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The Mortgage Group - not one of the 5 big banks however they have low rates and similar acceptance requirments
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First National is Canada's largest non-bank mortgage lender, offering both commercial mortgages and residential mortgage solutions.
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|Mortgage Type||Purchase During 2013||Renewal or Refinance During 2013||All Mortgages|
|Variable or Adjustable Rate||9%||24%||26%|
Source: Annual State of the Residential Mortgage Market in Canada, November 2013
Open mortgages can be paid off at any time without penalty, while closed mortgages essentially lock you into the loan for the duration of the term. With a closed mortgage, you’ll most likely get a lower interest rate than you would on a comparable open mortgage. If you must pay off a closed mortgage, you’ll still be able to do so but will have to pay a steep “penalty” for exiting the loan ahead of schedule.
A mortgage term is the amount of time the conditions of your mortgage contract (interest rate, payment schedule, etc) remain in effect. At the end of the term you’ll need to renew your mortgage. Think of the term as a contract that is renegotiated with new conditions just before it expires. In Canada, the majority of mortgage terms are five years, as you can see from a CAAMP survey below:Canadian Mortgages By Term:
|Length of Morgage Term||Age of Borrower|
|1 year or less||5%||7%||6%||6%|
Source: Canadian Association of Accredited Mortgage Professionals, November 2010 Report
The amortization period, on the other hand, is the total length of time it will take to pay off your loan. Most amortization periods are 25 years, and if your down payment is less than 20 percent, this is the longest amortization period currently offered. The longer the amortization, the lower your monthly payment because you’ll be paying the loan off over a greater period of time. The flip-side of course is that you’ll end up paying more total interest over the life of the loan.
In the past, mortgage payments were only made once a month, but this tradition is rapidly changing. Modern mortgages allow you to pay more frequently – you can choose a variety of different payment options, including semi-monthly or even weekly. By making payments more frequently, you’ll pay your mortgage down quicker and save on interest.
You’ll save the most if you choose accelerated payments. With an accelerated bi-weekly payment, for example, you’ll pay one-half of your monthly payment every two weeks, rather than two times per month. The result is that you end up making 26 payments per year instead of 24, which yields significant savings over time.The chart below breaks down the interest savings you would receive using different payment schedules on a mortgage of $300,000 at 5% interest with a 25 year amortization:
|Payment frequency||Payment||Number of payments per year||Total interest you pay||Interest saved|
|Monthly (one payment per month)||$1,744.82||12||$223,443.02||$0.00|
|Semi-monthly ( half your monthly payment, twice each month)||$872.41||24||$222,381.43||$1,061.59|
|Bi-weekly (you make a payment every two weeks)||$805.30||26||$220,571.04||$2,871.98|
|Rapid bi-weekly (half your monthly payment, every two weeks)||$872.41||26||$185,882.99||$37,560.03|
|Weekly (You make a payment every week)||$402.65||52||$220,088.08||$3,354.94|
Based on a mortgage of 300,000 at 5% (APR) interest on a fixed 5-year term, with a 25-year amortization.Like Ratespy and ratehub, compares hundreds of mortgage rates to find you best mortgage rate
A mortgage can be a powerful but complicated financial product. As a result, more homeowners are turning to mortgage brokers to help them better understand their options. Mortgage brokers are well positioned to provide the answers and help you get the right mortgage products. In fact, more than a quarter of all Canadian mortgages are now arranged through a mortgage broker.
Mortgage brokers have access to a large network of lenders and as a result their clients have the best choice of rates and products. With a large network of major lenders to choose from, mortgage brokers can source your ideal mortgage options from banks, credit unions, non-traditional lenders and more.
Mortgage brokers do not work for a specific lender. They work for you and can make an objective and impartial recommendation on financing solutions through many lenders. A mortgage broker is a trusted advisor who provides unbiased advice on your financial options.
Getting a lower rate can save you thousands of dollars over the life of your mortgage. Mortgage brokers have many lenders vying for their business and as a result you are more likely to receive a lower rate. A recent Bank of Canada report stated that “Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points.” That’s $1,670 of interest savings on a typical $200,000 mortgage over five years. The link below is a quick summary on how to get the best mortgage rates and it speaks to why you need to use the services of a Mortgage Broker.
Mortgage brokers act in your best interest and do all the negotiating to secure competitive rates and terms that fit your situation.
