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- Name
- Darrell Backen, Vancouver Area Real Estate Updates
- Company
- Keller Williams Elite Realty, Strategic Mortgage
- E-mail
- Contact Darrell Backen, Vancouver Area Real Estate Updates (Keller Williams Elite Realty, Strategic Mortgage )
- Website
- http://www.dobacken.com
- Office Phone
- (604) 726-7100
- Cell Phone
- (604) 726-7100
- Address
- Vancouver Area Real Estate incuding Vancouver, West Vancouver, North Vancouver, Port Moody, Langley and White Rock, BC, Port Coquitlam , BC, V3B 1A8
- Description
- I lived in B.C. since 1974. I have over 30 years of business and marketing expertise. can help you find a home or sell your home I created and published Home & Leisure Magazine for 15 years.
About Us:

Our Company
Founded in 1983, Keller Williams Realty Inc. is an international real estate company with more than over 600 offices located across the U.S. and Canada. The company began franchising in 1991, and following years of phenomenal growth and success, became the fourth-largest U.S. residential real estate firm in North America in 2006. The company has succeeded by treating its associates as partners and shares its knowledge, policy control, and company profits on a system-wide basis.
Structured for Success The interdependent business model of Keller Williams Realty supports real estate agents and brokers working as a team to maximize results for our buyers and sellers.
Why Use a KW associate? Because Keller Williams Realty Port Coquitlam has grown from the ground up within Port Coquitlam, our agents have unparalleled knowledge of our local real estate market and a deep appreciation for our community. Buying or selling a home does not have to be a stressful process - let us be your guide.
Our Difference:
Knowledge Powerful curriculum through Keller Williams University keeps our associates ahead of trends, tools and advancements in the real estate industry.
Teamwork Unlike other real estate companies, Keller Williams Realty was designed to reward agents for working together, to serve our clients better.
Reliability Keller Williams Realty was founded on the principles of trust and honesty, emphasizing theimportance of having the integrity to do the right thing and always putting our clients needs first.
Speed Leading-edge technology solutions accelerate our associates efficiency and productivity.
Keller Williams Elite Realty Office AREA Vancouver, BC A123-2099 Loughheed Highway Port Coquitlam, BC V3B 1A8
604.468.0010 Tel 604.468.0042 Fax
 You can find great local Port Coquitlam, BC real estate information on Localism.com Darrell Backen, REALTOR,Condo,1st Time Buyer,Townhome is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
REAL ESTATE AND MORTGAGE INFO
The difference of being "well informed" may mean tens of thousands of dollars savings to you.
Buyers Information
QuikAnswers Index
Ideas that I have discovered that may be useful to you
Have the Answers You Need In Seconds
About Marketing
Education-Based Marketing: How to Make Business Come to You ...Resist the Urge to Give a Sales Pitch
How to Leverage Your Ad Buying Power.. Get up to 10 times more Advertising I
Home & Leisure OverLunch, Your Clients Have Up To 1 1/2 Hours A Day, 22 Days A Month To Relax And Read On Their Coffee & Lunch Breaks! We Target This Huge Universal 'Breaktime' In Daily Life
What Companies have participated in Home & Leisure.. most of the industry leaders
About Mortgages
How The Self Employed Can Get Better Mortgages
Shopping Around for a Mortgage or Loan Can Actually Damage or Credit Rating
How Your Credit Score Is Determined
How I Can Assist You And Your Family in Better Mortgage Choices
Are You at Risk for Credit Fraud? Fraud Prevention for Consumer
A Step by Step Action Plan
About Real Estate
Why You Would Benefit from a Buyer's Agent
How a Disclosed Dual Agency Can Affect You
Why You Should Pre Approve Your Mortgage To Save Thousands
There Are Extra Costs at Closing, You Should Prepare for Be
Do You Know about Tax Holdbacks, and How They Affect You
What Do Those Real Estate Terms Mean
6 Real Estate Myths
How Can You Get Maximum Sale Price?
What Percentage Of The Renovation Cost You Can Expect
To Recover When The Property Is Sold.
The Importance Of Early Activity
Information supplied is for informational purposes only and is subject to change without notice
Please contact me for details on any subject here.
For more details on how these systems can benefit you.
