Wendy Goodsir’s Blog ~ Mortgage Associate

Mortgage Rates:

as of November 30, 2008

Mortgage Rates:

as of November 19, 2008

Fixed, Variable & Adjustable Interest Rates

Mortgage interest rates are either fixed, variable or adjustable. 

A fixed rate is locked in for the term.  If you are a first time home buyer, a fixed rate will provide you with the security and peace of mind knowing that your rate and your mortgage payment will not change over the period of your term.  If having the same monthly payment every month is important to you, then you will want a fixed rate mortgage.

A variable rate fluctuates based on the market conditions while the mortgage payment remains unchanged.  Variable rate mortgages are usually offered to clients with a solid credit rating also meeting specific qualifications.  You also have the ability to convert over to a fixed term product at any time.

With an adjustable rate, both the interest rate and the mortgage payment vary based on the lenders prime interest rate.  If you are able to accommodate a higher mortgage payment should interest rates increase, and you are not concerned with a fluctuation in your payment then you will want to discuss the benefits of the adjustable rate.

Similar to the variable interest rate, adjustable rate mortgages are usually offered to clients with a solid credit rating and meeting specific qualifications.  You also have the ability to convert over to a fixed term product at any time.

Historically a variable/adjustable rate provides you with a lower average rate on your mortgage therefore will save you in interest costs. 

Work with your mortgage specialist to ensure you have the right fit for your needs.

Wendy Goodsir

Mortgage Specialist

MortgageBrokers.com

O: 403-278-4783

C: 403-540-6244

F: 403-212-0123

Mortgage Rates:

as of October 27, 2008

Mortgage Rates:

as of September 30, 2008

Mortgage Rates:

as of September 9, 2008

When looking to make the leap into homeownership the first place to start should be with an experienced mortgage broker and getting you a thorough pre-approval.  This pre-approval will tell you what properties to look at when you head out.  This will eliminate any confusion or disappointment.  When creating a mortgage plan your mortgage broker needs to take into account your current financial situation also what your financial goals are for the next 5 years. 

It is important to gather required documentation for your mortgage planner, these documents would be specific to your income.  If you are a permanent employee an employment letter stating you have permanent position, what your position is, your start date and your salary.  Also, include copies of two most resent pay stubs.  It would also be a good idea to locate your past two years T4’s.

If you are self employed, copies of your last two most recent Notice of Assessments also last years T1 Generals or articles of incorporation.  There are a number of programs that allows self employed and sometimes employees to state your income due to tax deductions and easily explaining your personal income deductions. 

These documents are used in calculating what you would qualify for so we are not making any assumptions.  If you are not able to locate your notice of assessments you can contact the Canadian Revenue Agency to send you replacement copies.

Now that you have gathered all documentation we can move onto the mortgage application.  The application is an assortment of questions that are easy to answer.  At this time your credit bureau will also be looked at.  It is a mandatory requirement to receive the guidance and advice that you are looking for.  The supporting documents, mortgage application and credit bureau are all the compulsory items that must be reviewed to clearly determine your eligibility.  With this information, your mortgage planner will have a clear understanding for which mortgage lenders and their products that would be available to you.  Your individual credit bureau will have what is called a beacon score; this will also narrow down the products and pricing you will expect to receive.

You can now see that the collection of gathering documents is very important and can be a little overwhelming.  Which is why it makes sense to get through that part prior to starting the shopping process, and especially before you make any offers.

By gathering all your documents before hand and a little bit of planning, by the time you get to the point of making an offer on your dream property your approval should be basically seamless. 

So start gathering all the required paper work so your mortgage broker can give you a solid pre-approval.  Why take chances with your investment?

Wendy Goodsir is a licensed Mortgage Associate with MortgageBrokers.com for more information, call 403-540-6244

The answer is YES!!!!

I can help you in a few ways.

Renewing your Mortgage
Mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners simply think that the offer from their existing bank is the best deal available. This is not correct. I can explore all your options for you and look for the lowest rate available.

Equity Lines of Credit
An equity line of credit is an alternative to going to your own bank for extra finances that you can have at your finger tips. You have worked hard to build the equity you have in your home. You can get the flexibility of a line of credit in the convenience of a debit card. Use this unique product to take the family on a vacation, make home improvements or managing unexpected expenses.

Wendy Goodsir is a licensed Mortgage Associate with MortgageBrokers.com

My role as your Mortgage Associate is to understand your mortgage needs and to seek out the best lending solution for your situation.  I will guide you through the lending process.  As a Mortgage Associate, I do not work for any individual institution or lender, but as an independent.  I have up to the minute rates and programs for a wide array of lenders including most major banks.

For most people, buying a home is the largest financial decision you will make in your lifetime.  I will do all the reviewing/searching to find you the best solution that will work for you and your family.  The mortgage world can sometimes be confusing.  There is a vast array of choices – open, closed, fixed, floating, long or short amortization, prepayment options, portability and the rate itself.  Making the right mortgage decision can have a huge financial impact over the long term. 

I have access to far more products that exceed what one specific bank could offer the general public.  If you don’t fit in the small window of the banks lending criteria I have alternative lending options for you as well.  There are many benefits to working with me that go far beyond rate issues. 

Wendy Goodsir is a licensed Mortgage Associate with MortgageBrokers.com