| TERM | POSTED | OUR RATES * |
| 6 Month | 4.00% | 3.95% |
| 1 Year | 3.09% | 2.79% |
| 2 Year | 3.14% | 2.69% |
| 3 Year | 3.65% | 2.99% |
| 4 Year | 4.54% | 3.09% |
| 5 Year | 5.14% | 3.39% |
| 7 Year | 6.35% | 3.84% |
| 10 Year | 6.75% | 4.19% |
| Variable Rate | 2.60% | |
| Prime Rate | 3.00% | |
| BenchMark Rate | 5.14% | |
| Cost Per $1000 | $4.93 | |
| * Rates may vary provincially and may be subject to change without notice. Cost per $1000 based on 5yr fixed term rate compounded semi-annually. Call Alexandre Malkhassiants for details: (416) 723-9383 | ||
Showing posts with label mortgage in Toronto. Show all posts
Showing posts with label mortgage in Toronto. Show all posts
Monday, August 26, 2013
NEW MORTGAGE RATES. August 2013
Monday, February 13, 2012
TORONTO REAL ESTATE IN 2012
Toronto and Canada's housing market will remain stable for at least two more years, predicted Canada Mortgage and Housing Corp., with the expected slow growth in the economy keeping house prices in check.
With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing Toronto homes will stay close to levels seen in 2011.
Mortgage rates will remain flat through most of 2012, CMHC predicts, and start increasing moderately in late 2012 or early 2013.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, the CMHC also predicted.
Over 2012, CMHC expects Canada's six eastern provinces will see a contraction in housing starts. By 2013, however, modest growth will return to Quebec and Ontario, they say.
Around 457,300 existing homes are expected to change hands in 2012, moving a little higher in 2013 to 468,200 units.
With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing Toronto homes will stay close to levels seen in 2011.
Mortgage rates will remain flat through most of 2012, CMHC predicts, and start increasing moderately in late 2012 or early 2013.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, the CMHC also predicted.
Over 2012, CMHC expects Canada's six eastern provinces will see a contraction in housing starts. By 2013, however, modest growth will return to Quebec and Ontario, they say.
Around 457,300 existing homes are expected to change hands in 2012, moving a little higher in 2013 to 468,200 units.
Monday, June 6, 2011
Toronto real estate. MORTGAGE RATE DROPS
Canada's big banks are marking down many of their rates. It's another tenth of a percentage point drop. That means a five-year fixed-rate will cost you 5.39%, while a one-year closed mortgage will cost 3.5 %. Economists cite a weakening US economy putting downward pressure on general borrowing costs.
If you want to buy a house or condo in Toronto, you should start exploring your financing options and consider per-approval first. While there are many different types of loans available to select from, one of the first things you will need to determine is whether you want to work with a mortgage broker or with a bank.
The greatest benefit to working with a Toronto mortgage broker rather than a bank is the fact that the broker works for you. When you go to a bank to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The mortgage broker, on the other hand, is looking out for your best interest as he or she searches for the loan and institution that is best for you.
Each time your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a Toronto mortgage broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing one financial institution. When you work with a mortgage broker, on the other hand, he or she works with a wide variety of different institutions. As a result, you have a broader range of loan options to select from. Not only can this help you get the best rates, but it also increases your chances of obtaining approval even if you have poor credit.
After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
While bank specialists do not require any formal training or license, the same is not true of mortgage brokers. In fact, most provinces require mortgage brokers to meet a strict set of requirements. Mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.
If your shopping for a mortgage in Ontario look no further. Mortgage agent Alex Malkhassiants offers fast, friendly and experienced advice.
If you have any questions about Toronto real estate, call Alexandre Malkhassiants, Sales Representative and Mortgage Specialist.
Right at Home Realty Inc., Real Estate Brokerage.
Office: (416) 391-3232.
Cell: (416) 723-9383.
