At one time or another many of us homeowners will need to refinance. With the recent plummets in the US real estate market, the changes in interest rates and the ever changing ups and downs of the Canadian real estate market; mortgages and refinancing can be a tricky area. Many of us don’t feel we completely understand the terms behind refinancing, inflation, amortization, etc. It helps to have the guidance and support of a professional in the business. A Toronto Mortgage Broker is exactly what you need if you are at this point in your home ownership. A broker can help you through the process of refinancing your home or applying for a new mortgage on a home or condo you wish to buy. A broker knows the business better than anyone else and watches the interest rates so they know when it is the best time to lock in or when it is the best time for a homeowner to apply to refinance their existing mortgage.
At an international crime conference this week, law-enforcement experts and investigators gathered and announced Canada is becoming a global trendsetter in mortgage fraud.
They stateed that even though credit card and mass marketing fraud are still “a huge concern” for Canadians, consumers need to pay particular attention to the rapidly rising potential for real estate-oriented fraud cases, said crime and risk management expert Chris Mathers. “(Mortgage fraud) is an absolute epidemic, a huge problem in the developed countries, especially here in Canada,” said Mathers, who is taking part in the International Fraud Investigators Conference in Toronto. “And I don’t see it changing anytime soon.”
The conference, which hosts police officers, detectives, consumer specialists and consultants from around the world, will spend the next four days addressing the world’s most pressing fraud issues and exploring ways to tackle them.
Identity fraud is the main issue when it comes to mortgage fraud and all Canadians need to be aware when they are purchasing their home and when dealing with mail. Make sure you destroy all those credit card mails and other mass mails as these can get you into trouble.
With the fluctuation in interest rates of late, and the rising property market, homeowners have become more aggressive in seeking out the best possible terms from a lender. The advantage of a mortgage consultant lies in the opportunity to search a large segment of the mortgage industry for the best terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage brokers is growing. Last year, almost 50% of all mortgages placed in Canada were through a mortgage broker.
A mortgage broker can also be a source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.
ProfessionalReferrals is an on-line provider of high-quality referrals to professionals within the Financial Services industry. We operate an on-line library of articles and information designed to provide a consumersâ€™ guide to the financial services marketplace. Our on-line advisor network is available to members of the public to find and contact professional advisors in their neighborhood. we specialise in Mortgage advice in Canada
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 4 1/2 per cent.The Bank’s outlook for Canadian economic growth and inflation in 2007-2008 is essentially unchanged from that set out in the October Monetary Policy Report (MPR). Global growth has been strong, commodity prices have remained high, and employment growth in Canada and the United States has been sustained. Some recent indicators suggest that output growth in Canada and the United States in the fourth quarter of 2006 may be a little weaker than previously expected. Inflation in Canada has evolved broadly in line with the Bank’s expectations.
All things considered, both total CPI and core inflation in Canada are still projected to converge at 2 per cent in the second half of 2007. In line with the Bank’s outlook, the current level of the target for the overnight rate is judged at this time to be consistent with achieving the inflation target over the medium term.
The principal risks remain those identified in the October MPR. The main upside risk relates to the momentum in household spending and housing prices. The main downside risk is that the U.S. economy could slow more sharply than expected, leading to lower Canadian exports. The Bank judges that, overall, risks around the inflation projection are roughly balanced. The Bank will continue to pay close attention to the evolution of risks, together with economic and financial developments in the Canadian and global economies. A full analysis of economic developments, trends, and risks will be outlined in the Monetary Policy Report Update, to be published on 18 January 2007.
Press Release Published by the Bank of Canada
Primarily this should mean that mortgage interest rates within Canada will remain unchanged over the Xmas holidays.