The world of mortgages can be complex, but that's where a knowledgeable mortgage refinance broker comes into play. Audra, understands the intricacies of mortgage refinancing and how it can transform your financial landscape. In this blog, I will delve into the vital role a mortgage refinance broker plays and how our expertise can be your ticket to greater financial freedom.
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The Role of a Mortgage Refinance Broker: How We Can Help You
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Securing a Mortgage with Bad Credit: What You Need to Know
In the journey toward homeownership, one of the biggest hurdles can be a less-than-ideal credit score. Audra, understands that life can throw curveballs that affect your credit. The good news is that securing a mortgage with bad credit is not an impossible task. In this blog, I am here to guide you through the process and show you how we can help you achieve your dream of owning a home.
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Interest Rate Differential Calculations and How Using a Lender with Posted Rates Will Inflate Your Early Payout Penalty by Thousands of Dollars
Are you in the market for a mortgage? If so, you may be considering working with a lender that advertises their posted rates. While these rates may look attractive, it's important to understand how they can impact the interest rate differential (IRD) calculation. In Canada, lenders are required to publicly post their rates for mortgage products. However, these posted rates can often be higher than the actual rates offered to borrowers. It's important to understand the difference between the posted rate and the actual rate, as this can have a significant impact on your mortgage payments and early payout penalties.
The IRD is the difference between the interest rate on your existing mortgage and the rate that the lender could charge today for a mortgage with a similar term to your remaining term. This calculation takes into account the remaining balance on your mortgage, the time left in your term, and the difference between your original interest rate and the lender's current rate. The resulting IRD amount represents the compensation the lender requires for the lost revenue it will experience if you break your mortgage early.
As a licensed mortgage associate at Audra Kish serving the Saskatoon area, I often encounter clients who are surprised by the hefty early payout penalties they face when breaking their mortgage before the end of their term. One factor that can significantly impact the size of these penalties is the interest rate differential (IRD) calculation method used by your lender. In this blog, I'll explain what IRD is, how it's calculated, and why using a lender with posted rates can lead to inflated early payout penalties.
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The Benefits of Using a Mortgage Broker/Licensed Mortgage Associate as Opposed to a Bank
Obtaining a mortgage can be a complicated and overwhelming process, especially for first-time homebuyers. When it comes to securing a mortgage, there are two options: using a mortgage broker or going directly to a bank. While both options have their advantages and disadvantages, there are several benefits to using a mortgage broker or licensed mortgage associate that homebuyers should consider.
As a licensed mortgage associate serving Saskatoon, Canada, I often get asked the question, "Why should I use a mortgage broker instead of a bank?" This is a great question and one that I'm happy to answer.In this blog post, I'll be sharing the top five benefits of using a mortgage broker instead of a bank, and why it can be a great choice for anyone looking to get a mortgage.
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The Most Expensive Ways To Build Credit
Original Article Source Credits: Loans Canada , https://loanscanada.ca/
Article Written By: BRYAN DALY
Original Article Posted on: NA
Link to Original Article: https://loanscanada.ca/credit/the-most-expensive-ways-to-build-credit/
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Bank of Canada Warns Home Buyers Rates Will Eventually Rise
Original Article Source Credits: Yahoo Finance , https://finance.yahoo.com/
Article Written By: Shelly Hagan
Original Article Posted on: May 20, 2021
Link to Original Article: https://finance.yahoo.com/news/bank-canada-warns-household-debt-140009244.html
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Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: ·
Link to Original Article: https://www.canadianmortgagetrends.com/2021/05/latest-in-mortgage-news-house-prices-to-moderate-this-year-says-cmhc/
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Insured and Uninsured Mortgage Stress Test Changes Confirmed for June 1
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: May 21, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/05/insured-and-uninsured-mortgage-stress-test-changes-confirmed-for-june-1/
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Younger homebuyers more willing to fight bidding wars: survey
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Staff
Original Article Posted on: May 18, 2021
Link to Original Article: https://www.advisor.ca/news/industry-news/younger-homebuyers-more-willing-to-fight-bidding-wars-survey/
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You got turned down for a mortgage? Here's what to do
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Ethan Rotberg
Original Article Posted on: May 5, 2021
Link to Original Article: https://financialpost.com/moneywise/you-got-turned-down-for-a-mortgage-heres-what-to-do-4
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Five reasons you need to know your credit score
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Shane Murphy
Original Article Posted on: April 19, 2021
Link to Original Article: https://financialpost.com/moneywise/five-reasons-you-need-to-know-your-credit-score
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How much you need for a down payment
Original Article Source Credits: Canada.ca , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2020-09-16
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html
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Build good credit with these 7 tips
Original Article Source Credits: Yahoo News , https://ca.news.yahoo.com/
Article Written By: Ravi Philemon
Original Article Posted on: March 27, 2021
Link to Original Article: https://ca.news.yahoo.com/build-good-credit-7-tips-110710449.html
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Homebuyers to Face More Stringent Mortgage Stress Test After June 1
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: April 8, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/04/homebuyers-to-face-more-stringent-mortgage-stress-test-after-june-1/
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Why You Should Choose Mortgage Broker Audra Kish!
As the housing market dynamics continuously shift, understanding and keeping up with the trends can prove to be quite challenging, especially if you have little knowledge of what the real estate sector is like. Therefore, it’s best to consult a mortgage broker who will help you discover the best mortgage, term, and rate and help simplify the application process. These experts will be able to choose a mortgage product suited to your circumstances and goals and support you from start to finish.
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Are the days of low interest rates coming to an end for Canadian homebuyers?
Original Article Source Credits: Mortgage Broker News, https://www.mortgagebrokernews.ca/
Article Written By: Ephraim Vecina
Original Article Posted on: 25th February 2021
Link to Original Article: https://www.mortgagebrokernews.ca/news/are-the-days-of-low-interest-rates-coming-to-an-end-for-canadian-homebuyers-338140.aspx
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Mortgage rates are starting to edge higher in Canada
Original Article Source Credits: Financial Post, https://financialpost.com/
Article Written By: Fergal Smith and Noor Zainab Hussain
Original Article Posted on: 2nd March 2021
Link to Original Article: https://financialpost.com/real-estate/mortgages/canada-mortgage-rates-edge-higher
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Mortgages Lead Credit Growth as Delinquency Rates Decline
Original Article Source Credits: Canadian Mortgage Trends, https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: 9th March 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/03/mortgages-lead-credit-growth-as-delinquency-rates-decline/
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Odds of a Bank of Canada Micro Rate Cut Diminish Following Rate Decision
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: January 21, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/01/odds-of-a-bank-of-canada-micro-rate-cut-diminish-following-rate-decision/
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5 reasons you need to know your credit score
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Shane Murphy
Original Article Posted on: February 1, 2021
Link to Original Article: https://financialpost.com/moneywise/5-reasons-you-need-to-know-your-credit-score-3
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