E-mail: amalkhass@rogers.com
Website: Toronto real estate
Website: Ontario real estate
Saturday, May 28, 2011
Four banks are lowering residential mortgage rates
Four of Canada’s biggest banks are once again lowering residential mortgage rates at a time when falling government bond yields are cutting funding costs for financial institutions. Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal are all trimming their posted rates on popular five-year fixed-rate mortgages by 0.1 percentage point to 5.49 per cent among other reductions. This is the second time that major banks have lowered that benchmark consumer rate in just over a week. The last time they did so was on May 19 when rates for five-year closed mortgages fell by 0.1 percentage point to 5.59 per cent. RBC, TD, Scotiabank and BMO are also trimming interest rates for a number of other residential mortgage products, including various special offers. This latest round of mortgage rate cuts was prompted by falling yields on government bonds across a range of terms, said TD spokeswoman Barbara Timmins in an e-mail. |
Monday, April 18, 2011
CANADA MORTGAGE NEWS
| Financial Institution | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 5 Yr Variable |
CENTUM Primo** | 3.69 | 4.09 | 5.65 | 5.50 | 2.30 |
Concentra | 3.99 | 4.29 | N/A | N/A | 3.00 |
| First National | 3.69 | 4.19 | 5.10 | 5.34 | 2.25 |
| FirstLine | 4.00 | 4.39 | 5.25 | 5.34 | 2.35 |
| Home Trust | 4.59 | 5.09 | N/A | N/A | 3.50 |
| ING | 3.69 | 4.29 | 4.79 | 4.99 | 2.25 |
| MCAP | 4.09 | 4.14 | 5.10 | 5.50 | 2.35 |
| Scotia | 3.99 | 4.39 | 5.29 | 5.79 | 2.85 |
| Street Capital | 3.79 | 4.29 | N/A | N/A | 2.30 |
| TD | 4.00 | 4.39 | 5.14 | 5.34 | 2.35 |
| ResMor | 3.94 | 4.24 | N/A | N/A | 2.40 |
| Lendwise | 3.65 | 4.02 | N/A | N/A | 2.15 |
Friday, January 28, 2011
TORONTO REAL ESTATE MARKET AND TORONTO MORTGAGE UPDATE
Toronto real estate market is changing all the time. Particularly now because of the new mortgage and CMHC changes.
Here is a summary. Currently maximum amortization is 35 years. It will be 30 years. This will not have a large impact on qualifying for a mortgage.
Home Equity Loan (line of credit secured by a mortgage) maximum 80% of the purchase price.
Now Toronto home owner can refinance up to 90%. But after March 18 2011 you can refinance up to 85%.
5% down payment still available for purchases.
The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.
The first change is likely to have the largest impact. Buyers who purchase Toronto real estate with less than 20 per cent of the value of the home are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation.
Under the new rules, mortgages amortized over longer than 30 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 30 years in Canada.
The deadline is around 18th of March.
You have to be approved prior to this date to get better conditions.
So if you want to buy Toronto real estate, - buy now!
Mortgage agent Alex Malkhassiants is offering best mortgage rates and advice.
Alexandre Malkhassiants, Sales Representative & Mortgage Specialist,
Right At Home Realty Inc., Real Estate Brokerage
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Wednesday, January 26, 2011
WHAT YOU SHOULD DO BEFORE START SEARCHING FOR THE HOUSE
If you are a prospective homebuyer the first thing you need to think about is where you want to live. You have to think about the type of location you need -near schools, outside the city, near a big park.
Then you should look at your budget - what price you can afford based on debt load. Usually person could afford 3.4 times their salary. so a couple with an income for $100,000 could afford to buy a house worth $340,000. The house, all debts, including the new mortgage, can be no more than 40 per cent of their salary. So out of that $100,000 gross income, no more than $40,000 can be used to cover their debts.
Then there's the down payment, which the buyer must have in hand before a mortgage will be granted. If you're buying a house you need five per cent for the down payment and 1.5 per cent of the purchase price for the additional costs such as notary fees, taxes, property insurance, home inspection, moving costs.
There's another consideration for home buyers: you have to pay a premium to the Canadian Mortgage and Housing Corporation (CMHC) in order to get a CMHC-approved mortgage.
Then you should think what kind of mortgage do you want. Eventually it will become important to you to being able to make additional lump sum payments or weekly or bi-weekly payments. You should consider many things about mortgage - for example, the ability to defer or reduce your mortgage payment in the case of an unexpected event or shortfall. You want real flexibility when it comes to mortgage payments. That's why you need a good mortgage agent to guide you through the whole process.
