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vanduyse@gmail.com's Articles in Personal Finance

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  • How do you acquire a down payment for your mortgage – prêt hypothecaire?
    You can obtain a down payment in a lot of different ways. Some are fairly common ones and others are ones you may not know about, but I have learned of over the many years I have been helping people get their mortgages. There are basically three ways - hypotheque:
  • The most common situations that lead to a penalty (taux hypothecaire)
    No one wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some rare types of open mortgages, have penalties for prepayments. The subject of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
  • How to save on Mortgage Penalities (hypotheque)
    No one wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some rare types of open mortgages, have penalties for prepayments. The subject of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
  • How do lenders calculate Mortgage Penalities (hypotheque)
    No borrower feels that it is fair to pay a penalty on his mortgage. However, except for some unusual types of open mortgages, all mortgages have prepayment penalties. This is a complicated subject, requiring detailed explanations and can usually be better understood with examples.
  • Morgage Strategy - Variable Mortgage strategy (hypotheque)
    The interest rate of a variable rate home loan changes with the base rate of the large Canadian banks. The lender does not give you a fixed rate, but rather a rabais on the base rate. This is the reason that variable rates are expressed as a base rate less a percentage.

    If the base rate, for example, is 6.00%, and the bank quotes “base rate minus .90%”, this means that the variable rate loan will be 5.10% for the length of time that this base rate is in effect. If the base rate is lowered by the Bank of Canada, the loan rate is likewise lowered: a new base rate of 5.25% will mean a variable mortgage rate of 4.35% for that period. The Bank of Canada fixes this rate 8 times per year. Note that this rate may be refixed at the same rate (no change), so the base rate does not necessarily have to change 8 times a year.
  • What’s best to work with, with a mortgage broker, a mortgage marketer, or a bank representative?
    The service of the person with whom you will work is most critical.
  • Is it better to work with a mortgage broker, a mortgage marketer, or a bank representative?
    No matter what, it is the integrity and expertise of your mortgage consultant that will make the most difference. There are very good local bank branch representatives, very good mortgage marketers and very good mortgage brokers. Of course, there are very bad ones as well. It is the individual in the position who will make the most impact in the long run - taux hypothecaire.
  • Integrity, the most important feature of a mortgage counselor.
    Integrity is said to bethe quality of an honest person, who is not able to be corrupted and who behaves in a manner that is above reproach. Is the home loan broker you are considering have this quality, so that he can put your interests before those of the lender? Make sure the answer to this question is YES - courtier hypothecaire.
  • How do you pick your mortgage consultant?
    It is not very difficult to find a good mortgage counselor. Just as you would hire someone to work for you, think of your mortgage broker as a good employee who will be with you in the future. He should be, because he will be there to help you save money over the next 15 or 25 years - courtier hypothecaire.

    Important areas to think about when you are looking for a good mortgage broker:
  • How to make your mortgage tax deductible (the Smith Maneuver) ?
    The “Smith Maneuver” mortgage strategy accomplishes these three goals all at the same time. (It is not even possible to not do them all at the same time) - taux hypothécaire.

    This particular mortgage strategy is named for its inventor, Fraser Smith. Mr. Smith is a financial planner in British Colombia who developed this interesting strategy a few years ago. I was fortunate enough to be one of three mortgage consultants from Quebec to meet Mr. Smith when he spoke on this concept in Toronto.
  • Who decides the future of mortgage rates? - hypotheque
    This is a complicated topic and this is a very simplistic explanation. If you consulted a library or searched on the internet, you would find literally thousands of items on the topic of how interest rates are determined. We will look at the Bank of Canada’s fiscal policy and the fixed income market (taux hypothecaire).
  • The mortgage strategy for “less than perfect credits” (taux hypothecaire)
    Despite all this, there is a home loan strategy for you even if you do have a “less than perfect credit”. It will take place over three to four steps, but in taking these steps, you will achieve your goal of eventually getting a home loan at the lowest interest rate (taux hypothécaire) possible.
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