loan; they can also be a way to decrease the cost of your loan. Therefore, be sure to ask:

» On which of the loans is purchasing points to decrease my interest rate an option?

» What is the actual dollar cost of each point for X loan?

» By how much will each mortgage point purchase decrease my mortgage loan payment?

Private Mortgage Insurance (PMI)

Private mortgage insurance is an additional cost that some lenders require of homebuyers to protect their investment in case you default on the mortgage loan. Some buyers are required to pay it; others are not. Therefore, anytime you're applying for a mortgage loan, ask:

» Based on the down payment I am able to make and the loan types I'm eligible for, will I
need to pay for private mortgage insurance?

» How and from where can I get PMI?

» By how much will my private mortgage insurance increase my mortgage payments?

» At what point will I be released from being required to have private mortgage insurance?

» What can I do to not have to pay PMI?

Mortgage Loan Fees

Mortgage lenders often have fees they attach to loans, which means more money out of your pocket. Now, there's no way to get around paying some fees but you can minimize the amount of the fees you do pay. So, be sure to ask:

» Are your fees based on the mortgage loan amount, set fees, or a combination?

» Where can I find a list of your mortgage loan fee schedule?

» Where can I find an explanation (disclosure) of each fee?

Once you have the answers to all of the above, sit down and compare each of the loans. Be sure to consider the up-front expenses as well as the monthly costs and overall costs of the home purchase. Putting the numbers side-by-side in black and white will help you to see which loan(s) are the most fiscally smart. Admittedly, this may not be the fastest or most convenient way to shop for a mortgage but it is the smartest. Therefore, take the time and put in the work. If you do, you're sure to end up with a mortgage that will allow you to enjoy your home and live comfortably with cash to spare!

Current Mortgage Environment

CompareMortgageQuotes.ca — Fri, 14 Nov 2008 12:52:30 -0600

Home mortgage rates are at record lows; however it is quite likely they will be going up soon due to the current mortgage environment. Because of the subprime mortgage crisis the entire financial system across the globe has been impacted. In fact, the crisis has resulted in many failures of huge companies including government sponsored entities as well as mortgage companies and investment firms not to mention tens of thousands of foreclosures. The crisis has escalated over 2007 and 2008; however it began several years ago quite slowly. This financial crisis has not only affected current home mortgage rates, but will surely change the face of lending forever.

Current mortgage rates
Mortgage rates are currently quite low making this a perfect time to buy a new home. However, buying a new home is more difficult than ever because lenders do not have the money to lend and/or they have such high lending requirements that the vast majority of potential borrowers do not qualify. Unfortunately, this combination will affect the mortgage environment even more because when banks do not lend money not only does the housing market stagnate, but it also affects daily business. In fact, the fact that banks are wary of making loans these days is unlikely to change in the near future as it is predicted billions of dollars in credit card debt will also be defaulted on soon.

How did we get here?
Those wondering how the current housing market arrived at such a state should understand that the subprime and adjustable rate mortgages were at fault for the busting of the US housing bubble. The rate of default on these loans was staggering and looking back it is easy to see where trouble was brewing. However, at the time banks had lax lending standards and were approving practically anyone who applied for a home loan with very easy terms. What happened is many individuals were approved for loans for homes that they could not afford. These individuals, as well as the banks, were confident they could easily refinance into easier terms because housing prices were skyrocketing and everyone simply ignored the fact that defaults were up and too many people were being approved for loans they truly could not afford. All of this works together to create the current mortgage market that is quite unstable.

Where to go from here
The biggest hurdle will be to get the already gun-shy banks and lending institutions to start lending again. They are too worried to loan large sums for homes when so many defaults have occurred. In fact, some major banks have failed and been bought out by other banks due to their inability to make it through this crisis. However, the only hope for banks to survive is to begin lending again. That truly is their bread and butter and without loans more banks will go under. So, what can banks do in this particularly challenging mortgage loan market?

One thing that has been done in the US is a bailout to the tune of $700 billion. This money will go to shore up the banks and allow them to begin lending again. Of course, in order for banks to begin lending again potential borrowers are going to have to offer some form of protection to the bank in the way of a substantial down payment. Those with excellent credit may be able to qualify for better terms; however most borrowers will find they are required to provide a down payment of 5 to 10% of the home's purchase price.

The home mortgage market is changing on a daily basis and most banks and consumers are hoping the worst is behind us. That is not a guarantee on the financial markets will probably be reeling for some time. However, the credit market has certainly been changed by this financial crisis.

Planning For Homeownership In Today’s Market

CompareMortgageQuotes.ca — Tue, 11 Nov 2008 11:02:19 -0600

Mortgage rates throughout the US and Canada have spiked over the over the past few months; it's a sign of the times but that doesn't mean that you have to scrap your game plan if you were planning to buy a home. A little refining of your "road to homeownership" plan might be in order though.

For instance, what was your goal for your real estate purchase? Did you plan to live in in your home or were you purchasing the real estate for an investment? Knowing this before you actually buy is key because it will affect every other part of your homeownership plan. For instance, now is a great time to get exceptional deals on real estate IF you plan on living in the home but if you don't have enough disposable income, now may not be the best time to flip real estate or to become a landlord.

Another question that you may need to consider is the type of loan that's best for you. What you originally planned for may not be the best type of loan for today's economy. For example, if you once thought that a variable rate non-conventional loan was ideal, that may not be the case anymore. With the volatility of today's economy, it may be smarter to consider a fixed rate mortgage. That way, you'll know exactly what your mortgage payments will be and can budget accordingly. Also, a short-term loan, which will allow you to reevaluate your loan in two to three years and adjust accordingly, may be a better option than a long-term loan.

