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Looking To Refinance Your Mortgage Loan?

February 27th, 2012

With the amount of housing value that has been lost in recent years, trying to refinance a mortgage loan has become a popular way for a person to reduce the interest rate or monthly payment for their mortgage.  There are many different companies that will offer a loan to people that are looking for a mortgage and these loans are different in various ways.  When trying to find the best way to refinance a mortgage loan, there are a few loan features that are important for you to review.

Interest Rate

One of the most important items to review before deciding whether to refinance a mortgage loan is the interest rate that you will be charged for the loan.  The higher the interest rate, the more you will pay for the mortgage.  The interest rate for the loan is typically based on the amount of mortgage loan and your credit score when you apply for the loan.  Be sure to review the interest rate to be sure that you are getting the best deal.

Additional Fees

You should also review what additional fees you have to pay to obtain the loan prior to refinancing a mortgage loan.  These fees could include charges for collecting information, paperwork charges, and administrative charges.  It can be difficult to find a company that will not charge you for these additional items, but the best refinancing companies will have very few of these fees, saving you hundreds of dollars.

Compare Loans

When trying to find the best way to refinance a mortgage loan, it is important to shop around and get information about several different types of loans from a few different companies.  Many companies offer these types of loans and each company can vary widely in the fees charged for their services.  By following these few tips on how to find the best way of refinancing a mortgage loan, you will make sure that you are getting the best deal available to you, which will save you a great deal of money in the long run.

Tags: Loan, Mortgage Loan

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CIBC’s Mortgage Gamble

February 20th, 2012

CIBC felt it had to do something with its mortgage broker business.

It’s facing:

• Shrinking mortgage margins
• Slow balance sheet growth
• Regulatory changes (IFRS and Basel II and III), which increase its mortgage funding costs
• Policy changes (related to CMHC insurance, covered bonds, and securitization), which increase its mortgage funding costs
• High broker compensation versus its proprietary sales force (50-100% more in some cases)
• Lower retention rates on broker business
• Far less cross-selling with broker-originated mortgages (compared to its retail sales force). <

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Tags: Mortgage, Mortgage Gamble

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Apr 27, Dissapoingting in trying to rebuild when banks shoot you down

February 12th, 2012

About 5 years I became ill and was not able to work for 6 months. At that time I had 5 or more credit cards doing well. Unfortunately, I was forced to pay more and more for my medicine which instead affected my credit negatively because I was not able to pay the money Ive spent.I became depressed quickly over past due acct and stopped trying to pay them. Four months later I was sued by Capital One (twice) and HSBC sued me on once I paid a few bills and since then Im back on my feet.I started with applying for big bank accts. I applied for 4 different credit card issuers and I was approved for all four! However, I also applied for a Capitol one credit card and completely amazingly they approved me before they realized that I owed them money!I tried few times later and was denied for months! However, things have changed and now I am approved and I was also awarded as a valued customer and they will also raise my credit limit! I am now very careful with the bills and always pay off the balance in less than 14 days.Oh, I also tried for months to apply for an Orchard credit card but they were only able to give me a secured credit card.

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Dangerous Insects

February 8th, 2012

Just when you thought you were safe in your own home, safe from maniacs on the street, safe from lost and roaming wild animals in your local town, a small unassuming insect bites you, and for the next few days, you are fighting for your life. A mosquito, right in the comfort of your own home has brought this on you.

Mosquitoes are often overlooked as a danger to the human race, but these little creatures are responsible for one to two million deaths a year. Malaria, one of the deadly diseases this insect carries, affects 10% of the world’s population, making it the leading mosquito-born disease.

Another overlooked insect is the fly. Houseflies carry thousands and thousands of pathogens and parasites that can be fatal to humans. The Tsetse fly is responsible for 250,000 to 300,000 deaths a year in Central Africa. This fly carries a certain parasite that causes “sleeping sickness.” The parasite enters into the body of a host, affecting the nervous system where it can cause a deep coma and possibly even death.

Yet another dangerous insect did not come from nature but rather was born out of a man’s effort to produce a better version of the bee. African

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Avoid Wasting Money On Overdraft Charges

January 24th, 2012

Overdraft charges are one of the most expensive bank charges that can be levied against a checking account and cost consumers billions of dollars every year.  It has been estimated that nearly 25% of checking accounts experience an overdraft at some point over the course of a year and the fees average around $35 per occurrence.  Avoiding overdraft charges is not impossible and by following a few simple tips, you can ensure that no overdraft charges will be charged to your account.

Keep An Accurate Checking Ledger

Keeping track of the amount of money available in your account is the best way to avoid being charged an overdraft fee because you will always know how much money is in the account.  All deposits and withdrawals should be noted in the checking ledger, including any purchases made using a debit card, and the ledger should be balanced regularly.  Many people choose to balance their checking ledger at the end of every day because it only takes a few minutes of time and it is always up to date.

Add Some Additional Padding To Your Account

Another good way to avoid overdrafts on your checking account is to add two or three hundred dollars to the account that is not reflected in the checking ledger to pad the account.  Adding this additional money will come in handy if a paycheck is delayed and automatic payments are withdrawn from the account or if a transaction is missed in your checking ledger.  Act as if this additional money does not exist and do not plan to spend it for purchases.

Sign Up For Low Balance Alerts

Many banks have added low balance alerts to the services available on their websites.  This service sends you a text or email when the balance of your checking account falls below a certain threshold, alerting you that you need to make a deposit and restrict your spending until there is more money in your account.  The amount of the threshold is chosen by the account holder when they sign up for the alerts and can be set for amounts ranging from $50 to $500.

Tags: Charges, Overdraft Charges

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Mortgage Rates After the EU Downgrade

January 17th, 2012

Nine European countries saw their S&P credit ratings chopped yesterday. Among them, France and Austria lost their coveted “AAA” and Italy and Spain’s ratings sank two notches to BBB+ and A respectively.

While somewhat expected, this move undermines EU confidence and raises borrowing costs for some countries that barely make ends meet now.

By comparison, Canada’s AAA bonds (which impact our mortgage rates) look more appealing to investors. Barring offsetting news, downgrades in Europe should push our yields lower next week, some traders think.

Lower yields normally mean lower fixed mortgage rates. Unfortunately, that linkage is now less reliable due to widening credit spreads on riskier borrowing. (Mortgages are deemed riskier than government bonds, even if insured.)

We spoke with a capital markets expert at a major bank on Friday. He advises mortgage shoppers not to get their hopes up if yields fall in response to European turmoil.

“I suspect that you are not likely to see any real pass-through (to mortgage rates),” he said. “(Every len

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