For more information go here - http://www.torontogreathomes.com/
Then you should look at your budget - what price you can afford based on debt load. Usually person could afford 3.4 times their salary. so a couple with an income for $100,000 could afford to buy a house worth $340,000. The house, all debts, including the new mortgage, can be no more than 40 per cent of their salary. So out of that $100,000 gross income, no more than $40,000 can be used to cover their debts.
Then there's the down payment, which the buyer must have in hand before a mortgage will be granted. If you're buying a house you need five per cent for the down payment and 1.5 per cent of the purchase price for the additional costs such as notary fees, taxes, property insurance, home inspection, moving costs.
There's another consideration for home buyers: you have to pay a premium to the Canadian Mortgage and Housing Corporation (CMHC) in order to get a CMHC-approved mortgage.
Then you should think what kind of mortgage do you want. Eventually it will become important to you to being able to make additional lump sum payments or weekly or bi-weekly payments. You should consider many things about mortgage - for example, the ability to defer or reduce your mortgage payment in the case of an unexpected event or shortfall. You want real flexibility when it comes to mortgage payments. That's why you need a good mortgage agent to guide you through the whole process.
For more information go here - http://www.torontogreathomes.com/
Tuesday, August 24, 2010
Toronto real estate. Benefits of using a mortgage broker
1. Save time with one-stop shopping.
It can sometimes take weeks to organize appointments with competing mortgage lenders — homebuyers would rather spend their time house-hunting.
Brokers work directly with lenders and can quickly narrow down a list of options that suit you best.
2. Advice on your financial options.
Mortgage brokers can make recommendations and draw from available mortgage products that match your needs and help you decide what is right for you.
3. Brokers negotiate on your behalf.
Most people are uncertain about negotiating mortgages directly with their bank. Brokers negotiate mortgages every day on behalf of buyers and have a wealth market knowledge to secure competitive rates.
4. More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive.
5. Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping!
6. Get access to special deals and add-ons.
We do the math on which offers might be worth your attention.
7. Things move quickly.
Our job isn’t done until your closing date goes smoothly. We’ll help ensure your transaction takes place on time and to your satisfaction.
8. Get expert advice. When it comes to mortgages, rates and the housing market, we are not limited. We will explain the various mortgage terms, conditions and rates so you can decide confidently.
9. No cost to you. There is (in most cases) no charge for our services.
10. Ongoing support and consultation.
Even once your mortgage is signed and completed, we are here if you need any advice on closing details or even future referral needs.
Alex Malkhassiants is an active Mortgage Professional with Centum Inc. in in Toronto. He works with homebuyers in Toronto and surrounding areas to find the best mortgage for them. Have a question? Please call (416) 723-9383 (cell) 0r email - amalkhass@rogers.com
It can sometimes take weeks to organize appointments with competing mortgage lenders — homebuyers would rather spend their time house-hunting.
Brokers work directly with lenders and can quickly narrow down a list of options that suit you best.
2. Advice on your financial options.
Mortgage brokers can make recommendations and draw from available mortgage products that match your needs and help you decide what is right for you.
3. Brokers negotiate on your behalf.
Most people are uncertain about negotiating mortgages directly with their bank. Brokers negotiate mortgages every day on behalf of buyers and have a wealth market knowledge to secure competitive rates.
4. More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive.
5. Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping!
6. Get access to special deals and add-ons.
We do the math on which offers might be worth your attention.
7. Things move quickly.
Our job isn’t done until your closing date goes smoothly. We’ll help ensure your transaction takes place on time and to your satisfaction.
8. Get expert advice. When it comes to mortgages, rates and the housing market, we are not limited. We will explain the various mortgage terms, conditions and rates so you can decide confidently.
9. No cost to you. There is (in most cases) no charge for our services.
10. Ongoing support and consultation.
Even once your mortgage is signed and completed, we are here if you need any advice on closing details or even future referral needs.
Alex Malkhassiants is an active Mortgage Professional with Centum Inc. in in Toronto. He works with homebuyers in Toronto and surrounding areas to find the best mortgage for them. Have a question? Please call (416) 723-9383 (cell) 0r email - amalkhass@rogers.com
Tuesday, June 15, 2010
Determining the best mortgage type
When comparing the monthly mortgage payment only with the adjustable versus the fixed rate, the adjustable will always win (because the rate is lower). The variable rate is a higher risk product whereas the fixed rate is a guarantee for a set term. Most of us are aware that with investments, risk is usually the higher-profit option. This is the same with mortgages. The adjustable rate offers a higher risk but has proven to be most cost effective.