In addition to knowing what your goal is and re-thinking the type of mortgage loan that is best suited for you in this economy, you should also re-think exactly how you will pay for the real estate; your original plan for accruing the monies needed for the mortgage loan down payment and closing costs may not be as feasible now as it was when you first decided that you were going to buy real estate. Did you plan on using an annual bonus from work? Were you just going to pay for the down payment and closing costs out of your savings? Maybe you thought you could afford to borrow money from a retirement account. If you planned on using equity from a current property or financial assets from previous investment, you'll definitely need to re-think your strategy based on the current and projected economy. The point is that, whatever you had in mind, you MUST re-think that decision to make sure it's still the best option, taking into account how your decision will affect you financially in the long run.

If you have asked all of the above and have reasonable responses, the next question to ask is: What's your plan for staying a homeowner or landlord once you've have successfully purchased a home? If the home will be your primary residence, you'll need to plan where the monies will come from for utilities, interior and exterior maintenance, taxes and mortgage payments. Then, figure out how to lower the costs of each of those as much as possible! If you're going to be a landlord, you'll need to not only estimate costs for maintenance and utilities but also how you'll cover the home mortgage payments if your tenant fails to pay rent. As for you investors who want to flip real estate, you'll need to budget wisely as it may take you longer than expected to sell the property. Also, keep in mind that a flip may not earn the same ROI as it would've a year ago. Therefore, do not take on a larger mortgage loan than you can truly handle. Remember: Investment property or not, the home will still be your property so you will still be responsible for everything related to owning the real estate.

The final part of your plan for home ownership that you should re-think is your contingency plan. This is critical! As stated earlier, the economy is different today than it was six months ago. A year from now, it could be significantly even more different; the economic pendulum could swing either way. Therefore, plan for the worst and expect the best. That way, you won't have anything to worry about once you get approved for your mortgage and buy the real estate you've been wanting!

3 Steps To Finding Great Mortgage Loans

CompareMortgageQuotes.ca — Fri, 07 Nov 2008 16:39:45 -0600

Just like many things in this world, not all mortgage loans are created equal. In fact, there are numerous loan offers that you might find scouring the Internet or by visiting with multiple mortgage loan consultants. The question is: How do you determine which mortgage loans are great mortgages? Well, as the saying goes, great things come in threes...or in this case, in three steps.

The first step to finding a great mortgage loan is to hire a quality mortgage consultant. In the real estate business, that means having a mortgage loan consultant who operates with transparency so you'll know every fee that you'll be assessed and the amount of each fee. A transparent mortgage loan consultant will also explain everything-even the things you don't ask but need to know-in plain language so that you fully understand everything related to obtaining a mortgage.

The second step to finding a great mortgage loan is to find an appropriate mortgage loan. What does "appropriate" mean? It means that the mortgage consultant you've chosen to work with has located a mortgage loan that has a feasible interest rate for the payments you can afford; the lower the mortgage rate, the better. There is a catch: Mortgage loan consultants in Florida, California, New York, or anywhere else in the US can only offer you the mortgage loans that you are eligible for, which is based on the current market rates and your credit score. Therefore, be sure to keep tabs on both.

The third step is to put on a pair of mortgage loan blinders. By that, I mean you need to narrow the scope of the types of loans you'll entertain; only consider loans that are 100% buyer-friendly. Ideal buyer-friendly loans give you, not the lender or the mortgage broker the advantage. Buyer-friendly loans have flexible loan terms. For instance, the loan may be available as a one to ten year loan; it may be available as an open, closed, variable, or convertible mortgage. Another key sign of a buyer-friendly mortgage loan is that the mortgage allows you to have some control over the interest rate. If a mortgage loan consultant says that "points" is an option, it's an offer worth considering. Mortgage loan points, in case you don't know, allow you to decrease the interest rate on a given loan. Though buying points will increase your initial mortgage loan costs, it'll save you money in the long run. That's why it's a great option to have, regardless of whether you utilize it.

If you follow the steps above as you begin hunting for your perfect mortgage loan, you won't have any problems finding a loan that you can live with. Keep in mind that finding such a loan does take time. Be patient, plan ahead, and most importantly, find the right mortgage consultant or firm to help you along the way first!

Read more articles at Mortgage Articles or join our Mortgage Forum

New Mortgage Forum for the US & Canada - Post Today and get SEO Benefits!

CompareMortgageQuotes.ca — Wed, 29 Oct 2008 22:44:11 -0500

We have launched a new mortgage forum from a PageRank 3 website .. Visit us, register and create a signature with your company information and a link to your website... As long as the posting is about mortgages you will get a good amount of traffic to your website...

In addition, you will get "link juice"... link juice are the backlinks from websites linking back to your site... If your website is mortgage related or real estate related having backlinks from a high PR mortgage website only increases you websites popularity and importance with Google...

In addition, by posting useful and knowledgeable comments in the mortgage forum, you will be known as an expert in your field by visitors who read the forum and generate leads by people wanting to know more about you and what you have to offer..

So get started today, visit us a the mortgage forum and starting posting away!...

- CompareMortgageQuotes.ca Forum

The Current Outlook on Low-Mortgage Rates

CompareMortgageQuotes.ca — Fri, 24 Oct 2008 21:31:20 -0500

With everything that has been taking place in the past few months with mortgage giants Fannie Mae and Freddie Mac, there is no doubt that families and individuals are feeling anxious about their finances and home's futures.

The trigger of the real-estate boom that the country had been going through mostly throughout the last four to five years was due in large part to low-mortgage rates. 30-year mortgage rates went down as much as 6.32% in 2005 which made the possibility to buy property much more accessible to those who were unable to before, especially those earning low-incomes.

