One Stop Mortgage Corp Blog

Mortgage Brokers can help

April 16, 2012 by @OneStopMtgCorp

Home Equity Loan for Debt Consolidation

Buying a home is stressful!

Buying a home is a stressful and can be overwhelming, particularly if it is your first purchase.  When you think about how much money you are spending it can be stressful and often the big banks will take advantage of the stress and try to convince you to over extend yourself and gain more debt than you can handle.  They may also not show you all the hidden costs in buying a house, such as land transfer taxes, legal fees and much more.


A mortgage broker can help by shopping around for the best rates, doing the negotiating for you, and utilizing years of experience in the industry to help you get the best deal you can get.  Their experience in the mortgage industry gives mortgage brokers the ability to provide you with the best-priced mortgage along with the best- structured mortgage to fit your needs.  Rather than contacting multiple banks and institutions trying to negotiate the best mortgage you can, with all the stress and time that takes, one phone call to a mortgage broker and the work is done for you. 

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How did I get into debt so fast?

March 17, 2012 by @OneStopMtgCorp

in debt

How did I get into debt so fast?

It happens so quickly.  We need to do emergency repairs to our homes, our children need tuition money, our appliances fail and need replacement or we face family emergencies.  At first, offers such as 0% for 6 months sound really good at the time, but when the real interest rates of 15% and up kick in after the trial period we find our debt load going up quickly. 

In these troubled economic times when so many people are losing work, making less money and borrowing more just to make ends meet.  It can become a destructive cycle and suddenly we find we owe $10 000 on credit cards, or our line of credit hits new highs as we are faced with a higher cost of living.  If most of the debt is carried on credit cards, this becomes a very expensive monthly cost to maintain. 

Tamsin McMahon wrote in February that Canadians owe an average of $1.53 for every dollar they earn.  This is very close to the average debt American households were carrying before the housing market collapsed and the global economy moved into deep recession.  There has never been a better time to consolidate debt and start paying off what we owe.

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Too Many Credit Cards

March 5, 2012 by @OneStopMtgCorp

instant mortgage approval

Do you have too many credit cards?


To get us through rough times, we often turn to credit cards to help finance our bills for the short term.  However, sometimes the short term turns into months and months of paying huge interest rates. 

In Canada, credit card users have also been getting unsolicited cheques from their credit companies to use to reduce debt on other cards, and transfer the debt to the company issuing the cheques.  The fact that these cheques are seen as cash advances, and charged interest immediately has caused the Canadian Government to ban them in order to help Candians with credit avoid dangerous debt.  

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Rent or buy a home?

Feb 8, 2012 by @OneStopMtgCorp
consolidate your debt

Rent or Buy?


Many of those who rent, but are getting ready to buy a home, watch the mortgage interest rates very closely.  A recent study found that 28% of renters are planning to buy a home in the next two years. The study also revealed that more than half of those surveyed would buy a home much sooner if they expected the rates to increase in the next year. 

With the TD and Royal Banks ending their 2.99% mortgage deals early, according to a recent article in the Financial Post, it makes one wonder if the rates are set to rise.  Concerns about rising household debt levels and global economic uncertainty are seen as the cause of the quick change in policy.  When the big banks have higher costs for funding mortgages, they quickly pass on the costs to the consumer. 

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Time to leave your bank

Jan 24, 2012 by @OneStopMtgCorp

bank fees

It seems that every big bank across the country is raising their service fees to all new levels that are at the point of being ridiculous.  Sometimes it feels like it is more expensive to keep money in a big bank than to put it under your pillow. We need a secure place to put our money and we need to work with an institution where we are respected and more than just a number.  When it comes to mortgages, the service fees can be ridiculous and there seem to be so many costs to getting a mortgage, renewing a mortgage, making a down payment and more so that you feel like you are paying more on service charges than you are for your monthly payments.

 

Most People are UNHAPPY with service charges at big banks

According to a survey conducted by First Ontario Credit Union the average Canadian has been with the same bank for more than 15 years, yet more than 40% are unhappy with the service fees their banks charge them.  While many people are switching their main banking to credit unions, these institutions sometimes have higher interest rates on their financial products. 

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Good news for those with Mortgages and Credit Lines

Jan 18, 2012 by @OneStopMtgCorp

Home Equity Loan for Debt Consolidation

On January 17th, 2012, the Bank of Canada kept its rate at 1.25% which is great news for those looking to refinance their mortgage or looking to reduce their monthly credit payments.  With the growth of the overall economy in Canada is expected to remain moderate, along with downgraded credit-rating in Europe, it is expected that rates will remain low for some time. 

This is the 16th straight month that the Bank of Canada has kept its rates the same.  This announcement also comes following recent announcements by the big banks that they are lowering their interest rates to historic lows. 


What does this mean for the home owner?

For a home owner, it means the immediate result is that the prime rate should remain at 3%, so if you have a variable rate mortgage, your payments will stay the same. 

It also means that competition for rates will continue to be aggressive.  If you have a mortgage with a high rate of interest, it is worth your time to talk to a mortgage broker and see if you can lower your monthly payments.  In a market like this, it is a good time to consider refinancing your home at a lower rate of interest to pay down your mortgage faster or take out a home equity loan to pay down credit cards.

 

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