I have performed extensive market reasearch in the fields of Internet Marketing Systems 1. Affiliate Marketing 2. Amazon Marketplace Selling 3. Banner Exchanges 4. Basic Link Trading 5. Classified Ad Strategies 6. Comparison Shopping Portals 7. Competitive Analysis Using Alexa 8. Components Of A Successful Online Business 9. Content Driven Marketing 10. Coupon Portals 11. Credit Card Merchant Accounts 12. Demographic Research Using MSN Ad Centers 13. Designing Your Web Site For Maximum Effectiveness 14. Determining The Testing Process For Your Web Site 15. Determining Your Conversion Rate 16. Determining Your Site Strategy 17. Determining Your Target Audience 18. Electronic Publishing Methods 19. Establish And In Promoting An Affiliate Marketing Campaign 20. Free Classified Ads On The Web 21. Free Vertical Portals 22. Gain A Hundred Visitors To Your Web Site On A Daily Basis 23. Geographic Targeting 24. Google Ad Words 25. Google Site Maps 26. Grating Banners 27. How To Improve Customer Flow To Your Web Site 28. Improving Your Conversion Rate 29. Increasing Your Average Order Size 30. Initial Paper Click Marketing Campaign 31. Internet Malls 32. Keyword Research For Pay Per Click Search Engines 33. Keyword Research For Relevancy Search Engines 34. Leverage Marketing 35. Link Popularity And Page Ranking 36. Link Trading 37. Maintaining The Freshness Factor Of Your Web Site 38. Meta Tags 39. Microsoft Objective Marketing 40. Necessary Pages That Need To Be In Your Web Site 41. Newsletter Ad Trading 42. Newsletter Campaigns 43. Paid Inclusion Vertical Portals 44. Pay Pal Systems And Other Payment Systems 45. Permission Based Marketing 46. Relevancy Search Engine Optimization 47. Researching The Web 48. Reverse Search Tools 49. Social Bookmarking 50. Social Media Strategies Such As Face Book 51. Stealth Linking 52. Submitting To Live Directories 53. Submitting To Online Yellow Pages 54. Submitting To Relevancy Search Engines 55. The Alexa Internet Strategy Program 56. The Media Press Release Campaign 57. Third-Party Resources 58. Utilization Of Google Ad Words 59. Utilizing Yahoo Stores 60. Viral Marketing 61. Web Site Usability Studies 62. Web Rings 63. Write Effective Ad Copy
Web Site Audit Systems 64. Archive.Org 65. Color Blindness Test, No Blue Cones 66. Color Blindness Test, No Green Cones 67. Color Blindness Test, No Red Cones 68. CSS Validation 69. Google Cache 70. Google Web Rank 71. HTML Validation 72. HTTP. Headers 73. Keyword Density Clouds 74. Keyword Suggestion Analysis 75. Link Popularity 76. Links Validation 77. Load Time 78. MSN Cache 79. Readability Test Or Accessibility 80. Robots.Txt Validation 81. RSS Validation 82. Speed 83. Spelling Validation 84. Spider Simulator 85. Traffic Details Using Alexa 86. Yahoo Cache 87. Yahoo Web Rank
Web Writing And Web Analytics 88. Condense your content and layout your website so your most important information is viewed first. 89. Analyze your web site code, find out what keywords potential customers are searching for, analyze your web site traffic, and make sure you are listed in the right search engines. 90. Analyze clicks and click throughs. 91. How people arrive at your website, how they navigate through your site and how the user interacts with your online buying process. 92. Learn more about your customer through the use of web analytics and server logs. 93. Google analytics installed on the web site 94. Research of Competitors Keywords 95. Research of Competitors Web Writing 96. Analysis of Competitor Strategies 97. Analysis of Keywords Using Reverse Search Tool 98. Optimization of Maximum Result Keywords 99. Optimization of Keyword Phrases, According to Target Market Selection
Ask me about any of the following areas;
| Home Prices in Port Moody BC |
| |
| Downtown Port Moody Homes |
| Home Prices Port Moody |
| Homes for Sale in Port Moody |
| Homes for Sale in Port Moody BC |
| Homes in Port Moody |
| Investment Properties Port Moody |
| Jobs in Port Moody |
| Mortgage Rates in Port Moody |
| New Home builders in Port Moody |
| Port Moody BC |
| Port Moody BC Homes for Sale |
| Port Moody BC Real Estate |
| Port Moody Careers |
| Port Moody Condominiums |
| Port Moody Condos |
| Port Moody Foreclosure |
| Port Moody Foreclosures |
| Port Moody Historic Homes |
| Port Moody Home for Sale |
| Port Moody Home Value |
| Port Moody Homes for Sale |
| Port Moody Houses |
| Port Moody Houses |
| Port Moody Houses for Rent |
| Port Moody Houses for Sale |
| Port Moody Houses for Sale |
| Port Moody Houses for Sale |
| Port Moody IN Homes for Sale |
| Port Moody Land |
| Port Moody Land for Sale |
| Port Moody Land for Sale |
| Port Moody Land for Sale |
| Port Moody Land for Sale |