Your mortgage broker has access to lenders that offer many types of promotions and sales that may be of interest to you. For example – some lenders have special rate promotions for clients that are able to close a mortgage in a shorter time frame than normal. These promotions are called quick close offers and generally offered at discounted rates.
Mortgage brokers are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions. Their knowledge is derived from selling only mortgage and mortgage related products.
Shopping at several banks can be frustrating, inefficient and extremely time consuming. Your mortgage broker can show you every lenders product offering with just one visit.
Rate-shopping on your own can actually be hazardous to your credit rating. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your mortgage broker does one inquiry only, regardless how many lenders you’re looking at.
Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. You will ultimately receive a mortgage plan that is customized for you and meets your unique requirements.
The services of a mortgage broker are at no cost to you. In general, the winning lender pays compensation to your mortgage broker for the services and solution provided.Canadian Mortgage Lender is a Mortgage Broker Company
Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many begin to question their lifestyle and business choices when they first attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.
Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their primary residence and even their vacation homes.
Licensed mortgage professionals are experts at assisting self-employed individuals with getting a mortgage, and they will ensure you get the best mortgage available through one of Canada’s largest lenders.
Obtaining a mortgage if you’re self employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life.
One of the most common questions mortgage shoppers have when they start their mortgage search is…”should I go with either a fixed or variable rate?”. So – what’s the difference, and what’s better?
A fixed mortgage rate enables you to “lock in” a predetermined rate for a set period of time (i.e. term). The most popular term is 5 years.
A fixed mortgage rate gives you a bit more comfort and security knowing what your monthly payments will be each month for the duration of your term. This makes financial planning and budgeting a lot easier.
A variable mortgage rate changes based on the mortgage lender’s prime rate. For example: if a lender is advertising a rate of -0.1 and prime is 3%, the rate would be 2.9%. In other words, your mortgage rate increases and decreases along with the prime rate.
Since prime can increase or decrease on a monthly basis – variable rates are not for the faint of heart. Anyone taking on a variable mortgage needs to be able to handle changes to their monthly payments not only financially, but psychologically as well. If the thought of paying an extra $200 in mortgage payments causes you to lose sleep, a variable rate may not be for you.
Prime is the benchmark interest rate used by major banks when pricing for short term loans. Prime is directly influenced by the Bank of Canada’s overnight lending rate and can fluctuate on a monthly basis. Changes to both the BOC’s overnight lending rate and the prime lending rate are determined by current economic conditions.
Over the last 25 years, the Bank of Canada has:
Fixed versus variable is one of the most important decisions when shopping for a mortgage. Here’s a quick summary of the main differences between these types of rates.
|Fixed Rates||Variable Rates|
|Definition||Allow you to lock in a rate for fixed period of time, the term of the mortgage||Fluctuates with the lenders Prime Interest Rate|
|Benefit||You know what your payments will be every month||Typically lower interest rate than with a fixed rate mortgage|
|Risk||You pay a premium for the security you get with a fixed rate in the form of higher interest rates||The fear of rising rates, which would increase your monthly payments|
|Affects||Government of Canada bond yield for the same term||The Prime rate which is ultimately affected by the Bank of Canada key overnight lending rate|
|Penalty to break contract||Lenders charge the greater of three months’ interest or an “interest rate differential” (IRD) which compensates them for interest lost as a result of you breaking your mortgage – this can get expensive||Three months’ interest|
|What has worked in the past?||Today’s economic environment is pretty unique, given that fixed mortgage rates are at all time lows. Many counties are still struggling to against high debt, increasing unemployment and a damaged housing market.||A study done by Dr. Moshe Milevsky, associate professor of finance, Schulich School of Business, York University,found that based on data from 1950 to 2007, the average Canadian could expect to save interest 90.1% of the time by choosing a variable-rate mortgage instead of a fixed rate. The average savings was $20,630 over 15 years per $100,000 borrowed.|
The difference between the variable and fixed rates can be quite large, so is it always better to go with the lower rate?
Let’s compare a Fixed Rate of 3.99% versus a Variable Rate of 2.05%, both on 5 year terms. The interest difference between the two is 1.94%, so what would the difference in payments be? If we look at an average $250,000 mortgage amortized over 25 years, that turns out be a difference of $249.03/month or $2,988.36/year!
