I have decided to create a Youtube Channel Dedicated to Mortgage information. This Channel will be for those seeking more information to learn about mortgages before signing one of the biggest commitments of their lives. Some of the topics that I will cover are:
1.Introduction to Channel
2.What is a Mortgage?
Term loan vs. open loan
Financing for property
Term Vs Amortization
3.Broker vs. Banker vs. Mortgage Specialist vs. Online discount broker
Pro and con
Education and training
Relationship model with customers
What is the Daily life of each of the above
Interest Only Payment
Match a Payment or Double up
Miss a payment
What is a penalty?
Why is it charged?
3 months interest Penalty
Interest Rate Differential Penalty
How to avoid Penalty (port + Blend Extend)
7.Type of Mortgages
Fixed and variable
Open and Closed
1 5 year + 7 and 10 year
What is a preapproval
Why is one needed
Difference between preapproval and real approval
Is the rate on my preapproval guaranteed till closing?
What is a rate?
What is interest?
How is interest calculated?
What is interest compounding?
Why does it matter?
How do I get the best rate?
What is an application and how to apply
What is needed to apply for a mortgage (credit, income, downpayment)
Importance of accurate information
Canadian home sales fall further in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017. Highlights:
National home sales fell 2.1% from June to July.
Actual (not seasonally adjusted) activity in July stood 11.9% below last Julys level.
The number of newly listed homes edged back by 1.8% from June to July.
The MLS Home Price Index (HPI) was up 12.9% year-over-year (y-o-y) in July 2017.
The national average sale price edged down by 0.3% y-o-y in July.
Julys interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer, said CREA President Andrew Peck. Even so, sales activity continued to soften in the Greater Golden Horseshoe region. Meanwhile, sales and prices in Montreal continue to strengthen. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to.
July marked the smallest monthly decline in Greater Golden Horseshoe home sales since Ontarios Fair Housing Plan was announced in April, said Gregory Klump, CREAs Chief Economist. This suggests sales may be starting to bottom out amid stabilizing housing market sentiment. Time will tell whether thats indeed the case once the transitory boost by buyers with pre-approved mortgages fades.
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Decline in single-family component moderated by gain in multi-family dwellings
Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings.
The value of residential building permits fell 0.9% in June to $5.0 billion, the fourth decrease in five months. The decline was mainly the result of lower construction intentions in four provinces, notably Ontario.
In June, the value of permits for single-family dwellings decreased 12.5% to $2.4 billion. Seven provinces registered declines, with Ontario being the main contributor to the decrease.
Conversely, construction intentions for multi-family dwellings rose 12.5% in June to $2.7 billion, marking a third consecutive monthly increase. Seven provinces registered gains, led by Ontario and British Columbia.
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