Freedom Mortgages

The Devil's in the Details

2010-10-01T16:01:00.005-03:00

This article is courtesy of Canadian Mortgage Trends .

Mortgages sometimes have costly or irritating restrictions that you won’t know about unless you read the fine print or ask a mortgage professional.

Some examples:

Restrictions on breaking your mortgage before the term is up
Restrictions on breaking your mortgage for the first 3 years
A penalty surcharge of 1% for mortgages broken within the first 12 or 36 months
“Reinvestment fees” (on top of mortgage penalties)
Interest rate differential (IRD) penalties based on an onerous bond yeild calculation
IRD penalties on variable-rate mortgages (usually IRD penalties apply to fixed mortgages)
IRD penalties based on a costly posted vs. discounted rate formula
Inability to port unless the purchase and sale take place on the exact same day (which can be hard to arrange)
A poor conversion rate guarantee
No refinances during the first year
No free switches (for transfer-eligible mortgages)
Amortization limits of 25 years
Minimum amortizations of 15-18 years
Restrictions on converting from a variable rate to a fixed rate for the first six months
No ability to break your “open” HELOC without a penalty (Home Equity LOC)
Inability to port across provincial lines
High administrative fees when porting
100% claw back of cash-back if the mortgage is broken before maturity
Requirement for a full banking relationship with the lender
No lump-sum pre-payment privileges
No annual payment increase allowance
Pre-payments restricted to one specific day a year (instead of any payment date)

And the list could go on…

It is more important than ever to be able to rely on the expertise of your mortgage professional. It isn't as simple as finding the best rate - contact Freedom Financial today to help you choose the mortgage that is right for YOU.

Tips for a Healthy Credit Score

2010-09-08T09:59:00.006-03:00

As a consumer, your credit rating is one of your most important tools. Responsible credit management is more important than ever in these uncertain economic times. Here are 10 tips you can you can use to get into tip top credit condition.

Get to know your credit history. Lenders use your credit history to gauge whether or not you are able or inclined to pay them back. In shorthand, it’s a financial responsibility report and it’s a key input lenders will consider to decide if you’re worth the risk. By law, Canada’s three credit reporting agencies (Equifax, Experion & TransUnion) must provide your Consumer Disclosure report, which differs from the credit report lenders use, free of charge if ordered via mail or fax.
If you experience cash flow problems of an economic shock don’t hide – it’s the worst thing you can do. Instead, take a deep breath and call organizations that have lent you money. Explain the situation and tell them you want to work out a repayment plan. Remember, always pay something.
Pay bills on time: being one day late on a bill can affect your credit rating. And never go over the limit on your credit card. In fact, experts recommend not spending more than 65 per cent of your allowable credit limit.
Restrict the amount and sources of your credit. Loading up on high interest credit cards isn’t a good idea even if the rewards programs are alluring. Remember, credit is about a convenient payment method so make sure it fits your needs. It should never be used as money you don’t have.
Applying for too much credit over a short period of time can affect your credit rating, so, limit the number of credit applications. When cancelling credit sources, it’s not a good idea to cancel a source that has been long-held since this payment history can have positive implications for your credit score.
Always check your statements carefully to make sure they’re accurate.
Never sign a contract you don’t understand. If you feel pressured take the contract away and have a good read. Most salespeople will respect your right to be an informed consumer. If they’re not willing to wait, then the great deal you were about to get likely wasn’t all that great.
When deciding what to pay first, use the accelerated margin formula. First, set aside 10 per cent of your income. Then line up your bills. Divide each balance by each monthly payment. Pay the monthly minimum on each bill but take the lowest division answer and apply the 10 per cent you set aside. After this bill is paid go to the next lowest division answer until you’ve paid off your debt. See Credit Basics at Trans Union.
Get connected. The web has lots of great sites that explain credit in simple terms. A good place to start is the FCAC’s website .
Remember, cash is king. If you don’t have any savings, work on building some. It’s the best antidote for sleepless nights.

