The 4 Best Mortgage Lenders In Canada, ing orange mortgage.#Ing #orange #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

Ing orange 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.

Ing orange 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.

Ing orange 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.

Ing orange 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.

Ing orange mortgage

Christopher Molder is a registered mortgage broker with:


Military Life, ing orange mortgage.#Ing #orange #mortgage


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The 4 Best Mortgage Lenders In Canada, ing orange mortgage.#Ing #orange #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

Ing orange 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.

Ing orange 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.

Ing orange 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.

Ing orange 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.

Ing orange mortgage

Christopher Molder is a registered mortgage broker with:


How Balloon Mortgages Work, The Truth About, ing orange mortgage.#Ing #orange #mortgage


How Balloon Mortgages Work

Ing orange mortgage

A “balloon mortgage” is a home loan that does not fully amortize over the life of the loan, leaving a large balance at the end of the shortened term.

Put simply, monthly mortgage payments are based on a typical 30-year loan term, but the loan itself is due in full after just five or seven years, instead of 30.

As a result, the final payment on a balloon mortgage will be significantly larger than the regular monthly mortgage payments.

Of course, most borrowers expect to either refinance before the balloon mortgage term ends, or sell the associated property. So the final payment likely won t even come into play in the real world.

Let s look at an example of a balloon mortgage:

7-Year Balloon Mortgage

Interest Rate: 5.00%

Amortization: 30 Years

Loan Amount: $250,000

In the above scenario, the monthly mortgage payment would be $1,342.05 per month, which is the same exact amount as a standard 30-year fully-amortizing payment.

This monthly payment would remain in effect for the first 84 months, leaving a remaining balance of $221,204.98 left over at the end of the seven-year term.

This outstanding balance is the balloon mortgage payment that is due in full after seven years. It probably sounds like a lot of money to pay (it is!), but as mentioned earlier, most borrowers tend to either refinance or sell before it gets to that point. They usually have no other choice unless they are extremely wealthy.

The ING Easy Orange Mortgage was an example of a balloon payment first mortgage that was freely available to homeowners nationwide. It s no longer around.

Seconds mortgages may also be balloon mortgages, a common one being the 30 due in 15. It amortizes like a 30-year mortgage, but full repayment of the loan is due in just 15 years. Again, most borrowers either pay it off, refinance, or sell before the term ends.

Advantages of Balloon Mortgages

You may be wondering why a homeowner would choose a balloon mortgage as a opposed to say an adjustable-rate mortgage or a fixed-rate mortgage.

Well, balloon mortgages rates should come at a discount to both fixed-rate loans and ARMs, making them a cheaper alternative.

And if you don t plan on staying in the home or with the loan for more than a few years, it could prove to be the right choice for you.

Of course, the big trade-off is the associated risk if you get stuck holding the bag. A balloon mortgage essentially requires action on your part, so a reduced rate should be offered in exchange.

Disadvantages of Balloon Mortgages

The clear disadvantage to a balloon mortgage is the uncertainty at the end of the loan term.

Using our example from above, after seven years, the entire loan balance is due. No ifs, ands, or buts about it. So if you don t have $221k cash on hand, you ll need to figure out an alternative.

This means selling or refinancing, or perhaps getting a new balloon mortgage that extends the loan term.

Imagine if your home falls in value during that time and you owe more than the final balloon payment – you d have a major problem assuming you couldn t execute a short sale or a short refinance.

This isn t the case with a fixed-rate loan or an ARM.

Fixed-rate mortgages have the same payment throughout the life of the loan, while ARMs may adjust higher or lower, as determined by their caps.

Those caps will limit the amount the mortgage payment can rise, providing some level of protection and an early warning system, so to speak.

Sure you could be underwater on your loan (owe more on mortgage than home is worth), but the payments would likely stay manageable thanks to the caps.

You also won t be on the hook for the remaining loan balance at any point unless you go into foreclosure.

Balloon Mortgages vs. Adjustable-Rate Mortgages

A balloon mortgage differs from an adjustable-rate mortgage because full payment is required at the end of the shortened loan term.

With ARMs, the interest rate simply becomes adjustable after the initial fixed-rate period ends, but the loan isn t due in full immediately (or any earlier than a 30-year fixed).

It continues to get paid down on a 30-year schedule, though mortgage payments can fluctuate up and down based on the variable interest rate.