The payment is not the only thing to take into consideration when choosing which will work for you. In the fixed term, you know what your payment (and rate) will be for a set period of time. For example, the five-year rate today is at 4.29% (subject to change). Your mortgage payment is based on this rate for five years and will never change. The variable rate is based on the prime rate (which can be found on the Bank of Canada website and is consistent from lender to lender) less (or in some cases plus) a set discounted rate. Today’s five year adjustable is prime (2.50%) less .75%, for a rate of 1.75%, which would result in a lower monthly payment. The risk? This payment may (and will over the five-year term) change based on the prime rate on the first of each month.
Although the rate in the variable options is lower, the qualification rules are strict. When applying for a five-year fixed-rate mortgage, you would have to qualify on the rate on 4.29%. With the variable rate, consumers have to qualify at the Bank of Canada benchmark rate, which is set weekly on Mondays. Currently that rate is 5.99%. So, when qualifying for a mortgage, the fixed vs. variable rate may make or break your approval based strictly on the “qualifying” rate. Lenders need to make sure that when a consumer chooses the adjustable-rate mortgage, that they will still be able to make the payments if and when the rate rises. This is why the qualifying rate is higher.
To make sure that you have reviewed ALL of your mortgage options, speak with a mortgage broker. We are not limited to one specific financial institution’s rules and rates. You need to make sure you have discussed your rate and product options to make an educated decision.
Alexandre Malhassiants is an active mortgage professional with Centum Mortgage Inc. Have a question? Please e-mail amalkhass@rogers.com or call 416- 723-9383.
The payment is not the only thing to take into consideration when choosing which will work for you. In the fixed term, you know what your payment (and rate) will be for a set period of time. For example, the five-year rate today is at 4.29% (subject to change). Your mortgage payment is based on this rate for five years and will never change. The variable rate is based on the prime rate (which can be found on the Bank of Canada website and is consistent from lender to lender) less (or in some cases plus) a set discounted rate. Today’s five year adjustable is prime (2.50%) less .75%, for a rate of 1.75%, which would result in a lower monthly payment. The risk? This payment may (and will over the five-year term) change based on the prime rate on the first of each month.
Although the rate in the variable options is lower, the qualification rules are strict. When applying for a five-year fixed-rate mortgage, you would have to qualify on the rate on 4.29%. With the variable rate, consumers have to qualify at the Bank of Canada benchmark rate, which is set weekly on Mondays. Currently that rate is 5.99%. So, when qualifying for a mortgage, the fixed vs. variable rate may make or break your approval based strictly on the “qualifying” rate. Lenders need to make sure that when a consumer chooses the adjustable-rate mortgage, that they will still be able to make the payments if and when the rate rises. This is why the qualifying rate is higher.
To make sure that you have reviewed ALL of your mortgage options, speak with a mortgage broker. We are not limited to one specific financial institution’s rules and rates. You need to make sure you have discussed your rate and product options to make an educated decision.
Alexandre Malhassiants is an active mortgage professional with Centum Mortgage Inc. Have a question? Please e-mail amalkhass@rogers.com or call 416- 723-9383.
Monday, April 26, 2010
Most Canadians are `comfortable' with mortgage debt
Eighty-one per cent of homeowners surveyed by the Canada Mortgage and Housing Corp. say they are comfortable with their current level of mortgage debt.
The online survey of more than 2,500 homeowners also found that 68 per cent ``feel there is a strong chance they will pay off their mortgage sooner than required'' and 27 per cent said they have ``already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments, '' according to the federal agency.
Meanwhile, CMHC said its annual survey found that 89 per cent of first-time homebuyers used the Internet to get information about mortgages and 84 per cent researched mortgage terms and conditions online.
The online survey of more than 2,500 homeowners also found that 68 per cent ``feel there is a strong chance they will pay off their mortgage sooner than required'' and 27 per cent said they have ``already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments, '' according to the federal agency.
Meanwhile, CMHC said its annual survey found that 89 per cent of first-time homebuyers used the Internet to get information about mortgages and 84 per cent researched mortgage terms and conditions online.