* Taken from Mortgage Journal – January/February 2009

Understanding Accelerated Payments

2010-07-06T11:08:00.003-03:00

There are many decisions to be made when signing your mortgage documents. One that many are most interested in, is getting the bi-weekly payment plan. For some this is a matter of convenience, to line up with payroll deposits and the like. For others, it is a matter of wanting to impact their over all amortization.

There are three types of payments to be considered in this situation; bi-monthly, bi-weekly and accelerated bi-weekly.

Bi-monthly payments are calculated based on twelve monthly payments broken down into 24 and debited twice per month (ie 1st/16th). There is no notable benefit to the overall amortization with this method. (mtg payment of 1000.00/mo would work out to $500, twice per month)

Non-accelerated/regular bi-weekly payments are calculated using 12 months worth of payments in a 12 month period, but is broken down over 26 payments. As in the first example, there is no notable benefit to the amortization with this method, either. (mtg payment of $1000.00/mo would work out to $461.54 bi weekly)

Accelerated bi-weekly payments are calculated by incorporating 13 months worth of payments in a 12 month period. The additional month is divided equally among your payment to increase them. (mtg payment of $1000.00/mo would work out to $500.00 bi-weekly, creating an extra full payment every year)

Impact of Accelerated Payments

Contractual Amortization ~ Impact on Amortization

40 years ~ 8 years, 1 month

35 years ~ 6 years, 3 months

30 years ~ 4 years, 10 months

25 years ~ 3 years, 7 months

20 years ~ 2 years, 6 months

15 years ~ 1 year, 8 months

10 years ~ 1 year

5 years ~ 5 months

Special thanks to David Neville over at Atlantic Mortgage Insider for this information.

Home buying 101

2010-06-22T09:18:00.006-03:00

What eager first-timers need to know before the house hunt

You’ve saved for your down payment, you’ve crunched the numbers and you’ve decided on the neighborhood where you want to live – but are you really ready to start shopping around?

“Buying your first home is one of life’s most exciting milestones, but there are lots of steps on the way to crossing the threshold as an owner for the first time,” says Lisa Brinson, mortgage expert with Freedom Financial in the Annapolis Valley. “To make sure this process goes smoothly, you’ll need to get financing advice right from the get-go and do some work in advance.”

Brinson breaks the process down with the following tips:

Get your down payment and deposit ready. A down payment must come from your own resources, and in most cases must have been held in your account for at least 90 days. Using a gift from your parents or other family member for a down payment? You’ll need a letter stating that it is actually a gift and does not need to be re-paid. These funds will likely need to be deposited in your account two weeks before your purchase closing date.

The Home Buyers’ Plan is another financing option for first-time buyers. It allows you to withdraw up to $25,000 ($50,000 per couple) from your RRSP to buy or build a home.

Keep in mind that when placing an offer, a deposit is usually required. It can be all, or part, of a down payment.

Figure out what you can afford. The best way to do this is by talking to a mortgage expert and getting pre-approved for a mortgage. A mortgage consultant can provide examples of what monthly payments and home buying costs will be, to eliminate surprises.

“A major benefit of a pre-approval is that most financial institutions will lock-in a rate for up to 120 days,” advises Brinson. “This is very helpful if you’re buying in a rising rate environment.”

Get in touch with the professionals. Think of home buying as a team sport – a mortgage consultant can help you find a good real estate agent, real estate lawyer, home inspector and home insurance agent. Be sure to get in touch with these professionals early in the buying process to avoid last-minute scrambles.

Come up with an offer strategy. In competitive real estate markets, it is common for vendors to put off accepting offers until a particular date. This means buyers may be bidding for a home along with several other parties. It’s easy to get caught up in the emotion, so it is important to decide on a maximum price before bidding and to stick to it.

