tag:blogger.com,1999:blog-77929360620451656732011-11-27T19:02:52.558-05:00Abbatangelo Groupnoreply@blogger.comBlogger391100tag:blogger.com,1999:blog-7792936062045165673.post-74064740640239923362011-06-21T08:37:00.005-04:002011-06-21T22:33:08.791-04:00

As is always the case in the world of mortgages, rates are a very hot topic right now. Not just the ridiculously cheap current fixed and variable rates but also where they are headed in the future...something everyone wants to know. Unfortunately, nobody has a crystal ball to predict such things but as you'll see from the article below, the big banks pay out a lot of money to economists to try to

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-71558804005385658882011-05-15T15:00:00.000-04:002011-05-15T15:01:17.629-04:00

Your Doctor diagnoses you with an illness, your mechanic tells you that your car needs $XX worth of work done to it...what do you get, a second opinion. A contractor tells you it’s going to cost $XX to finish your basement, a landscaper tells you it’s going to cost $XX for that beautiful new backyard...what do you get, a second quote. There are so many situations or transactions that happen

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-44234763158505974322011-04-10T14:55:00.002-04:002011-04-10T14:58:36.884-04:00

• My services are free as the lender pays me a finder’s fee. • Access to interest rates that banks don’t tell you are available saving you $$$$. Since Dominion Lending Centres sends lenders millions of dollars of new business each month, they always offer us the deepest discounts, which I pass that on to you IMMEDIATELY - whether you are purchasing, refinancing or renewing.• I shop the market

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-60216955866140109842011-03-14T16:03:00.000-04:002011-03-14T16:04:40.631-04:00

At the end of the week the mortgage regulation changes announced in January will go into effect. For those of you who haven’t yet heard about the changes, here they are in a nutshell:1. A 30-year maximum amortization on insured mortgages over 80% LTV (loan-to-value), down from the current maximum of 35 years2. An 85% LTV limit on insured refinances down from the current maximum of 90%3.

Abbatangelo Groupnoreply@blogger.com1tag:blogger.com,1999:blog-7792936062045165673.post-87292992179828520932011-02-22T13:00:00.000-05:002011-02-22T13:02:22.060-05:00

The purchase of a home is likely the largest financial expenditure you’ll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back. There are enough shows on TV that tell the horrific stories of people who either didn’t get an inspection done by a reputable

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-85554239872792045312011-02-08T09:53:00.002-05:002011-02-08T09:58:24.939-05:00

A few weeks ago I was having a conversation with my mother and she was asking me some questions about my work. The topic of mortgage size came up, and never one to shy away from giving her opinion, she let me know her two cents. Sometimes these types of conversations can be relatively frustrating but if I’m in the right kind of patient mood they can be kind of entertaining since in a lot of ways

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-14291177507251743452011-01-26T10:59:00.000-05:002011-01-26T11:00:39.801-05:00

Last week the Minister of Finance, Jim Flaherty, announced another round of regulations on the mortgage industry. These are in addition to regulations he announced last year around this time http://abbatangelogroup.blogspot.com/2010_02_01_archive.html. I figured I’d give it a few days for the changes to sink in a bit before I shared my comments. It turns out that even after a few days I still can

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-12722724136506345742011-01-10T20:45:00.003-05:002011-01-10T20:49:02.676-05:00

In light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late, keep in mind that now – more than ever – it’s important to be careful what you do between the time your mortgage is approved and when it funds. Most people assume that when their mortgage has been approved, it’s a done deal even if it’s months prior to

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-63870093670601099652010-12-21T09:30:00.000-05:002010-12-21T09:31:49.698-05:00

If you’re like just about everyone around you and I’m sure you are, over the last 4-6 weeks you’ve been buying things for an endless list of people and trying to get it done as quickly as possible. More importantly, when you’ve found that perfect thing and taken it to the counter to pay for it, you’ve handed over a piece of plastic to cover the cost. We live in a society of instant gratification

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-42235404369700653262010-12-08T11:32:00.000-05:002010-12-08T11:34:11.839-05:00

When buying a new home, closing costs are something everyone has to pay. Unfortunately, they often get overlooked and most homebuyers don’t understand what constitutes closing costs...maybe that’s why they get overlooked. I think this has to do with lack of education and the fact that nobody really talks about what they are in detail, but rather just refers to them as “closing costs”. I remember

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-56641774085144661232010-11-24T09:34:00.003-05:002010-11-24T10:27:13.888-05:00

This is something I posted earlier in the year that I think is always relevant and worth re-posting.... Did you know that 84% of all maturing mortgages are renewed with the same lender? 84%!! I find that staggering. Why, you ask? Well, did you also know that at least in the case of the banks, the renewal notices that get sent to you as your mortgage is maturing do not quote their best rates?