Monday, March 8, 2010
Toronto real estate. Countdown begins to interest rate hikes
The Bank of Canada took its first steps in March toward returning the country to more normal interest rate levels by signalling a more hawkish tone on inflation and acknowledging the economy is performing better than expected on "vigorous" consumer demand.
The messages were conveyed in the Bank of Canada's latest interest-rate statement, which kept its record-low benchmark rate of 0.25% as is and pledged to keep it there until July. But most bank watchers took note of subtle changes in the statement, compared with previous rate announcements, and there was enough there for them to begin the countdown to rate hikes.
"I suspect [governor] Mark Carney and company are starting to feel the urge to tighten -- not a strong urge now, but an urge nevertheless," said Michael Gregory, senior economist at BMO Capital Markets.
Among the key changes was a declaration from the bank that the risks to its inflation outlook are "roughly balanced," and no longer "tilted slightly to the downside" -- language that suggests deflation is no longer a concern and that price increases are creeping up to a level that may prompt a response. (The central bank sets its interest rates to ensure inflation remains at 2%.)
The wording change may appear trivial, "but it is nonetheless significant as it reflects an economic backdrop that continues to improve at a much faster pace than what the bank had envisaged," said Paul-André Pinsonnault, senior fixed-income economist at National Bank Financial.
The rate statement emerged a day after economic data indicated the Canadian economy grew at a robust 5% annualized pace in the final three months of 2009, blowing past market expectations for a 4% gain and the central bank's original 3.3% forecast. Economists say the fourth-quarter performance has set the stage for another robust gain, of perhaps 4% or more, for the first three months of 2010.
Meanwhile, recent data indicate that both the headline and core inflation rates have moved much closer to the 2% level than the central bank had expected. Under the bank's forecast, the 2% level would not be reached until the third-quarter of next year.
In the statement, the central bank acknowledged economic activity has been "slightly higher" than its own projections, with the 5% gain in the fourth quarter powered by "vigorous domestic demand" and a recovery in exports.
Using the adjective "vigorous" caught the eye of some analysts, such as Mr. Gregory. "That implies a strong unleashing of demand pent-up during the recession, with the credit creation process critical to this unleashing.
"In other words," he added, "low interest rates are doing their job in stimulating demand -- perhaps, increasingly, too well."
Mr. Pinsonnault noted the bank also dropped any reference to "considerable" excess supply, an indication, he said, that the slack in the economy is being absorbed at a faster pace than the central bank anticipated.
The consensus remains that the central bank will wait until July to begin raising rates, but the bank used Tuesday's statement to begin building its case. There are two more scheduled rate decisions between now and then, with one April 20 and then June 1.
"What we saw [Tuesday] was one of many steps aiming at moving away from dovish statements to relatively more hawkish ones. This gradual movement comes naturally well before an actual tightening in monetary policy," said Sébastien Lavoie, economist with Laurentian Bank Securities.
His firm believes rate increases will begin in the third quarter, but he said the odds have increased that the first hike will be in July as opposed to September.
How much, and how rapidly, the central bank raises rates beginning in July is up for debate, with economists estimating increases of 100 to 150 basis points in the second half of 2010. Financial Post
If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty, with all your questions: (416) 723-9383 (cell).
The messages were conveyed in the Bank of Canada's latest interest-rate statement, which kept its record-low benchmark rate of 0.25% as is and pledged to keep it there until July. But most bank watchers took note of subtle changes in the statement, compared with previous rate announcements, and there was enough there for them to begin the countdown to rate hikes.
"I suspect [governor] Mark Carney and company are starting to feel the urge to tighten -- not a strong urge now, but an urge nevertheless," said Michael Gregory, senior economist at BMO Capital Markets.
Among the key changes was a declaration from the bank that the risks to its inflation outlook are "roughly balanced," and no longer "tilted slightly to the downside" -- language that suggests deflation is no longer a concern and that price increases are creeping up to a level that may prompt a response. (The central bank sets its interest rates to ensure inflation remains at 2%.)
The wording change may appear trivial, "but it is nonetheless significant as it reflects an economic backdrop that continues to improve at a much faster pace than what the bank had envisaged," said Paul-André Pinsonnault, senior fixed-income economist at National Bank Financial.
The rate statement emerged a day after economic data indicated the Canadian economy grew at a robust 5% annualized pace in the final three months of 2009, blowing past market expectations for a 4% gain and the central bank's original 3.3% forecast. Economists say the fourth-quarter performance has set the stage for another robust gain, of perhaps 4% or more, for the first three months of 2010.
