The Mortgage Blog » Refinance

Mike Morisset Mortgage Minute – Episode #14

Mike Morisset — Fri, 18 Jun 2010 16:18:11 +0000

Getting a Mortgage Check-up Could Save You Money

You may have gone for your yearly doctor’s check-up, but has your mortgage had a yearly check-up? Get a yearly mortgage check-up to ensure your mortgage is still working for you!

Mike Morisset Mortgage Minute – Episode #13

Mike Morisset — Wed, 16 Jun 2010 18:40:02 +0000

Debt Consolidation Will Save You Thousands

Do you carry balances on your credit cards? line of credit? second mortgage on your home? Debt Consolidation can help you bring your high interest debt load into one lower interest monthly mortgage payment. Learn how in today’s episode!

Mike Morisset Mortgage Minute – Episode #11

Mike Morisset — Wed, 09 Jun 2010 16:57:11 +0000

5 Ways to Pay-off Your Mortgage Faster

Want to pay-off your mortgage faster? This episode offers 5 tips to get you mortgage free sooner. From pre-payment options to interest rate adjustments, it is all covered!

Mike Morisset Mortgage Minute – Episode #9

Mike Morisset — Fri, 04 Jun 2010 16:54:55 +0000

Bank of Canada Qualifying Rate and Who it Affects

As of April 19, 2010 certain mortgage products are required to qualify at the Bank of Canada’s Qualifying Rate. This video explains how the Qualifying Rate works and what mortgage products are affected by it.

Mike Morisset Mortgage Minute – Episode #8

Mike Morisset — Wed, 02 Jun 2010 16:15:11 +0000

Variable Rate vs. Fixed Rate

Since the Bank of Canada Prime Rate is in the news with the first increase in a year…we thought it would be pertinent to review the differences between Variable Rate and Fixed Rate Mortgage products. Knowing how the two mortgage products work is necessary to make the best decision for your mortgage!

Mike Morisset Mortgage Minute – Episode #4

Mike Morisset — Mon, 24 May 2010 16:26:57 +0000

Amortization vs Term

This episode of the Mortgage Minute begins to decode the language used when applying for your mortgage. Knowing “mortgage” language gives you a leg up when trying to understand your mortgage and how to personalize your mortgage to your situation. This video explains the difference between amortization and term as it applies to your mortgage!

Fixed Rates are on the Rise!

Mike Morisset — Mon, 29 Mar 2010 17:48:24 +0000

How Can I use my Mortgage to help my Credit Crunch?

Zach Silverman — Fri, 15 Jan 2010 17:21:52 +0000

Many people in these days of the “credit crunch”, are asking: “How can I use my mortgage to help pay off my other debt?” For many people that have a current mortgage, using the equity in your home can be one of the best ways to clean-up your debt and roll your payments into one low interest payment…your mortgage!

There are a couple of main points that have to be looked at when first inquiring as to whether you can use your mortgage to help your credit crunch. First, what is the penalty to break your current mortgage and refinance your debts into your mortgage. Typically lenders charge a penalty to break a current closed mortgage; however call your lender and inquire. They may allow you to increase the amount of your mortgage, free of penalty as long as you stay with your current lender. If switching lenders, it is important to weigh the costs and benefits to paying the penalty.

The second point is whether you have an adequate amount of equity in your home to draw out and pay your other debts. This will be assessed by an appraisal of your current home versus the mortgage amount you will need to pay-out your current debts.

If you find yourself looking at high-interest credit charges, rolling your debt into your mortgage and taking advantage of the low mortgage rates may just be the leg up that you need! Talk to your mortgage advisor for more information!