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-49974706129630713492010-11-07T20:43:00.001-05:002010-11-07T20:45:06.541-05:00

Last week there was an article in the Toronto Star that discussed the amount of baby boomers who are putting off retirement or heading into retirement, still having not paid off their mortgage. With 35 year amortizations becoming the norm, most borrowers now, at least at the beginning of their mortgage, are looking at an end to their mortgage that is tickling the age, if not right into what they

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-71614523362381745712010-10-25T10:37:00.000-04:002010-10-25T10:38:25.432-04:00

There was a change in the Canadian mortgage industry last week. It was a quiet one, at least from a consumer standpoint, but I believe it will have a big impact down the road. The change, in a nutshell, is that TD Canada Trust has changed the way they register mortgages. Up until October 18, TD registered their charges the same way other institutions did using a “conventional charge” for the

Abbatangelo Groupnoreply@blogger.com2tag:blogger.com,1999:blog-7792936062045165673.post-68266212742362882872010-10-12T16:01:00.000-04:002010-10-12T16:03:09.646-04:00

It’s easy to get caught up in the idea that comparing mortgage rates will guarantee you get the best bang for your mortgage buck, especially when rates are at historic lows. While this may be true for particular situations, there are many scenarios where this strategy is not effective. Following are three reasons why it doesn’t always pay to make a decision based solely on rates.Reason #1Your

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-52133938944563941432010-09-20T08:38:00.001-04:002010-09-20T11:40:14.589-04:00

At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent. Unfortunately most people look at it solely from the perspective of comparing monthly payments, but there is so much more to it than that. Ultimately, the decision is a personal choice, but it helps to look at ALL the pros and cons of buying to determine whether home ownership is right

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-29148680605165331242010-09-07T13:18:00.001-04:002010-09-07T13:20:50.527-04:00

One of the advantages of variable rate mortgages over fixed rate mortgages is they are easier to get out of...or at least a lot cheaper. To get out of a fixed rate mortgage, you need to pay what’s called an Interest Rate Differential. Ultimately it’s a formula that most people won’t understand, which typically results in a ridiculous penalty to get out of the mortgage. Variable rate mortgages are

Abbatangelo Groupnoreply@blogger.com1tag:blogger.com,1999:blog-7792936062045165673.post-16141848946928076992010-08-17T11:22:00.002-04:002010-08-17T12:43:35.331-04:00

A fantastic question and like most in the world of finances, the answer won’t be the same for everyone. An old friend of my parents once told me, “keep your mortgage and your RRSP separate, don’t focus on one or the other but rather on both”. Very good advice but not necessarily for everyone or every economic climate. At the time, GIC’s were paying about 10% and mortgage rates were in the area of

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-71541345110826713112010-08-03T09:25:00.000-04:002010-08-03T09:26:13.263-04:00

As part of my licensing requirements, I must offer every client a mortgage life insurance policy. Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not to be confused with mortgage default insurance, which lenders require to cover their own

Abbatangelo Groupnoreply@blogger.com3tag:blogger.com,1999:blog-7792936062045165673.post-66692366811930837732010-07-21T09:31:00.000-04:002010-07-21T09:32:11.049-04:00

No Frills mortgages are something that started being offered in the market towards the end of my time on the other side of the fence working at a lender. Being in Product Development, I thought and still do think that these products are a fantastic development. No Frills mortgages are just what the name implies, bare bones with little to no “features”. Most people view mortgages as being somewhat

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-16745429382398386452010-07-06T14:18:00.001-04:002010-07-06T14:19:59.559-04:00

