In the most technical of definitions, a closed mortgage prepayment option would only exist if there was a bona fides arms length sale of the property.
Outside of property sale, there basically are no options for full prepayment and the borrower is going to required to continue on with the mortgage until the end of the term.
Depending on the lender, partial prepayment in different forms may be an option such as increasing the mortgages periodic payment or making lump sum payments from time to time.
The key point in discussing this is that the term closed mortgage is often used to explain a mortgage with a fixed interest rate.
In many of these situations, there are prepayment options available to the borrower.
So its going to be important to clearly understand the prepayment options that are available on any mortgage option in order to avoid any problems down the road.
While the standard definition of closed mortgage alluded to above is not the most common form of mortgage offered in the market, it is available through a number of lenders.
For mortgage lenders that do offer a truly closed mortgage with respect to prepayment, there are some potential benefits to the borrower.
As an example, in these situations where the lender is nearly certain to be receiving payments on closed mortgages funded, the mortgage lender may offer a very attractive interest rate.
So from the borrower’s point of view, if the borrower thinks he or she has little to any need to prepay the mortgage during a proposed interest term, the trade off of not having any prepayment options may be more than offset by a lower interest rate.
Once again, because there is to standard terminology in the industry with respect to how the phrase or closed mortgage is used from a marketing and product identification point of view, its going to be important to thoroughly understand any lender’s prepayment options prior to committing to a mortgage product.
Mortgage prepayment penalty clauses and calculations are some of the most difficult things anyone can try to understand in the world of consumer finance and perhaps beyond.
The major banks in particular are famous for providing very cryptic language that can be difficult to understand and even harder to apply to your mortgage if and when you get into a situation where you are looking at prepaying the mortgage outside of the allowable provisions that don’t invoke a penalty for doing so.
Consumer frustration has built to the point that class action lawsuits have been filed against mortgage lenders with the plaintiff’s claiming that the prepayment penalties calculated and charged were not appropriate or enforceable.
The purpose of a prepayment penalty is allow a mortgage lender to not be placed in a loss position on a mortgage when interest rates are falling.
Mortgage lenders provide funding on a margin between their own cost of funds and the mortgage rate provided. If a borrower prepays the mortgage during a time when interest rates are lower than when the mortgage term was issued, then the borrower will not be able to replace those funds in a lower interest rate market without incurring a loss or at the very least a lower profit margin.
So while the applicability of a prepayment penalty makes business sense, mortgage lenders have not gone out of their way for the most part to make the wording and the calculation of the penalty easy to understand for the borrower. And in the case of some of the class action lawsuits, the claims speak to vague or unenforceable wording being used.
Whether these lawsuits hold any water or not is yet to be seen. But the reality here is that the mortgage industry as a whole as a ways to go to make the understanding and application of the prepayment penalty more customer friendly.
And we are starting to see this with certain lenders. We can only hope that the trend to greater transparency and clarity with this issue will continue.
In the mean time, if you are entering into a mortgage that has a prepayment penalty clause, make sure that you take the time to understand it so that if and when it becomes applicable to you there aren’t going to be any surprises.
One of the ways to gain greater insight into prepayment penalty clauses provided by various mortgage lenders is to work with an experienced mortgage broker who can guide you through the nuances from one mortgage lender to another and put you in a position to make a more informed decision when it comes to selecting a mortgage option.
There is a lot in the news these days about household debt rising in Canada, due largely in part to the low cost of money that is currently available.
Economists are concerned that even though things are going well for Canadians compared to people in other parts of the world, that we risk backing ourselves into a corner with higher debt levels that leave our economy vulnerable when interest rates eventually go up.
So while it only makes sense to take advantage of lower interest rates when it makes sense, it is also possible to have the best of both worlds, that being lower cost of capital and lower debt.
Assuming that paying down debt is important to consumers, then it makes sense to be budgeting your cash flow to apply more to debt reduction when cash is being freed up by lower interest rates.
The challenge for most debt reduction is that it needs to be structured in order to occur.
For instance, if someone has a mortgage or a car loan, they will have an amortized payment can identifies how much money they need to spend every month on debt service.
As debt holders, we get conditioned to having this amount available and direct the remaining cash flow to other expenditures.
