A Guide to Mortgage Interest Calculations in Canada, mortgage calculator canada.#Mortgage #calculator #canada


mortgage calculator canada

Pushing [COMP][PMT] will return -639.81.

You can get more information about using two of the more popular financal calculators here:

These files require a PDF reader, such as Adobe Reader.

Remember, these calculations are for the mortgage itself, and do not include any life insurance premiums added to the payment or property taxes that may get added. Also, some lenders will round up the payment to the next dollar. This simply means that the mortgage gets paid down slightly faster, since those extra pennies are applied to principal.

Some Mortgage Calculators – Excel files

Monthly Payment Mortgage Calculator – No Amortization Table This spreadsheet file allows you to compare up to five mortgages – different rates, principals, amortization terms, etc.

Monthly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for five years. You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any monthly payment date.

Weekly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for 261 weeks (five years). You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any weekly payment date. Note that the assumption is that this is the typical weekly-pay mortgage with the payment based on one-quarter the monthly payment on the nominal amortization. The actual amortiztion term is provided as well.

Extra Payments

What is the impact of an extra, lump-sum payment? Every penny of an extra payment will reduce your principal outstanding and start saving you interest immediately. The spreadsheets above that have amortization tables allow you you determine the impact of lump-sum extra payments made on any payment date.

Let’s extend the example that we used above. Suppose one year after taking out the $100,000, 6%, 5-year mortgage, you received an unexpected $2000 windfall and decided to apply half of this to your mortgage. Without the extra payment, you would be owing $89,836.47 at renewal after five years. With the extra payment this is reduced by $1,266.76 to $88,569.71. It should not surprise to you to learn that this is a 6.09% compound annual return on your $1000, since that is the effective annual rate on the mortgage. This 6.09% is tax-free, which is roughly equivalent to a 9.5-10% rate of return on a pre-tax basis for people earning interest outside an RRSP or other tax-sheilding vehicle. That is excellent, considering that it is close to a risk-free return.


The 4 Best Mortgage Lenders In Canada, canada mortgage.#Canada #mortgage


The Best Mortgage Lenders In Canada

I m often asked who are the best mortgage lenders in Canada? Great question! After all, if you re going to be paying a mortgage lender every month for a very long time you want to partner with a lender worthy of your business. And if you re thinking ahead, you want to team up with a lender that offers great rates plus flexible terms and useful features. Below I ve listed 4 excellent mortgage lenders you want to check out.

But first, let me share with you an insider s secret! The reality is, there isn t a huge difference from one lender to the other especially when it comes to mortgage lenders working in the A market. By A market I m talking lenders who deal with borrowers with good credit and income. But, what sets lenders apart is the value add: exceptional customer service, flexible terms, useful options . There is no deluxe, luxury mortgage lender so it s tricky and subjective to determine the best mortgage lender.

I can however, use my experience to share with you, in my mind, the best mortgage lenders who work hard to keep your business. Not only am I basing my shortlist on lenders who consistently offer low rates, something you re understandably interested in, but also, levels of customer service and flexible mortgage terms. While low rates are fantastic, you also want to partner with a mortgage lender that offers you the ability to make changes, refinance, or discharge your mortgage.

The 4 Best Mortgage Lenders

Canada mortgageING DIRECT ING Direct is Canada s largest direct bank and part of ING Group, one of the world s largest providers of integrated financial services. Competitive, simple products and the ease of doing business is ING DIRECT s commitment to you and the main reason I love sending my clients to the Orange bank. ING leads most lenders when it comes to their pre-payment policies (25% priveleges), actually putting money where their mouth is in their unmortgage ad campaign.

Canada mortgageMERIX FINANCIAL Merix Financial has built their business by leveraging on the expertise and knowledge of their mortgage broker partners. In the 2011 Mortgage Broker Survey where brokers are asked to rate mortgage lenders, Merix Financial ranked second overall. They re a clear winner when it comes to consistency of competitive rates. What does this mean to you? You ll be working with a mortgage lender offering the lowest rates and outstanding customer service. Merix Financial has an awesome selection of products. I hold my own mortgage at Merix. What could be a better endorsement? Click here to check out their client brochure.