Ultimately however, people's finances began to spiral out of control and although home- buyers were reveling in low-mortgage rates, the real estate reality was very different.

The government take-over of Fannie Mae and Freddie Mac during the summer of 2008 was distressing at best. Neither had sufficient capital to sustain themselves throughout the crisis, consequently making a government take-over necessary. Both Fannie Mae and Freddie Mac control ½ of United States mortgages and the take-over consequently drove rates down a staggering 6.2%. The real estate bubble burst and people were seen dealing with sudden and unexpected foreclosures.

The question now is: How does the housing market look now? Will low mortgage rates continue and for how long? As of last week (the week of September 15), home mortgage rates had fallen to 5.78% down from the previous week's 5.93% which motivated a significant amount of buyers to apply for loans. The 15-year fixed mortgage rates are now at 5.35% while one year adjustable rates are at 5.03% (source: iht), making low-mortgage rates likely to continue.

Despite these low-mortgage rates, the housing market is not likely to look much better in the near future. According to the National Association of Realtors, the median national home price went down 9.5% to $203,100 indicating that people are now more reluctant to apply for loans because of the current financial crisis the country is facing.

The U.S. government is now seeking to pass a $700 billion financial package that would bail out financial institutions in peril, but if passed, that does not mean that the housing crisis is going to fix itself over time. Though low-mortgage rates exist now, rates continue to fluctuate and can by no means be considered "stable." As long as investors continue purchasing bonds, investors will be less reluctant to keep interest rates down.

As long as you, or anyone else wishing to apply for mortgages has a good credit history and a record of paying on time, then the eligibility to obtain loans will be more likely. Due to the current economic crisis though, banks will be much more careful in handing out loans. Obtaining credit will require a much more careful examination of records which in turn will affect the housing industry despite the low-mortgage rates being offered. People affected may include younger individuals wishing to purchase property or those in general who have never bought a home before. In the end, the better credit report, the more favorable rates for your home will be given.

Low mortgage rates are not only an American issue though. They are seen overseas in places such as England where approval rates are increasingly more difficult to obtain as banks there have seen the crisis in the United States and are now more cautious in how they themselves handle their housing market which has also been seen in the world's second largest economy, Japan.

Despite the rates maintaining themselves relatively low, some prefer to wait for rates to dip even lower as is the case in Hawaii where even though mortgage and interest rates are low now, the fluctuation in rates cause people to believe that better rates are yet to come . These cases are not only seen in Hawaii though, but throughout the rest of the country as well.

Wherever home buyers may be, the outlook for mortgage rates remains uncertain because of the changing regulations banks are now going through as a result of the problems the home markets have gone through as well as the rise in foreclosures people are now seeing in their own communities. It is ultimately up to the buyer along with the sound advice of their banker that a decision on buying a home should be taken. Only then should a choice be made because the long-term consequences may not only be damaging to the individual, but as seen by today's current crisis, everyone else who may own a home as well.

Effects of Mortgage Interest Rates on Home Buying

CompareMortgageQuotes.ca — Fri, 24 Oct 2008 20:58:56 -0500

Those considering buying a home are always interested in interest rates because this will affect the total price of the home and the monthly mortgage payment. Mortgage rates change quite frequently, going up and down on a regular basis. Homebuyers should follow mortgage interest rates and buy when mortgage rates are down. It's difficult to understand what affects mortgage interest rates and why they fluctuate. Nevertheless, it is important to have a good understanding of mortgage rate basics.

The Basics

The lender of mortgage rates is the originator of the loan and this is most frequently a financial institution of some type. When a mortgage is approved and funded the borrower, you, are given the money. Then, you turnaround and pay the seller of the home the money. What is leftover is your mortgage, what you owe the bank.

Interestingly, the financial institution that funded your mortgage is not stuck with it. They may choose to keep it or sell it. When the originator of the loan keeps it in their portfolio the money you pay each month pays for the interest on the loan and the bank makes money this way. If they sell the loan, then they have more funds in their control to make more loans with. It may not seem like it, but this buying and selling of mortgages affect mortgage interest rates.

Who Affects Mortgage Interest Rates?

Many people have heard a lot about Fannie Mae and Freddie Mac recently. They are government-chartered companies that may buy up mortgages as secondary market investors. Their good business practices or lack thereof, trickles over into the overall market and affects interest rates. Pension funds, securities dealers, and even insurance companies are part of the secondary market and able to buy up mortgages. These investments are liquid and are bought and sold quickly and easily, in most cases.

Now, the details of how the secondary market will affect you as a potential homebuyer. The investors in the secondary market want to make as much money on their investment as they can, which is why they are in business in the first place. The amount of return on their investment is completely dependent on the status of the economy and the perceived status of the future of the economy. When the economy is doing extremely well then returns in the future are anticipated to be higher than current returns. When this happens most investors choose to wait until the higher yields exist to make purchase. When this happens mortgage rates increase because lenders are unable to sell their loans for lower returns.

When the economy is not doing well, even in a recession, investors are anxious to buy the loans that are available to avoid the loans that are available with lower yields in the future. Since investors are trying to buy everything before yields drop, interest rates go down. This is the time when potential homeowners want to buy a home because it can save you thousands of dollars over the life of your loan.

- Toronto Mortgage Rates

Canada Home Loan Quote Tips

CompareMortgageQuotes.ca — Thu, 11 Sep 2008 10:11:12 -0500

The real estate industry in Canada is big business. So big, in fact, that it's a near certainty that you or someone you know is involved in Canada real estate-either as a real estate agent or a mortgage consultant. But while having someone you know and trust in the industry makes it easy to get help with your home loan, that doesn't mean that your contact will be able to make you the best offer. Therefore obtaining multiple Canada home loan quotes is always the best course of action.