| Port Moody MLS |
| Port Moody Mortgage Companies |
| Port Moody Mortgage Company |
| Port Moody Mortgage Lenders |
| Port Moody Mortgage Rates |
| Port Moody Mortgages |
| Port Moody New Construction |
| Port Moody New Home Construction |
| Port Moody New Homes |
| Port Moody Port Moody |
| Port Moody Port Moody Home |
| Port Moody Port Moody Homes |
| Port Moody Port Moody Homes for Sale |
| Port Moody Port Moody Real Estate |
| Port Moody Real Estate |
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| Port Moody Real Estate for Sale |
| Port Moody Real Estate Sale |
| Port Moody Real Estate Sale |
| Port Moody Realtor |
| Port Moody Realtors |
| Port Moody Relocation |
| Real Estate Agent Port Moody |
| Real Estate in Port Moody |
| Real Estate License Port Moody |
| Real Estate News |
| Real Estate Port Moody |
| Relocate to Port Moody |
| Port Moody Homes for Sale |
Web Site Development and Strategy
Development of an effective web site, complete with proper search engine optimization is essential to a productive E-Commerce program. Once your site is developed, you have to make it easy for anyone to find you, by using the proper Meta tags and optimization techniques.
Port Coquitlam, BC real estate professionals on ActiveRain.com
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Send Change of Address to:
Post Office
Change accounts and credit card agencies
Friends and Relatives
Subscriptions, book clubs, record clubs (notice requires several weeks in advance)
Bank - transfer funds, arrange for check cashing in new city
Insurance - Notify regarding new location for coverage: Life, Health, Fire, Auto
Automobile registration - Transfer of auto title is necessary: also driver's license, city windshield sticker and motor club membership
Utility Companies - Gas, electric, water, telephone, cable television, fuel: obtain refund of any deposit made: arrange for immediate service in new location
Route Persons - Laundry, newspaper delivery, changeover of services
School Records - Ask for copies of the transfer of children's records
Medical, dental, prescription histories - Ask physicians and dentists for referrals, transfer needed prescription, X-rays
Church, clubs, civic organizations - Transfer memberships, request letters of introduction
Pets - ask about registration for licenses, vaccinations, tags. Request transfer of veterinarian's records
MARKETING INFORMATION
MY BUSINESS EXPERIENCE WORKS FOR YOU... Over 30 Years of Sales and Marketing Expertise including...
MANAGEMENT POSITION INDUSTRY
Chief Marketing Officer Plastics Corporation Director Of Business Development Construction Industry Business Development Officer Manufacturing Industry Business Development Management Aerospace Metal Industry Marketing Director Digital Animation Industry Publisher Home & Leisure Magazine International Steel Trader Wholesale Steel Industry
I have extensive marketing experience in neighbourhood marketing development
Development of Maximizer Customer Relationship Management. Training of your staff on the effective use of Maximizer would increase their productivity tremendously. I've been using Maximizer since 1986 when it first came on the market. I attended Corporate Communications Training College for the course on Computerized Sales and Marketing to learn the full capabilities of Maximizer. Most people only use 10 to 20% of the capabilities of Maximizer. When properly used, Maximizer can completely control and organize your customer relationship management, commonly known as CRM. When I was a student at the BCIT Venture Development Program I was asked to give seminars to the students as my knowledge on Maximizer was more than the faculty had.
Develop an Automatic Referral Generation System. An automatic referral generation system can be set up with Maximizer. This system, both brings in referrals, as well as brings in new business from past clients. There are many different methods of implementing an automatic referral generation system.
Relationship Selling Techniques Staff can be trained in relationship selling the new concept in the selling process. Relationship selling build customer loyalty. Perfection provides information that helps customers make intelligent actions. The goal is to build long-term relationships with clients. You become a consultant, partners and problems solvers for the customers. Not a salesman. The focus of relationship selling its improving the customer's bottom line. You consider sales planning as a top priority. He spent most of your contact time attempting to build a problem-solving environment with the client. They value your time experience then because it is in their benefit to do so.
