In addition to the CMP Top 75, this year marks the second year of the Small Market Top 20 – a list celebrating the accomplishments of mortgage professionals in markets with 2012 average home prices of $290,000 or less.
The entry deadline is Friday, June 21st, so don’t delay!
Last year’s Top 75 list included funded volumes (from 2011) ranging from just over $26 million in 75th position to more than $410 million in top spot. If your funded volume for 2012 is above $25 million, it’s definitely worth your while to fill out the submission form.
Please note that your volume submission must only include deals you personally generated and for which you alone received commission. It’s okay if someone else helped you process the deals, but no one else should have been paid commission on these deals.
Click here to enter online today.
A Bank of Canada study found that loyal bank customers don’t get the best deal when they renew their mortgage. People who switch and first-time buyers do.
Everyone you deal with would like you to believe there are rewards for your loyalty. They may offer a better price, a bundling discount, or less tangible things like superior customer service.
Sometimes your loyalty is rewarded and sometimes it isn’t.
The best way to figure out which is which is to become better informed about your choices. Compare prices and features, read the fine print on contracts and keep an eye on developments in the news. In this respect, the Internet has been a great leveler. The products are all on display in the online shop window. You can poke around, ask questions, figure out where you want to spend your money and negotiate a price.
The biggest investment most of us make is in a home. So if you can shave just a little off the cost of a mortgage, you can save thousands in interest payments.
Click here for the full article in The Star.
When you buy a house and sign up for a fixed-rate mortgage, you probably don’t ask about the cost of getting out early.
But life is full of surprises – and if you have to sell or refinance before the mortgage term ends, you can be hit with a monstrous penalty.
Take Douglas Clinton Govier Jr who sold his house this year. He had just over six months left on a closed five-year mortgage with CIBC.
“I was charged over $12,000, which was more than one full year of interest,” he says. “I expected to pay a reasonable penalty, but not one as unreasonable as this.”
He asked on at least two occasions how the penalty was calculated and couldn’t get an answer. He was told that the amount could not be reduced unless he took out another mortgage with the bank.
Click here for more from The Star.
When it comes to saving on your mortgage, making prepayments and shopping around at renewal time are good ideas.
Christina and Darryl George have a mortgage, but that doesn’t keep them from saving for their next one. The Georges live in a two-bedroom condo across from High Park. In the next couple of years, they hope to buy a house west of Toronto.
They plan to use the equity they’ve already built up in the condo towards their next home. They want to save even more so they can make a bigger down payment. But that’s not the only reason.
“We want to make sure we have enough to fix the roof or the backyard if necessary, the kinds of things you don’t have to worry about in a condo,” Christina says.
When it comes to saving on your mortgage, there are lots of ways to cut your interest costs, such as making prepayments and shopping around at renewal time. The best way to save is by borrowing as little as you can. The best way to do that is by making as large a down payment as possible.
Click here to read the full article in The Star.
Family #1 manages to pay off $40,000 in debt in two years on a $35,000 annual income. Family #2 makes $100,000 a year but can’t seem to make the slightest dent in the same amount of debt.
Why is that?
Obviously, the second family has a spending problem. They make plenty of money – more than enough to pay off that debt in two years. But they have so much money going out, they can’t keep their head above water. Whether it’s in the form of an overbearing mortgage, credit cards, a hefty car payment or just making poor choices like eating out every night, their debt keeps them from making progress.
So all of their income gets sucked up by other stuff, which leaves them making minimum payments on their debts and never gathering any momentum. It’s a difficult, stressful way to live.
Click here for 7 Characteristics of Debt-Free People.