In Canada, mortgage brokers should not charge you any fees if they are getting paid by the bank. If you are getting a commercial mortgage or a mortgage from a private lender due to credit problems, the broker may have to charge you a fee. Please call me to discuss. James Shinners. Mortgage Managers. www.mortgagemanagers.ca. 1-877-996-6677

When is the HST Chq being deposited this month? in London, ON area

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Could someone explain to me a little about mortgage brokers in canada? i am beginning to look for a bank to get a mortgage through and i was wondering what the benifits / negatives of using a mortage broker are. from what i understand they shop around for you and find the best rates and best loan for you, but who pays them? do i pay a fee to use there services? or does the bank pay them a finders fee? also, where is the best place to look to find a good broker? thanks mister, that's exactly what i wanted to know!

That's correct, they shop around for you. You do not have to pay them anything - the bank pays them. They will present you with options from various banks. I went with a mortgage broker called The Mortgage Group several years ago and took a rate that ended up being with Scotiabank. You may be able to get the same deal yourself, but it saves you the hassle of going to the different banks. However, it is also possible that you can get yourself a better deal if you go to the banks yourself and are a savvy customer.

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I live in canada. i want to become a mortgage broker while i am going to university for a bachelors degree in finance or economics. i want to become a mortgage broker so that i get experience in finance and economics. i want to be a stock broker, trader, banker or any related career after university. is this a good way to get experience? would it look good? and how would i do it? thanks.

I don't know about Canada, but in the United States one has to be a real estate agent for several years before being qualified to apply for a brokers license . For example, in Arizona one would have to be an active sales agent under a broker for three of the five years immediately following their application for their sales license.

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My credit score only a few months ago was a 534, at that score i was approved for a mortgage with 10% down, and 15 % of the value backed by a private mortgage. the rate on the first mortgage was about 5% the second was about 12% which really increases the payments. my low score is explainable the bank being that i was car accident/hospital and ended up off work for 4 months. now my score a few months later jumped up to 609. i still have more then 10 %, but mortgage broker doesn't seem to be able to get me a better deal. i basically have the same offer on the table as last time. a first mortgage with a sub prime lender backed with a private mortgage. i remember my first mortgage only two years ago my score was only 645 and i qualified with 5% down for a cmhc backed mortgage with a typical "a" lender, being td canad trust. should i be worried my mortgage broker isnt doing all he can do? is there possibility a deal like this is netting him more money then a traditional mortgage.

credit-report-score.10001mb.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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I need to relocate from canada to florida. i have spoken with 2 different mortgage brokers in florida, and they never return my calls, or let me know anything. i have plenty of equity, and excellent credit. i will also have an excellent paying job in florida. what is the problem? why can't i find good customer service anywhere?

You just need to contact the right mortgage banker/broker

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Can i get any better than that in today's market (aug09)? in 4 years the mortgage will be open to re-negotiate, who know how the market will be? any suggestions to get a better deal? if i go with a mortage broker, do they deal with cmhc insurance as well? how long it takes? i don't have much time, and the deal i have for now is ready to go.

Let's call this what it is...a four year ARM with a balloon payment. Who knows where the market is going to be in 4 years? With mortgages rates near 40 year lows right now, there really isn't any reason not to get a traditional fixed rate loan.

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My credit score only a few months ago was a 534, at that score i was approved for a mortgage with 10% down, and 15 % of the value backed by a private mortgage. the rate on the first mortgage was about 5% the second was about 12% which really increases the payments. my low score is explainable the bank being that i was car accident/hospital and ended up off work for 4 months. now my score a few months later jumped up to 609. i still have more then 10 %, but mortgage broker doesn't seem to be able to get me a better deal. i basically have the same offer on the table as last time. a first mortgage with a sub prime lender backed with a private mortgage. i remember my first mortgage only two years ago my score was only 645 and i qualified with 5% down for a cmhc backed mortgage with a typical "a" lender, being td canad trust. should i be worried my mortgage broker isnt doing all he can do? is there possibility a deal like this is netting him more money then a traditional mortgage.

buildcredit.ifastnet.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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So i'll give you a little background info: i graduated post-secondary school in june, got my job in july and have been there for 5 months now. my boyfriend has been at his job for over a year. we both make pretty decent money. my credit is decent.. just got a new car in sept. with help from my dad (co-signer), i do have a credit card which i pay every month (usually pay way more than my monthly fee.. ie. monthly fee is $35.00, i'll pay $100.00) anyways we have been living in an apartment for quite some time now and we hate it. our new neighbours are loud (kid is constantly running around and banging on the walls, people take our laundry out of the washer and dryer and just throw it on the laundry room table, crap like that). we are really wanting to get a house but don't want to apply for a mortgage because by doing that will lower our credit scores so we don't want to apply for one until we know we will be approved. so my question is: when would be a good time to apply for a mortgage in canada and to who? (bank or broker). would be great if someone who actually knows about this answers, not just some random person who thinks they know what they are talking about. thanks. i also just wanted to correct myself. i said boyfriend when i should of said fiance. we have been together for a little over 4 years and have just gotten engaged about a month ago, and we live in saskatchewan (go riders!) i have read a little on the first time home buyers grant but do not fully understand it but not quite sure who i should be talking to about it.