E-Commerce Strategy
Development And Implementation of an E-Commerce Strategy Development to of a comprehensive E-Commerce program is essential to bring in business from the new media sources that have developed over the last 10 years. An E-Commerce program is very cost-effective once it is set up.
Web Site Development and Strategy Development of an effective web site, complete with proper search engine optimization is essential to a productive E-Commerce program. Once your site is developed, you have to make it easy for anyone to find you, by using the proper meta tags and optimization techniques.
Development of Alliance Marketing for Your Web Site
Additional revenue sources and networking of clients can be achieved through Alliance Marketing on your web site
Development of a Professional Business Plan.
A professional business plan can be developed for your firm, which will include all of the functions of Professional Business Plan. These will include
Executive Summary. Product or Service Description. Market Analysis. Competition Analysis. Marketing Strategy. Operations Strategy. Organization of the Venture. Key Risks Timeline. Financial Requirements and Projections. Exhibits
Development of a Professional Marketing Plan
Development of a professional marketing plan will give great returns on the time invested. This professional marketing plan would include:
MARKETING SITUATION ANALYSIS
SPECIFIC PRODUCT AND SERVICE DESCRIPTION.
MARKETING SITUATION ANALYSES. Product Development. Stage and Product Lifecycle Quality /Design Factors Classification of Goods. Product Uses/Service Characteristics. Image, Branding, Reputation, and Selling Features.
INDUSTRY CHARACTERISTICS.
BUSINESS CHARACTERISTICS. Strengths, Weaknesses, Opportunities, Threats (SWOT)
UNCONTROLLABLE VARIABLES. Legal. Economic. Consumer. Environment.
MARKET. Geographic. Demographic. Psychographic. Location. Buying Criteria. Buying Process. Size of Market. Present Status.
MARKETING STRATEGIES. Positioning. Promotion. Pricing. Placement. Promotional Mix Grid.
INDUSTRY RESEARCH Research and Development of Prospects Who Share Your Top Clients Classification Code. Research of the classifications that your best customer lists are now in is extremely profitable. For example, if you have good results with one market segment, I can research and deliver the entire market in that market segment. This follows the 80/20 rule in 80% of your business comes from 20% of your clients. The objective is to find more those 20% of those clients who have a similar classification code. 100% market penetration in the 20% top producing market is very profitable and affordable.
Development Of Advertising with Your Suppliers Paying Part of the Advertising Cost A major reduction in you advertising costs can be achieved by co-marketing with established cooperative marketing budgets set up by your suppliers.
Participation in Direct Mail Campaigns to Your Target Market on a Wholesale Basis For a fraction of the cost of doing direct mail campaigns monthly to your complete target market a system can be set up with major savings. The returns on this marketing is up to 25 times the effectiveness of the regular advertising. My campaigns are returned similar results for the last 15 years.
Research and Development of Client Needs Evaluation Systems Programs can be developed, which will address the needs of your clients. Most companies make the mistakes of taking care of their needs, instead of concentrating on the clients needs first. To be successfully competitive, a company needs to have a priority marketing system in place, which intrigues the client to remember, value and do business with your firm.
Development Of Advertising with Your Suppliers Paying Part of the Advertising Cost A major reduction in you advertising costs can be achieved by co-marketing with established cooperative marketing budgets set up by your suppliers.
Participation in Direct Mail Campaigns to Your Target Market on a Wholesale Basis For a fraction of the cost of doing direct mail campaigns monthly to your complete target market a system can be set up with major savings. The returns on this marketing is up to 25 times the effectiveness of the regular advertising. My campaigns are returned similar results for the last 15 years.
Created ,Developed and Published for 15 years Home & Leisure Magazine All In One Catalogue
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LEVERAGED MARKETING...Multiply the power of your advertising budget by leveraging with other companies who share the same target market. I have achieved great success since 1989, with developing advertising alliances with leading companies in their field, to maximize the profit on their ad campaigns. Their profits have been as high as 25 times greater than by one company covering the advertising costs alone.