Here are three key components to think about when comparing Canada home loan quotes:

#1: What is the term for the home loan?

The most common Canada home loan terms are 15-year and 30-year mortgages. Home loan quotes for 15-year mortgage tend to have lower interest rates than 30-year loans but, because they have a shorter payback period, 15-year home loan payments are also usually higher. The lesson learned: Make sure that the quotes you're comparing are for the same home loan term.

#2: What are the fees associated with a given quote?

Most potential Canadian homebuyers focus solely on the mortgage interest rate when they request a home loan quote. Don't make that mistake. When requesting a quote, pay attention to the mortgage interest rate as well as the loan origination and closing fees that you would incur if you chose that loan. Why? Well, it's likely that across multiple quotes, you'll have some similar interest rates. Therefore, fees may need to be your basis for comparison.

#3: What are the conditions of the loan?

It's important to know the conditions associated with each loan you're offered because there are a variety of stipulations that can be placed on a loan. Ask about pre-payment penalties and find out when the home loan quote expires / how much time you have to lock in an interest rate. It's also a good idea to make sure you know at what point and how you can renege on a Canada home loan if you decide to move forward with a loan and subsequently change your mind.

Bottom line: Don't make a rash decision when seeking a Canada home loan. Find a mortgage lender you trust. Ask questions. Take the time to compare. If you ask the above with every mortgage consultant when requesting a home loan quote, you'll have be able to clearly see which home loan opportunities are the most advantageous for you.

Ontario Real Estate: Good Buys, Great Mortgages, Limitless Opportunities

CompareMortgageQuotes.ca — Thu, 14 Aug 2008 17:37:40 -0500

Despite the myriad of fear-instilling headlines in all the major papers, the Ontario real estate market is NOT on the verge of collapse, or disarray, or whatever the latest misleading headline is touting; the troubles within the industry are actually only applicable to those who sell real estate products and whether they're making as much money as they were a few years ago. The reality is, they're not; the slowing world economy and Canada's weather have taken a toll on sellers in Ontario and parts of the nation. But here's another reality: the Ontario sellers' hardship is the would-be Ontario buyers' golden opportunity, and that's the story that isn't making headlines in the papers so here's the inside scoop...

The fact that Ontario sellers are struggling is actually good for buyers, thanks to the natural ebb and flow of supply and demand. With contractors and sellers in Ontario not being able to move homes / condos as fast and existing home sellers struggling to unload properties too, there's a major real estate surplus in the region. That means that would-be homebuyers can negotiate uncanny steals on real estate! The one catch to this great buying opportunity for homebuyers: Qualifying for a mortgage with a Canada mortgage company or bank is still a must! So, if the newsflash above has got you thinking about buying, keep the following in mind as you seek financing for your house:

Do your homework. Not every type of mortgage is best for you. Though an Ontario mortgage consultant will explain why a particular type of mortgage loan is best for you / your situation, you should begin your mortgage loan search with a basic understanding of the various types of Canada mortgage loans that are available.

Remember: Credit is still king. Whether you're applying for an Ontario mortgage or a mortgage loan anywhere else in Canada, having a good credit history will work in your favor. It will make you eligible for a wider variety of Ontario mortgage loans and it will help you to negotiate for lesser interest rates on your mortgage loan.

Shop around. Despite the variety of Canada mortgage options available, many people still think that the bank is the best financier to contact for a mortgage! Now, it's not that a national bank isn't a good place to go for a mortgage; it's just that a local, Ontario mortgage company may be a better option. The reason is simple: Banks have a small collection of mortgage loans they can offer, many with very rigid interest rates and stipulations. Plus, with the economies of many major world markets being so unsteady, many banks are being exceptionally choosey about those to whom it will provide a mortgage loan. Meanwhile, Ontario mortgage brokers have access to dozens lenders, which often gives them more loan options and flexibility in offering interest rates. As an added bonus, excellent credit standing is still great to have but imperfect credit isn't a "deal breaker" with Ontario mortgage companies as it often is with the local banks. Don't misunderstand. Ontario mortgage companies have also raised the bar on mortgage loan requirements, but they don't scrutinize nearly as much.

Pre-approval is power. By being pre-approved for a mortgage loan, you'll certainly wet any hungry seller's appetite. Why? Well, that pre-approval mortgage letter lets sellers know that if they want to close the deal sooner rather than later, they can do it without having to worry about whether financing will come through. That's a huge benefit for you as a buyer throughout Ontario, and anywhere in Canada really, because it gives you the upper hand when negotiating. Imagine how it would feel to walk up to the seller of your dream home and say, "I want this property for X thousands of dollars below your asking price and I've got the papers to prove I can afford to take it or leave it!" That would be empowering!

No knee-jerk reactions! It may be tempting to jump into an Ontario mortgage and take advantage of the current Canada real estate market but be advised: Only do so if you're ready. That means having a minimum of 5% of the home price you think you can afford saved for the down payment as well as monies for any fees related to closing on the home. Plus, you'll need to have money budgeted for home maintenance, mortgage insurance, and all of the other expenses that come with being a homeowner.

If you're not quite ready, that's okay. Visit an Ontario mortgage consultant anyway to find out what you'll need to do to be in optimal condition to buy when you are ready. As for those of you who have been saving up, waiting for the market to be "just right," wait no more!

Ontario Mortgage Rates - Canada Home Loan

FREE Mortgage Calculator for Your Website or Outside Blog

CompareMortgageQuotes.ca — Tue, 12 Aug 2008 09:02:45 -0500

Hi AR,

Just wanted to let you all know of a cool and free mortgage payment calculator I developed so you can place on your website or blog..