Meanwhile, recent data indicate that both the headline and core inflation rates have moved much closer to the 2% level than the central bank had expected. Under the bank's forecast, the 2% level would not be reached until the third-quarter of next year.
In the statement, the central bank acknowledged economic activity has been "slightly higher" than its own projections, with the 5% gain in the fourth quarter powered by "vigorous domestic demand" and a recovery in exports.
Using the adjective "vigorous" caught the eye of some analysts, such as Mr. Gregory. "That implies a strong unleashing of demand pent-up during the recession, with the credit creation process critical to this unleashing.
"In other words," he added, "low interest rates are doing their job in stimulating demand -- perhaps, increasingly, too well."
Mr. Pinsonnault noted the bank also dropped any reference to "considerable" excess supply, an indication, he said, that the slack in the economy is being absorbed at a faster pace than the central bank anticipated.
The consensus remains that the central bank will wait until July to begin raising rates, but the bank used Tuesday's statement to begin building its case. There are two more scheduled rate decisions between now and then, with one April 20 and then June 1.
"What we saw [Tuesday] was one of many steps aiming at moving away from dovish statements to relatively more hawkish ones. This gradual movement comes naturally well before an actual tightening in monetary policy," said Sébastien Lavoie, economist with Laurentian Bank Securities.
His firm believes rate increases will begin in the third quarter, but he said the odds have increased that the first hike will be in July as opposed to September.
How much, and how rapidly, the central bank raises rates beginning in July is up for debate, with economists estimating increases of 100 to 150 basis points in the second half of 2010. Financial Post
If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty, with all your questions: (416) 723-9383 (cell).
Monday, October 19, 2009
Younger Canadians feel prepared to buy a first home
While homeowners of all ages agree that purchasing a house is a solid long term investment, there is a marked difference in today's 18-34 year old first time home buyers actions and attitudes as compared to older generations aged 55+ when they were first time buyers of the same age.
Young Canadians aged 18-34 are more likely to feel they are financially ready to buy a house than their parents and grandparents were when they were purchasing their first home. What is motivating this belief? The TD Canada Trust Generational Homeownership Study reveals a trend by 18-34 year olds towards purchasing older homes and a significant increase in young homebuyers who are relying on financial assistance from family to make their home purchase a reality.
When asked what prompted them to consider buying their first home, just over half of younger Canadians (51%) said they felt financially ready compared to 37% of older Canadians 55+ when they were thinking of buying their first home. However, over a third of younger Canadians 18-34 (36%) said they could not have afforded their first home without help from family (compared to 16% of those 55+), and 27% said that they received money as a gift or borrowed from family/friends to put towards the purchase of their first home (compared to only 10% of those 55+).
When today's Canadians 55+ bought their first home, paying off their mortgage was a top priority; more important than it is to today's younger homebuyers. Today, less than half of young Canadian adults (49%) agree that paying off their mortgage is a first priority, compared to 64% of Canadians over 55.But for Canadians across all generations, their home is their biggest investment. Eighty-eight per cent of Canadian adults 18-34, 87% of Canadians 35-54 and 78% of 55+ all agreed that their first home was an investment for the future. Sixty-four per cent of younger Canadian adults 18-34 said that they put all their savings into their first home compared to 62% of Canadians 55+ and 54% of Canadians 35-54.
The research revealed that when it comes to getting a mortgage, young adults tend to shop around more than their older counterparts did. Sixty-two per cent of older Canadians were loyal to their own bank and received financing where they were already a customer, compared to 36% of younger homeowners who were more likely to shop around and take recommendations.
"There are so many different options available now, and easier access to information with the use of the internet, that it's no wonder today's first time homebuyer shops around a bit more," added Wisniewski. "It's a great idea to look around and see what's available. 30 years ago when people were looking for financing, they usually had limited choices. Now there are many options to explore with your bank including a variety of fixed rate mortgages, variable rate mortgages, and even green mortgages for buyers who want to lessen their footprint on the environment." tradingmarkets.com
Young Canadians aged 18-34 are more likely to feel they are financially ready to buy a house than their parents and grandparents were when they were purchasing their first home. What is motivating this belief? The TD Canada Trust Generational Homeownership Study reveals a trend by 18-34 year olds towards purchasing older homes and a significant increase in young homebuyers who are relying on financial assistance from family to make their home purchase a reality.