There always seems to be a certain few questions I always hear when they are a hot topic in the media. Lately the big question has been regarding the HST. The question hasn’t really been what effect it has but rather if there was a lot more activity leading up to July 1st with people trying to make a move before the HST starts.I attribute the way the question is asked to the fact that people don’

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-61541630841670007812010-06-21T09:21:00.002-04:002010-06-21T09:25:18.286-04:00

This is a topic I’ve talked about in the past and will continue to because I think it’s a very important one. People don’t invest money and forget about it. Wise investors constantly monitor the performance of their investments to ensure they are getting the best returns for their money. So why would people not do the same with their mortgages? We pay a lot of interest over the life of our

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-27593062456617462322010-06-09T19:30:00.001-04:002010-06-09T19:32:37.067-04:00

Like the potential savings of a variable rate mortgage but uneasy about the potential rate fluctuation? Prefer the safety of a fixed rate mortgage but think you’re willing to take a little risk for the potential savings of a variable rate? Hybrid mortgages – also known as 50/50 mortgage products – include an equal mix of fixed-rate and variable-rate components within your single mortgage. This

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-18869364868559949922010-05-25T12:30:00.004-04:002010-05-25T12:31:50.205-04:00

With the beautiful weather we had over the weekend, there is no doubt that summer is here. Along with the beginning of summer comes the end of the Bank of Canada’s commitment to keep its Overnight Rate, which in turn affects the Bank Prime Rate, at a record low of 0.25% (Prime is currently at 2.25%). Although the B of C had originally committed to leaving its Rate unchanged until the July

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-84743120328979642022010-05-14T08:17:00.002-04:002010-05-14T08:22:28.610-04:00

Transitioning from renter to homeowner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon homeownership.Budgeting is a core ingredient that helps alleviate the stress associated with money issues that can sometimes arise if you purchase a home without knowing

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-51293886279643606272010-05-05T14:01:00.000-04:002010-05-05T14:02:12.316-04:00

Selecting the length of your mortgage amortization period – the number of years it will take you to become mortgage free – is an important decision that will affect how much interest you pay over the life of your mortgage.While the lending industry’s benchmark amortization period is 25 years, and this is the standard that is used by lenders when discussing mortgage offers, and usually the basis

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-13603080668549468262010-04-19T16:27:00.002-04:002010-04-19T16:32:08.982-04:00

Poof...just like that and it’s harder to qualify for a mortgage or at least you’ll qualify for less than you would have a week ago. The new government regulations have completely gone into effect as of today. Here is a brief snapshot of what they look like:• All borrowers must meet the standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate or a

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-40771052080261814792010-04-07T15:00:00.000-04:002010-04-07T15:03:37.732-04:00

Well, the smoke has finally cleared after the fixed rate increases from last week. The biggest single-day jump in fixed rates in 14 years created record volumes at lenders as borrowers rushed to get applications and pre-approvals in before the hikes took effect. What also resulted from the increase is the biggest Fixed-Prime spread in 30 years. The spread (difference) between discounted 5-year

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-90646128134391840432010-03-19T11:42:00.001-04:002010-03-19T11:49:43.786-04:00

Sniff...sniff...can you smell that? Spring is definitely in the air! With near record temperatures in the GTA this week it definitely feels like Spring is here. Along with the inevitable arrival of Spring comes a very busy real estate market. It seems like every day I see new “for sale” signs posted on the lawns in my neighbourhood and just as fast as they go up it seems the “sold” signs are just

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-47392739421982471782010-03-12T15:49:00.000-05:002010-03-12T15:50:16.146-05:00

Sorry folks, this is going to be a long one. A few weeks ago I posted an entry an about some proposed government changes to mortgage insurance regulation and at the time had mixed feelings about it. I think my opinion has changed....significantly!! At the time there was some ambiguity in the changes that have been clarified by the Feds and in my opinion they are definitely detrimental to the

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-67430626060542451802010-03-03T16:21:00.001-05:002010-03-03T16:21:31.075-05:00

Hands down, without question, nothing even comes a close second...this is the question I hear the most. I’m not sure if it’s that people really wonder or if they just want me to say “no” or “I don’t think so” to give them some sort of comfort. My standard disclaimer is always that nobody can predict with absolute certainty, and then I launch into my opinion. By nature I’m not a good liar, in fact