With a little bit of focus on personal cash flow, its usually very possible to come up with some amount of incremental money during the year that can be applied to the outstanding mortgage balance above and beyond the payment amount.
Over time, even small amounts can eat into the balance owing and significantly reduce both interest costs and total debt load.
And because many of the residential and commercial mortgage programs today are filled with different payment options to retire your debt sooner without prepayment penalties, it truly is a period in our history when you can have the best of both worlds.
The challenge is coming up with a financial plan that you can implement to pay down your mortgage sooner, and then making sure that any mortgage you enter into has the payment features built in to accommodate your plan.
Low levels of interest can allow you to afford the things you need today. A proper debt retirement plan will make sure you are in good financial shape into the future, regardless of where interest rates moves.
A little bit of planning and for thought can go a long way and save you a considerable amount of money along with reducing financial risk.
When talking about alternative mortgage options, I’m referring to any mortgage financing scenario that does not qualify for primary bank or “A” institutional mortgage programs.
For borrowers that fall into this classification, I would further divide them into two groups…those that miss qualifying by a lot and those that miss by a little.
For the near misses, its typically some combination of credit score and debt servicing that cause the application to fall under the line of acceptable lending criteria.
In these situations, a period of time from one to two years may be all that’s required to give them the opportunity to improve upon the areas that resulted in an “A” lender decline.
For individuals that miss qualifying by a lot, more time is typically going to be required to get their financing and credit profile to an acceptable level for lower cost mortgage interest rates.
Regardless of how or why an applicant gets declined by an “A” mortgage lender, the next step is to move into alternative mortgage options, or the sub prime lending space.
Alternative mortgage options include both institutional and private mortgage lending solutions.
With the current strength continuing in the Canadian real estate market in general, there are more sub prime options popping up post recession, providing more alternative mortgage options to both home owners and commercial property owners.
In addition to more alternative mortgage lenders existing in the market, we are also seeing more flexibility within some of the sub prime lending programs.
This is due mostly to institutional sub prime lenders wanting to hold onto their customers longer, either within the alternative lending space, or moving them into their own “A” credit products.
In many situations, the Alternative institutional mortgage options can be priced very similar to private mortgages with potentially tougher prepayment terms in the event that the borrower can the ability to move to an “A” lending product before the end of the mortgage term.
So for a borrower that is confident that they only need one or two years at the most to repair their credit to a satisfactory level, they may be better off going with a straight private mortgage that may even provide an open repayment option after so many months of the interest term have gone by.
One of the ways some the institutional alternative lenders are dealing with this is to provide adjustable rate mortgages with three to five year mortgage terms where the borrower can lock in their rate to a fixed rate in the future and benefit from better rates if they are able to improve upon their credit score during the mortgage term.
The good news for borrowers is that there are a number of different options to choose from, and depending on your situation and strategy for getting back to the “A” lending market, certain alternative mortgage options are going to be more appropriate for you than others.
The best way to figure out which option to select is to work with an experienced mortgage broker who can work through all the different potential scenarios with you.
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Its a strange and interesting time in the world of real estate and mortgage financing here in Canada.
With all the recent changes in mortgage regulations that have made mortgage qualifying more difficult, especially for first time home buyers, housing sales have been on the down tick.
So you would think that there would be a lot of listings than buyers on the market, right?
Recently here in Ontario, I’ve noticed that good properties are still hard to land. Clients are putting in offers on listing and finding themselves in the middle of a bidding war with other potential buyers.
There seems to be a scarcity of good properties on the market at a time when you would think the opposite would be true.
Because of the changes is mortgage qualifications, mortgage applicants are moving down market into the newly renewed Canadian sub prime space for uninsured mortgages.
This part of the market was almost wiped out a few years ago, but now makes up to around 20% of the whole mortgage pie.
Private lenders are also seeing an upswing in business due to the recent changes in regulations.
The rental market is also in a state of change now that mortgages on rental properties are basically capped at 80%, requiring a not more equity to be in the rental game.
And then there is the totally unclear view as to where interest rates are heading.
Being that we are so closely tied to the U.S. market, and there being no sign of an interest rate happening any time soon south of the border, its hard to imagine much of an interest rate increase here, but then again anything is possible.
With all the focus on the global financials in the news, there are several reports now saying that the average consumer is moving to reduce their debt to help guard against whatever is going to happen next with interest rates and financial programs.