Canada mortgageSTREET CAPITAL FINANCIAL Street Capital is a relatively new comer to the Canadian mortgage landscape but in 5 short years they have already become Canada s 7th large mortgage lender. Street Capital prides itself on offering consumers competitive products and interest rates with an exceptional level of service. Their customer support is dedicated to making your experience a positive one. I have experienced this first hand while working with their team. Street Capital is a solid lender. You can t go wrong with them. Click here to download the Street Capital client brochure.

Canada mortgageMCAP Last year Canadian mortgage professionals voted MCAP as their preferred lender. If you ve been through the mortgage application process before you know how confusing and tedious the experience can be. Common sense lending, good policy procedures and great customer support staff makes MCAP a great option.

Perhaps you re not familiar with these lenders. That s normal and a question I m often asked is I haven t heard of this lender, how do I know this lender will stay in business? Jokingly I respond by saying: great, if they go out of business you want to hope they lose your mortgage file too! The reality is that your mortgage is a fully enforceable contract until the end of the term. So the interest rate, terms and conditions can t change. Secondly, your mortgage represents a valuable asset to the lender and even though the operation might go out of business there are always banks willing and able to pick up a solid mortgage portfolio.

Remember, to work with any of these lenders you need to connect with a mortgage broker who can access these great lenders on your behalf. If you have any questions please reach out to me. I love questions and like to answer them all. In the meantime, comment below and share with me what lender you re working with. I always love to hear from my readers.

Disclaimer

The information on www.sonofabroker.com is neither intended to be nor does it take the place of investment, legal, tax or accounting advice and users are strongly recommended to obtain independent professional advice. The information displayed on www.sonofabroker.com is for reference only. I make every effort to ensure accurate information, however, I am not liable for the use or misuse of the site s information.

Canada mortgage

Christopher Molder is a registered mortgage broker with:


Bad Credit Mortgage & Second Mortgage Toronto, Private Home Loans in Toronto, Canada Wide Financial,


Home Loans Made Easy through Canada Wide Financial

It is disappointing and discouraging when lenders fail to approve you for a home loan in Toronto. If less than perfect credit affects your ability to get a first or second mortgage, we can help you secure the funds you need to purchase the home of your dreams.

We Qualify You When Other Lenders Do Not

Many of today’s banks and financiers have long lists of qualifications that are difficult for most people to meet. Fortunately, here at Canada Wide Financial, we do things differently when it comes to home loans in Toronto. We can qualify you for a loan in several ways, including an evaluation of your employment and income, or even of the equity in your existing home. When other lenders say no, we can help you secure a private home loan.

A Simple Process

To find out if you qualify for a private home loan in Toronto, simply fill out an application. Our underwriters will review it the very same day, and you could receive approval in as little as four to 12 hours. There are no application fees, and in the event that there is an appraisal fee, we will notify you in advance. There are no long wait times, and you will never feel left in the dark.

No Credit? No Problem

Although traditional lenders rely almost exclusively on your credit score to determine your eligibility for home loans in Toronto, we do not. In fact, we use various other criteria, including your job, your length of employment, and your income as qualifiers to help you find the funds you need. We can even help you acquire funds for a second mortgages even if you have an open bankruptcy.

The Right Private Loan for Your Needs

Whether you are interested in home loans in Toronto for bad credit, second mortgages, private mortgage refinancing, or even debt consolidation based on the equity in your home or property, we can help. We can even stop foreclosures, assist in bridge financing, and work with clients who have declared bankruptcy. Despite what other lenders say, we will work with you to discover the best solutions for your unique situation.

If you need private home loans in Toronto, look no further than Canada Wide Financial. When other lenders turn you down, do not feel discouraged. Simply fill out our application, and one of our friendly, helpful representatives will contact you within 24 hours.


Mortgage Rates – RBC Royal Bank, mortgage rates canada.#Mortgage #rates #canada


Mortgage Rates

The charts below show current mortgage rates special offers and posted rates for fixed and variable rate mortgages, as well as the Royal Bank of Canada prime rate.

Featured Rates

Fixed and Variable Closed

Special Rates

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Posted Rates

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Today’s Royal Bank of Canada Prime Rate:

Breathe easy – get pre-approved today.

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Funds must be advanced within 120 days of date of application. Offer may be changed, withdrawn or extended at any time, without notice.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply. Special Offers are discounted rates and are not the posted rates of Royal Bank of Canada. Specials Offers may be changed, withdrawn or extended at any time, without notice.

1. Interest rate compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.

2. The annual percentage rate (APR) is based on a $ 250,000 mortgage for the applicable term assuming a processing fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.

