Archive for July, 2009

When dealing with a mortgage agent you may often hear several terms that are brand new to you, you may think you are the only one who doesn’t know what a specific mortgage term means. The truth is, if you are not dealing with mortgage financing on a regular basis it is absolutely understandable if you don’t know the”language of mortgage financing” . At BestRateGuys.com we understand this concept, and we are sure that our clients future and present, become educated on the ins and outs of Mortgage Talk, to find out a list of typical mortgage terms click here.

 Loan-to-value (LTV) is a ratio that represents the relationship of a loan amount with the value of a property in question. This ratio is obtained by dividing the amount of a loan by either the sale price of the property or the property’s appraised value. The lower of the two amounts is used.

LTV is one of the many factors used by lenders nationwide for determining whether or not to approve a mortgage transaction. LTV is expresses as a percentage. For example, a loan of $500,000 on a $1,000,000 home has an LTV of 50 percent. Many lenders use a standard percentage LTV, that is expectable, however on some occasions a lender will make adjustments to their expectable LTV percentage, either as a promotion to attract more clientele or if the marketplace allows for lower standards. A mortgage can be said to have a high LTV when the amount of money lent is high in relation to the down payment with the borrower or the equity held in the property. For example, if a borrower provides a down payment of five percent and the mortgaged amount is 95 percent of the sale price, the loan is considered to have a high LTV.

Clients with a High LTV usually are considered to be somewhat of a risk to the lender, as its viewed - the lower the amount of down payment in a property = the higher the risk for default. Basically showing you didn’t put much money initially into the property to begin with, so there is a grater chance of you cutting your losses and defaulting.

The reality of it is, most people do have a High LTV, when they come to buy their first home. When it comes to a high LTV mortgage, a lender will often require you to purchase mortgage insurance, something that BestRateGuys.com will explain in full at the time of the deal. Additionally BestRateGuys.com has the experience and knowhow to deal with High LTV mortgage request…. your not alone.

If you are considering buying a home, and have more questions about LTV ratios and how they apply to your particular situation contact us today.

In addition, if you have any questions or comments please respond to this article by submitting to the comments field below.

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

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When it comes to mortgage financing, be sure you go with a reputable brokerage. Dishonest agents could have you paying too much for your dream home. Remember that you may be approved from a lender to make use of a  large sum of money, but this doesn’t mean that you should necessarily spend that much, or can afford to keep up with the monthly payments in the long run.

At BestRateGuys.com we will ensure that we go through a well educated “affordability session” prior to closing your mortgage financing. We will assist you in picking the monthly payments you are certain to afford. Our goal is for your success in home ownership!

If you have any questions or comments, please comment to our article below.

To get more information or the help from an educated professional, contact us today!

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

 As home buyers keep hearing about the “credit crunch” and doom and gloom, they wonder if they will ever be able to realize their dream of home ownership.
I guess it depends how you look at life, is the glass half empty or half full. I personally believe there is a wonderful opportunity, right now. Interest rates are at an all time low, plus there are tremendous “bargains” in the real estate market.
A little over a year ago we were paying 5.79% for a 5 year fixed rate. Today at a rate of 4.29%. some financial institutions will give you 5% cash back that can be used as your down payment.
If you would like to find out about this program and many other exciting offers please contact us today.

We also would like to invite you to leave your comments or concerns on this article or any other, by clicking the leave a comment link.

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

Credit.

Did you know that most Canadians keep their credit card balances over 50% of their actual limit.

Example.  The typical Visa card with a limit of $5000.00 usually has a balance of $3000.00 to $4000.00 at any given time.

Lenders look at you credit history when evaluating a mortgage request.  Lenders who see a credit balance over the 50% mark of the total limit usually do not find this appealing, and this can sometimes, dependant on the lender reduce chances for a better mortgage rate.  Try keeping you balance on your total credit limit at least 50% or lower.  Not only is this a good tip for helping manage your personal finances better, but will prove to work in your favour when you apply for a mortgage.

Comments? Please subscribe to our blog posts or add your question or comment below.

To get more mortgage tips, or to ask about mortgage financing contact us today.

See all of our videos

Remember –

There is no out of pocket cost to you for using a mortgage agent with Best Rate Guys.com.

We get paid by the lender, NOT you!                                                                                                                                                                             Unlike the bank that gets paid an hourly rate no matter if your deal gets approved or not, we here at Best Rate Guys.com only get paid when your deal actually closes. 

This makes us work harder so your financing is secured and closed in a timely efficient manor.

Please feel free to post comments to our articles, or ask a question that maybe on your mind.

For more mortgage advice,  contact us today!

Mortgage title fraud is action of fraudulent transfer of property. It is when a perpetrator undertakes title theft without the existing homeowner’s knowledge. They will use false identification and forged documents to take advantage of the automated financial and real-estate records systems. Once successful, the criminal now assumes the identity of the legitimate owner’s identity. They will then fraudulently sell or refinance the property based on the existing owner’s credit rating and property value, or they may illicitly sell the property to a straw buyer who intends to default while the criminal steals the mortgage funds. The legitimate home owner is now left with unwanted debt or a property that has been sold to someone else. As the genuine owner you may not know that any of this is even going on until the bills from the fraudulently obtained mortgage arrive. Now if the property was sold to an unsuspecting buyer, both the original homeowner and buyer believe they have clear title to the property. Victims of this terrible crime often pay extensive legal fees and large amounts of time to try to restore title to their property. The Real Estate industry insiders estimate as much as $1.5 billion each year in title fraud against Canadians, with an average case being $300,000.00

Who is Vulnerable to this Crime?