These companies included: Molly Maid, California Closets, Bang & Olufsen, Inglis Canada, Sylvan Learning Centers, Sears, Kwik Kerb, Kohler Canada, Grohe, Merrill Lynch, Goepel McDermid, Global Securities, Re/Max, Realty Executives, Century 21, Sutton Group, Arctic Spas, DuPont Corian, Levelor Blinds, Tilley Endurables, PCO Pest Control, ADT Security Systems, Second Cup, Toro, Dec-k--ing, ReflechTech, MicroSoft Certified Professional Systems Engineer, Phonetic Reading Centre, Fantasy Weddings, Luxury Bath Liners, Vino-tec Wines, Second Cup, Ceiling Clean, Duraguard Fencing, Green Thumb Irrigation and Rohit Homes. |
Core Executive Competencies
Business Development Sales and Marketing Strategic Alliances Relationship Building Strategic Business Planning Niche Market Identification
PROFESSIONAL PROFILE
Education Base Marketing Created and developed in 1991, a new form of marketing, which has since become known as 'Education Based Marketing.' The concept is to provide the consumer with answers to as many F A Qs for them to make a well-informed decision. We built value through educating the consumer instead of discounting prices and profit with sales and coupons. We booked several full- page ads that fully demonstrated "the logic for the value of our service." The success of this campaign was fourfold over any previous methods of advertising.
Strategic Marketing Alliance.
To increase the effectiveness of our marketing budget, I formed a strategic marketing alliance with several non-competing companies that shared my target market. The effect was to increase the buying power of our marketing budget tenfold, dramatically increase sales and profits. This grew into Home Leisure Magazine which I published and covered the market monthly since 1994.
Strategic Business Planning
To provide the maximum effectiveness of a sales force, I invested the time, money and effort into building a database of 50,000 executive decision-makers that have been 'cherry picked' from the databases across North America. I set up this database on Maximizer Customer Relationship software so our sales people could make maximum effective use of their time in contacting, following up and closing accounts.
HIGHLIGHTS OF QUALIFICATIONS
Strong management background. Over 30 years proven track record. Creative marketing and advertising skills that have improved profit tenfold and more. Ability to manage critical situations and make the best of available resources. Combined resources of 30 years marketing expereince with latest technology in internet marketing.
Internet Marketing: Developed search engine optimization systems to bring websites to page 1 of Google, Yahoo and MSN. These means your clients can find you first...not your competitor. A rare few companies have optimized there websites... up to 98% have not!!! Most have spent thousands of dollars getting great looking websites that unfortunately their prospective clients will never see it.
Marketing: Planned, organized and directed marketing functions. Established and implemented policies and procedures to maximize productivity. Assigned, co-ordinated and reviewed projects and programs. Planned, developed and implemented communications strategies.
Leveraged Advertising: Planned and directed all forms of print advertising. Established advertising alliances for direct mail campaigns where leading companies in their field, shared the marketing costs of major direct mail ad campaigns. The results were a 300% increase in profit. If you pay 75% less for your advertising.. your ROI goes way up! I have achieved results of 22 times better!
EDUCATION: Douglas College Bachelor of Commerce BCIT: Marketing Management, Venture Development Program Corporate Communications: Computerized Sales and Marketing
As most companies are increasingly challenged with rising costs, providing less and less returns on traditional sales, marketing and management methods, my skills will be of great interest to you. I have developed methods of increasing profit with maximum use of available resources.
Maximized the benefits of the 80/20 rule, developed a system to effectively find more of the 20% clients that give your firm 80% of the business. By identifying who your top 20% clients are, I can research and discover every other company that is similar to them. I have the resources for all of the companies in North America to build highly targeted databases for your company's sales force to effectively use their time and resources.
Effectively select only your precise target market with over 500 demographic criteria. All market selection criteria has been researched such as income, age, children, occupation, how much they spend on cars, how much they spend on home repairs, clothing and virtually all personal spending habits. Once you have found your precise target market it is easy to maximize your results marketing to only that select prime target niche.
Multiply the power of your marketing budget by leveraging with 'other people's money' who share the same problem. I have achieved great success with developing marketing and advertising alliances with leading companies in their field, to maximize the profit on direct mail ad campaigns. The profits have been as high as 25 times greater than by one company covering the marketing costs alone with market buying power increasing tenfold. All involved received great rewards.
Multiplied referrals brought into the company by all staff, not just sales staff. I managed, trained and motivated both sales staff and service crews. By instilling pride of workmanship, respect and reward in the service force, with motivation methods, thousands of dollars in extra revenue for the company were brought in. I have developed ways of training the sales staff on Maximizer computer sales systems that greatly improved their sales productivity. This method enabled superior tracking and management of their efforts and resulted in a single daily log report to streamline management methods.
What can be done with limited time and resources available? I took a company with no client base, no marketing budget and no marketing plan and built a client base of 14,000 researched and targeted executives covering the entire digital entertainment industry. I set up cost shared, direct mail campaigns to reach this market so that the operation could be accomplished within a reasonable budget giving a great risk return ratio. Within six months, I brought most of the major firms in the industry into negotiations.