In conclusion, be sure to compare all your options you may be surprised to find that a fixed-rate loan prices better (or similarly) to an ARM or a balloon mortgage, without all that risk!

Update: When the Qualified Mortgage (QM) rule was introduced by the Consumer Financial Protection Bureau (CFPB), balloon mortgages were largely outlawed. That should give you an idea about what consumer advocates think about these types of loans.


California Association of Mortgage Professionals, orange mortgage.#Orange #mortgage


California Association of Mortgage Professionals

Orange County Chapter

Upcoming Events

There are no upcoming events at this time.

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About OC CAMP

The OC CAMP California Association of Mortgage Professionals was established in 2009 throughout the state. Today, CAMP members total more than 3,000 mortgage brokers and affiliated service providers across California. Mortgage brokers are consumer advocates in the mortgage selection process, helping home buyers to pre-qualify, select a mortgage loan, and complete escrow. By linking with banks, other financial institutions, and private lenders, mortgage brokers offer consumers access to a wide range of choices as they select the right mortgage for their needs.

Recent CAMP Updates

OC CAMP Sunset Cruise Mixer Photos

OC CAMP Charity Golf Tournament Sponsor Thank you!

Latest Tweets

Follow @OCCAMPLIVE Orange mortgage OC CAMP

  • OC CAMP Sunset Cruise Mixer Photos goo.gl/fb/UymJqs

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Charity Recipients

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Orange County Register: Local News, Sports and Things to Do, orange mortgage.#Orange #mortgage


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California Association of Mortgage Professionals, orange mortgage.#Orange #mortgage


California Association of Mortgage Professionals

Orange County Chapter

Upcoming Events

There are no upcoming events at this time.

Orange mortgage Orange mortgage Orange mortgage Orange mortgage

About OC CAMP

The OC CAMP California Association of Mortgage Professionals was established in 2009 throughout the state. Today, CAMP members total more than 3,000 mortgage brokers and affiliated service providers across California. Mortgage brokers are consumer advocates in the mortgage selection process, helping home buyers to pre-qualify, select a mortgage loan, and complete escrow. By linking with banks, other financial institutions, and private lenders, mortgage brokers offer consumers access to a wide range of choices as they select the right mortgage for their needs.

Recent CAMP Updates

OC CAMP Sunset Cruise Mixer Photos

OC CAMP Charity Golf Tournament Sponsor Thank you!

Latest Tweets

Follow @OCCAMPLIVE Orange mortgage OC CAMP

  • OC CAMP Sunset Cruise Mixer Photos goo.gl/fb/UymJqs

OC CAMP Board of Directors

Orange mortgageOrange mortgageOrange mortgageOrange mortgageOrange mortgage

Charity Recipients

Orange mortgageOrange mortgageOrange mortgage

Orange mortgage


Orange County Register: Local News, Sports and Things to Do, orange mortgage.#Orange #mortgage


Orange mortgage

Orange mortgage

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Orange mortgage

Here are the rules for legal marijuana in California once law goes into effect Jan. 1

Orange mortgage

Rapper Lil Peep dies at 21, the night before his tour wrapped up in Southern California

Orange mortgage

Photos: Charles Manson reported to be in grave condition

Orange mortgage

Search for source of Legionnaires disease spreads to areas outside Disneyland resort

Latest Headlines

Powerball ticket worth almost $1 million sold at Huntington Beach market
Meet the 78 bulldogs up for adoption in Westminster
Real estate briefly: SteelWave venture buys former LA Times hub in Costa Mesa for $65 million; The Triangle in Costa Mesa sells for nearly $56 million
Alabama GOP says it stands by Moore; Trump says let voters decide
Newport Beach council asks for update on city s response to the homeless
Dr. Oz to be grand marshal in star-filled Hollywood Christmas Parade
Fullerton police seize 2 pounds of methamphetamine; half ounce of cocaine in drug bust

Get the latest news delivered daily!