Choose your mortgage strategy. Ask yourself: Do I want the stability of a fixed-rate mortgage or am I comfortable with the potential rewards and risks of a variable-rate loan? A mortgage expert can help you decide which one makes the most sense for your financial situation, as well as help you understand your payment options and the other features of various types of mortgages.

Get ready to close. When buying a home, it pays to learn about closing costs, which can represent up to 3 per cent of the purchase price, including land transfer tax, lawyer’s fees, appraisal fees, title insurance and home inspection fees. A mortgage professional can help estimate how much these will cost and offer ideas for how you can cover these costs.

”A lot of first-time buyers can’t wait to get out there and house hunt, but they need to understand that this is not a decision to enter into lightly,” says Brinson. “But with careful planning and expert advice, you can make your first home – and your first mortgage – work well for you in the long term.”

Lisa Brinson,

Manager Mortgage Division

Freedom Financial Services

115 Coldbrook Village Park Dr

Coldbrook, N.S.

B4R 1B9

1.866.496.1100

lisabrinson@invis.ca

lisabrinson@freedomatlantic.com

www.freedommortgages.blogspot.com

Understanding Your Mortgage Options

2010-06-08T12:00:00.001-03:00

CMHC’s Homebuying Step by Step guide has the answers you need to your mortgage financing questions.

Congratulations! You’ve decided to begin your search for a new home, or perhaps you’ve already found the home of your dreams and are ready to make an offer. It’s now time to consider your mortgage options. But with so many different choices available, how can you select the right kind of mortgage for your needs?

To help you make an informed decision, Canada Mortgage and Housing Corporation (CMHC) offers the following answers to some of the most common questions Canadians have about choosing a mortgage:

What is the difference between conventional and high-ratio mortgages?
A conventional mortgage is a mortgage loan up to a maximum of 80 per cent of the lending value of the property. This means that the home buyer has made a down payment of at least 20 per cent of the purchase price or market value of the home. If your down payment is less than 20 per cent of the purchase price, however, you will typically need a high-ratio mortgage. A high-ratio mortgage is a mortgage loan which is higher than 80 per cent of the lending value of the property up to a maximum of 95 per cent. High-ratio mortgages normally have to be insured (by CMHC, for example) against payment default.
What are fixed, variable or adjustable interest rates?
When you choose a mortgage, you have to decide whether you want the interest rate to be fixed, variable or adjustable. A fixed rate is locked-in for the entire term of the mortgage. With a variable rate, the payments remain the same each month, but the interest rate fluctuates based on market conditions. For adjustable rate mortgages, both the interest rate and the mortgage payments vary based on market conditions. Talk to your mortgage professional to find out which option is right for you, and be sure to evaluate the impact of an increasing interest rate on your monthly payment.
Should I choose an open or closed mortgage?
With a closed mortgage, you pay the same amount each month for the entire term of the mortgage. Some flexibility to repay principal through lump sum payments is allowed. Closed mortgages can be a good choice if you want a fixed payment schedule, and you don’t plan on moving or refinancing before the end of the term. An open mortgage allows you to make a lump sum payment at any time. This type of mortgage can be paid off prior to maturity without penalty. An open mortgage can be a good choice if you’re planning to sell your home in the near future, or if you want the flexibility to make large lump sum payments. An open mortgage generally carries a higher interest rate than a closed one.
What about the term, amortization and payment schedule?
The term is the length of time (usually from six months to 10 years) that the interest rate and other conditions of your mortgage will be in effect. Amortization is the period of time (such as 25 or 30 years) over which your entire mortgage will be repaid. Lastly, the payment schedule sets out how frequently you will make payments on your mortgage — usually either monthly, biweekly or weekly. Accelerated payments are also an option. These are available for weekly and bi-weekly payment schedules and are generally equivalent to one extra monthly payment per year. With accelerated payments the home owner is able to pay off his/her mortgage faster while decreasing the overall interest cost.

