Tagged in: Mortgage

How to Find The Best Mortgage Rates

There was a time when those shopping for a mortgage made an appointment with a Brampton mortgage broker  to apply for a mortgage. Times have changed and it’s now possible to do some research and find the best rates possible for what is usually the largest purchase most people make in their lifetime. And having this option you may be surprised to discover than only about half of those looking for a mortgage explore other options. Comparison shopping can save you a lot of money especially when you’re talking about hundreds of thousands of dollars. Which makes some time spent shopping around well worth it.

Rate Comparison Sites

A good place to begin is having a look at rate comparison sites, even if you’re not inclined to do it yourself this will give you a clear picture of what’s available. Be sure to check out more than one site …

What Is The True Cost Of A Reverse Mortgage?

If you have been thinking about getting a reverse mortgage, but have been deterred by potential costs, think again! It is a common misconception that reverse mortgages have high upfront costs, but in reality a reverse mortgage can be as affordable as a regular mortgage in Canada. Read on to find out what the costs are as explained by mortgage broker in Brampton, Rakhi Madan.

One of the first costs that may come to your mind is the interest rate. Reverse mortgage interest rates are comparable to other home equity loans, but are usually around 2% higher than the interest rates of a regular mortgage or line of credit. In exchange for a higher interest rate, the homeowner gets tax-free upfront cash and no need for monthly payments until the homeowner moves or sells the home. This is an amazing deal for many homeowners, and is unique to a …