Most Popular

Crime + Public Safety

Orange mortgage

Sen. Al Franken accused of kissing, groping KABC radio news anchor Leeann Tweeden

Santa Ana coin laundry burglarized
New threat of high school shootings in Anaheim and Buena Park surfaces, but there s no evidence it s credible
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Orange mortgage

GOP tax plans could be painful for Orange County homeowners

Koch brothers reportedly behind deal to buy Time magazine
Popular Seal Beach bakery, Crema Cafe, temporarily closed for big makeover
Former Yard House CEO tapped to run Mendocino Farms as Airbnb investor grabs majority stake in the L.A. sandwich brand

Orange County News

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How Balloon Mortgages Work, The Truth About, ing orange mortgage.#Ing #orange #mortgage


How Balloon Mortgages Work

Ing orange mortgage

A “balloon mortgage” is a home loan that does not fully amortize over the life of the loan, leaving a large balance at the end of the shortened term.

Put simply, monthly mortgage payments are based on a typical 30-year loan term, but the loan itself is due in full after just five or seven years, instead of 30.

As a result, the final payment on a balloon mortgage will be significantly larger than the regular monthly mortgage payments.

Of course, most borrowers expect to either refinance before the balloon mortgage term ends, or sell the associated property. So the final payment likely won t even come into play in the real world.

Let s look at an example of a balloon mortgage:

7-Year Balloon Mortgage

Interest Rate: 5.00%

Amortization: 30 Years

Loan Amount: $250,000

In the above scenario, the monthly mortgage payment would be $1,342.05 per month, which is the same exact amount as a standard 30-year fully-amortizing payment.

This monthly payment would remain in effect for the first 84 months, leaving a remaining balance of $221,204.98 left over at the end of the seven-year term.

This outstanding balance is the balloon mortgage payment that is due in full after seven years. It probably sounds like a lot of money to pay (it is!), but as mentioned earlier, most borrowers tend to either refinance or sell before it gets to that point. They usually have no other choice unless they are extremely wealthy.

The ING Easy Orange Mortgage was an example of a balloon payment first mortgage that was freely available to homeowners nationwide. It s no longer around.

Seconds mortgages may also be balloon mortgages, a common one being the 30 due in 15. It amortizes like a 30-year mortgage, but full repayment of the loan is due in just 15 years. Again, most borrowers either pay it off, refinance, or sell before the term ends.

Advantages of Balloon Mortgages

You may be wondering why a homeowner would choose a balloon mortgage as a opposed to say an adjustable-rate mortgage or a fixed-rate mortgage.

Well, balloon mortgages rates should come at a discount to both fixed-rate loans and ARMs, making them a cheaper alternative.

And if you don t plan on staying in the home or with the loan for more than a few years, it could prove to be the right choice for you.

Of course, the big trade-off is the associated risk if you get stuck holding the bag. A balloon mortgage essentially requires action on your part, so a reduced rate should be offered in exchange.

Disadvantages of Balloon Mortgages

The clear disadvantage to a balloon mortgage is the uncertainty at the end of the loan term.

Using our example from above, after seven years, the entire loan balance is due. No ifs, ands, or buts about it. So if you don t have $221k cash on hand, you ll need to figure out an alternative.

This means selling or refinancing, or perhaps getting a new balloon mortgage that extends the loan term.

Imagine if your home falls in value during that time and you owe more than the final balloon payment – you d have a major problem assuming you couldn t execute a short sale or a short refinance.

This isn t the case with a fixed-rate loan or an ARM.

Fixed-rate mortgages have the same payment throughout the life of the loan, while ARMs may adjust higher or lower, as determined by their caps.

Those caps will limit the amount the mortgage payment can rise, providing some level of protection and an early warning system, so to speak.

Sure you could be underwater on your loan (owe more on mortgage than home is worth), but the payments would likely stay manageable thanks to the caps.

You also won t be on the hook for the remaining loan balance at any point unless you go into foreclosure.

Balloon Mortgages vs. Adjustable-Rate Mortgages

A balloon mortgage differs from an adjustable-rate mortgage because full payment is required at the end of the shortened loan term.

With ARMs, the interest rate simply becomes adjustable after the initial fixed-rate period ends, but the loan isn t due in full immediately (or any earlier than a 30-year fixed).

It continues to get paid down on a 30-year schedule, though mortgage payments can fluctuate up and down based on the variable interest rate.

In conclusion, be sure to compare all your options you may be surprised to find that a fixed-rate loan prices better (or similarly) to an ARM or a balloon mortgage, without all that risk!

Update: When the Qualified Mortgage (QM) rule was introduced by the Consumer Financial Protection Bureau (CFPB), balloon mortgages were largely outlawed. That should give you an idea about what consumer advocates think about these types of loans.