For more information or a free copy of CMHC’s Homebuying Step by Step guide, or for information on any other aspect of owning, maintaining or buying a home, visit our Web site at www.cmhc.ca or call CMHC at 1-800-668-2642. As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) has been a source of objective, reliable housing expertise for more than 60 years.

For story ideas or to access CMHC experts or expertise, contact CMHC Media Relations — National Office at: 613-748-2799 or by e-mail: media@cmhc-schl.gc.ca.

Published: April 20, 2010

Home Buying Check List

2010-06-07T15:14:00.000-03:00

Step 1 — Make Sure You’re Ready

Before you start your search, make sure home ownership is right for you. Ask yourself some fundamental questions. Are you planning on relocating soon? Can you manage home repairs & upkeep of outdoor space?

Step 2 — Know Your Financial Situation

Evaluate your current financial situation by calculating your net worth and reviewing your monthly expenses and debt payments. Ask a mortgage professional how much mortgage you can afford and the maximum house price that you should be considering. Obtain mortgage pre-approval to make buying a home less time-consuming.

Step 3 — Calculate Costs

Make a list and calculate the upfront costs and other expenses associated with buying and owning a home to make sure you’re financially prepared.

Step 4 — Determine Your Needs

Before you start searching for a home, think about your current and future housing needs, which
location is right for you, and what features are important to you in a home.

Step 5 — Find the Right Professionals

Buying a home requires the services of real estate professionals, lawyers, mortgage professionals, home inspectors and so on. It will give you peace of mind to have experts on your team to answer your many questions along the way.

Step 6 — Start the Search

Now it’s time to start your home search. Don’t forget to consider the wide array of search options you have at your disposal, including friends and family.

Step 7 — Make an Offer

Once you’ve found the home you want to buy, you will need to present the vendor with an Offer to Purchase or Agreement of Purchase and Sale. Your real estate agent and/or your lawyer/notary can help you to prepare your offer.

Step 8 — Close the Deal

Closing day is the day you finally achieve your goal — you get to call your new house your own. Quite a few things get done on closing day, and you may also require the services of a mover.

Step 9 — Budget, Budget, Budget

The financial responsibilities of home ownership begin when you take possession of your home. You need to budget for mortgage payments, ongoing operating costs and an emergency fund.

Step 10 — Home Maintenance

Keep it up. Maintenance, repair and renovations are a normal part of home ownership. Regular
maintenance will help you keep your home in top condition and protect your investment.

This article has been prepared by CMHC as a general resource. The information is provided for general illustrative purposes only, and does not take into account the specific objectives,circumstances and individual needs of the reader. It is not a substitute for professional advice. Neither CMHC nor any other party identified in this Fact Sheet (Lender, Broker etc.), assumes any liability of any kind in connection with the information provided.

For more homebuying tips, contact me or visit CMHC’s interactive Step by Step Guide at www.cmhc.ca. CMHC

Interim Interest Rates...

2010-06-04T15:23:00.000-03:00

Interim interest rates provide time to guard against payment shock

TORONTO – Any savvy shopper knows a good deal doesn't last forever, and the modest interest rate hike announced this week presents an opportunity to guard against potential payment shock as we ease into more expensive borrowing.

“Because it's been so affordable to carry the debt for so long now, it hasn't been at the top of people's priority lists,' said Scott Ward, a financial adviser at Edward Jones.

“So now that rates are going up, it's going to become a little less comfortable to carry that line of credit, or that mortgage, or that loan around.'

The Bank of Canada's decision to raise its key rate from an emergency low 0.25 per cent largely affects variable rate mortgages and lines of credit that are closely tied to bank prime rates, which now sit a quarter point higher than last week, at 2.5 per cent.

The central bank has also warned Canadians about the perils of racking up too much debt as they became accustomed to falling rates over the past three years.

“This signal that's it's going to become a little less comfortable now, and it might become even more uncomfortable in the future, now might be the time, while it's still not unbearable, to buckle down and pay it off,' Ward said.