Increase the time visitors stay on your website or blog by placing cool tools like this Mortgage Payment Calculator. All you have to do is copy and paste the following code on your website or blog in the exact location you want the mortgage calculator to appear:

If you are having trouble copying above code (or you can't see the above code) please visit our website and you should be able to copy it from there at: FREE Mortgage Calculator.

- Canada Mortgage (This is a re-post as some of you had issues copying the prior code.)

FREE Mortgage Calculator for Your Website or Blog

CompareMortgageQuotes.ca — Sun, 10 Aug 2008 12:56:21 -0500

Links to Submit your Website to the Major Search Engines

CompareMortgageQuotes.ca — Fri, 08 Aug 2008 22:38:58 -0500

AR, here are some cool links for those who would like to get their websites listed on the major search engines as well as get submitted to directories the major directories.. Enjoy!

The Search Engine Marketing Kit by SitePoint
http://www.sitepoint.com/books/sem1/

Search Engine Submission Pages:
http://www.google.com/addurl.html (for Google, Yahoo, and AOL)
http://www.altavista.com/addurl (for AltaVista)
http://www.alltheweb.com/add_url.php (for Lycos/Fast)
http://www.wisenut.com/submitsite.html (for WiseNut, LookSmart (assumed eventually) page taken down 24/6/2002)
http://submit.search.yahoo.com/free/request (Yahoo Search/Inktomi)
http://ask.ineedhits.com/ (AskJeeves, Teoma)

Directory Submission Pages:
http://dmoz.org/add.html (for DMOZ, Google, AOL, Others)
http://docs.yahoo.com/info/suggest/ (for Yahoo Directory)
http://listings.looksmart.com/?synd=none&chan=lshomeft (For MSN, LookSmart, Altavista)
http://www.zeal.com (Free way into LookSmart for non-commercial sites)
http://www.goguides.org
http://www.joeant.com/
http://vlib.org/ (mostly educational sites)
http://www.wannalearn.com/ (educational sites)
http://libraryspot.com (primarily reference sites)

To find small specialty directories try looking through http://www.isedb.com/

Other Resources:

Search Engine Features:
http://www.searchenginewatch.com/web.../features.html (who uses meta tags, who uses link popularity, etc)

Other Stuff:
http://www-db.stanford.edu/~backrub/google.html (Thesis that started Google)
http://www.sys-con.com/coldfusion/source.cfm?id=388 (Search engine friendly URLs with ColdFusion)
http://www.promotionbase.com/article/485 (Search engine friendly URLs with PHP)
http://www.searchenginewatch.com/web...iderchart.htmlSearch Engine Spider Identification

Web Hosting: Finding The Perfect Fit

CompareMortgageQuotes.ca — Fri, 08 Aug 2008 11:31:01 -0500

It’s not a difficult concept to grasp that not all websites are the same. If you visit enough of them, you can clearly see that some websites appear to be superior to others. That could be because of the design of the website, the information on the site, or some other reason. The bottom line is, you know when a find a “decent” website and when you find a sub-par site. Unfortunately, it isn’t as simple when it comes to spotting the “perfect” website hosting service.

Contrary to what you may believe, not all website hosting services are equal. There are actually website hosting services that are quantifiably better than others. Here’s a look at some of the factors to compare when choosing a web host:

- Web Space (a.k.a. Disk Space)

This is the amount of room, usually measured in megabytes (MB), you’re given to “hold” all of the content related to the inner workings of your website. Informational websites with few pictures typically require less than 1MB of disk space. Websites with video, music, databases and other dynamic elements will require much larger amounts of space.

- Data Transfer

As the name suggests, data transfer is how much information can be accessed from your website; it’s a sort of “downloading allowance.” Data transfer is measured in gigabytes (GB) but sometimes the amounts are provided in MB. (1 GB = 1,000 MB). Unlike web space, the amount of data transfer that you’ll require is not dependent on how much content you have on your website but the number of people who are accessing the information on your site. As your website traffic increases, so will your data transfer requirements.

- Website Building Tools Compatibility PHP.

JavaScript. HTML. XHTML. MySQL. Dreamweaver. Frontpage. There are a variety of web scripting languages, database and web creation programs out there…and those are just some of them! It won’t do you any good to purchase web hosting from a provider that does not support the type of files with which your website is built. Check for compatibility before buying!

- Customer Service & Technical Support It’s a fact:

Customers freak out when they cannot access their website or the site is not functioning properly. Therefore, it’s always calming to have a web host that can be reached when you need them; the amount of accessibility that you prefer is up to you. The key here is that the web host is accessible and responsive.

- Cost

Bargain shopping is not exclusive to clothes and cars. If you can find a web host that provides everything that another is offering for half the price —from web space and data transfer allotments to customer service and tool compatibility—then by all means, go ahead and save yourself a couple bucks!

Now that you know some things to look for when narrowing down your potential website hosting providers, here’s the golden rule for determining whether a web host could ultimately be the choice for you. Are you ready? Okay. Here goes…

If the web hosting service provides enough capacity for your website to operate as you need it to, it’s a right hosting choice; If it doesn’t, it’s not.

Mind-boggling, isn’t it? Well, while that is the primary determination of whether a hosting service is “the right choice,” here’s the factor that determines whether a “right choice” is a “good choice”…Good web hosts, a.k.a. reputable hosting services, do not oversell.