When asked what prompted them to consider buying their first home, just over half of younger Canadians (51%) said they felt financially ready compared to 37% of older Canadians 55+ when they were thinking of buying their first home. However, over a third of younger Canadians 18-34 (36%) said they could not have afforded their first home without help from family (compared to 16% of those 55+), and 27% said that they received money as a gift or borrowed from family/friends to put towards the purchase of their first home (compared to only 10% of those 55+).
When today's Canadians 55+ bought their first home, paying off their mortgage was a top priority; more important than it is to today's younger homebuyers. Today, less than half of young Canadian adults (49%) agree that paying off their mortgage is a first priority, compared to 64% of Canadians over 55.But for Canadians across all generations, their home is their biggest investment. Eighty-eight per cent of Canadian adults 18-34, 87% of Canadians 35-54 and 78% of 55+ all agreed that their first home was an investment for the future. Sixty-four per cent of younger Canadian adults 18-34 said that they put all their savings into their first home compared to 62% of Canadians 55+ and 54% of Canadians 35-54.
The research revealed that when it comes to getting a mortgage, young adults tend to shop around more than their older counterparts did. Sixty-two per cent of older Canadians were loyal to their own bank and received financing where they were already a customer, compared to 36% of younger homeowners who were more likely to shop around and take recommendations.
"There are so many different options available now, and easier access to information with the use of the internet, that it's no wonder today's first time homebuyer shops around a bit more," added Wisniewski. "It's a great idea to look around and see what's available. 30 years ago when people were looking for financing, they usually had limited choices. Now there are many options to explore with your bank including a variety of fixed rate mortgages, variable rate mortgages, and even green mortgages for buyers who want to lessen their footprint on the environment." tradingmarkets.com
Monday, April 20, 2009
Toronto real estate. No Bank Failures in Canada
One place where none of the banking drama is taking place is Canada.
Banks in Canada didn't do the things that blew other banks up. In the last quarter of 2008, all of Canada's major banks were profitable, collectively making $2.5 billion during a period when U.S. banks lost more than $26 billion.
In fact, since the financial crisis began, American taxpayers have provided more than $300 billion dollars to more than 450 companies. During that same period, from their government, Canadian banks have not received one penny.
One reason: Take those infamous subprime mortgages given to risky homebuyers. They crippled banks in the U.S., where at peak, 25 percent of loans were subprime. In Canada? Three percent.
Another villain in the financial crisis were toxic mortgage-backed securities - risky loans that were chopped up and resold in countless different ways. Many banks gobbled up the now virtually worthless investments.
Canadian banks were up to their ankles in the toxic muck whereas American banks were over there heads.
One reason why Canada is the only industrialized nation in the world without a single bank failure in the current economic downturn.
Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html
Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/
Banks in Canada didn't do the things that blew other banks up. In the last quarter of 2008, all of Canada's major banks were profitable, collectively making $2.5 billion during a period when U.S. banks lost more than $26 billion.
In fact, since the financial crisis began, American taxpayers have provided more than $300 billion dollars to more than 450 companies. During that same period, from their government, Canadian banks have not received one penny.
One reason: Take those infamous subprime mortgages given to risky homebuyers. They crippled banks in the U.S., where at peak, 25 percent of loans were subprime. In Canada? Three percent.
Another villain in the financial crisis were toxic mortgage-backed securities - risky loans that were chopped up and resold in countless different ways. Many banks gobbled up the now virtually worthless investments.
Canadian banks were up to their ankles in the toxic muck whereas American banks were over there heads.
One reason why Canada is the only industrialized nation in the world without a single bank failure in the current economic downturn.
Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html
Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/
Tuesday, March 31, 2009
Toronto real estate. GIVE YOUR MORTGAGE A SPRING CLEANING
Spring is here! And it just might be a good time to give your mortgage a spring cleaning – it could make a noticeable difference to your finances.
There’s one good thing about a recession: it forces us to rediscover the virtues of a solid family budget. For some reason, the first budget items to be scrutinized tend to be the little luxuries: outings, treats… But we shouldn’t forget the item that, for most families, constitutes the number one expense: the mortgage.
Here are seven tips for managing your mortgage better.