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-10537238065701480042010-02-18T10:31:00.000-05:002010-02-18T10:32:30.934-05:00

This week we once again saw the government propose changes to mortgage insurance regulation that will go into effect on April 19th 2010. For anyone who hasn’t seen what the changes will be, here they are in a nutshell:• All borrowers must meet the standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate or a shorter term. This will help Canadians

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-37857971872539723062010-02-09T12:01:00.001-05:002010-02-10T08:27:54.643-05:00

This is a question I hear A LOT. The answer is that there's no one-size-fits all solution — the ideal mortgage depends largely on your individual circumstances and risk tolerance.A recent study found that 88 per cent of Canadian mortgage holders saved money by sticking with a variable rate over the past 10 years. But 68 per cent of Canadian homeowners have fixed-rate mortgages. Does this make

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-85273333179251658282010-02-03T13:25:00.002-05:002010-02-03T13:27:20.499-05:00

Did you know that 84% of all maturing mortgages are renewed with the same lender? 84%!! I find that staggering. Why, you ask? Well, did you also know that at least in the case of the banks, the renewal notices that get sent to you as your mortgage is maturing do not quote their best rates? Surprised...you shouldn’t be. Why would people renew at a rate that’s not the best available? It’s just like

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-59077012112298006752010-01-26T13:49:00.001-05:002010-01-28T16:31:27.326-05:00

There are a lot of misconceptions about refinancing your mortgage…that it’s only for people who get into financial problems, that you’ll pay a BIG penalty to break your existing mortgage, that it will end up taking longer to pay it off and these are just a few examples.The reality is that refinancing your mortgage is part of an overall financial plan to manage your debt in the smartest way

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-34784198823994983202010-01-19T21:25:00.002-05:002010-01-19T21:33:22.857-05:00

When I started this blog, my intention was to create a place where friends, family, clients, etc. can go to get educational information regarding the world of mortgages along with my opinion thrown in a few spots. It is a blog after all. Never did I think I’d be mentioning my mother in a post, let alone in the title.For those of you who don’t know my mother, she is a very conservative, very

Abbatangelo Groupnoreply@blogger.com1tag:blogger.com,1999:blog-7792936062045165673.post-41710837826562211062010-01-12T12:14:00.003-05:002010-01-12T12:32:05.446-05:00

For the last few years there has been significant concern over whether or not Canada could experience the same real estate crash the US had, as a result of a housing bubble. Concern has grown recently as our overall real estate market has continued to grow along with housing starts. One of the ways the Bank of Canada can protect our economy from a housing bubble is to increase interest rates,

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-76278953226138625852010-01-10T20:34:00.002-05:002010-01-10T21:22:07.789-05:00

Newspaper editorials have been overflowing lately with speculation on how rising rates may lead to a surge in mortgage defaults. In response to this issue, CIBC Economist Benjamin Tal released a report that took a closer look at the facts and determined history doesn’t support this premise. Below is a summary of Tal’s report.House Prices – Some OvershootingOver the past two years, the degree of

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-69566635510988588762010-01-01T11:54:00.002-05:002010-01-01T13:04:44.424-05:00

I just wanted to take the opportunity to wish you and your families a very safe and happy holiday season. All the best for 2010!!I saw an interesting segment on the CBC News a few nights ago and have now seen the story from a few other news outlets regarding minimum mortgage down payments. Jim Flaherty has announced that the CMHC is reviewing the 35-year amortization along with the minimum down

Abbatangelo Groupnoreply@blogger.com0tag:blogger.com,1999:blog-7792936062045165673.post-40444489875367361652010-01-01T11:52:00.001-05:002010-01-01T12:45:25.274-05:00

As a licensed Mortgage Agent, I provide clients with the service of seeking out the real estate financing that best meets their unique needs and at the best interest rates available – doing the “shopping” for them. I have access to over 50 lenders whose wide range of products ensure I’ll be able to obtain financing for virtually any client, regardless of their situation, unlike the banks who have

Abbatangelo Groupnoreply@blogger.com0