BostonFairTrade.orG

“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. (continue reading…)

I have been in Lending and Real Estate for about 12 years professionally.  Before that I was always with my Grandfather watching and learning this business from him.  He was in this business for over 50 years.  What is happening today is unprecedented.

Nothing like this has happened in over 100 years and nothing like this may occur again.  At this point all I can say is “Buyer Beware” and “Current Homeowner Beware.”

Fannie Mae and Freddie Mac, the two GSE’s that purchase all of the conventional mortgages in the United States, last week reported losses in the 2nd quarter which was 3 times less then what Wall Street estimated.  After they reported there earnings they announced that home prices are expected to fall on average an additional 20% from their current levels.  Some areas will not lose as much while other areas will be impacted a great deal.  The hardest hit areas will be California, Nevada, Florida, and Arizona. (continue reading…)

When you need to purchase a new home most people do not have the capital to be able to fully buy one. They will need to take out a mortgage or loan to make up the difference on the amount they have and the purchase price of the new home.

There are 2 main ways of getting a mortgage, through a bank or through a mortgage company. To help with getting a mortgage you will use a loan officer or a mortgage broker.

The main difference between a loan officer and a mortgage broker is that the loan officer works for the bank or mortgage company that is offering the mortgage and the mortgage broker is independent. They may use a number of different companies to arrange a mortgage with and there fore give you the borrower more choice. (continue reading…)

Question: “What’s the biggest financial investment most Canadians will ever make?”

Okay, that may have been an easy one if you read the headline of this column. For most Canadians, their home is their biggest investment – and their most powerful financial tool.

It’s odd – given the importance of the mortgage decision – that many homebuyers will spend much more time deciding on which mutual funds they should invest in… or even which sofa to buy… than on which mortgage will best meet their needs. (continue reading…)