Comparing a fixed rate to a variable rate is really like comparing apples to oranges. Security has a price (as does everything!), meaning that you’re always going to pay a premium for the security of having a fixed mortgage rate. If having steady payments is important to you, think of it as buying a bit of insurance.
A few studies have been done in the past trying to figure out which option saves you the most money. The largest study was done by Dr. Moshe Milevsky, Associate Professor of Finance at York University’s Schulich School of Business, using data from 1950 to 2007 (keep in mind that this also means that 10% of the time mortgage holders would have saved money by choosing a fixed rate mortgage).
The average Canadian would save 90.1% of the time by choosing a variable-rate mortgage instead of a fixed.
Over 15 years per $100,000 borrowed.
Variable rate mortgages have typically been a better choice for Canadians over the last 25 years and over the long run, homeowners can end up paying extra for a fixed rate – but this isn’t always the case.
The spread between fixed and variable rates can sometimes narrow, and when it does consumers find it increasingly difficult to gamble on a variable rate. Consumers experienced this at the beginning of 2012 which marked a time when major banks and other lenders were pricing mid-term mortgage rates (3 to 5 year fixed) below prime!
What’s “better” in the end is a combination of your personal tolerance, and the current conditions in the mortgage market. If you’re unsure on which would work better for you, it’s best to talk to a mortgage expert who can help you determine which product will best suit your current needs.
|TOP 75 BROKERS|
|Rank||Name||Company||City / Town||Funded Volume (S)|
|1||Collin Bruce||Dominion Lending Centres Mortgage Mentors||Edmonton, Alta.||258,615,email@example.com|
|2||Dave Butler||Verico Butler Mortgage Inc.||Mississauga / Hamilton, Ont.||201,973,firstname.lastname@example.org|
|3||Harman Arora||Dominion Lending Centres House||Calgary, Alta.||126,000,email@example.com|
|4||Christine Xu||Mortgage Architects||Markham, Ont.||120,034,firstname.lastname@example.org|
|5||Michael Noik||Dominion Lending Centres Centura Finance||Montreal, Que.||112,400,email@example.com|
|6||Irina Antipova||Axiom Assured Mortgage Services||Toronto, Ont.||102,196,firstname.lastname@example.org|
|7||Scott Travelbea||Dominion Lending Centres & Travelbea Associates||Victoria, B.C.||99,393,email@example.com|
|8||Christopher Bisson||The Mortgage Centre Complementary Real Estate
|9||Mark Goode||Mortgage Man Dominion Lending Centres||Orillia, Ont.||82,549,firstname.lastname@example.org|
|10||Angela Calla||Dominion Lending Centres Angela Calla Mortgage Team||Port Coquitlam, B.C.||81,732,email@example.com|
|11||Viktor Schaefer||Verico Onelink Mortgage & Financial||Steinbach, Man||78,277,firstname.lastname@example.org|
|12||Susie Inglis||Dominion Lending Centres Mortgage Evolution||North Vancouver, B.C.||76,211,email@example.com|
|13||Nicholas L'Ecuyer||Verico The Mortgage Wellness Group||Barrie, Ont.||72,678,firstname.lastname@example.org|
|14||Win Lui||Verico Clear Trust Mortgages||Vancouver, B.C.||72,673,email@example.com|
|15||Skye McLean||Mortgage Architects Atlantic (HS) Financial||Calgary, Alta.||70,445,firstname.lastname@example.org|
|16||Dustan Woodhouse||Dominion Lending Centres Canadian Mortgage Experts||Coquitlam, B.C.||70,267,email@example.com|
|17||Steven Brouwer||Dominion Lending Centres Drake Entrust Mortgage Services||Chilliwack, B.C.||64,534,firstname.lastname@example.org|
|18||Jordan D'Haese||Jayman Financial||Calgary, Alta.||64,482,email@example.com|
|19||Terry Kilakos||Verico North East Mortgages||Montreal, Que.||63,432,firstname.lastname@example.org|
|20||Shawn Allen||Matrix Mortgage Global||Toronto, Ont.||62,000,email@example.com|