3. Interest rate is compounded monthly, not in advance. This rate may change at any time without notice. Royal Bank of Canada prime rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its prime rate.


Second Mortgage Information: Rates, Loans – Lenders, mortgage rates canada.#Mortgage #rates #canada


How do You Get a Second Mortgage?

A second mortgage is quite simply a loan taken after the first mortgage. There can be various reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (PMI) requirement. The second mortgage, secured with the same assets as the first, usually carries a higher rate of interest than the first mortgage. The amount that can be borrowed is based on the equity in the home, which is the difference between the current value of the property and the amount that is owed on it. Another option, if there is enough equity, is to refinance and borrow funds in excess of the current loan balance.

Loan Term

Second mortgage loans usually have terms of up to 20 years or as little as one year. The shorter the term of the loan, the higher the monthly payment will be. It is always a good idea to talk about the terms of repayment with the lending mortgage company to select the loan that will best suit the needs of the homeowner. For example, when borrowing $20,000 to make home repairs, it may not be a good idea to select a loan that would require repayment of the loan within one to 2 years because the payments each month could be too high to manage.

Costs

All companies, including mortgage lenders charge a lending fee. Lenders typically charge loan origination fees and appraisal costs in addition to points. “Points” are a fee for lowering the interest rate of the loan. One percent that is borrowed is equal to one point. For example, a loan of twenty thousand that had a fee of 8 “points”, the actual fee would be $1,600 in “points”. The amount of points charged by a mortgage company can vary and it is a good idea to check with several lenders to get the best rate. Before agreeing to the loan, always get how much the fee is in writing. Some states limit the fee amount that a lender may charge on a second loan. The state banking commissioner or consumer protection office can provide information on any state limits. If there is a limit, compare it against any written quotes provided by the mortgage company.

Annual Percent Rates

If the loan has a fixed rate, which means that stays the same for entire term of the loan. However, there are quite a few lenders that will give borrowers variable rate mortgages. These are also known as adjustable rate mortgages. ARMs may have what is called a periodic interest rate adjustment over the life of the loan. If the contract lets the lender to change or adjust the rate of interest, it is important to know when the rate can be changed, how often it can be changed and even if there are limits as to what amounts the payments or interest can be changed. The mortgage company should also advise what basis will be used to figure a new interest rate.

Types

The common reasons people get a second mortgage are:

Mortgage rates canadaCompare your options: calculate PMI vs a second mortgage. Mortgage rates canada

There are two kinds of secondary mortgages: fixed rates home equity lines of credit. The home equity line of credit is an adjustable rate mortgage. The rate of interest on this loan is fixed for a stated time period and then becomes an adjustable rate for the remainder of the loan. The adjustment, based on changes in a pre-selected index, is set on a pre-defined schedule, usually once a year. The interest rate and monthly payment “adjust” based on the index changes. The line of credit is similar to a credit card: there is a maximum limit. Over the life of the loan, any amount of money may be taken out up to the amount of the maximum limit. The entire amount may be paid off ahead of schedule, and the line may be kept open for future withdrawals. However, the line of credit does have a fixed life. There is a stated length of time to make withdrawals and to pay off the debt. Once the life of the loan is over, it would be necessary to either pay off the entire balance or refinance it.

Other Important Facts

The lender of the original home mortgage has precedence over the lender of the second mortgage.

The process for getting a second mortgage is the same process as getting a first mortgage. All of the financial paperwork and personal information must be completed, a new home appraisal is required and the new lender must have all the necessary information to determine if they will be able to finance the loan.

The second mortgage is a new loan and there are fees involved. There are loan origination fees, appraisal fees and closing costs as there were with the first mortgage.

Mortgage rates canada

The second mortgage may be harder to obtain. When a first mortgage is refinanced, the lender has the first lien on the property if there is a foreclosure or loan default. When the second mortgage is taken, the lender is aware that if the first mortgage is foreclosed on, they will be paid what is owed to them first and the remainder will be paid to the subsequent lenders.

When there is a second mortgage there are two payments every month instead of one. The first mortgage payment is made in addition to the second mortgage payment every month to avoid defaulting on the loans.


A Guide to Mortgage Interest Calculations in Canada, mortgage calculator canada.#Mortgage #calculator #canada


mortgage calculator canada

Pushing [COMP][PMT] will return -639.81.

