mortgage: Toronto real estate. MORTGAGE AND HOUSE SHOPPING TIPS - 07/28/10 10:11 AM
1. Know your current lifestyle costs. Running a home is no different than a business, and understanding expenses is non-negotiable. So, study your bills and bank statements and figure out what it really costs you to live now, pre-mortgage.
2. An illness, job loss or any number of troubles can quickly erode your finances. So in today's slow economy, put aside - and keep - a comfortable six months' worth of living expenses.
3. Know your float factor. This is the equivalent of executive risk, vis-à-vis real life. That mortgage may be affordable now when you're floating, but if interest rates … (1 comments)

mortgage: Toronto real estate and mortgage highlights - 02/22/10 04:26 PM
•   Housing starts rise in January and are now 23% below their trough in April of last year.
•   Weekly jobless claims move up and barely budge on a four quarter moving average basis.
•   Headline inflation falls to 2.6% from 2.5% in December. Core inflation falls to 1.6% from 1.8%
•   The Canadian Federal Department of Finance announced three changes to mortgage insurance rules that will help to cool the Canadian real estate market.
•   Canadian Resale housing market data over the last three months suggest activity is cooling.  Homes sales fell 2.8% in January, the first decline in over … (0 comments)

mortgage: SIMPLE WAYS TO IMPROVE YOUR CREDIT - 05/20/09 06:03 PM
According to FICO, 60% of all people have a credit score less than 750. This means there is plenty of room for improvement for many people. Here are some tips you can use for keeping your credit report tuned up and your credit score in good shape:
Pay your bills on time.
Maintain consistency in identifying yourself on credit applications. Use your full legal name to avoid being confused with relatives whose credit records could inadvertently be mixed with yours.
Don't bounce checks.
Avoid opening new accounts if you've applied for a mortgage. Scoring is heavily weighted to recent behavior. All accounts … (2 comments)

If you are considering, even months or years from now, purchasing real estate, then the first person you should be talking to is a mortgage broker. Simply put, mortgage brokers help you find the best rates on mortgage products available at all financial institutions.
What's more, they have the knowledge required to present a proposal for financing to a lender (bank) in the best way possible to successfully obtain your mortgage and deal on your behalf with all potential lenders. Mortgage brokers represent you and not the lender and they come at a price tag that even surprised us: Free, in … (0 comments)

mortgage: Toronto real estate. BMO WAIVED BANK CHARGES FOR FIVE YEARS - 09/24/07 01:26 PM
Hats off to the Bank of Montreal for starting a practice that all financial institutions should have in place, and could even improve upon.
BMO has announced that prospective homebuyers who take out a five-year fixed-rate mortgage and existing homeowners who renew for a five-year fixed rate, by Oct. 31 of this year, will not have to pay basic banking service charges during that five-year period.
The bank says having its Performance Service Plan with unlimited transactions free of charge during the term will save a person more than $800, which could be worth an extra mortgage payment.
Service charges have always been a … (0 comments)