27 Sep

This time, consider an independent Mortgage Broker…

General

Posted by: Adam Hawryluk

This time, consider an independent Mortgage Broker…

 

There are many benefits of dealing with a mortgage broker (sometimes referred to as a Mortgage Consultant) when it comes time to buy a home, or when your current mortgage is coming due. Here are the main reasons people decide to enlist the services of a mortgage consultant:

  1. LOWEST rate – With a plethora of lenders  to chose from (30+ including the broker side of TDCT, Scotia & ING, Credit Unions, and smaller lenders), clients benefit by getting the lowest rate on the market, as well as a mortgage product that is tailored to their unique situation.
  2. SAVE you time – We do that legwork for you, so instead of you wasting time setting up a list of appointments with different lenders, we have them send their current rates and product offers to us daily. Then we help you to figure out which one is best for you.
  3. SAVE your credit score – Credit scores can be negatively affected when credit bureaus are pulled too often by many different banks. We can help manage this situation by pulling one credit bureau when we know what lender has the product for your situation.
  4. We want to help YOU – Since mortgage consultants rely on referrals and repeat business, our interests are aligned with yours. We may suggest you switch your lender when your mortgage contract expires, if that is the right decision for your situation. We offer strategies such as the Inflation Hedge Strategy, in order to satisfy your needs.
  5. The service is FREE – There are NO fees charged by a mortgage consultant to use their services for a typical residential mortgage.

If you have any questions about mortgages or what we as mortgage consultants do, please email me at adam@cmexp.com or call me at 250-619-5274.

*OAC , E&O. Rates are subject to change

27 Sep

4 Insurances and What They Mean To You

General

Posted by: Adam Hawryluk

There are many terms in the home buying process that can get confusing. Here is a quick breakdown of the types of insurance that are dealt with during homeownership.

Mortgage Loan Insurance (Mortgage Default Insurance) – Provider: CMHC, Genworth, Canada Guaranty

Any purchase with less than 20% for a down payment, will be required by the lender to be insured. This upfront premium can be added to your mortgage amount at the time of purchase. Rates are based on the dollar amount of the mortgage and the percent available for down payment. Speak to a mortgage consultant to see how we can possibly save you thousands in Mortgage Loan Insurance premiums.

Mortgage Life Insurance – Provider: Canada Life, ManuLife, etc.

The quality of this insurance can vary from provider to provider, but generally it is declining life insurance coverage specific to your mortgage amount. Rates are set based on the dollar amount of the mortgage and your status as an applicant. It is not mandatory, but proper insurance coverage is important to financial health. Check to see what your current insurance product offers you; Invis offers fully portable 25 year term coverage through Canada Life.

Home Insurance (Fire/Property Insurance)

This monthly insurance is typically required by the lender to protect the asset their money is secured against: your home. The monthly premium is generally based on the replacement value of the home and your status as an applicant, and typically increases annually as your home value increases. It is commonly an explicit condition on the purchase of a property that the purchaser must find out if a property is insurable before the deal closes.

Title Insurance – Provider: First Canadian Title, Stuart Title Insurance

One of the requirements of some lenders is the purchase of title insurance in lieu of an acceptable survey. This insurance covers many aspects of the home and purchase such as fraud, mistakes, defects etc. This is a fee to be incurred, if required, each time a new mortgage is registered. Title insurance starts around $229 for a policy.

Contact a mortgage consultant or real estate agent to help guide and advise you through the process.

Adam Hawryluk
DLC Canadian Mortgage Experts
250-754-7775
adam@cmexp.com
www.adamhawryluk.ca