You can get more information about using two of the more popular financal calculators here:

These files require a PDF reader, such as Adobe Reader.

Remember, these calculations are for the mortgage itself, and do not include any life insurance premiums added to the payment or property taxes that may get added. Also, some lenders will round up the payment to the next dollar. This simply means that the mortgage gets paid down slightly faster, since those extra pennies are applied to principal.

Some Mortgage Calculators – Excel files

Monthly Payment Mortgage Calculator – No Amortization Table This spreadsheet file allows you to compare up to five mortgages – different rates, principals, amortization terms, etc.

Monthly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for five years. You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any monthly payment date.

Weekly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for 261 weeks (five years). You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any weekly payment date. Note that the assumption is that this is the typical weekly-pay mortgage with the payment based on one-quarter the monthly payment on the nominal amortization. The actual amortiztion term is provided as well.

Extra Payments

What is the impact of an extra, lump-sum payment? Every penny of an extra payment will reduce your principal outstanding and start saving you interest immediately. The spreadsheets above that have amortization tables allow you you determine the impact of lump-sum extra payments made on any payment date.

Let’s extend the example that we used above. Suppose one year after taking out the $100,000, 6%, 5-year mortgage, you received an unexpected $2000 windfall and decided to apply half of this to your mortgage. Without the extra payment, you would be owing $89,836.47 at renewal after five years. With the extra payment this is reduced by $1,266.76 to $88,569.71. It should not surprise to you to learn that this is a 6.09% compound annual return on your $1000, since that is the effective annual rate on the mortgage. This 6.09% is tax-free, which is roughly equivalent to a 9.5-10% rate of return on a pre-tax basis for people earning interest outside an RRSP or other tax-sheilding vehicle. That is excellent, considering that it is close to a risk-free return.


Mortgage Payment Calculator, Canada Guaranty Mortgage Insurance, canada mortgage calculator.#Canada #mortgage #calculator


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Mortgage Payment Calculator

MORTGAGE PAYMENT FREQUENCY OPTIONS EXPLAINED

12 Mortgage Payments per Year

  • Each payment is made once per month , typically on the 1 st of every month.
  • E.g., Mortgage Payment = $1,000
  • Each payment is one half of the monthly payment amount and is paid twice per month , typically on the 1 st and 15 th of every month.
  • E.g., Mortgage Payment = $500
  • Each payment is determined by multiplying the monthly payment amount by 12 (months) and then dividing by 26 (weeks). Payments are made every two weeks .
  • E.g., Mortgage Payment = $461.54
  • Each payment is determined by multiplying the monthly payment x 12 (months) and then dividing by 52 (weeks). Payments are made every week .
  • E.g., Mortgage Payment = $230.77
  • Each payment is determined by dividing the monthly payment amount by 2 and is paid every two weeks.
  • E.g., Mortgage Payment = $500
  • Each payment is determined by dividing the monthly mortgage payment by 4 (weeks) and is paid weekly.
  • E.g., Mortgage Payment = $250

* For simplicity, each mortgage payment example assumes a $1,000 monthly mortgage payment.

DISCLAIMER: The results produced by this calculator are approximate and should be used for illustrative and general information purposes only. Please do not rely exclusively on this information or results when making financial decisions, as actual payment amounts may differ and are determined most accurately at the time of your application. It is advised that you seek the advice of a licensed legal, mortgage or qualified industry professional to ensure all personal circumstances and financial requirements are fully understood and considered. Interest and premium rates may change without notice and could differ as a result of information presented at the time of your application.

Copyright 2010 – 2017 Canada Guaranty Mortgage Insurance Company. All Rights Reserved. All mortgage insurance is underwritten by Canada Guaranty Mortgage Insurance Company.


A Guide to Mortgage Interest Calculations in Canada, canada mortgage calculator.#Canada #mortgage #calculator


canada mortgage calculator

Pushing [COMP][PMT] will return -639.81.

You can get more information about using two of the more popular financal calculators here:

These files require a PDF reader, such as Adobe Reader.

Remember, these calculations are for the mortgage itself, and do not include any life insurance premiums added to the payment or property taxes that may get added. Also, some lenders will round up the payment to the next dollar. This simply means that the mortgage gets paid down slightly faster, since those extra pennies are applied to principal.