Have you heard of overselling before? Probably so…just not in terms of website hosting. Well, for those of you who don’t know, overselling is the website hosting equivalent of airlines that overbook flights. You know the scenario: When a plane is overbooked, people get booted off the flight until another comes along with more space. The same thing has the potential to happen when a hosting provider oversells web hosting accounts. Websites hosted on the provider’s server may or may not be able to utilize the full capacity they’re supposed to have. If not, select website functions may not function properly; Worse case scenario: Websites could go completely offline until the web traffic on the host’s server decreases and there’s enough “space” for all of the host’s clients’ websites.

In the end, you will find that there are a number of affordable website hosting services to choose from. Some of them will quickly stand out as wrong choices for you—because of inadequate disk space or data transfer allowances—and others simply because of price or customer service accessibility. Just remember that, when you need a tiebreaker to determine which hosting service is going to win your business, the winner will be the one that guarantees that they do not oversell. Find that web host and you’ll have found your perfect fit.

Toronto Mortgages - Ontario Mortgage - Canada Mortgages - Compare Mortgage Rates & Save!

Mortgage Loan Money Matters

CompareMortgageQuotes.ca — Fri, 08 Aug 2008 09:36:19 -0500

When buying a home, it's important to assess your financial situation. First, consider how much readily available cash you'll have because nearly every lender will require some form of down payment-5%, 10% or 20% of the purchase price. On a $200,000 home, that could be a down payment of $10,000 to $40,000! Do you have that kind of expendable cash on hand? If not, that doesn't mean you can't purchase a home; it just means you may need to find a more inexpensive home.

The next step is to determine how much cash you can allocate for closing costs. In most real estate transactions, the buyer is the one who foots the bill for the closing costs. Closing costs can be anywhere from a couple hundred to a couple thousand dollars.

Finally, you'll need to decide whether you are open to a loan offer with points or if you prefer a no-point loan offer. Choosing a loan with points may decrease your mortgage loan interest rate and thus your monthly payment but loans with points require payment of the point fees at closing. Do you have enough saved up to cover paying points on a loan in addition to the down payment and the closing costs? If not, choosing a loan with a higher interest rate and no points may be the smart decision.

Clearly, there are a number of financial factors involved with purchasing a home but don't feel overwhelmed. Feel informed! Having a clear picture of your financial situation will give you a good idea of the maximum home loan you can afford and therefore, a home price range that's realistic.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save!
Toronto Mortgage - Ontario Mortgage - Toronto Mortgage Rates

Mortgage Loans: What’s Negotiable?

CompareMortgageQuotes.ca — Fri, 08 Aug 2008 09:25:57 -0500

You have options. Remember that. Realizing that you do not have to take the first, second, or even third mortgage loan you're offered is the most important step in finding the best mortgage loan. Why? Because having options also means that you have room to negotiate.

When looking for the best deal on mortgage loans, it's crucial that you make as many factors as possible work in your favor. The main factors to negotiate on are: Points, interest rates, lender fees, and inclusion of fees within the overall loan amount. Negotiating in any or all of these areas will decrease your overall monthly loan payment and / or the costs you'll pay at closing.

After you've negotiated with a lender and have the ideal mortgage loan offer, do not just leave the deal as a verbal agreement. Get the details of the mortgage loan offer in writing. It will provide you with a document to refer back to in case the mortgage loan officer develops a sudden and convenient case of "amnesia." You could also use the document as leverage to negotiate with another mortgage loan lender.

Keep in mind though that getting terms in writing is not a guarantee that you'll receive the terms you've negotiated. The only way to guarantee terms is to request a lock-in, which essentially a contract that insures the terms negotiated for a specific timeframe. This is an option to take only if you're 100% certain that you're going to work with a particular lender because you'll typically incur a fee to lock in mortgage loan terms. Do not do the lock-in f you're the least bit uncertain about the loan offer or the lender because if interests rates drop, your rate will be frozen at the locked in rate.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save!
Toronto Mortgage - Ontario Mortgage - Ontario Mortgage Brokers

Mortgage Loan Fees Can Add Up!

CompareMortgageQuotes.ca — Thu, 07 Aug 2008 19:03:59 -0500

What to expect when closing on a mortgage loan
Purchasing a home can be a pricey endeavor. Then when you add on all of the extra fees beyond the price of the home...well that can make buying a home downright overwhelming. The solution: Go into the home buying process with your eyes wide open about the not-so-little "extras" that come with being a homeowner.

In addition to having a nice lump sum available for a mortgage loan down payment, you'll also need to have extra cash available for the following:

Lender Fees - This set of extra costs may include, but is not limited to mortgage broker fees, underwriting costs, points, and loan origination costs. You may also be responsible for pre-loan qualification costs such as credit reports and appraisals.
Insurance - While some forms of home-related insurance premiums can be paid in monthly increments, others require payment in full or a lump sum initial payment at closing. Types of insurance that you may need to budget for include title insurance, private mortgage insurance, standard homeowner's insurance, and special homeowner's insurance such as flood or earthquake insurance.
Taxes! - Being a homeowner come with its perks...and its penalties. The home, of course, is the perk and the property tax associated with owning it is the penalty. It's common for borrowers to elect to pay taxes in a lump sum annually but some real estate transactions will require that taxes be paid during closing.

Select borrowers may be able to negotiate to have some of these fees rolled into the cost of the loan. However, most of you will end up paying a majority of the fees as part of your mortgage loan closing costs. Also, it's important to realize that every real estate transaction is unique and the fees listed above can vary greatly. So, be prepared! It's always a good idea to have a mortgage lender provide sound quote of what your mortgage loan payment will be-with all extra fees / costs included-and an itemized list of the fees to be paid at closing.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save!

What Is A Reverse Mortgage?

