Mortgages Canada

Archive for - March, 2009

Overview of the Upcoming Products

March 30, 2009 @ 6:23 am · Filed under Mortgages

We are happy to announce that soon we will be rolling out a site wide update with a new design, new content and many new features designed to help you select a mortgage better.

The Design

The basic navigation, link structure and layout will stay the same, however the visual part is getting a major overhaul. A more pleasant and more professional look, mixed with intuitive links and color matching. We also decided to keep links blue, for the sake of simplicity. The pylons behind it - the best websites on the internet have many blue links on the page and little graphics.

Rate Updates

Another big update is the interest rate tracking. We already have the technology that tracks over 60 Canadian lenders, but this time we will be offering daily updates with ability to sign up by RSS or email. All you low rate hunters will love it.

The site is also getting new forms and we are fixing many errors / issues.

Comments Back to Top Back to Homepage Blog Post Separator

Biggest Canada Mortgage Glossary - Status Update

March 27, 2009 @ 6:44 am · Filed under Mortgage News

We have completed Canadian mortgage glossary and will be posting it soon on the website. It is a total of over 150 pages long, describing every possible mortgage term in Canada. Thus far there is no other glossary on in Canada or on the web that can match our size. All content is 100% original and double checked using multiple sources. We will be posting updates.

Also, we’ve been working on the subproject and redesign of the website. All of the site issues will be fixed and new sections added. Right now we did not touch many of the issues (we know about them), since the new version is coming and there is not point in touching the old one.

Mortgage Interest Rates

we are very busy with the site and only update interest rates once a week on monday, in rare cases more often. Once the update launches you will receive daily updates from all Canadian banks and lenders.

Comments Back to Top Back to Homepage Blog Post Separator

Advanced Mortgage Glossary Terms Part 2

March 25, 2009 @ 6:37 am · Filed under Mortgages

A list of advanced financial terminology. The descriptions can be found in the mortgage glossary.

ACRS, Ad valorem tax, Adjusted gross income (AGI), Adoption Taxpayer Identification Number, Alternative minimum tax (AMT), Amended return, American Society of Home Inspectors, AMT, AMT tax rate, Ancillary services, Annuitizing an IRA, APR, ATIN

Bank Secrecy Act, Bedroom community, Biennial ownership, Blue Book, Blue sky laws, Board of Equalization, Bond Buyer’s 20 bond index / Red Book, Building and loan association, Call option, CD (certificate of deposit) ladder, CD line of credit, Certificate of deposit (CD), Certificate of deposit index, Charitable contribution deduction, CLTV, COBRA, COFI, Community Reinvestment Act, Consolidated Omnibus Budget Reconciliation Act, Constitution, Constitution/bylaws, Consumer Credit Protection Act, Cost of Deposit Index (CODI), Covenants, conditions and restrictions (CC&Rs), Coverdell accounts, CPI, Credit repositors, Credit shelter trust, Custodial accounts, Customer Identification File (CIF)

Economic Growth and Tax Relief Reconciliation Act, Education Bond Program, Education Individual Retirement Arrangement, Education IRA, EFT, EIN, Equal Credit Opportunity Act, ERO, Estimated financial contribution (EFC), Experimental or unproven procedures

Fair Credit Billing Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Fair Housing Act, Fannie Mae, Farm Service Agency, FDIC, Federal Advisory Council, Federal Deposit Insurance Corporation, Federal Discount Rate, Federal Family Education Loans (FFEL), Federal funds rate, Federal Home Loan Mortgage Corporation, Federal Housing, Administration (FHA), Federal Insurance Contributions Act, Federal National Mortgage Association, Federal Open Market Committee, Federal Reserve Board, Federal Reserve Board of Governors, Federal Reserve System, Federal Savings and Loan Insurance Corporation, Federal Trade Commission, Federal Unemployment Tax Act, FHA loan, FICA, FICO, FICO scores, Financial aid administrator (FAA), Florida room, Form 1040EZ, Form 1099-DIV, Form 1099-INT, Form 1310, Form W-2, Form W-4, Freddie Mac. Free Application for Federal Student Aid (FAFSA), FSLIC

Comments Back to Top Back to Homepage Blog Post Separator

Advanced Mortgage Glossary Terms

March 23, 2009 @ 6:29 am · Filed under Mortgages

Here a list of advanced mortgage terms. We have a Glossary coming out soon, so you will be able to find all the descriptions there:

