Do Away With Debt

In times gone by, there hasn't been a specific type of mortgage known as a 'first time buyer mortgage'. But, as property prices have raised so much in the UK over the last five years, leaving first time buyers out of the market, mortgage lenders have had to come up with some new and creative ways of lending to help people onto the first rung of the property ladder.Ten years ago, first time buyer mortgages were easily calculated by simply multiplying your annual salary by two and a half. Nowadays it’s a lot more complicated than that!Now there are hundreds of lenders offering thousands of first mortgages – all vying for your ...

written by Debt Diet

"A penny saved is a penny earned"... or so the old proverb goes. Of course, the value of a penny has changed somewhat from the time when your mother offered her wisdom on the value of keeping what you earn. Today, you could save thousands of dollars by simply making the right mortgage decision. If you're like most Canadian homeowners, your mortgage is a goldmine of potential savings.In the past few articles, we've talked about the importance of your mortgage as one of your most significant financial decisions. We've explored the value of seeking the advice of a mortgage professional -whether you're buying a home or renewing an existing mortgage.Today, let's take ...

written by Debt Diet

For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. The mortgage world - like the investment world - can sometimes be confusing. There is a vast array of choices - open, closed, fixed, floating, long or short amortization, prepayment options, portability... and of course, the rate itself.Making the right mortgage decision can have a huge financial impact over the long term. Many Canadians have an investment advisor to help them sort through their choices. Now, Canadians are also beginning to ...

written by Debt Diet

Comparing Colorado Jumbo and Conforming MortgagesThere are differences between a jumbo Colorado mortgage and a conforming Colorado mortgage and learning what those are will inform you about which Denver mortgage is the best for you. Information about your mortgage will help you as a customer, so you will be able to work out a fair deal with a lender when you are in the market for a Denver mortgage.Jumbo & Conforming Colorado Mortgages DefinedThere are two companies, named Fannie Mae and Freddie Mac that are empowered by the government to buy mortgages. Because of how they were created, Freddie Mac and Fannie Mae make the standards for the mortgage business. So they ...

written by Debt Diet

Forget everything you thought you knew about the benefits of taking a variable-rate mortgage instead of locking in for the long term.A new study suggests the security of a five-year mortgage costs little or nothing beyond a riskier variable-rate mortgage, providing you get a jumbo-sized rate discount."Interest costs on discounted closed five-year mortgages have been close to, and often lower than, those of variable-rate mortgages since late 1996," senior Canada Mortgage and Housing Corp. economist Ali Manouchehri writes in the study.Homeowners have made variable-rate mortgages hugely popular in the past few years in the belief that you can save on interest costs by pegging your mortgage rate to your lender's prime lending ...

written by Debt Diet

"Wow!" you say to your spouse as you hit the brakes on the car. "Did you see the mortgage rate those guys are advertising?" Your worries are over, you're thinking. Just lock in a rate like that for the next ten years, and you've got it made.Not so fast. That rate may not be the one for you. Typically, the lowest available rate - and the one that makes the rate sign look great from the street - will be for a variable or adjustable-rate mortgage. That rate has the potential to be like a roller coaster. The posted variable or adjustable rate is the rate you're getting today. Unless you have ...

written by Debt Diet

Dealing with Colorado Mortgage ProgramsIf you are already a homeowner or just someone who wants to own a home, you know there are many Denver mortgage choices available to you. But since people who are interested in buying a home are different, the top Colorado mortgage providers must be diligent about coming up with the right types of Denver mortgages for their customers. Colorado mortgage providers are looking for ways to meet the financial demands of their customers, who come from different financial backgrounds and have varied mortgage concerns.The Colorado Mortgage That FitsDenver mortgage lenders have different products to meet different needs, but all with the same goal of getting would-be home ...

written by Debt Diet

Question: "What's the biggest financial investment most Canadians will ever make?"Okay, that may have been an easy one if you read the headline of this column. For most Canadians, their home is their biggest investment - and their most powerful financial tool.It's odd - given the importance of the mortgage decision - that many homebuyers will spend much more time deciding on which mutual funds they should invest in... or even which sofa to buy... than on which mortgage will best meet their needs.Times are changing though. Mortgage options are exploding, and Canadians have begun to demand - and receive - better rates, more flexible products and more personal service than ever ...

written by Debt Diet

province controls the mortgage and its rates in Canada. Canadian banks play a vital role in the mortgage industry. A study made in 2004 revealed that, these banks cover around 63% of the entire mortgage industry in Canada. These yearly surveys help the people to understand about the mortgage rates in Canada.The Canada Mortgage and Housing Corporation or the CMHC conducts yearly surveys to revise the picture of mortgage market. The CMHC is a recognized bureau of Canadian Government, which guarantees for the best and the lowest mortgage rates offered to Canadians. Various types of mortgage programs with distinctive features and technologies are available in Canada mortgage industry. Canadians may go for ...

written by Debt Diet

Jumbo mortgages are not so different from standard mortgages but there are a few key things that are worth looking in to.Jumbo Mortgage LoansA jumbo mortgage loan is a loan taken for property that is high-priced.. In Colorado, as in most of the U.S., a jumbo mortgage loan is any mortgage that exceeds $417,000 - the limit set by Fannie Mae and Freddie Mac for conforming loans.Fannie Mae and Freddie Mac, the two agencies that buy the majority of real estate mortgages, will not finance loans greater than $417,000 in most states; however Alaska, Hawaii, and a couple others are exceptions. Therefore, the large jumbo mortgage loans are sold to other investments, ...

written by Debt Diet