As we continue to move into the summer period and peak real estate season, it’s going to be interesting to see what trends or patterns may emerge.
Right now its more of a head scratch as to why the markets are behaving as they are.
According to finance minister Jim Flaherty, there are no further mortgage rule changes being proposed and that the three sets of changes made over the last couple of years have the market going in the right direction.
For more specifics on what the minister had to say, here is a link to a financial post article on the subject… http://business.financialpost.com/2011/05/10/no-new-mortgage-rule-changes-flaherty/
What this means for home owners is that its time to settle into the new way of things with respect to managing their mortgage debt now and in the future.
The recent rule changes have made it more difficult to qualify for a mortgage, requiring that individuals with lower equity down payments be able to cover off a rise in interest rates with their available income level.
Reductions in the maximum amortization period, amount of debt that can be refinanced as a percentage of property value, maximum lending for rental properties, and the removal of mortgage insurance on home equity lines of credit have had a significant impact on the residential mortgage landscape.
But like with any change, there is going to be an adjustment period during which time home owners and prospective home owners are going to have to learn how to meet the new requirements in order to achieve their financial goals in both the short and long term.
The whole point of making the changes was to avoid the housing market becoming too overheated by cheaper debt that is not likely to stay at the current levels for too much longer, or at least that is what all the signs and pundits seem to be pointing to.
And to this point in time at least, housing prices have held or increased in most Canadian locales while the residential housing market to the south continues to be in near total disarray.
So regardless of whether you’re a new home owner, a first time home buyer, or a long time mortgage holder, its likely time to brush up on the new world of mortgage financing so that you can be in the best position to make good decisions on a timely basis going forward.
Because most mortgage holders have not had any type of mortgage event or mortgage decision required of them in the last couple of years, it does make sense to acclimate yourself to the mortgage regulations as they exist today as they appear to here to stay for the near future.
If you would like to better understand any of the recent changes and how they may impact your current mortgage or future financial planning, I suggest that you give me a call and set up a time where we have a discussion and get all your questions answered.
Click Here To Speak With Toronto Mortgage Broker Joe Walsh
One of the most overlooked aspects of arranging financing for the purchase of a home is the closing costs.
These are items such as legal fees, property taxes, land transfer taxes, insurance, etc. that are not part of the property purchase, but must be paid before the purchase transaction can be complete.
And in some cases, the amount can be fairly substantial.
I had a call the other day from a couple that were 4 days away from closing, had all their financing arranged, but did not have $12,000 to pay the closing costs.
In many cases, when the closing costs are overlooked, most people are able to scramble around to come up with the money and complete the transaction. But even in these situations, they may end up using all their available short term credit which can lead to ongoing cash flow and cash management problems in the future as well as increased cost as now more debt has to be serviced.
In other cases, the inability to close the deal can be quite costly as well in the form of you losing your deposit which can kill the whole plan of home ownership altogether.
One of the reasons that the closing cost problem happens fairly regularly is that none of the professionals involved in the transaction take the time to point it out, even though they all know that there will be closing costs that need to be paid. This can include the real estate agent, lender, mortgage broker, and lawyer.
The other problem with not estimating for these costs ahead of time is that too much of your available money may get committed to your down payment and potentially your deposit, which can influence your mortgage approval. If closing costs were properly allowed for from the outset, then funds could be put aside to cover them off and the remaining cash or equity pledged towards the purchase.
This is why its advisable, especially for first time home buyers, to work with an experienced mortgage broker that is going to walk you through the whole home mortgage financing process and outline all the steps involved, including budgeting and funding closing costs.
Then when your mortgage application gets approved, the path to closing the deal will not be derailed by something that should have been considered earlier on in the process.
Click Here To Speak Directly To Toronto Mortgage Broker Joe Walsh
I was reading an article this week about a survey recently completed by Scotiabank that indicated Canadians, on average, want to repay their mortgages faster.
Here’s a link to the article http://www.newswire.ca/en/releases/archive/May2011/10/c2848.html
Typically, when a major brand commissions this type of survey they are either looking for support for a marketing angle they want to push, or they are actually trying to figure out what the public wants.
In any event, providing more mortgage options to consumers is more likely a good thing so good for Scotiabank for trying to fill (or create) a need that provides a real benefit to mortgage holders.