  • 1 month LIBOR rate, 3 month LIBOR rate, 6 month LIBOR rate, 1 year LIBOR rate
  • 1 month CD, 2 month CD, 3 month CD, 6 month CD, 9 month CD, 1 year CD, 2 year CD, 2.5 year CD, 3 year CD, 5 year CD
  • 1 month jumbo CD, 2 month jumbo CD, 3 month jumbo CD, 6 month jumbo CD, 9 month jumbo CD, 1 year jumbo CD, 2 year jumbo CD, 2.5 year jumbo CD, 5 year jumbo CD
  • 1 month IRA CD, 2 month IRA CD, 3 month IRA CD, 3 month, $25,000 IRA CD, 3 month, $50,000 IRA CD, 6 month IRA CD, 6 month, $25,000 IRA CD, 6 month, $50,000 IRA CD, 9 month IRA CD, 1 year IRA CD, 2 year IRA CD, 2.5 year IRA CD, 3 year IRA CD, 5 year IRA CD
  • 1 month jumbo IRA CD, 2-month jumbo IRA CD, 3 month jumbo IRA CD, 6 month jumbo IRA CD, 9 month jumbo IRA CD, 1 year jumbo IRA CD, 2 year jumbo IRA CD, 2.5 year jumbo IRA CD, 5 year jumbo IRA CD
  • 1 year ARM, 1/1 ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM, 2/28 ARM, 3/27 ARM, 3/1 jumbo ARM, 5/1 jumbo ARM
  • 1 year ARM refinance, 3/1 interest-only ARM, 5/1 interest-only ARM, 7/1 interest only ARM, 3/1 interest-only refinance ARM, 5/1 interest-only refinance ARM, 5/1 jumbo interest-only ARM, 5/1 interest-only jumbo refinance ARM
  • 10 year fixed mortgage, 15 year fixed mortgage, 20 year fixed mortgage, 25 year fixed mortgage, 30 year fixed mortgage, 35 year fixed mortgage, 40 year mortgage, 50 year mortgage, 15 year fixed mortgage refinance, 20 year fixed mortgage refinance, 25 year fixed mortgage refinance, 30 year fixed mortgage refinance, 30 year fixed interest-only mortgage
  • 15 year jumbo mortgage, 30 year jumbo mortgage, 5/1 jumbo mortgage, 30 year FHA mortgage, 30 year FHA mortgage refinance

529 plans, 11th District Cost of Funds, 12 month moving Treasury average (MTA), 12b-1 fee, 182 day T-bill auction average discount rate, 401(k) plan, 403(b) Plan, 7 day effective yield, 72 hour clause, 80 10-10 loan, 91 day T-bill auction average discount rate

Comments Back to Top Back to Homepage Blog Post Separator

Canada Mortgage Interest Rates

March 18, 2009 @ 9:50 am · Filed under Mortgage Rates

MortgagesCanada.ca is proud to offer you mortgage interest rate updates collected from 80 financial institutions. Every day we look at Banks, Lenders, Insurance Companies and other financial institutions and collect latest interest rates so you can compare everything in one spot. No need to quote dozens of lenders, just come to our website and check everything.

Soon we will be offering email and RSS feeds with interest rates, allowing you to track everything at your convenience. Come back later for updates.

The Technology

We use special in house technology to track all the interest rates. If you would like to post are rates on your website, please get in touch with us at info [at] mortgagescanada [dot] com.

Comments Back to Top Back to Homepage Blog Post Separator

Miramichi Home Mortgage

March 17, 2009 @ 9:41 am · Filed under new brunswick

Miramichi is the largest northern New Brunswick city located on Miramichi river. The city was formed through a forced combination of the Newcastle and Chathan.

Lowest Mortgage Interest Rates

 

Variable

 

5 years
Cambrian Credit Union 2.49% ING Direct 4.24%
Key Savings Credit Union 3.25% First National Credit Union 4.39%
MCAP Financial 3.30% Steinbach Credit Union 4.40%

Note: interest rates might have changed since this page was last updated. Please check latest interest rates here: interest rates

Rates MenuHome Mortgage MenuRenewal MenuHome Equity MenuDebt Consolidation MenuSecond Mortgage

Apply for a Home Mortgage in Miramichi Now

We have access to over 80 lenders in one place. Apply for home a mortgage now and one of our representatives will get in touch with you.

Comments Back to Top Back to Homepage Blog Post Separator

Edmundston Home Mortgage Loan

March 16, 2009 @ 9:40 am · Filed under new brunswick

Find a home mortgage loan in Edmundston now. MortgagesCanada.ca is a website that allows you to access over 80 mortgage lenders in one place.