|21||Jordi Browne||Verico By Referral Mortgage Corp||Chilliwack, B.C.||59,399,firstname.lastname@example.org|
|22||Debbie Belair||Dominion Lending Centres Smart Debt||Ottawa, Ont.||59,243,email@example.com|
|23||Andre L'Ecuyer||Neighbourhood Dominion Lending Centres||Petawawa, Ont.||58,765,firstname.lastname@example.org|
|24||James Loewen||RMAI Loewen Group Mortgages||Burlington, Ont.||56,487,email@example.com|
|25||Chris Landry||Verico Paragon Mortgage Group||Vancouver, B.C.||56,111,firstname.lastname@example.org|
|26||Nick Kaaki||Dominion Lending Centres The Mortgage Source||Ottawa, Ont.||54,068,email@example.com|
|27||Todd Payzant||Dominion Lending Centres Neighbourhood||Sudbury, Ont.||53,987,firstname.lastname@example.org|
|28||Deborah White||Dominion Lending Centres White House Mortgages||Vernon, B.C.||53,609,email@example.com|
|29||Greg Martel||Dominion Lending Centres Zilla Mortgage Corp.||Victoria, B.C.||53,079,firstname.lastname@example.org|
|30||Ling Lem||Jayman Financial||Calgary, Alta.||52,787,email@example.com|
|31||David Griffin||Dominion Lending Centres Griffin Financial Group||Peterborough, Ont.||52,113,firstname.lastname@example.org|
|32||Enza Venuto||Centum StreetwiseMortgages.com||Vaughan, Ont.||52,000,email@example.com|
|Verico Xeva Mortgage LLP||Burnaby, B.C.||51,702,firstname.lastname@example.org|
|34||Narish Maharaj||Dominion Lending Centres Mortgage Mentors||Edmonton, Alta.||51,210,email@example.com|
|35||John Panagakos||Dominion Lending Centres Home Financial Inc.||Toronto, Ont.||51,000,firstname.lastname@example.org|
|36||Lisa Manwaring||Meridian Southwest Mortgage||Delta, B.C.||49,000,email@example.com|
|37||Max Omar||Dominion Lending Centres Capital Region||Edmonton, Alta.||47,294,256||Maxomarmortgage@gmail.com|
|38||Tammy Pope||Jayman Financial||Edmonton, Alta.||47,093,firstname.lastname@example.org|
|39||Adam Bazuk||Dominion Lending Centres YBM Group Ltd.||Thornton, Ont.||46,369,email@example.com|
|40||Janet MacDonald||Verico The Mortgage Professionals||Kingston, Ont.||46,154,firstname.lastname@example.org|
|41||Joseph Park||Verico JP Mortgage Services||Toronto, Ont.||45,000,email@example.com|
|42||Ron Lefebvre||Invis Pure Mortgage||Edmonton, Alta.||44,585,firstname.lastname@example.org|
|43||Jeff Attwooll||Verico K-W Mortgage Inc.||Cambridge, Ont.||44,137,email@example.com|
|44||Clinton Wilkins||CENTUM Home Lenders Ltd.||Dartmouth, N.S.||43,810,firstname.lastname@example.org|
|45||Mackenzie Gartside||VERICO Select||Courtenay, B.C.||43,122,email@example.com|
|46||Sabeena Bubber||Verico Xeva Mortgage||West Vancouver, B.C.||43,083,firstname.lastname@example.org|
|47||Morris Briglio||Verico The Mortgage Advantage||North Vancouver, B.C.||43,066,email@example.com|
|48||Sundeep Saggu||Verico The Mortgage Wizards||Toronto, Ont.||42,181,firstname.lastname@example.org|
|49||Adil Mawji||Invis||Calgary, Alta.||41,826,email@example.com|
|50||Yves Cormier||Verico Cormier & Cormier Consulting||Edmundston, N.B.||41,708,firstname.lastname@example.org|
|51||Jody Henry||Dominion Lending Centres Arrowsmith||Qualicum Beach, B.C.||41,322,email@example.com|
|52||Gert Martens||Dominion Lending Centres HT Mortgage Group||Grande Prairie, Alta.||40,896,firstname.lastname@example.org|
|53||Luisa Hough||Verico Xeva Mortgage||Surrey, B.C.||40,580,email@example.com|
|54||Charlene Elliott||Dominion Lending Centres Mortgage Mentors||Fort McMurray, Alta.||40,113,firstname.lastname@example.org|
|55||Karen Garrett||Dominion Lending Centres Sea to Sky Mortgages||Whistler, B.C.||39,971,email@example.com|
|56||Sarah Davison||Mortgage Intelligence||Grande Prairie, Alta.||39,028,firstname.lastname@example.org|
|57||Kent Bittner||Dominion Lending Centres Bittner Mortgages||Regina, Sask.||39,021,email@example.com|
|58||Scott H. Bentley||Verico Premiere Mortgage Centre||Halifax, N.S.||39,015,firstname.lastname@example.org|