This is also very interesting stuff in that historically it would be basically taboo for a mortgage lender to even suggest such things due to the long term nature of the revenue stream they can generate from a long term mortgage, especially one with an maximum amortization period.
But with the expansion of services in the major banks, this could be a good strategy to try and move mortgage savings into long term investments which is still good for the borrower and good for the bank.
I’m not quite sure all mortgage lenders are going to be as quick to be teaching their customers how to get rid of their mortgages sooner, but I do believe that this is an area of the market that could use more education and more options from mortgage lenders.
This is not to say I completely agree with Scotiabank’s survey results, as all surveys these days are more prone to larger errors due to the fact that we are getting surveyed to death by telephone operators conducting these surveys.
I digress as that’s a whole nother ball of wax when it comes to having a healthy dose of skepticism any time big brands start firing around numbers.
At the same time, there will always be a percentage of the market that would respond to this type of marketing and mortgage program enhancement and as a result Scotiabank and others can use it to gain the wallet of consumers in the highly competitive “A” mortgage market.
In the end, this should all be good news to consumers.
A competitive market with more choice is one of the great things about being a mortgage borrower in Canada.
Regardless of who you are, mortgage interest rates are going to be linked to your credit profile and credit score.
And while much is written about bad credit mortgages and credit repair to help those with poor credit secure a bank or institutional mortgage, there many be just as many or more people that qualify for an institutional mortgage, but could land an even better rate if their credit was improved.
If you surf around the internet, there are loads of credit repair courses and services available out there that make all kinds of promises to you as to what their product or service can do to increase your credit score. And while I’m sure there is some helpful advise found in these offerings, the process of credit management can be distilled down to a hand up of things that anyone can do with taking a course or hiring some sort of credit repair specialist.
The first step in improving your credit is knowing what you have to improve upon.
So by accessing your own credit score and credit profile through equifax.ca or transunion.ca, for around $24, you gain a starting point or base line to work from.
Sometimes credit scores can be negatively impacted by reporting errors. The credit reporting system is far from perfect and if there are any errors in the information displayed, getting it corrected could potentially give you a score boost plus get rid of negative that lenders would otherwise be exposed to when processing your application.
Second, make sure you are avoiding the three credit score killers:
These three actions are the 80/20 of most credit score problems.
By avoiding them, you’re eliminating actions that can reduce your credit and over time, the absence or improvement of your management of each can increase your credit score.
Third, make sure that you have at least two sources of monthly reported credit that you are using and paying off each month. Credit reports predominantly show unsecured credit such as credit cards and lines of credit.
Even if you hate the thought a credit cards or have had problems managing them in the past, its almost essential to have at least two sources of active credit to maintain or build your credit score.
And this can be as simple as only using a credit card to purchase your gas every month and then paying it off at the end of the month.
If you work with all cash, then you are invisible from a credit reporting point of view which will impact your ability to qualify for credit.
If you’re credit is damaged to the point where you can’t qualify for a credit card, then the next best option is a prepaid credit card or a term loan secured by some sort of fixed investment vehicle like a GIC.
What is important with prepaid cards or secured term loans is that the lender is reporting the activity to the credit reporting agencies. If they aren’t then these types of actions aren’t going to yield any benefit to your credit.
Fourth, check your credit at least once a year. You have to purchase your credit score from the credit reporting agencies, but you have the write to request a free credit report from them once a year. This will not provide the score, but it will provide you with a summary of your credit activity and if there is nothing negative showing since the last report, chances are your credit score is the same or higher if you have been practicing all the other steps.
That’s about it.
If you are an adult in Canada, then you will have a credit score.
If you aren’t using credit cards, your score may very well be zero.
The path to better mortgage interest rates travels through better credit, so it is important to pay attention to how you’re managing your credit activities and how they are are being reported.
Click Here To Speak With Toronto Mortgage Broker Joe Walsh
The housing pricing numbers in February, according to the Teranet–National Bank National Composite House Price Index, where up 0.1% with the increase representing the third monthly increase in a row following three consecutive months of decline.
The modest 0.1% pricing increase is a weighted average of all major Canadian centers, with a mixed bag of results across the board. Toronto showed a decline of 0.1% for the month.
