Archive for March, 2010

What is CMHC Mortgage Insurance?

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% - with interest rates comparable to those with a 20% down payment.

To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

Who Needs Mortgage Loan Insurance?

Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

Through your lender, CMHC Mortgage Loan Insurance enables you to finance up to 95% of the purchase price of a home.

CMHC has a list of approved lenders that they deal with.  BestRateGuys.com can process your application through these lenders to get your application approved!

Source: CMHC

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% - with interest rates comparable to those with a 20% down payment.

To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

Source: CMHC

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

Maybe you are thinking that owning your own home may be too expensive, but have you really looked at the big picture?  Home ownership can be affordable as well as a great investment.  Lets take a look and see what you can afford based on what you are already paying in rent and on the current interest rates:

It is not as expensive as you may have thought, as you can see from the above chart, with a rent payment of only $650/month you can afford a home worth $150, 000.  Why not put your money towards your own home, stop paying the landlord.  Over 5 years of paying rent at $650 a month you would have essentially paid $39, 000 in rent and have absolutely no equity.  Lets see what that would have been if you put that towards your own home.

 With home ownership you are gaining self worth and just for paying your mortgage payment every month.  What have you got to loose, why not take a look at all of your mortgage options now.  The quicker you get your home the quicker you start paying you instead of the landlord.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

Are you paying too much for your mortgage?  Why not take a look at your options?  Even if you are in a 5-year term and may be subject to a penalty to cancel your term with your current lender you may save money in the long run.  Let’s say for instance you have a $200,000 mortgage and your interest rate is 5% on a 5 year term amortized over 25 years.  In this example you would have a mortgage payment for $1,169.18.  Generally speaking, if you cancel your term early with your current lender you would have to pay the equivalent of 3 months interest as a penalty.  With that being said your penalty should be around $3000.  Now looking at your new rate with BestRateGuys.com we could offer a rate over 5 years for only 3.75% - WOW, that’s a pretty big difference in rates.  Your new 5 year term amortized over 25 years would make your mortgage payment $1,028.26.  On a monthly basis it may not seem like that big of a savings but remember you are paying this over 5 years.  Let’s break it down and see which way works out to be cheaper:

Concerned you can’t afford to pay your penalty all upfront?  No problem!  We can arrange your penalty is included with your new mortgage at the lower rate!  It is not a bad idea to take a look at your mortgage from time to time and see what your options are.  If your not sure contact BestRateGuys.com toll free @ 1-866-RATE-033.  We will take a look at your current situation and make every effort to save you some money.

Have we got you interested in saving some money? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

At first it may seem difficult to save even a 5% down-payment; bottom line is don’t get discouraged.  Although it is a bit of a cliché, where there’s a will there’s a way, and it’s true.  Start out by making a budget; decide how much you can afford to save.  When completing this process consider all your expenses, including unexpected expenses.  Be realistic, the key is to stick with the plan and trying to save too much all at the same time may set you up to fail.  Remember, even putting aside $150 each bi-weekly pay can really add up quickly!  Just by saving $150 each pay you would be left with $3900 after 1 year, not so bad.  Do you have any RRSPs?  You can use your RRSPs towards your down-payment and not be penalized for cashing them out for this reason.  Have you also considered what you will be doing with your last months rent, you can put the aside and use it towards your down-payment too.  Remember, most landlords will expect at least 60 days notice to terminate your tenancy.  With all of these suggestions if you still are concerned with saving some cash you can consider getting a mortgage solution that extends cash back.  Some lenders will give anywhere from 3% to 5% of the mortgage value back to you on closing.  You will pay a higher interest rate, but sometimes it is a good solution for first time homebuyers.  Although you are not able to use this cash back towards your down-payment, you can use these funds towards closing costs.  It is recommended that you set aside at least 1.5% of the property value for closing costs. 

Are you ready to make the next step?  Contact us toll free at 1-866-RATE-033.  Even if you have some questions, or what to discuss your budget towards becoming a home owner we will be happy to help.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

When you are applying for any type of credit, weather it’s a mortgage, a loan, line of credit or even to rent a property, your credit report will be reviewed by a person from the institution where you are applying.  It is never a bad idea to obtain a copy of your credit report to see what information they have about your payment history.  This will help you to identify if there are any problem areas and give you a chance to fix them.  Also, should there be any information that is not accurate on the report you will have the chance to dispute it.  You can obtain a copy of your credit report from Equifax’s website.  If you want to learn more about your credit contact The BestRateGuys.com team today @ 1-866-978-9768.  We can help prepare you for home ownership.  The first step to improving or establishing your credit is to get a secured credit card.  You can get your secured card from Home Trust for as little down as $1000.00.  To learn more about this credit card simply fill in an application to get things started.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