Some Mortgage Calculators – Excel files

Monthly Payment Mortgage Calculator – No Amortization Table This spreadsheet file allows you to compare up to five mortgages – different rates, principals, amortization terms, etc.

Monthly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for five years. You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any monthly payment date.

Weekly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for 261 weeks (five years). You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any weekly payment date. Note that the assumption is that this is the typical weekly-pay mortgage with the payment based on one-quarter the monthly payment on the nominal amortization. The actual amortiztion term is provided as well.

Extra Payments

What is the impact of an extra, lump-sum payment? Every penny of an extra payment will reduce your principal outstanding and start saving you interest immediately. The spreadsheets above that have amortization tables allow you you determine the impact of lump-sum extra payments made on any payment date.

Let’s extend the example that we used above. Suppose one year after taking out the $100,000, 6%, 5-year mortgage, you received an unexpected $2000 windfall and decided to apply half of this to your mortgage. Without the extra payment, you would be owing $89,836.47 at renewal after five years. With the extra payment this is reduced by $1,266.76 to $88,569.71. It should not surprise to you to learn that this is a 6.09% compound annual return on your $1000, since that is the effective annual rate on the mortgage. This 6.09% is tax-free, which is roughly equivalent to a 9.5-10% rate of return on a pre-tax basis for people earning interest outside an RRSP or other tax-sheilding vehicle. That is excellent, considering that it is close to a risk-free return.


A Guide to Mortgage Interest Calculations in Canada, mortgage rates canada.#Mortgage #rates #canada


mortgage rates canada

Pushing [COMP][PMT] will return -639.81.

You can get more information about using two of the more popular financal calculators here:

These files require a PDF reader, such as Adobe Reader.

Remember, these calculations are for the mortgage itself, and do not include any life insurance premiums added to the payment or property taxes that may get added. Also, some lenders will round up the payment to the next dollar. This simply means that the mortgage gets paid down slightly faster, since those extra pennies are applied to principal.

Some Mortgage Calculators – Excel files

Monthly Payment Mortgage Calculator – No Amortization Table This spreadsheet file allows you to compare up to five mortgages – different rates, principals, amortization terms, etc.

Monthly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for five years. You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any monthly payment date.

Weekly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for 261 weeks (five years). You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any weekly payment date. Note that the assumption is that this is the typical weekly-pay mortgage with the payment based on one-quarter the monthly payment on the nominal amortization. The actual amortiztion term is provided as well.

Extra Payments

What is the impact of an extra, lump-sum payment? Every penny of an extra payment will reduce your principal outstanding and start saving you interest immediately. The spreadsheets above that have amortization tables allow you you determine the impact of lump-sum extra payments made on any payment date.

Let’s extend the example that we used above. Suppose one year after taking out the $100,000, 6%, 5-year mortgage, you received an unexpected $2000 windfall and decided to apply half of this to your mortgage. Without the extra payment, you would be owing $89,836.47 at renewal after five years. With the extra payment this is reduced by $1,266.76 to $88,569.71. It should not surprise to you to learn that this is a 6.09% compound annual return on your $1000, since that is the effective annual rate on the mortgage. This 6.09% is tax-free, which is roughly equivalent to a 9.5-10% rate of return on a pre-tax basis for people earning interest outside an RRSP or other tax-sheilding vehicle. That is excellent, considering that it is close to a risk-free return.


Mortgage Solutions, Mortgages in Canada – Mortgage Brokers Ottawa #regions #mortgage


#mortgage solutions

#

Choosing the right mortgage solution can be an overwhelming task. At Mortgage Brokers City Inc. we take the time to learn about your unique situation and future financial goals. Each one of our professionally trained Mortgage Agents makes getting to know you and your requirements their top priority. It is only after learning about what is most important to you and assessing your individualized goals that we can make a strong recommendation based on your circumstances. There are a variety of mortgage options available to you. But which one should you choose? Open or Closed? Conventional or High Ratio? Fixed or Variable Rate? The combinations are endless and that is where our expertise and experience can guide you to make the choice that fits for you and your family.

Contact us

  • Mortgage Brokers City Inc
  • 788 Island Park Drive, Ottawa K1Y 0C2
  • Phone: 613-798-1973 | Fax: 1-866-354-6789

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Mortgage Brokers City Inc. License #11759 Mortgage Brokers City is a franchise of The Mortgage Centre. Each Mortgage Centre office is independently owned and operated.