Set the right goal
Not all households have been put in the same position by the current economic climate. For some, the situation is touch and go. Others aren’t on such shaky ground, but still want to be prepared for any eventuality. Unfortunately, giving yourself some short-term breathing room by reducing your mortgage payments also means signing up for a longer repayment period, which entails higher costs in the end. It’s important to be clear about your ability to pay in the short term so you don’t sacrifice your long-term security: do you really need to reduce your monthly payments?
Reconsider your amortization
If you do need to lower your monthly payments, you can ask your financial institution to lengthen your mortgage amortization period. For instance, if you’ve borrowed $150,000 and your amortization period is 15 years, you can reduce your monthly payments by $300 simply by increasing the amortization to 25 years. Be careful, though! As soon as your financial situation allows, reverse this change: shorten your amortization period to reduce the long-term cost of your loan.
Amortization: a balancing act
$150,000 mortgage at 5.75%
If you have questions about mortgage, call mortgage agent Alex Malkhassiants at (416) 723-9383
You can find more information here - http://www.torontogreathomes.com/
There’s one good thing about a recession: it forces us to rediscover the virtues of a solid family budget. For some reason, the first budget items to be scrutinized tend to be the little luxuries: outings, treats… But we shouldn’t forget the item that, for most families, constitutes the number one expense: the mortgage.
Here are seven tips for managing your mortgage better.
Set the right goal
Not all households have been put in the same position by the current economic climate. For some, the situation is touch and go. Others aren’t on such shaky ground, but still want to be prepared for any eventuality. Unfortunately, giving yourself some short-term breathing room by reducing your mortgage payments also means signing up for a longer repayment period, which entails higher costs in the end. It’s important to be clear about your ability to pay in the short term so you don’t sacrifice your long-term security: do you really need to reduce your monthly payments?
Reconsider your amortization
If you do need to lower your monthly payments, you can ask your financial institution to lengthen your mortgage amortization period. For instance, if you’ve borrowed $150,000 and your amortization period is 15 years, you can reduce your monthly payments by $300 simply by increasing the amortization to 25 years. Be careful, though! As soon as your financial situation allows, reverse this change: shorten your amortization period to reduce the long-term cost of your loan.
Amortization: a balancing act
$150,000 mortgage at 5.75%
| Amortization | Monthly payment | Interest cost |
| 30 years | $ 869 | $ 162,811 |
| 25 years | $ 938 | $ 131.259 |
| 15 years | $ 1,240 | $ 73,232 |
If you have questions about mortgage, call mortgage agent Alex Malkhassiants at (416) 723-9383
You can find more information here - http://www.torontogreathomes.com/
Wednesday, December 3, 2008
Toronto mortgage. WHAT SHOULD YOU DO IF YOU HAVE BAD CREDIT
Check your credit history thoroughly. Look for errors and make sure the information in the report is correct and up to date. If you believe that the information in your credit report is incorrect, contact the financial institution that reported the information to see if an error was made. You could also file a dispute with the three credit-reporting bureaus explaining your situation.
Pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some companies may report late payments to the credit-reporting agencies, which could affect your score. Try to pay your bills in full by the due date. If you aren't able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
Try to pay your debts as quickly as possible. The faster you pay your loans the less interest you will pay in the long run which means more available money to pay other bills.
Don't go over the credit limit on your credit card. Try to keep your balance below 25% of the limit. The higher your balance, the more impact it has on your credit score. You're better off spreading out your debt between three or four different cards than having it all piled on one card.
Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.
If you need to check your credit or want to know how to improve it, call mortgage specialist Alex at (416) 723-9383 (cell)
Alexandre Malkhassiants, Mortgage Specialist,
Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/
Pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some companies may report late payments to the credit-reporting agencies, which could affect your score. Try to pay your bills in full by the due date. If you aren't able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
Try to pay your debts as quickly as possible. The faster you pay your loans the less interest you will pay in the long run which means more available money to pay other bills.
Don't go over the credit limit on your credit card. Try to keep your balance below 25% of the limit. The higher your balance, the more impact it has on your credit score. You're better off spreading out your debt between three or four different cards than having it all piled on one card.
Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.
If you need to check your credit or want to know how to improve it, call mortgage specialist Alex at (416) 723-9383 (cell)
Alexandre Malkhassiants, Mortgage Specialist,
Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/
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