CompareMortgageQuotes.ca — Thu, 07 Aug 2008 10:00:00 -0500

Today, there's lots of talk to those in their twenties and thirties about putting money aside for retirement. It's good advice but the men and women retiring today weren't given that same advice 35 years ago. So, in order to supplement their retirement, many retirees are looking to their most valuable asset to help them get by: their home.

In order to access the equity in their homes, some retirees opt to tap into the equity in their home through a traditional refinance loan. However, others are finding that reverse mortgages are a more appealing option. The primary reason: Homeowners who choose to go with a reverse mortgage do not make loan payments. Instead, the lender pays a lump sum or makes monthly payments to the retiree! It may sound fantastical but that's the reality of a reverse mortgage.

Despite the fact that reverse mortgage loans do not feel like traditional loans initially, rest assured that, in the end, reverse mortgages are still loans. Reverse mortgages must be repaid and interest does accrue on the loan payments made to retirees. For instance, if a lender ends up paying the retiree $1000 per month for 10 years at 6% interest rate, the retiree will owe the lender the principal and the interest on all loan payments during those 10 years. Typically, the lender is "repaid" when one of two things occurs: (1) the homeowner sells the property or (2) the homeowner dies.

In the United States and Canada, reverse mortgages can only be made on a home that is a principal residence. Additionally, reverse mortgage loans are only available for those 62 years or older. Reverse mortgages can be a great option but, as with any mortgage loan, speak with a mortgage professional to determine whether a reverse mortgage loan is the best option for you.

What Is Private Mortgage Insurance

CompareMortgageQuotes.ca — Thu, 07 Aug 2008 09:45:01 -0500

Most people know that when they become homeowners, they'll need to have homeowner's insurance. What they don't realize is that they may also be required to pay private mortgage insurance (PMI) too. The difference between the two: who gets protected.

Homeowner's insurance protects you if something happens to your home. Private mortgage insurance protects the lender if you are unable to make mortgage loan payments; It's an extra expense that can drive up monthly mortgage payments but the good news is that not all mortgage loans require private mortgage insurance. Most often, lenders will only require private mortgage insurance when a down payment of less than 20% of the purchase price is made. Certain lenders may also require PMI for buyers with less than desirable credit.

Very few people today have tens of thousands of dollars in the bank to dole out for a home loan down payment so mandatory PMI is common. If you're told that you'll need to pay PMI, be sure to get a mortgage payment quote from your lender that includes the PMI...as well as property taxes...so that can confirm that the home and the loan fits your budget.

Though having to pay private mortgage insurance may be an unpleasant surprise, there is good news: You won't have to pay PMI for the life of the mortgage loan! Under current regulations, PMI is no longer required once you've paid 22% of the home loan off. You can also request that the private mortgage insurance requirement be rescinded once the property has appreciated by 20% or more.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save!
Toronto Mortgage - Ontario Mortgage - Ontario Mortgage Brokers

Can You Afford To Buy A Home?

CompareMortgageQuotes.ca — Thu, 07 Aug 2008 09:06:35 -0500

Buying a home is an adventure that some people wait their entire life to experience so it's no surprise that some people get carried away when they begin house hunting. They go out and find a mortgage lender to pre-approve them for a certain loan amount and then hit the road looking for the perfect new place to live. The trouble with that is that homebuyers often get approved for a mortgage loan without considering whether they can actually afford to buy a home.

In order to keep from purchasing a home that you cannot afford, you need to know three things:

Initial Costs: How much money do you have saved up to cover a down payment? Five percent is a common minimum down payment for a lender to provide a mortgage loan. That's $5,000 for every $100,000 worth of home.
Income: Most mortgage lenders say that individuals can afford a home that is up to 2.5 times their annual income IF they do not have excessive debt.
Monthly Bill / Debt Total: How much money do you owe others? As long as you debt is less that 30% of your monthly income, you can likely afford to purchase a home. If your debt is higher than that, your ability to purchase a home you can afford diminishes significantly.

Grab a pencil and tally things up! If the numbers don't come out just right, don't be discouraged. Take a couple months to save up more money, cuts expenses, and pay off debts. After that, reassess your situation.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save!
Toronto Mortgage - Ontario Mortgage - Ontario Mortgage Brokers

Function & Form: Building a Website That Works

CompareMortgageQuotes.ca — Thu, 07 Aug 2008 08:25:45 -0500

When having a website built, it's great to think of how you want your website to look...most designers will appreciate you having a "vision" for your site. However, do not let your vision overshadow your purpose for building the website. If you do, the site will could end up falling short of, not only your needs but also, your expectations. So, how do you avoid that pitfall? Well, in order to build a website that works-literally and figuratively-for you, the site must be functionally correct first and the visual elements used should work with the functionality.

Functional For Site Visitors & Site Owners

It is critical to keep the purpose of the website you're building at the forefront of your mind. That's to say, what do you want site visitors to (be able to) do while visiting the website? Are you building a community site where you want people to interact? Maybe you're looking to sell products. Or perhaps you're a business owner or non-profit organizer and just need an online presence so people can learn more about what you do. They're all valid reasons to have a website built but the functional requirements for each is different. The community site needs an element that will allow site visitors to communicate with each other but the product site needs a way to process transactions and the online presence site simply needs to be informative.

Seems simple enough, right? Well, sometimes it is and sometimes it isn't.

Many of today's websites serve multiple purposes. Some large sites may even have different purposes for different sections or pages within the website. That may result in the overall site needing a variety of functional capabilities-search result generation, form submission, multimedia interfacing, e-commerce, or even customized databases. Therefore, asking yourself, "What do I want site visitors to do / to be able to do on my website?" may seem like an easy-to-answer question but it really is a question that anyone wanting a website designed should seriously consider before contacting a web designer.

