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Tag: mortgage

What is a Rate Hold and When to Lock in Mortgage Rate

I know when I got my first client pre-approved for a mortgage loan, I was very excited to think about the very first sales incentive which I were going to receive, but all excitement was gone away when I knew that I could not get the money till it was not paid by the client. Yeah, because that pre-approval got a grace period which is known as Rate Hold and it may take 120 days to close the mortgage deal. Anyway rate hold if held my reward for so long to come to me but on the other hand lock in mortgage rate gave my client a best possible interest rate option with a plenty of time to search for an ideal home of his choice to start his mortgage loan, and I felt really happy with my clients satisfaction which passes all the excuses.

A shifting interest rate environment may cause an unpredictable situation that lead anyone to think about to adopt an option of mortgage rate hold or lock in mortgage rate, to get the best rate possible while looking for the best home of his or her choice, while pre-approval means that you’ll know how much you can afford to spend on the home.

There are various ways to enquire and apply for your mortgage pre-approval loan with a rate hold option like you may apply through a bank, a mortgage company or through a mortgage broker, choice is yours anyone of these can assist you in providing the best financing options for your borrowing need. If fixed mortgage rates rise during your rate hold period that is up to 4 months or 120 days, you’ll be already protected by the rate hold and if it falls, you’ll have access to the lower rate the competitive interest rate to adopt for your mortgage loan. Moreover, with a lock in mortgage rate you’ll have peace of mind about your mortgage rate while you look for the home that suits you the best.


Bank of Canada Keeps Interest Rates at 3%

OTTAWA July 15, Bank of Canada warns of inflation and slow growth that’s why bank holds steady on key interest rate that is 3%. Anyway, The combination of slow growth and high inflation is a difficult puzzle for policy makers because battling one ailment exacerbates the other.

There are various schools of thought who have been predicting on this critical issue but it’ll be normal soon, because most of the problems are seem external rather than internal economical situations. Anyhow, most of the economists already expected the same solution from the Bank of Canada like bank left its key interest rate unchanged.

In accordance with the Bank’s announcement, lending institutions in Canada are expected to keep their prime-lending rate unchanged and steady too. The prime rate used by lenders is the base rate that they use in pricing loans to their most creditworthy customers. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate. Anyhow, Pricing for fixed-rate mortgages is not directly affected by bank’s decision.


Consumer Mortgage Tips Canada! How to Pay Your Mortgage Off Faster?

10 Tips for Paying Off Your Home Mortgage Faster

For most the Canadian homeowners, paying off their mortgage as early as possible has a top priority. Paying down extra principal in the early years of your mortgage loan by whatever means possible can reduce the life of your mortgage, and dramatically lower the interest you’ll pay throughout your mortgage loan life.

Any additional payment you make on your mortgage (also known as a pre-payment) will save you a lot of money in interest. The interest portion of your payment is determined by the outstanding balance of your mortgage (principal and interest). As the outstanding balance diminishes, less of your payment goes towards interest and more comes off the balance. Here are a few home mortgage tips and ways on how to pay off sooner while minimize your mortgage costs:

  1. Increasing the amount of your payments annually to the maximum you can afford
    The upside is that most lenders will allow you to reduce it again to the previous level if it turns out to be too great a burden or your circumstances change.
  2. Prepayments provide you great return over your investment
    If you pay an average 6.5% mortgage interest rate towards your mortgage payment, for each $1,000 reduction of your mortgage principal results in $65 savings after tax cash annually.
  3. Utilize your RRSP driven tax rebate as a mortgage prepayment method
    Even if you can only prepay annually, make sure tax refunds are set aside for paying down your mortgage. Many Canadians borrow (at prime) to buy an RRSP to ensure the maximum rebate. When applied to the mortgage principal, this refund is a “gift that keeps on giving”. Combining the refund with the tax-free interest earned on the RRSP over the subsequent years will quickly outpace the short-term interest costs of the RRSP loan.
  4. Accelerated bi-weekly payment option
    Increase the frequency of your mortgage payments; make accelerated bi-weekly payments to get a free principal reduction equivalent to one full mortgage payment every year.
  5. Make use of double-up privileges wherever possible
    Tell yourself that you will “skip-a-payment” whenever necessary.. then skip only when you absolutely must.
  6. Round your mortgage payments up
    By adding even a nominal amount of dollar value, say $10 per payment, the amount of interest you are saving will be unbelievable, and the extra money is relatively painless to part with.
  7. Making lump-sum payments whenever possible
    By decreasing the principal of the mortgage, your payments will not be allocated as much to interest, thereby accelerating the end of your mortgage.
  8. Keeping the same payments when mortgage rates have fallen down
    If the payment amount has not been a problem so far, then keep it the same, thereby paying down the principal faster.
  9. Raise the mortgage payments in line with increased income on an after-tax basis
    If your income increases, don’t keep your mortgage payments the same. Although the disposable income may be fun to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster a far outweighs the short-term sacrifice.
  10. Paying extra on your payment dates
    Most lenders will allow you to make additional payments on your mortgage, sometimes referred to as “double-up” payments. These extra amounts are applied to the principal only and reduce your mortgage balance, which helps you pay your mortgage off faster.

The faster you reduce the outstanding balance on your mortgage, the more you will save in interest charges. Since pre-payment policies vary between institutions to institutions and types of mortgages, you should consult your mortgage agreement for complete knowledge about the availability of the pre-payment options for you. These are some of the consumer mortgage tips specifically written for the Canadian home mortgage market but could be equally workable for any other country in general as well.


Bank of Canada Reduces Key Interest Rate January 2008

Bank of Canada steps ahead in providing better rates by reducing its key interest rate by a quarter point, for the mortgage loan seekers who are planning to get the mortgage in the year 2008, it have been a better time, there are lot of people who will benefit the offer because of heavy snow and cold weather have prolonged their planning to get into the mortgage financing requirement and formalities. So maximum people will get the opportunity by providing maximum business to the banks and other lenders in the beginning of the year.

Bank of Canada\’s lowering key interest rate announcement, where provide enthusiasm for the mortgage shoppers to act now but on the other hand this overnight rate change has given the home-work to the mortgage lending companies and brokers who have been ready with their calculations and looking for the better time and weather in which maximum people will come out. Canadian mortgage lenders will be under competitive pressure to decrease their rates for the variable-rate mortgages and lines of credit based on the prime rate. Moreover, most of the lenders will need more information and consultancy service about how a particular lender may implement a variable rate change, because its possible their calculation will differ with the other when exactly they adjust their variable rates. However, this overnight interest rate fall by the Bank of Canada will not likely to create any impact directly on the fixed-rate mortgages as compared to the bond market, which is the key factor primarily responsible for direct and instant affect over the fixed-rate mortgages rate and market.

Although, Canadian fixed-rate mortgages are fairly steady in their interest rates in these days, but still you have an option to get an opportunity to adopt the new interest rate for your fixed-rate mortgages, if its lower than the previously adopted interest rate and if you are on hold for the low interest rate on your fixed-rate mortgages then you still have an opportunity to stick with the prevailing lower interest rates while at the high interest time.


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