Archive for the ‘on mortgages what are points’ tag
On Mortgages
Your Mortgage Could be a Goldmine of Potential Savings
“A penny saved is a penny earned”… or so the old proverb goes. Of course, the value of a penny has changed somewhat from the time when your mother offered her wisdom on the value of keeping what you earn. Today, you could save thousands of dollars by simply making the right mortgage decision. If you’re like most Canadian homeowners, your mortgage is a goldmine of potential savings.
In the past few articles, we’ve talked about the importance of your mortgage as one of your most significant financial decisions. We’ve explored the value of seeking the advice of a mortgage professional -whether you’re buying a home or renewing an existing mortgage.
Today, let’s take a look at the bottom line: the savings you can enjoy by making the right mortgage decisions.
It is the primary role of a Mortgage Broker to find you the right product for your personal situation. A mortgage broker is a financial professional and – like your investment advisor – he or she will want to understand your personal situation and payment preferences. Your Mortgage Broker has access to a broad spectrum of lending institutions, so you can do some valuable comparison shopping for the right combination of features, rates and Mortgage Options.
All these choices offer you substantial opportunities to save money over the life of your mortgage.
If you are like most homeowners, you are focused -for good reason – on finding the best possible rate for your mortgage. Your mortgage broker can offer you the best range of rate options and terms. If a mortgage broker can get you one per cent off the posted rate, that could translate into more than $13,000 in interest per $100,000 borrowed over a 25-year amortization schedule. If, however, you believe that most mortgage rates are basically the same from one institution to the next, then consider the fact that even an eighth of a point difference in the rate can offer significant savings over the duration of your mortgage.
But it’s also important to look beyond the rate. There are other ways to find savings in your mortgage. Your mortgage broker is up-to-date on market trends and new opportunities… as well as some of the tried-and-true ways to save money in a mortgage.
Do you get an annual bonus in your job? You may want to use that bonus to pay down the principal of your mortgage. If you pursue this strategy consistently over the life of your mortgage, you could save thousands of dollars in interest by paying your mortgage off sooner.
Are you paid bi-weekly or bi-monthly? Consider a change from the usual monthly mortgage payment. Set up your mortgage payment schedule to coincide with your pay period. Again, you can shave years off your mortgage, and enjoy thousands of dollars in savings.
In the coming weeks, we’ll look at some of these savings opportunities in more detail. In the meantime, consider the old penny proverb again. How much is your time worth? Time savings is one of the key, unexpected benefits that clients say they have enjoyed when they choose to work with a mortgage broker. Above all, a mortgage broker is an expert in customer service, and that means that your broker looks after every detail of your mortgage research and negotiations on your behalf.
About the Author
The House Team is commited to providing quality information to help people make informed decisions about their mortgage financing needs.
Compare Ontario Mortgage Rates with the traditional banks.
Need a mortgage calculator? Click Here Mortgage Calculator Ontario
|
|
Mortgage Lifter Tomato 4 Plants – Lg. Well-Shaped Fruit TOMATO: Tomatoes are rich in vitamins and antioxidants, and the seeds are high in fiber. The green parts are mildly poisonous, which is not surprising, as tomatoes are closely related to both nightshade and tobacco. The tomato was originally believed to be poisonous when introduced into Europe, and was used solely as an ornamental plant during the 16th and 17th centuries. The first traces of its… |
|
|
Grape Solar GS-5060-KIT Residential 5,060 Watt Grid-Tied Solar Power System Kit $19,999.99 This Grape Solar 5,060 Watt Kit generates 462kWh to 924kWh of electricity per month for use in your residence. The kit consists of Grape Solar CS-P-230-DJ 230W Poly-Si modules, a PVP4800 Inverter and a roof-top racking system for mounting the modules. This system is easy to install, and the ideal size for future expansion. You have the option to generate a portion of your electricity consumption o… |
|
|
Smead Products – Smead – Mortgage Index Divider Set, 8 Dividers, Legal, 25 Sets/Box – Sold As 1 Box – Organize mortgage information for quick reference. – Two-hole punch allows you to attach dividers to fastener folder (sold separately). – Color coded reinforced tabs. – Pre-printed with headings on both sides: Application, Credit Report, Income/Assets, Appraisal, Disclosure, Title/Insurance, Closing Docs and Miscellaneous. - $74.43 Smead – Mortgage Index Divider Set, 8 Dividers, Legal, 25 Sets/Box – Sold As 1 BoxOrganize mortgage information for quick and easy reference. Two-hole punch at top allows you to attach dividers to fastener folder (sold separately). Reinforced tabs are color coded and pre-printed with headings on both sides. Headings include: Application, Credit Report, Income/Assets, Appraisal, Disclosure, Title/I… |
|
|
Put Your Weight On It $94.93 Debut EP, recorded in Germantown, NY. Limited to 3,000 copies, RARE, independent release…. |
|
|
House On A Mortgage Hill/Baby Call Me Maxim 106: House On A Mortgage Hill/Baby Call Me by J.D. Mcnall… |
|
|
Reverse Mortgages: Making an Educated Decision ~ Seniors speak out on what a reverse mortgage has meant for them. “You’ll hear from real seniors and you’ll learn the facts you need to make a smart decision about whether a revese mortgage is right for you.” – James Garner… |
|
|
The RL Strategy: Robert Leonetti Live (Real Estate Investor, Coach, Author and Speaker, Considered America’s Premier Expert on Real Estate) $29.99 The RL Strategy will teach you: 1) How to buy real estate with no money. 2) How to put cash in your pocket when purchasing. 3) Use this technique as many times as you want, wherever you want. 4) Purchase any type of real estate. 5) Unlimited dollar amount of purchase. “Using Bob’s method, I was able to buy six houses in one day and walk away with a check for $114,000.” –Carlos C., Port Aran… |
|
|
Margin Call $13.49 Set in the high-stakes world of Wall Street, MARGIN CALL is an entangling thriller involving the key players at an investment firm d uring the earliest hours of the 2008 financial crisis. When an entry-level analyst unlocks information that could prove to be the downfall of the firm, a roller-coaster ride ensues as the firm’s employees must weigh whether to save their own company (and their jobs) … |
|
|
Margin Call $6.99 … |
|
|
It’s Always Sunny in Philadelphia: Season Five $18.58 IT’S ALWAYS SUNNY IN PHILADELPH SSN 5 – DVD Movie… |