Can Yhard Mortgages only arrange mortgages locally?

Although Yhard Mortgages is located in Fall River, Nova Scotia and a large portion of our business is generated locally we certainly can arrange mortgages all over Nova Scotia & across Canada.

Outside of the local area & within In Nova Scotia we have successfully arranged & closed mortgages in Cheticamp, Glace Bay,  Donkin, Sydney, Kentville, Lunenburg,  Hansport, New Waterford, Yarmouth, Sydney, New Glasgow, Port Hawkesbury, Shelburne, Yarmouth & Truro, to name a few.

We have also completed mortgages in Ontario, Alberta, PEI, Newfoundland, New Brunswick, Manitoba, British Columbia.

No matter where you are in Canada give us a call, send an email  & we would be happy to arrange a mortgage for your next purchase, refinance, consolidation, vacation property, line of credit, reverse mortgage or whatever your residential mortgage needs are.

As always enjoy your day!

Mortgage Broker's Market Share is growing says 2017 CMHC report

Mortgage brokers are earning a larger piece of the renewal mortgage pie, according to the Canada Mortgage and Housing Corporation’s 2017 Mortgage Consumer Survey.

Industry market share is growing in that important segment, growing from 26% in 2016 to 35% in 2017.

“Relationships and referrals are a very important part of the mortgage lending industry,” Nathalie Fredette, vice-president of client relationship management at CMHC, said. “The survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience.”

Broker share of refinances (40%) and recent buyers (44%) remained stable, according to the Crown Corporation.

Notably, first-time buyers continue to prefer the services of their local mortgage broker to their own bank. Broker currently account for 55% of that market.

Interestingly, there was a similar split between home buyers who most value the best rate or deal (58%) and valuable advice and recommendations (52%).

When it comes to the mortgage broker experience, 72% of those clients said they were satisfied.

One area in which brokers obviously outshine banks is in communication following funding.

The report, which is based on a CMHC survey of 3,002 recent mortgage consumers, found 54% of consumers who used a broker were contacted by their mortgage professional following the transaction. Conversely, 31% of lenders initiated follow up communication.
 

Down Payment Assistance Programs For Nova Scotians

The Down Payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for an insured mortgage to purchase their first home. Eligible participants can apply to receive an interest-free repayable loan of up to five per cent of the purchase price of a home.

Eligibility:

·         The purchase price of the home may not exceed $280,000 in the Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

·         Participants must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.

For an applicant to be eligible for the assistance, the following criteria must be met:

o    The property is in Nova Scotia

o    The applicant is a first-time home buyer

o    The applicant is pre-approved for an insured mortgage by a recognized financial institution

o    The applicant has a satisfactory credit rating

o    The applicant has reviewed the educational material for first-time home buyers provided by Housing Nova Scotia

o    The applicant’s total household income is less than $75,000

o    The applicant has resided in Nova Scotia for at least 12 months

The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible. 

Loans:

·         The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.

·         The loan must go toward the down payment and cannot be used for financing, closing or other costs.

·         The down payment assistance loans can range between up to $7,500 and up to $14,000.

Additional Information:

·         The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.

·         The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.

·         The program is based on a first come, first served basis.

What is an annual mortgage review?

At Yhard Mortgages we continuously look for opportunities to save our clients interest.  By reviewing your mortgage annually we can see if you are missing out on potential interest savings. What does that mean?  Well it means interest rates are always changing either going up or down.  Here is an example you sign a mortgage, get a great rate and interest rates go down during your term.  This means there may be savings by breaking the original mortgage and refinancing at the lower rate.  Uncovering interest savings is always an enjoyable part of our business at Yhard Mortgages.  We love to see happy clients!  Want to learn more give us a call or drop us an email.  As always HAVE A GREAT DAY!

Learn More About The Role Of A Mortgage Broker

We are very excited to announce our President Brian Yhard will be interviewed this Thursday (April 6, 2017) by Frank Cameron on 105.9 Seaside FM.  The interview will be at 9:45 am - 10 am.  For everyone outside of their listening audience Seaside FM can be reached at www.seasidefm.com locally at 105.9 FM.

Topics Brian will be covering will include......

  • The role of a mortgage broker
  • Types of mortgages Yhard Mortgages can arrange
  • Why use a mortgage broker versus going directly to a bank
  • Options when your mortgage is up for renewal
  • Reverse Mortgages for age 55+

Tune in for some informative discussions!

 

Mortgages are not just about interest rates.

What is an interest-saving mortgage?

One of the problems in the mortgage industry is the way mortgages are advertised: usually by rate. If an online rate says 1.9%, chances are homebuyers are going to check it out.

What many don’t realize is that saving interest is what saves money over the long term, and that rate is only part of the story. On a $500,000 mortgage, a rate of 0.1% lower does not even equate to a savings of $500 a year. The right mortgage however can save you MUCH more than that.

Saving interest is the key to pounding down your debt and building your wealth. That means that – yes, we look at rate – but the real savings result from the little things you don’t see with an advertised rate: like finding the right combination of options, privileges and payment schedules to maximize your savings.

For example, drop a few hundred dollars against your mortgage principal once in a while and you could save thousands in interest and shave years off your mortgage. That’s because if you knock down the principal even a little, every dollar you pay after that will go further.

Mortgage contracts are full of devilish details that make winners and losers of Canadian homebuyers. Rates are just the lure. Generally, the lower the rate, the bigger the catch.

With more than 50 lenders – including most of the major banks – I can build you an interest-saving mortgage. Together we’ll look at:

·         Prepayment privileges: those options that can help you slam down your debt by increasing your payments and/or putting down lump sums.

·         Portability. Unless you’ll be there for good, you’ll want favourable rates and terms should you want to port your mortgage from one property to another.

·         Fees for breaking the mortgage. This is a big one: there can be substantial differences between lenders. Remember life happens. If there’s even a chance you’ll need to break your mortgage, going with a lender that has reasonable fees can save you thousands.

·         Minimizing all restrictions and fees as much as possible.

These key mortgage features don’t fit in a rate ad. But trust me… this is where the rubber hits the road in building the right mortgage.

Catch yourself looking at low online rates? Time to come in for a chat; let’s have a conversation about building your custom interest-saving mortgage!

First Time Home Buyers

ATTENTION FIRST TIME HOME-BUYERS

$750 for 2016 first-time buyers.

Don’t leave money on the table if you bought your first home last year! You may be able to take advantage of the Home Buyers Tax Credit (HBTC) when you file your tax return. The $5,000 non-refundable HBTC provides up to $750 in federal tax relief. You qualify if neither you nor your spouse (or common-law partner) have owned and lived in another home for the past five years. For more information, visit http://www.cra-arc.gc.ca/hbtc/