Mortgage advance and consel

If you are anticipating buying a new home - or perhaps have already made a conditional offer - and you have already been through the process before, we'll bypass the first-time buyer basics and go straight to the refresher course. After all, it may have been some time since you went through the process, and a few things could have changed. Following is a menu of options to choose from.

Review of the Buying Process
Reviewing the roles of the key players and the costs of purchasing.

A number of people and services combine to bring your home purchase to a successful Closing. In this section we'll look at:

The Role of the Major Players in your Purchase
What are the key roles and responsibilities of a builder? A realtor? A lawyer? A mortgage lender?

The Costs of Purchasing
The bottom line! How much cash will you need, and how you calculate the amount of Mortgage Financing you'll need.

Financing Methods
A more in-depth review for the experienced buyer.

In recent years the number of mortgage options has grown dramatically. Here we analyze the types of mortgages currently available, and suggest a few alternative courses of action.

What Type of Mortgage you Should Get
There is a much greater choice of options than at any time in the past. Now's the time for an update.

Paying Off your Mortgage Faster
One of the highest financial priorities of Canadian homeowners is to pay off the mortgage as quickly as possible. Check our tips here.

How the Mortgage Market Works
How mortgage rates are set; How market conditions can affect your decision; How Mortgage lenders "manage" the market.

In Canada, mortgage rates are set by the major financial institutions, in a "follow-the-leader" manner, with one of them, usually a major bank, taking the "leader" role. All major financial institutions earn a large part of their income on the "spread", which is the difference between loan/ mortgage rates they charge to borrowers and the rates they pay to depositors/ investors for an equivalent term.

In this section, the basic "cause and effect" factors behind these mortgage rate movements are discussed in greater depth.

How the Bond Market Affects Mortgage Rates
The bond market, which is a part of the worldwide "wholesale money market" is the great leveler. It is affected by monetary and fiscal policies and economic and political changes in all the major nations of the world.

How Market Changes can Affect Mortgage Decisions
Financial markets can vary greatly, and individual mortgage borrowers' most effective strategies can vary along with these conditions.

How the Lenders Manage Mortgage Rates and Products
How the Lenders manage their portfolio of mortgages and deposits while continuing to maintain, or increase their share of a growing mortgage market, is unique to Canada due to the nature of our financial services industry.