Beautiful AND Smart Design

Once you have clearly thought out the functionality requirements for your website, then you can turn your attention to how you want your website to look. Here's a look at some things to keep in mind as you're imagining how you would like your website to look:

• Use The 3-Click Rule Whenever Possible.

The 3-Click Rule is an unwritten rule that many professional designers adhere to when designing website. The rule states that it should not take a site visitor more than three clicks to get to a particular function. Translation: Make sure that the website's navigational structure you decide on for your site is super simple. If it takes more than three clicks for a site visitor to get to a particular link or page, it isn't likely the site visitor will get there. Instead, most will give up and move on to the next website in the search engine results.

• Don't Fight What The Consumer Has Been Conditioned To Do.

Web users are accustomed to going to certain links and locations to find certain information. For instance, most web surfers automatically look to the left or top of the screen for main site navigation options; site users have also become increasingly used to being able to click on a company logo to get back to the homepage. Don't fight these web surfer design preferences...go with it! The exception: You can consider straying from these "norms" if you're attempting to create a specific surfing experience for your site visitors.

• Plan To Add Purposeful Content!

Don't just put text on your website for the sake of "having something up there." Site visitors will see right through fluff copy...especially if you attempt to fill the site with keywords to improve your search engine ranking without providing valuable content along with those keywords.

Also, think about how you speak to your site visitors. Your tone and writing style that you choose should fit the overall purpose of your site as well as the "vibe" you want site visitors to have when visiting the site. For example, if your website is going to be the equivalent of an online brochure, make sure that the design and text read as simply as a brochure would. If your site is geared towards children, use age-appropriate wording. Or, if your site is supposed to be a profit powerhouse, generating thousands of dollars each month from product sales, make sure that you have copy that sells on every page intended to sell site visitors on your product / service. FYI: Hiring a professional copywriter or working with a website design company that provides copywriting services can come in handy here!

Finding The Right Web Designer For Your Website

Once you have determined the basic functionalities of the website you'd like developed as well as some of the aesthetics you'd prefer, the next step is to find a professional website designer to actually build the website for you. The best way to begin is to ask friends for a referral but do not stop there. Website designers have different capabilities and specialties. The referred website design company may or may not be the right provider for the job. So, the next step should be to find one or two other potential website designers. When selecting designers for your short list, keep the following in mind:

• Budget & Price: Have a budget range in mind for your website that's appropriate for the functionalities your site requires. Let your budget determine the designers who you consider for the job. However, the designer who wins the project should be determined first by their ability to design the website as you envision and second by price.

• Professionalism: Take note of the professionalism of the provider during phone conversations and / or email correspondence. It's indicative of what the experience of working with them will be like.

• Work Samples: Request to see work samples but do leave room for some speculation. Work samples, unless created specifically for you, are always the result of the provider's client's preferences and not solely the designer's abilities. Designers can make suggestions to clients for how a website should look or operate but in the end, it's what the client prefers that goes.

• Value-Added Services: If you will be requiring more than just web design to make sure that you have an optimal website, consider finding a provider that offers value-added options. Some value-added services that design firms sometimes offer that simplify website operation or improve website effectiveness include website hosting, website maintenance, domain services, copywriting, and search engine optimization (SEM).

When you find the professional designer that you want to work with, explain what you have in mind for your website in detail, including your functional requirements. Then, be prepared to listen; a true professional designer will have additional questions to clarify your "vision" as well as insight about what else you may need in order to have the website look and operate the way you want it to.

The final tip for building a website that works: Be open-minded to all of the designer's suggestions. You don't have to go with all of the design firm's recommendations but you should at least hear the designer out. Remember: You're hiring a professional web design firm because of its expertise and creative abilities! Don't cripple your designer by not allowing for at least some free flow of ideas. After all, the designer is the professional and there's always more to beautifully designed and user-friendly websites than meets the eye!

RATIONALE HOSTING - Hosting Solutions. Beyond Expectations.
Affordable Web Hosting - 500GB, 1500GB Transfer, Unlimited Websites & Email Accts

Learning About Mortgage Loans: Points

CompareMortgageQuotes.ca — Wed, 06 Aug 2008 18:30:03 -0500

9.75% / 1 point. It looks like some new age math formula to the untrained eye but those who have been searching for a mortgage loan know otherwise. In actuality, "X% / Y points" is how Canadian mortgage lenders express a loan amount offer. Using the initial example above, most people understand that the 9.75% is the mortgage rate that will be applied to the mortgage loan. The "1 point" that follows is what stumps them. What about you?

Essentially, a mortgage point is a fee associated with the loan. However, it's not the same as the interest rate. While the interest rate is a cost a borrower incurs throughout the life of a loan for borrowing money, a point is a fee that some mortgage lenders require in return for extending a mortgage loan to a borrower.

Generally, one point is equivalent to 1% of the loan amount. Therefore, if a lender was willing to give you a $150,000 loan with 9.75% / 1 point terms, you would pay $1,500 in loan fees (150,000 x .01) to the lender. If the loan quote was 9.75% / 2 points, you'd pay $3,000 (150,000 x .02) and so on.

Mortgage loan points, unlike interest, must be paid when the loan is closed. Because of this, loan offers that include points are not advisable for buyers that are short on expendable cash. Buyers in this situation would fare better by looking for higher interest, no-point loans. They'll have higher mortgage payments but they'll also maintain more of their savings.

CompareMortgageQuotes.ca - Compare Mortgage Rates & Save
Toronto Mortgage - Ontario Mortgage - Ontario Mortgage Brokers