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Mortgage What is a Mortgage A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as liens against property or claims on property. If the borrower stops paying the mortgage, the bank can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the homes tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixedrate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixedrate mortgages have a 15 or 30year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixedrate mortgage is also called a “traditional mortgage. With an adjustablerate mortgage (ARM), the interest rate is fixed for an initial term, but then it fluctuates with market interest rates. The initial interest rate is often a belowmarket rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term. Other less common types of mortgages, such as interestonly mortgages and paymentoption ARMs, are best used by sophisticated borrowers. Many homeowners got into financial trouble with these types of mortgages during the housing bubble years. When shopping for a mortgage, it is beneficial to use a mortgage calculator, as these tools can give you an idea of the interest rates for the mortgage youre considering. Mortgage calculators can also help you calculate the total cost of interest over the life of the mortgage.

Benefits Of Having A Mortgage Broker In Bc Is there such a thing as the right time to buy? Undoubtedly, you've heard someone say: "I wish I could see into the future when it comes to purchasing an investment such as real estate". The truth is no one has a crystal ball. We all have to live somewhere, so why wait year after year until you come up with a prediction of the right time to take the plunge? There is no such thing as the "right time" to purchase a home if there were, everyone would have the foreseen the trend and bought property many years ago. In so many ways, I am privileged to be a mortgage broker in BC, which is one of the most beautiful locations in the world. With this in mind, understand that there are some drawbacks. For instance, there have been people over the years that have moved from across Canada and around the world to Vancouver and the surrounding areas. The influx, according to many economists, will continue to increase. At times the media has reported cases in which renters have been forced out of their units. This also seems to be a growing trend. This is due in part to landlords reviewing their best options that include, spending capital on endless and ongoing renovations to an older building or selling the valuable land to a developer and walking away with millions of dollars in their pockets. Many landlords are taking the second option. It looks as if this way of thinking may be here to stay. As time moves on, it's nice to know that we are able to create a sense of security, stability and consistency. When purchasing a home, you have control of such things as well as changing decor and landscaping and being able to increase assets. One of the greatest ways to increase asset value year after year is to own your residence. The biggest questions to ask yourself are where you want to live and how you want to live your life. The differences between renting and owning a home are HUGE. There's a long list of pros and cons, but no one right decision. Home ownership depends on whether you are ready financially and emotionally to take the leap of faith to harness more financial freedom. First, when it comes to purchasing a home, no matter what size, you'll discover mortgage payments and other related costs such as property taxes, repairs, and maintenance; and if you have a condo, the strata fees usually make monthly payments a bit higher than rental payments. Your ability to afford a home can be gauged very simply: do your mortgage payments and ownership costs plus all other debts add up to more than 42 percent of your gross monthly income? A few alternative mortgage lenders that exclusively deal with mortgage brokers only will allow up to 50 percent of your gross monthly income for that same calculation, if you wish. After all you still need to budget for food, clothing, transportation and other living expenses, not to mention vacations and other leisure activities. The right steps should truly come from thinking over your best options, as well as getting professional advice from a mortgage broker in BC when coming up with a great homeownership budget decision. Secondly, buying a home isn't just about money. Sometimes you have to follow your heart. Even if you want freedom to move to different areas in the city or country, or planning to go back to school and change careers, or if there are blemishes on your credit, there is a alternative mortgage financing plan that suits your needs.

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