The quarter point hike amounts to about a $35 increase in monthly payments for a $250,000 mortgage with a 25-year amortization.

The bank's next opportunity to raise its key rate is scheduled for July 20.

As long as mortgage holders and other borrowers haven't added too much debt to their balance sheets, they should be able to withstand the modest rate hike, Ward said. But, he added, they should be proactive about paying down debts or increasing savings.

“See where you can employ some of the money to help reduce those costs...what sacrifices you can make in terms of your monthly living to help reduce those costs,' he said.

Rob Hafer, regional manager at mortgage brokerage Invis Inc., says borrowers should use this time to take precautions to guard against future payment shock if rates rise significantly, he said.

Hafer said homeowners with variable rate loans should think about putting extra cash, like an inheritance, tax refund or a work bonuses directly toward their mortgage.

Another prudent idea is to set payments at a higher rate than the current interest amount, in order to pay down some of the principal. That way, when rates go up, consumers won't have to start kicking in more of their income, instead, the amount going toward the principal will fall.

Hafer said its still a good time to consider taking a variable rate mortgage because rates are low and have a fair way to go before equalling the average five-year fixed rate.

And while borrowers might be focused on the effect of interest rate hikes on their debts, savers will benefit from increased interest rates, as returns on GICs begin to improve. Ward said now is a good time to put some money away to invest when interest rates rise further.

“We're getting to a point where eventually they should look a lot more attractive than they have in the past.'

Rate Rant

2010-06-02T10:14:00.000-03:00

Daily Rate Rant from "Uncle Invis" who can be found at Invis's website

To quote Yosemite Sam "Well the varmints went and done it." Specifically the Bank of Canada increased interest rates. And the Canadian dollar immediately went...Down? Apparently after all the fears that increasing interest rates ahead of the US would send our dollar soaring and hurt our exports investors are more worried that the Chinese economy might slow down and reduce our trade surplus. Economists; we can't rely on them, but we aren't allowed to kill them. At least not in most provinces.

It's hard to come up with something funny and relevant after a really cogent economic commentary. Fortunately I've never put myself in that awkward position so here goes:

I was almost in a accident on my way home from work last night. I had pulled over to let an ambulance by but then I forgot to allow the extra time for the two lawyers following behind it to go past.

It may not be great but you can usually get a cheap laugh by insulting lawyers...

Bank of Canada raises interest rate

2010-06-01T12:54:00.000-03:00

Tuesday, 1 June 2010

After more than a year at a record low level, Bank of Canada Governor Mark Carney raised the benchmark interest rate for the first time since 2007 by one-quarter percentage point to 0.5 per cent. This is the first time since 2007 that that rate has increased and the Bank of Canada is the first in the Group of Seven to do so since the financial crisis and recession began in 2008.

In a statement Carney emphasized that the increase should not be interpreted as just the first of more to come.

"This decision still leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the significant excess supply in Canada, the strength of domestic spending and the uneven global recovery,'' the central bank said. ``Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.''

Making the Dream of Cottage Ownership a Reality

2010-05-31T12:09:00.000-03:00

With warmer weather a few weeks away, many of us in this part of the country are beginning to dream of a place by the lake. Are you planning on looking for the perfect vacation property this spring? The good news is that purchasing a rural property is not as difficult as commonly believed. When it comes to the mortgage, there are some unique considerations that can impact on whether or not you’ll be eligible for financing, including:

• Road vs. water access – Almost all cottage buyers want road access, but prices can be significantly lower for a water-access cottage. Even if there are roads leading to the cottage you want to buy, that doesn't mean you have access to them. Find out if the road you need to take is public or private, who maintains it, whether it is open year-round and if a legal agreement exists for you to use it.

• Septic systems – Septic systems are strictly regulated by the Environmental Protection Act. It is vital to make sure there is a current certificate of approval, a permit to use the system, and that the system works. Also look into municipal developments to see if you will one day be required to connect to a town water or sewer supply.