Here is the rest of the numbers … http://www.mortgagebrokernews.ca/news/teranet-index-shows-small-increase-in-housing-prices/10662
While the collective numbers don’t light my world on fire with excitement, they do show a certain amount of near term stability in housing prices compared to what we are seeing in the U.S. and in other parts of the world.
When you read about the housing market failure in the states and consider all the sub prime mortgage financing that exists in this country through insured mortgage programs, it has been making everyone a little bit nervous as to how the Canadian housing market would respond in 2011.
Apparently, so far so good.
And while some of the recent changes to the mortgage lending rules may put a damper on housing prices somewhat in the coming months as everyone settles into the new lending rules, overall these changes more likely to strengthen the market than weaken it in the long run.
Pricing stability helps maintain lender activity in the market which provides consumers with access to capital and mortgage program choices.
Hopefully the outcome of the Federal election will be a positive influence on the house market, interest rates, and economic growth as well.
With respect to the election, make sure you get out and vote next week as its the only way we as individuals can influence the outcome.
Click Here To Speak To Toronto Mortgage Broker Joe Walsh
There is a growing trend with the major banks and some credit unions to now register a collateral mortgage charge instead of a conventional mortgage charge when you enter into a new mortgage agreement with them.
Traditionally, a collateral mortgage charge was primarily used with line of credit accounts where there can be a considerable difference between the amount advanced and the amount outstanding at any point in time.
The basic workings of a collateral mortgage is that the mortgage lender actually has a promissory note and secondary security in the form of a first or second lien against the property for the total amount registered, which can be as high as 125% of the property value even though the borrower did not receive the amount registered.
A collateral mortgage allows the borrower to provide additional principal or re issue principal that has already been paid back similar to how a line of credit works.
With a conventional mortgage, the amount being borrowed, interest rate, and repayment schedule are all basically fixed and the lien registration reflects the amount advanced.
With a collateral mortgage, the big difference is in the terms and conditions.
In addition to the higher loan registration amount lenders also have the right to write in a higher interest rate that what is initially being offered and charged to the customer. For instance, the collateral mortgage may have a stated interest rate of 10%, but the customer is only being charged prime plus 1% initially.
From the lender’s point of view, they promote this as providing more options and convenience to the borrower. Because of the amount of security being pledged to the lender, the borrower can more easily qualify for additional borrowings with the bank. This could include any non mortgage form of borrowing as well.
The banks also explain that a borrower can more easily move from one lending product to another without incurring any new mortgage registration charges.
And while the consumer can receive value from signing off on a collateral charge, there are some things you should be aware of before accepting this type of mortgage option.
First, by registering a collateral mortgage at 100% or high of the fair value of your property against your property, any future borrowings that you may want to leverage from your home will likely have to come from the collateral mortgage holder. For instance, if you wanted to secure a second mortgage where the total loans outstanding would be less than 80% of the value of the property, no second mortgage could be arranged from a different lender because they would have to register behind the collateral mortgage which may be listed at 125% of the property value, even though only a fraction of that amount may be outstanding.
This could also impact your ability to qualify for any type of lending program outside of what your primary mortgage lender is offering due to the fact that other lenders will likely consider the full amount of the mortgage registered in their debt service calculations. So even though you have good income and credit, you could still be viewed to have an excessive debt load, causing otherwise straight forward credit applications to be declined.
Second, the nature of the way the collateral mortgage will likely be written, will allow the lender to utilize it as security for any other loans, credit cards, and lines of credit you may have with them. Effectively, they may be able to become fully secured by real estate for any and all borrowings made to you once the collateral mortgage is put into place.
Third, if you do fall behind on your mortgage payments, the collateral mortgage provides the right for the lender to potentially start charging a higher rate of interest if a higher rate is written in compared to what you are initially paying. Because the lender has such a strong securing position, they can justify the increase to cover a higher risk of repayment default while not really having any real risk of potential loss. The end result is even if you get back on track, you now have a higher interest rate to pay, which can lead to higher prepayment penalties if you try to move your mortgage to another lender.
This is one of those depends answers.
Currently in the market place, some lenders are providing the customer with an option of taking a conventional mortgage or a collateral mortgage.
However, this is not true with all lenders and this fall, some mortgage providers are talking about only offering a collateral mortgage option.