Here is some information on what is instructed at the BCIT Venture Development Program that I attended recently.
· Develop a complete business plan, and understand its components, uses, and benefits
· Acquire essential business skills, including marketing plan development and market research
· Forecast venture financials using computer simulation tools to see how different business decisions affect financial results
· Gain access to relevant business networks and become a part of the Venture alumni group
· All the up-to-date technological advances in marketing. One of the databases is a total breakdown of the shopping habits for the entire lower mainland of all residents. You can pinpoint your demographics, according to over 500 criteria. You can target the lifestyles of your ideal target market.
The program curriculum also covers accounting, human resources and risk management, networking, pricing policy and channels of distribution, and sales and promotion.
Knowledgeable business people provide specific, relevant, and constructive input on each draft business plan to increase its feasibility and the chances of real-world success. Insight is provided on topics including commercial law, advertising, business insurance, intellectual property, chartered banks, venture capital, and government and Crown agencies.
Career Training and Education
Institutional Education
BCIT Venture Development Program 2004 Marketing Management 1979
Courses and Corporate Training
Institute for Executive Development, La Jolla California. Executive Management Program Phoenix Seminar
Corporate Publishing Group, Vancouver, British Columbia. Desktop Publishing Program
Sales Methods International, Calgary Alberta Sales Management Training
Cossman Business Seminars, Los Angeles, California Entrepreneur Program.
Corporate Communications Training College, Vancouver, British Columbia Computerized Sales and Marketing Program
Charles Abbott Business Program. Business Excellence Program
Steelcase Corporation Training Sensor Selling Skills
Created and Developed by Darrell Backen
Cost-Effective Marketing for Small Businesses 250 page manual and cassette course on marketing. Innovative Marketing Systems developed for Successful Contracting... Government of Canada 150 page manual and cassette course on marketing. 3 hour PowerPoint presentation
Target Your Market ... Vancouver Neighbourhood Profiles. The most comprehensive report on direct mail target marketing to Vancouver neighbourhood's. Demographics include up to 400 purchasing criteria with accuracy down to the block. This profile report is a multimedia production, including a report book and computer analysis program. Any criteria to find your clients, where they live in instantly be acquired. This course is not for sale. It is the resource guide for my direct mail marketing.
Mortgage Information Provided On These Subjects
Mortgage Services mortgage mortgage broker mortgage advice first mortgage second mortgage refinancing renewing interest rate mortgage rate mortgage refinance mortgage renewal mortgage services home financing home loan first time buyer 100% financing condo purchase debt consolidation equity take-out renovation loan fixed rate mortgage home equity line of credit mortgage application mortgage calculator mortgage pre-approval new immigrant mortgages non-resident mortgages real estate investment self employed mortgages recreational property vacation property variable rate mortgage
Darrell Backen is a Mortgage Specialist for B.C. in these areas: Mortgage Pre-Approval, Mortgage Renewal, Best Rates Mortgage,Mortgage for Self Employed, Second Mortgages, Bad Credit Mortgages, 0 Down Mortgages, BC Mortgage rates, First time buyer, zero down, no down, Vancouver, Financing, and Refinancing
10 Common Mortgage Requests
Mortgage Pre-Approval, Mortgage Renewal, Best Rates Mortgage, Mortgage for Self Employed, Second Mortgages, Bad Credit Mortgages, 0 Down Mortgages, , BC Mortgage rates, First time buyer, Refinancing
Mortgage Definitions... What do those specialized terms mean?
Original mortgage amount The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance . Interest rate Annual interest rate. Maximum interest rate is 20%. All Canadian mortgages use semi-annual compounding of interest.
Amortization period Total length of your original mortgage in years. Most common lengths are 20 years and 25 years.
Accelerated weekly and bi-weekly payments Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage. The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
Number of years remaining This is the total number of years you have left to pay on your mortgage. The earlier you start your payoff plan, the more interest you can save. Just starting a few years earlier can really add up.
Prepayment type This is the type of prepayment you are going to make. You can choose from one time, monthly, weekly, bi-weekly, semi-monthly or yearly.
Additional payment Your proposed extra payment per period, e.g. weekly, bi-weekly, semi-monthly, etc. This payment will be used to reduce your principal balance.
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Dominion Lending Centres qualified Expert regarding all personal finance issues
Keeping you well informed for your best decision.
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