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Gregory van Duyse's Articles in Mortgage

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  • How do you acquire a down payment for your home loan – prêt hypothecaire?
    There are many different ways to obtain a down payment for your property. There are the standard, usual ones, but there are others that most people don’t know about but I have learned about over the many years I have been advising my clients regarding their mortgages. Basically, there are three ways - hypotheque:
  • Is it better to pay your mortgage weekly, every two weeks, or monthly? - prêt hypothécaire
    The more frequent the payments, the greater the savings, even if you do not increase the amount paid. If it is possible, make your payments each week, if not, pay your mortgage every two weeks - hypothèque.
  • What is the best way to choose the right mortgage strategy? - prêts hypothécaires
    So what should a borrower be doing? The only way you can be guaranteed to find the loan strategy that works for you is to contact a mortgage expert and work with him towards the perfect strategy for your situation. The consultation is free, but it may save big in the long run.
  • The most common situations that lead to a penalty (taux hypothecaire)
    No borrower wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some unusual types of open mortgages, have penalties for prepayments. The question 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 borrower wants to pay a penalty on his home loan! That’s for sure, but all mortgage loans, apart from some unusual types of open mortgages, have penalties for prepayments. The question of penalties includes many aspects which need clear explanation and examples in order to be able to fully comprehend them.
  • How to calculate Mortgage Penalities (hypotheque)
    Borrowers don’t think it is fair to have to pay a penalty on his mortgage, of course. But, except for some specialized mortgages, all mortgages have penalties for pre-payment. It is a very complicated subject, and it requires careful explanation and example in order to make it clear.
  • Morgage Strategy - Variable Mortgage strategy (hypotheque)
    Interest rates on variable rate mortgages are based on the base rate of the large banks in Canada. The rate a borrower gets is a rabais over this base bank rate. Variable rate loans are always quoted as a base rate less a fixed percentage.

    If the base rate, for instance, 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.
  • The fears of mortgage lenders.
    Once you understand what mortgage lenders don’t want to face, you will better understand whether or not your application will be viewed in a good light by the mortgage lenders you apply to - taux hypothecaire.

    A lender has two big fears:
    - Losing Time
    - Losing money.
  • What’s best to work with, with a mortgage broker, a mortgage marketer, or a bank representative?
    It is the person in the position that is most important.
  • Should you 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 difference in the long run - taux hypothecaire.
  • The expertise of your mortgage consultant - courtier hypothecaire
    This concept allows a mortgage consultant to be an expert in a certain field. This is becoming more important as the field of home loans becomes more competitive as well as more complex. I think more and more mortgage consultants will start to specialize in this way - courtier hypothécaire. Better to be a master of one trade than a jack of all trades and master of none!
  • The integrity of your mortgage counselor
    Integrity can be described as being the quality of an honest, incorruptible person, a person whose behavior is above reproach. Can you truly say that this is true of your mortgage counselor? Only if you can say that he puts his client’s interests before the interests of the lender. If not, he does not have integrity. - courtier hypothecaire
  • What is the best method to choose a mortgage counselor?
    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 counselor 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:
  • The different strategies to acquire a down payment (taus hypothecaire).
    Once you start negotiating for a home mortgage, one of the most important things a bank will look for is a down payment. Even a small down payment will have an effect on your mortgage - hypotheque.

    You can obtain a down payment in a lot of different ways. Some are fairly standard 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:
    -Your own funds
    -A gift from a relative
    -Funds obtained from other people or in a different way.
  • The “Smith Mortgage Strategy” (tax deductible home loan strategy)
    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.
  • Is it better to pay your home loan weekly, every two weeks, or once a month? - prêt hypothecaire
    The more payments you make on your mortgage, the more you will save on your mortgage, without making any increase in payments. So, if it is at all possible, make your payments once a week, or at least every two weeks - hypothèque
  • Open Mortgage – A good idea? (taux hypothecaire)
    The open mortgage (pret hypothecaire) is a great idea if you want to avoid high early payment penalties. But you should only use it if you are fairly certain that the mortgage will be paid down within 12 months. If not, you are better off taking advantage of a fixed rate loan and take a chance on a payout penalty.
  • The long term loan strategy - prêt hypothecaire
    You may feel uneasy about taking out a longer amortized mortgage - prêt hypothecaire. It may not be the solution for everyone.

    You feel you’d rather not pay off your mortgage as slowly as possible, and therefore raise your interest payments on the mortgage, but to manage the payments to your best advantage. In most cases, people are better off with a 15 to 20 year schedule.
  • Who decides the future of mortgage rates? - hypotheque
    Borrowers sometimes think that the banks make the decision to raise or lower rates. To a certain extent, this is true, but they are doing it in response to other factors. In regard to mortgage rates, the variable rate home loan is controlled by the prime rate and the fixed rate home loan is controlled by the cost of funds of the lenders. (taux hypothecaire)
  • The mortgage strategy for “less than perfect credits” (taux hypothèque)
    Description

    The mortgage strategy for “less than perfect credit” takes place in 3 or 4 stages. The purpose is to obtain an average interest rate over 15 or 25 years which is as low as possible - taux hypothèque.
  • How do I choose the right mortgage strategy? - prêts hypothécaires
    How to choose the strategy that is best for you?

    I advise you to contact a professional in mortgage planning to establish a personalized strategy. It’s free and … enriching.
  • Why do mortgage brokers work for borrowers and not for lenders? (courtier hypothécaire)
    If the broker (courtier hypotheque) is making his living by fees, he has to build a strong reputation among borrowers and potential borrowers so that his fees will continue to grow.
  • Mortgage Strategy – The “5 by 5” strategy (renew 5 times a 5 years fixed mortgage prêt hypothecaire)
    As the name tells us this strategy consists of mortgaging a property with a five year fixed mortgage loan and subsequently renewing it for the same term at the expiration of each loan, (prêt hypothecaire) that is to say, every five years.Visit any bank or call any broker and if you ask them for the best rate, they will automatically give you the five year fixed rate as if it were understood that you wanted the five year fixed rate.
  • How is your home loan broker –courtier hypothecaire- paid?
    We all need to be compensated for our efforts, and mortgage brokers are no different. They are paid by the lending institutionfor placing the loan withthem. The amount of the home loan is what determines the commission the consultant (Intelligence Hypotheque) will earn. The larger the loan, the bigger the commission, (the commission on a $200,000 loan is twice as high as the commission on a $100,000 loan) not, the higher the rate, the larger the fee.
  • How to beat the lowest home loan rates(taux hypothécaire)
    The secret to save money on your mortgage (hypotheque) is the right mortgage strategy. A qualified mortgage consultant (courtier hypothécaire) will not only help you to find the lowest strategy and of course, the best home loan rate (taux hypothécaire).
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