There are no fees paid by borrowers on qualified residential first mortgages. Lenders pay EXPERT MORTGAGE a “finder’s fee” for us to direct you to them. For example, if you take a $200,000 residential first mortgage for a 5 year fixed term, most lenders will pay us about $1,500. So unlike bank employees who get …
A common question we get in this age of the “highly” inflated real estate market is: I don’t have 20% down but I don’t want to pay insurance… is there an alternative?? Luckily for you, there is! Since EXPERT MORTGAGE is both a broker and a lender, we can lend you the difference between your …
Lenders base fixed mortgage rates on bond yields. The most recent bond yields can be found on the Bank of Canada website. This site is really cool because you can track where interest rates have been for the last decade. You will notice that bond yields are far lower than the rates consumers are charged. …
Absolutely not … and for several reasons: When a deal comes through a mortgage broker, the lender knows that the broker is aware of the rates offered by other institutions and will take the deal elsewhere if they don’t at least match those rates. Every time your credit bureau is pulled by a lender your …
The federal government recently unveiled plans effective October 17, 2016 that would require all insured borrowers to qualify for mortgage loans based on the posted rate for a five-year rate mortgage, which is now 4.64 per cent. Previously, consumers with locked-in rates for five years or greater have been able to use the rate on …
Though it can be a great tool when used in the right circumstances, refinancing a mortgage is sometimes viewed suspiciously by some people. The fact that a mortgage is looked at as a ‘long term burden’ might make you think that refinancing it only serves to make it worse. However, with financial prudence, you can …
