News reports have been filled with horrendous scenes of victims being pulled from the rubble of a collapsed factory in Bangladesh. More than 370 have perished.
We are told that workers in these factories were making clothing for a major Canadian brand, among many others. Consumers in advanced countries enjoy cheap goods made for them in third world countries, often at great human cost.
Mortgage brokers have a bit of an image problem, according to a new survey.
Most Canadians say a broker, generally speaking, would be a good choice - but not for themselves.
A recent survey for the Canadian Association of Accredited Mortgage Professionals found brokers compare favourably with banks and credit unions on the mechanics of arranging a mortgage, such as getting favourable interest rates and quick approvals.
Mortgage mogul warns new homeowners about hidden penalties
Marcus Arkan, CTO of leading Canadian mortgage firm Syndicate Mortgages cautions new home buyers against purchasing new real estate without taking potential penalties into account. According to a recent post by Mr. Arkan, there are certain types of closing costs that are associated with prepaid mortgages.
When asked why future homeowners might need to be aware of the potential penalties, the CTO had this to say, `Most families would rather get their payments off their hands as fast as they can. Unfortunately, what most of them do not realize is that the down payment and monthly payments are not the only aspects that they will have to deal with down the road. Budgeting for a mortgage is a good idea but it does come with its fair share of traps. If it was easy, wouldn`t everyone else be doing it?`
TORONTO ` Looking for a perfect home can be an emotional roller-coaster, but a new study suggests finding the right property often comes down to love at first sight.
Garry Marr: With real estate sales declining and active listings climbing, people still involved in bidding wars might want to ask themselves why they are still willing to be part of the buying frenzy. Read more
In its report titled Psychology of House Hunting, the Bank of Montreal found that 80% of prospective homebuyers know if a house is the right one for them the moment they step inside.
Despite the long list of potential hazards, the possible rewards of being a landlord often outweigh the downsides. Here are the top 10 reasons why you should become a landlord.
1.) You use tenants` money to pay your mortgage and build your equity. You can raise the rent each year (with restrictions) and adjust for current market rent rates when a property becomes vacant. Long-term investors buy real estate that generates positive cash flow, and either hold it until the tenants have paid off the mortgage or until there`s a compelling reason to dispose of the income stream in return for a lump sum; for example, to buy something bigger/better or to create a retirement annuity income stream.
According to a recent post by Marcus Arkan, CTO of Syndicate Mortgages, mortgage holders can process payments easily by using mortgage points, provided that they know how. According to the mortgage specialist, mortgage points allow homeowners the chance to reduce the interest rate on their mortgages. Not only does this prevent them from having to apply for loans with less money, it also guarantees them full ownership.
Discount or mortgage points are equal to 1% value of the total value of a loan. Mr. Arkan says that this is why people would opt for them especially if the price of a mortgage is too high, `Fluctuating interest rates are a headache especially for people who have variable mortgages. But what most owners do not realize is that lenders will be satisfied with lower interest payments as well. A mortgage will be paid in no time with a $3000 point value on a $300,000 home. Smart financing is all it takes.`
Beware more expensive debt in quest to pay off mortgage
The other day, I was watching TV and noticed an interesting commercial. It was for one of the big banks.
In the commercial, a woman is returning home and, suddenly, a marching band comes out of her garage. There is a huge celebration and the bank representative comes out to congratulate her for paying off her mortgage. She even sheds a tear.
It is an inspiring commercial. It reminded me of the "good ol' days" when people would have "mortgage burning parties." They would invite all the neighbours for a back-yard barbecue and burn the mortgage in the hibachi.