• Water – The main sources of water to most vacation properties are wells and lakes. If the water is drawn from the lake, you will need a filtration system in order to drink it. If it’s from a well, find out whether it sits on higher ground than the sewage system, how fast it reaches the cottage and if it has ever run dry.

• Municipal regulations – Ask about local laws concerning hunters, snowmobilers and others crossing private property, water exclusivity and right of ways and easements for utility companies and neighbours. If the cottage is on lakefront property, you will want to know about fishing regulations and motorized watercraft use.

• Municipal services – Check to see if the road to your vacation property is maintained by the municipality – including snow removal in the winter – and if there is garbage pick-up or if you must drop it off at a designated dumpsite.

• Future development – Find out what restrictions exist on the property. Ensure that current structures have been approved and find out whether additions or renovations you might add will be allowed - include these provisions in the agreement of purchase.

• Zoning – The zoning for some cottages doesn’t allow for year-round residency, and for some areas that are zoned ‘rural’, people are not supposed to be there outside of hunting season.

• Technology – The importance of having Internet access will continue to increase. Be sure to check if the area is wired for e-mail and Internet access.

Best of all, you don't have to be wealthy to own a vacation home. With some careful preparation, you can be on your way to owning a mountain or lake-side retreat. Here are some tips on entering the market:

• Seek independent advice to determine what size of mortgage you can afford.

• Explore getting a mortgage with less than 20% down.

• Buy a property that can be rented out easily when you are not using it.

• Become informed about possible seasonal slumps in real estate prices in recreational areas.

• Buy a property with other families and share its use.

• Look at more distant places. Typically, the longer the journey from a major city the lower the price.

Most people assume that financing a vacation property is an expensive and complicated undertaking, especially if it happens to be in a rural area. In fact, you should be able to obtain financing at the same, if not better, interest rate than on your principal residence.

A mortgage broker, like the ones at Freedom, can help prospective cottage owners understand the considerations faced in selecting a vacation property and provide trusted advice around financing options, including securing the best borrowing rate available in the marketplace.

Pre-Paying Now Translates to Mortgage Freedom Sooner

2010-05-31T12:07:00.001-03:00

For many Canadians, a mortgage is the biggest debt they’ll ever take on. What people may not realize is just how big a dent they can put in their mortgage by making prepayments.

A mortgage pre-payment is an investment. Making extra payments or larger payments early on can add up to significant interest savings and shorten the life of the mortgage, leaving more money available for RRSPs and other investments, as well as changing lifestyle needs.

During the past year, 13 per cent of mortgage holders made lump sum payments, and 16 per cent voluntarily increased their monthly payments beyond required amounts, according to a recent consumer survey by the Canadian Association of Accredited Mortgage Professionals.

Here are some strategies for making prepayments:

Add a bit to your monthly payment

Most of us can find an extra $50 per month by cutting out a restaurant meal. Add that money to your mortgage and you’re saving a lot on interest down the road.

Make a yearly pre-payment

Paying an extra one or two thousand on your mortgage once per year on the anniversary date of the mortgage could yield significant savings over the life of the loan. For many borrowers, the money for such a prepayment comes from a tax return.

Make a larger prepayment early in the mortgage

Note that lump-sum mortgage prepayments have a much greater impact on the total amount of interest you’ll pay if they are made earlier.

I can advise on how best to make prepayments part of your overall mortgage strategy.

Creditor Insurance vs. Life Insurance

2010-05-31T11:59:00.000-03:00

Contributed by:
Wesley Rand, BBA, LLQP, CIFC,
Financial Consultant (902)-698-2144

Your own personal insurance will not only save you money, but offer the best protection for you and your family, give you control of your financial future by providing you with options. Here are some of the differences between the insurance you purchase with your mortgage and the insurance purchased from an insurance company by a licensed professional.