|59||Jason Georgopoulos||Dominion Lending Centres Estate Mortgages Inc.||Toronto, Ont.||39,000,email@example.com|
|60||Sharnjit Singh Gill||Verico Superior Mortgage Inc||Surrey, B.C.||38,319,firstname.lastname@example.org|
|61||Denny Segal||Dominion Lending Centres Origin Home Financial Partners||Vancouver, B.C.||38,000,email@example.com|
|62||Dave McNabb||Dominion Lending Centres Regional Mortgage Group||Red Deer, Alta.||37,109,firstname.lastname@example.org|
|63||Anthony Spadafora||Verico Premiere Mortgage Centre||Burlington, Ont.||36,972,email@example.com|
|64||James Harrison||Dominion Lending Centres Mortgage Village||Mississauga, Ont.||35,270,firstname.lastname@example.org|
|65 (tie)||Lena Ohanjanians||Verico Ultimate Mortgage and Finance Solutions||Toronto, Ont.||34,757,email@example.com|
|65 (tie)||Catherine Evel||Dominion Lending Centres Homestead Financial||Waterdown, Ont.||34,757,firstname.lastname@example.org|
|66||Terry Short||The Mortgage Centre Advantage Financial Services Inc.||St John's, Nfld.||34,410,email@example.com|
|67||Teague Brinkworth||The Mortgage Centre Dico Holdings Inc./ Mortgage West
|68||Ryan Joseph||Jayman Financial||Calgary, Alta.||34,127,firstname.lastname@example.org|
|69||Barry Patchett||Dominion Lending Centres Great Lakes||Kitchener/Waterloo, Ont.||34,103,email@example.com|
|70||Liliana Peric||Dominion Lending Centres Capital Region||Edmonton, Alta.||33,710,firstname.lastname@example.org|
|71||Jean-Guy Turcotte||Dominion Lending Centres Regional Mortgage Group||Red Deer, Alta.||33,442,email@example.com|
|72||Pierre J. Blais||Jayman Financial||Edmonton, Alta.||32,940,firstname.lastname@example.org|
|73||Corey Klassen||Dominion Lending Centres Powerhouse Mortgages||Saskatoon, Sask.||32,895,email@example.com|
|74||Ken Lankin||Mortgage Intelligence||Niagara Falls, Ont.||32,780,firstname.lastname@example.org|
|75||Denise Devente||Dominion Lending Centres Mortgage Evolution||Vancouver, B.C.||32,581,893||denise@mortgageevoluti|
We haven’t run a lender market share story in a while, so no better time than the present.
For share data, we like to call on David McVay of McVay and Associates Ltd. He tracks lender performance for a living and is always kind enough to share his stats with us.
That said, and without further ado, here are the top 10 Canadian mortgage lenders by market share, with some related comments…
The Big Hitters
|Rank||Lender||Mortgage Book||Market Share*||12 Mo Chg|
|3||TD Bank||$175.9 billion||15.05%||
|7||First National||$50.6 billion||4.34%||
|8||National Bank||$34.7 billion||2.97%||
|10||Home Trust||$15.9 billion||1.36%||
Broker Market Leaders (Q1 2013)
|Rank||Lender||Market Share**||12 Mo Chg|
|6||TD Canada Trust||7.4%||
* Overall Market Sources: Market share figures are estimates based on data from OSFI, the Bank of Canada, and McVay and Associates Ltd.’s proprietary sources. Data is as of April 2013 (there is a lag in lender reporting). McVay and Associates is a source of market intelligence and market share data in retail banking. Founded by David McVay, a 31 year veteran in financial services, McVay and Associates produces two widely-referenced industry reports: The Banking Personal Market Report and The Credit Union Report.
** Broker Market Source: D+H puts out a terrific, non-public report called Lender Insights, which compiles lender market share data in the mortgage broker industry. We receive data from that report via third party sources and have quoted it here. This data is not confirmed, but is believed reliable. Note: These market share figures do not count MorWeb volumes (D+H’s smaller competitor) but the data does provide a decent proxy of industry-wide market share.CLICK HERE TO APPLY FOR A SECOND MORTGAGE, EQUITY LOAN OR REFINANCE
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