Pull your own credit reports and go see a mortgage broker. You can get their opinion of how much you would be approved for. Likely it will be for more than you should borrow as interest rates are very low and could be a lot higher when you have to renegotiate. When you have an idea of what you will be approved for, talk to a realtor about what is available in your area under that amount. Then you will have an idea of the taxes and maybe other expenses. All the major banks have amortization tables that will tell you how much you will pay per month for various amounts over various periods. Play around with one for a while to find out how much extra payments matter in the early years. Think about the implications of buying property with a person to whom you are not married, check the law regarding this in your province. Pay attention to the insurance premium if you have less than 20% down, sometimes coming up with just a bit more money can be to your benefit.

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What are the advantages and disadvantages? this applies to canada.

Personally, I recommend going to a broker. A broker sources loans from a variety of lending companies and banks, so you're more likely to get a better deal. They usually add their fees onto the loan, so you don't pay anything up front. If you go to the bank, you'll normally just get their standard loan with standard features and interest rate. If you go to a broker, they can recommend a product with features that is more likely to suit you. For instance, you might want a very low rate variable loan because you want to pay extra on the mortgage and clear it fast , or you might want a low rate fixed mortgage because you plan on paying it off over a longer period of time. The broker will be able to recommend a better product because they have more to choose from. I suggest you compare the fees and charges with what you would pay at the bank to make sure you're getting good value for money. Best wishes

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I am looking into buying my first home. i live in toronto canada, and i'm considering shopping for mortgage through a mortgage broker. even though i have very good credit score and not in rush to get the mortgage but i think a mortgage broker is able to find a better deal. i was wondering if there is any risk involved in taking a mortgage with very good interest rate from an unknown financial institution? if the lender goes bankrupt what's gonna happen to us? i'd really appreciate if you share your experiences!

I do not have any recent experience, but I think I would shop around to know mortgage lenders first. First, shop the bank where you have your accounts. They know you. Brokers' first priority is not you it is them and the commission that that can make. If the lender goes belly up, your mortgage will be sold to someone else. It might be sold anyway to become part of a pool of mortgages. Perhaps this is not so prevalent in Canada as it is in the US.

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Hi all, i have a 5 yrs term mortgage that i got 2 years ago for a 4-plex i purchased. last month i contacted an appraiser who appraised the property. based on the appraisal the property is worth around 100k more than purchased. this means i can apply for refinancing and potentially take out some equity from the house. here is my dilemma: the mortgage is with excellent conditions - good interest. i got it through a mortgage broker with a big bank in canada. i have 2 options for the purpose of refinancing: either contact the bank who provided the mortgage directly or apply through a mortgage broker who can decide to work with different banks. the problem with going with a mortgage broker is that he already told me the new conditions will be worse than current conditions i have. if the current bank approved my refinancing application it would be with the same or better conditions! on the other hand, if i go with the current bank am i not taking a risk that if they do not agree to refinance the property because i do not meet their criterias (i am self employed now), then they will also not automatically renew my mortgage in 3 years when term is over!? note: if i do not contact them now, then my understanding is that the bank will automatically renew my mortgage since that is the law in canada: as long as you pay all your mortgage payments on time, the mortgage is renewed automatically without the need to re-apply/go through the application process again! i'm just not sure if i contact them now for refinancing and fail, that they will not keep record of my new 'bad' information (i.e. self employed, less stable, etc. whatever caused them not to approve me) and not automatically renew my mortgage when the term is over! bottom line i do not want to lose twice - once not being approved by the good/big bank now, and second damage my chance to be automatically renewed in 3 years. thanks & regards.

Unless things are really, really different in Canada as the USA then your mortgage will not automatically be renewed when it comes up in 5 years. Rather you will have to re-apply for a loan and if they don't like that you are no self-employed they won't renew. So, assuming this is the case there is nothing lost by going with your current bank. However, if you are worried just go with a different bank (or the mortgage broker, though I've never had any luck with them). I doubt the new loan your current bank would give you would be much better than a new loan from a new bank, so it doesn't matter so much which bank you use.