- Mortgage professionals are not normally licensed to provide insurance; therefore they cannot provide you with all your options. Their area of expertise is the mortgage, not the insurance coverage.

- Mortgage insurance underwriting most often done after you make a claim at which point, you may be deemed un-insurable even though you have spent many years paying the premiums. With life, underwriting is done before you start paying premiums; therefore you know your benefit will be paid should the necessity arise.

- With mortgage insurance, the beneficiary is the lender. With life insurance, you select your beneficiary and they choose what to do with the benefit.

- Mortgage insurance amounts decrease with your mortgage, but premiums stay the same. With life insurance, your coverage and premiums remain the same.

- If you refinance or sell, credit insurance is seldom ever transferable to a new lender, with life insurance; it goes where you go.

- Should your ability to qualify for insurance change during the life of your mortgage, permanent plans will remain intact, where mortgage insurance is unable to offer the same longevity in coverage.

- With mortgage insurance, payouts can be used only to pay the mortgage, with life insurance, you do what you wish.

Choosing insurance that is individually owned provides you with the most options to protect your financial future.

The Choice Is Yours!
Contact me today... I know I can save you money.

Ten reasons to use a mortgage broker

2010-05-31T11:42:00.000-03:00

1.More Mortgage Choice:
A mortgage broker is able to access a wide range of products from a variety of sources (credit unions, trust companies, commercial banks, and private lenders). This allows us to not only find the right product match for each client’s individual needs, but also save you the hassle of wondering if you've gotten the very best the industry has to offer. We quote our very best rates up front.

2.You’ll Save Time:
We take ONE application and view ONE credit bureau. We then package your individual file and present it to our lenders so they can compete for YOUR business. Which really, is so much better than the other way around.

3.It’s Cost-Effective:
Mortgage brokers are paid directly by lenders for sourcing a new mortgage, which means no fees for you in the vast majority of cases. Don't be fooled by others in the market!! Freedom does not charge for our services. We are paid only upon the completion of your mortgage by the lender of your choosing.

4.Integrity:
Our staff provide advice that is personalized, professional, and ethical.

5.Fast Results:
We work hard to guide you through the mortgage process as efficiently as possible, while answering all your questions and letting you know your best options.

6.Peace Of Mind:
Enjoy the process of searching for your new home, knowing you can rely on our expertise and attention to detail when it comes to financing.

7.Outstanding Service:
Mortgage brokers at Invis pride themselves on truly personal service, and can work around your busy schedule.

8.Great Rates:
As a part of a national brokerage firm like Invis who negotiates great rates with lenders which allows us to then pass this advantage along to you – the borrower. Think of it like being able to benefit from buying in bulk when you get your next mortgage.

9.Knowledgeable Advice:
At Freedom, purchases, refinances, equity take outs and builder's mortgages are what we do. We offer expert advice on the mortgage strategy that fits your goals today and tomorrow.

10. We Have Financing Solutions:
Not everyone fits the mould. We can provide funding for a wide range of clients (bank turn downs, self-employed, past credit problems, etc.).

Consumer Confidence Grows

2010-05-31T11:25:00.000-03:00

Mortgage consumers are confident with homeownership, says CMHC

A recent report by the Canada Mortgage and Housing Corporation (CMHC) reveals some confident consumer attitudes towards homeownership. A large majority of recent home buyers (92%) agree that homeownership is a good long-term investment and 77% agree that now is a good time to purchase a home.

The survey results show that consumers are confident about their mortgage debt, with 81% of home buyers indicating that they are quite comfortable with their current level of mortgage debt. Recent home buyers are also positive about their financial stability. Four in five (80%) are comfortable that their financial situation will be stable over the course of the next year, and 91% indicated that their income level should remain stable or grow over the next several years.

Source: Canada Mortgage and Housing Corporation 2010 Mortgage Consumer Survey, April 2010.