If you are looking to make some renovations to your home BestRateGuys.com can help!  Have you thought about refinancing your current mortgage to obtain the funds required to do your renovations.  In Canada people can refinance their home up to 90% of the value.  Often this is a more cost effective way to get a loan as you are still eligible for the lowest interest rates.  So if you have considered replacing your furnace or roof or even adding a bathroom, think about refinancing.  I guarantee it will be a lower interest rate than a bank or any credit cards.  Go ahead, make that next step and apply now for YOUR money, get to work on renovating your home!  It’s really simple, all you need to do is pick up the phone and call us @ 1-866-RATE-033, and we take care of the rest for you.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

BestRateGuys.com is currently offering a $100 Gift Card for all new mortgage deals.  Bring your mortgage needs to us and once we complete your transaction your $100 gift card will be in the mail.  No only will we get you the lowest rate possible, you also get a gift in return just for choosing BestRateGuys.com.  What have you got to loose?  Contact us today, toll free @ 1-866-RATE-033.  Can’t wait to start earning YOUR $100 gift?  Apply now online.  It is quick and secure.  See terms of $100 give away.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

• 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.
• Approved $100.00 Gift recipients will have theirgift 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, for mortgage deals that are greater than $100,000 CAN.
• 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 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 agift 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.

What is your preference?  Are you looking for urban or something just outside the city?  Whatever your decision is there are several things to consider: where will your children go to school, are you up to large grounds to take care of?  These questions could play a huge role in making a decision as to where to purchase your home.

You also have more design choices than ever before. Would you like a ’smart’ home that’s pre-wired for your media and entertainment needs, or a gourmet kitchen for entertaining? Or both?

Another very important point to consider is the type of ownership.  Have you ever looked on MLS.ca and seen an option for ownership/title?  Well the two most common are freehold and condominium.  Both have their advantages and disadvantages to consider when shopping for your new home.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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

What product best suits you? There are several reasons why people like you require mortgage financing. Here is a brief explanation of some of the top mortgage categories offered to you by the Best Rate guys Team.

• Home equity loan
  An excellent choice for existing homeowners, this relatively easy option allows existing homeowners to utilize the money in there home equity. Cashing out on this money opens the door to financial freedom so you are able to afford things you typically could not finance. Here area some examples: Home renovations, tuition costs, a vacation of a life time… The list goes on. Contact us today to learn more.
• Commercial Mortgages
  With the costs of leasing a commercial space on the rise, business owners big and small, often find these costs damaging to there company revenues. It is important that you have a long term place to conduct your business venture. Many business owners find Leasing a storefront or building can leave an unsecured feeling of establishment. When you choose to buy a commercial property, this solidifies to your customers an impression of long term residence in the community. Commercial Mortgages are also a terrific way to invest into a revenue producing building such as apartment complexes and rental units. If you want to invest in your future, a commercial mortgage might be the right choice for you.
  Contact us today to learn more.
• First time Homebuyers
  If you are considering purchasing a home for the first time…congratulations! Buying a property instead of renting will contribute to your overall lifestyle, in several aspects: financial gain, pride, security, affordability, just to name a few. At Best Rate Guys, we work with first time homebuyers to overcome obstacles, educate and find the best rate possible that they qualify for. With over 52 lenders and preferred status with several more, the choice is clear, the choice is the Best Rate Guys team. Contact us today to learn more.
• Renew / switch
  Both very similar products. A Mortgage renewal often comes up when you current mortgage term expiries. Often your current mortgage company will send out a document that you are expected to sign in order to extend you current mortgage for another term. However the rate of interest often changes and homeowners don’t always realize they are paying too much. At Best Rate Guys.com we work with existing homeowners to find the best rate possible on a renewal, we will investigate if your current lender is actually offering you the best rate, if not we will beat it. That’s part of our best rate guarantee.
  A Mortgage switch is often conducted when you feel you are paying too much on your current rate. Even if you are not due for renewal, as a homeowner you can take advantage of discarding your current lender and finding a more affordable one. With lenders in constant compaction with one another, switching your current mortgage to a better rate can provide you with thousands of dollars per year in savings. To find out more, contact us today!
• New to Canada
  First and foremost welcome. As a new comer to Canada it is important you establish yourself early. One of your most powerful tools of establishment can be purchasing a home. At Best Rate Guys we work diligently to find new comers to our country a secure residence. Understanding the transition to a new country can be overwhelming and sometimes confusing, at Best Rate Guys.com we work hard to minimize this bewilderment and make the process of homeownership in Canada a pleasant and hassle free experience. Contact us today to learn more!

These are some of the more popular mortgages that The BestRateGuys.com team offers; further to this you can find more mortgage products on our website.  Find out all the details about Cash-Back Mortgages, Mortgages for Self Employed Applicants and much more.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible 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. Call us toll free @ 1-866-RATE-033.

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