Edmundston Mortgage Brokers

Once you submit your mortgage application one of our brokers will get in touch with you and discuss your mortgage details. Usually it takes us anywhere from 12 to 24 hours to review your application and get in touch. Once we get on the phone our brokers will ask basic questions such as:

We will also require mortgage documents such as income verification and credit score, which you can obtain later. Once all information is collected we will get you a Edmundston home mortgage.

Comments Back to Top Back to Homepage Blog Post Separator

Applying For A Mortgage With Several Lenders and Your Credit Score

March 12, 2009 @ 9:15 am · Filed under Credit Score

Do NOT worry about your credit score when you’re doing interest rate shopping with several lenders. There’s NO negative effect as long as you do it within 30 - 45 days.

Credit score used to be lowered if you applied with many mortgage lenders, because banks assumed if you applied for a mortgage in many places you were being constantly turned down.

This turned out to be false, because person who applies with several lenders is simply looking for lowest possible interest rate.

Credit score agencies acknowledge this and give you 30 - 45 days to do interest rate shopping. If you apply for a mortgage with many lenders within 30 – 45 day period – there’s no negative effect on your credit score.

Above statement is confirmed by FICO, a company that invented current credit score standards used by Equifax and TransUnion (both are Canadian credit score agencies).

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you’re only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

Source: http://www.myfico.com/CreditEducation/CreditInquiries.aspx

Examples

Kate and Jenny are looking for a mortgage. They both have 720 credit score and want lowest interest rates.

Kate applies to 15 lenders within 30 days, and gets her mortgage from a lender with lowest interest rate and best agreement terms. There is no effect on Kate’s credit score because she applied to all 15 lenders within 30 day period.

Jenny applies with 15 lenders, but does it over a period of 2 months (60 days). She is surprised to find out that lenders she applied to latest quote her higher interest rate than previous lenders (ones she applied to earlier). Jenny then finds out that her score was lowered because she applied with many lenders over a long period of time. If she did it in 30 days, instead of 60 days, her score would stay unaffected.

Make sure you do the interest rate shopping within 30 – 45 days.  

Comments Back to Top Back to Homepage Blog Post Separator

Parksville British Columbia Mortgage Brokers

March 9, 2009 @ 9:41 am · Filed under British Columbia

Parksville is small city located on Vancouver Island, British Columbia, on the shores of the Strait of Georgia. Parksville is small, peaceful community of people who share love for intimacy, nature and undisturbed life. You won’t find many high rise building in Parksville, but you will definitely enjoy fresh, unpolluted air, wild beasts and quiet surroundings which allow unrivaled concentration of though and connection with Ether.

With a total population of 10,000 Parksville is mainly a beach and cottage city. It also attracts tourists from nearby areas for peaceful beach vacations and fishing.

Getting a Mortgage in Parksville, BC

Home prices in Parksville BC are much lower than in metropolitan areas like Montreal and Toronto, but getting a mortgage in Parksville may be actually harder. Lenders want to be sure that they can sell the property in the event of non-payment, and since Parksville is a small city, it can be challenging. To offset this you will usually have to provide 15%- 20% along with good credit score and stable work. Generally lenders want to be sure that you will pay for the property and they won’t have any problems.

Once you put a considerable downpayment and show good credit score, expect best and lowest possible interest rates.

Learn more about home mortgages or check latest interest rates.

Comments Back to Top Back to Homepage Blog Post Separator

XMLShareware.com Cheap Vacations, Deals and Packages

March 2, 2009 @ 12:51 pm · Filed under Vacations

We’ve just found a wonderful website where you can get cheap vacation packages and vacation deals to hotels and resorts around the world. Located at the following address XMLshareware.com offers easy to use search engine and different sections for: Vacation Packages | Flights | Hotels | Car Rentals and Activities.

The website is powered by one of the best search engines in the travel industry, making xmlshareware.com a great place to get cheap vacation packages.

Trying out the Search Engine.

I decided to put the website to use and find out what its all about. From the homepage I clicked on vacation packages with an intention to find cheap deals. The destination was Montreal - Las Vegas. I specified departure / arrival dates, number of people and clicked on search. Within seconds xmlshareware.com gave me a over 50 packages priced at affordable rates! Perfect for this downed economy.

Try it yourself.

Comments Back to Top Back to Homepage Blog Post Separator