Anyone who has a home can be a victim of this crime. Generally homeowners who rent out their homes or who have no existing mortgages on high-value properties are at a higher risk of being targeted to title-fraud. This is because large mortgage amounts can be secured with the property.

What Happens if you Become a Victim of Title Fraud?

You may face several years of financial repercussions including repairing your credit, reclaiming your identity, enduring costs of defending your title ownership and mental distress.

How do you Protect Yourself?

To protect yourself be sure to obtain Title Insurance. This is not the same as home insurance in that it does not protect the contents or structure of your home. Title Insurance is an insured statement of the condition of the title to your property at the time the policy is issued. For detailed pricing on purchasing title insurance contact First Canadian Title. Don’t be a victim of title fraud call now to get your policy.

This is a message brought to you by the BestRateGuys.com team. We are here for all of your mortgage needs @ 1-866-978-9768. If you are looking to purchase a home complete an application for a pre-approval. It will give you confidence when shopping for your new home. Comments and feedback, please let us know your thoughts! Leave a comment below or click the “comment” link above this article to tell us your thoughts? Have you been a victim of title fraud or know of someone who was? Did you even know that this type of fraud existed, tell us about it. We would love to hear from you.

Some really great trending in the Hamilton CMA as provided by CMHC.  Sales to New Listing Ratio’s have trended exceptionally well over the last several months and while sales are below last years levels by 8% - the previous 2 years were historically record levels and this is a huge improvement over the Oct-Feb results.  70.4% Sales to New Listing Ratio indicates an extremely robust resale home market.

Additionally, I thought I would share some of the numbers coming out of the Toronto CMA as provided by CMHC.  Really exceptional results with Sales to New Listing Ratio showing 65%…indicative of a very healthy resale housing market and positive trending in all categories. 

These Results are consistent with the Bank of Canada reports on the recent announcement of the closure of the recession period.

A truly perfect time to buy and these numbers go to show that Canada has once again emerged from crisis Stronger – Faster – Better.

If you would like to know more about the Ontario housing market and what mortgage rates we can offer – contact us today!

How would you like to earn $100.00 CASH? It’s easy, simply refer a friend to us and get your 100 bucks! For each successful lead we will render $100.00. It will be the easiest money ever earned, we promise.  To refer a friend simply forward the information to us one of two ways: call 1-866-978-9768 or visit our contact us page on the website.

People that work in the mortgage business depend on referrals from people like you. If you know of anyone that might be in the market for a mortgage just let us know, we will take it from there.

Although we discuss First Time Homebuyers frequently, we also arrange Home-Equity Loans, Renewals, Refinances and much more. To see a complete list of services that we provide visit our website.

Thank you for taking the time to read our blog. If you like what you see please subscribe to our newsletter. Also, we love feedback. Tell us what is on your mind by leaving a comment.  Contact us today for all of your mortgage needs. 1-866-978-9768

Rules and Regulations.

·         This offer is subject to client OAC. Subject to change / expire without notice.

·         All applicants must meet our lenders individual and industry standards for mortgage financing.

·         This offer is issued by the BestRateGuys.com Team. Paul Smith and Malcolm MacDonald.

·         This offer is valid only to clients who reside in and are seeking financing in the province of Ontario.

·         All approved referral deals must have a referral source announced prior to closing. Any reference to a referred deal after closing has occurred, will not be accepted and will not render a gift cheque.

·         Approved $100.00 Gift recipients will have their cheque mailed out to the address provided to BestRateGuys.com  at the time of initial contact ,after 3 weeks of closing. If possible we will self deliver the check to the recipient.

·         This offer is limited to first  time homebuyers, refinance /switched mortgages 2nd mortgages. Not applicable to any other products and services..

·         The $100.00 gift check will have its value in Canadian funds.

·         Bestrateguys.com will not be responsible for any loss or damage to the gift cheque while in the mail or thereafter.

·         BestRateGuys.com reserves the right to revoke a referral relationship if we find a client has been referred to us through an inappropriate means.

·         Bestrateguys.com has the right to discontinue this program at anytime without notice.

·          BestRateGuys.com will only send the Gift Cheque to the address of the referral source given at the time of initial contact, and will send by regular Canada Post Mail. It is the responsibility of the recipient to collect this mail at the given address.

·         This Promotion calls for a referral gift cheque in the amount of $100.00, therefore no other type of referral gift will be negotiated or rendered.

·         Some deals may take longer then others to process, during which time the BestRateGuys.com Team can not suggest a time frame as to if and when the deal will close to the referral source.  Any Information pertaining to the deal will be in confidence between the applicant and mortgage agents at no point will any disclosure  of any type or form be given to the referral source