Because banks offer a fast closing process which tends to be cheaper than going through your own lawyer, many borrowers are going to sign off on a collateral mortgage without really understanding the pros and cons.
So the key here is understanding what you’re signing up for.
If the benefits of a collateral mortgage fit your needs, then there is certainly nothing wrong with accepting this type of mortgage offer.
But if the terms and conditions are going to be too restrictive for your future financial planning and cash flow management requirements, then a conventional mortgage may make more sense.
Before signing off on any mortgage offering, make sure you are getting independent legal advise if you’re not completely sure as to how all the terms and conditions of mortgage work.
That way you can make an informed decision and have less chance of regretting it at some future date.
Click Here To Speak Directly To Toronto Mortgage Broker Joe Walsh
According to a report from TD Canada Trust, about a third of buyers are transferring their old mortgage to their new home.
See details of report here http://www.montrealgazette.com/life/Pack+mortgage+when+move/3621053/story.html
I was surprised that the number of people doing this was this high, but not that transferring the mortgage wasn’t a fairly common practice.
I think this speak more to people paying more attention to the terms and conditions of their mortgage as well as where interest rates are likely headed.
The reason to transfer your mortgage is strictly economical. That is, are you going to be better off financially by doing this that it you don’t.
This type of strategy is going to be most effective and advantageous in a market where interest rates are rising or have risen since the time you entered into your mortgage.
Under these conditions, you would likely have a lower interest rate penalty compared to a time period when interest rates were falling, and you would be able to retain the interest rate remaining on your existing term which could be lower than what’s available to you in a rising rate market.
And depending on the terms and condition of your mortgage and the flexibility provided by the lender to keep your business, there can be other options as well.
For instance, say you are buying a more expensive house for $500,000, your old mortgage is $300,000, and you require a further $50,000 in financing to complete the transaction.
Some programs will allow you to increase the mortgage amount, but have the incremental borrowing amount based on the current rates, which are likely going to be higher if it’s making economic sense to transfer your mortgage. So say your old mortgage is at 4% and the new rates are 5%, some programs will blend the interest rates together and come up with a new payment.
Under this example, there is no prepayment penalty and you’re only paying a higher interest rate on the additional funds being borrowed.
In the end, this whole exercise comes down to what you plan to do in the future (for example, will you see the term on your old mortgage through to its completion?) and how the math works out. If there is a real financial benefit to transferring the old mortgage, then its something that should be considered. If it doesn’t make financial sense, pay off the old mortgage and get a new mortgage for the new property you are acquiring.
The best way to approach this decision making process is to work with an experienced mortgage broker who can work through all the relevant terms and conditions of your old mortgage with you and then help you do the math properly so you have the basis for making an informed decision.
Click Here To Speak With Toronto Mortgage Broker Joe Walsh
I don’t have the exact original source for the following statistic I’m going to lay on you, but the source that provided it to me is pretty reliable, so I still think its work putting forward.
Anyway, here it is.
73% of Canadians will not finish a 5 year Term
Whether if this is true for the whole population or not is basically irrelevant. The question is, does this relate to you?
If so, then it’s something that you need to build into your decision making process when looking at fixed or variable interest rates on your mortgage.
The reality of the statistic is that if you do fall into this category, then there’s a good chance that’s you’re paying significantly more in interest for your residential home mortgage.
The reason you’re more likely to be paying more over a period of time is 1) you are not going to the end of the mortgage term and thus will be paying some amount of prepayment penalty (this can be considerable if the interest rates in general have gone up at the time of prepayment compared to when the mortgage was issued), and 2) the variable interest rate has a high probability of averaging out at a lower rate than the 5 year rate over a period of time.
This is not to say you shouldn’t be signing up for a 5 year rate, because there are excellent rates available in this range. But if you are someone who is required to move a lot due to your job, or have a growing family that is going to need a larger home in the short term, then you may want to stick to the variable interest rate options.
The key here is that, on average, based on this statistic and the track record of interest rate trends in Canada over the last 10 years, there is greater opportunity to save money on your mortgage through a variable interest rate unless you know you are going to stay with a 5 year fixed rate to the end of the 5 year period. Then the decision making process may be different.
If you have any questions or concerns about variable versus fixed interest rates, please give me a call and I will be happy to make sure all your questions get answered.
