Edmonton Real Estate Blog

Although it would be nice to just pay your mortgage whenever you feel like it, you’ll need to decide on a payment frequency. This means how often (not how much) you pay your lender, however, it can have an effect on how quickly you’re able to pay off your mortgage.

In Canada, the most common forms of payment frequency offered by lenders are monthly, bi-weekly, and accelerated bi-weekly. However, some lenders will offer a weekly or accelerated weekly option.

The Difference between Accelerated and Regular Payments

There’s a long-term advantage to the accelerated options, due to the difference in the way a bi-weekly and accelerated bi-weekly payment are calculated. Even though your number of payments per year remains the same, your accelerated bi-weekly amount would be slightly higher than your regular bi-weekly one. With an accelerated payment option, you end up making roughly one extra payment a year, allowing you to pay off your mortgage faster. Although an accelerated payment frequency might cost you more on a monthly basis, it will save you thousands in interest in the long run. By plugging some numbers into a mortgage payment calculator, you can see how the various payment frequency options might affect your monthly, and annual, payments.

Prepayment Options

In addition to these regular payment options, your mortgage will come with terms and conditions about prepayment: or how often you can make extra payments above and beyond your regularly scheduled ones.

Most lenders will allow you to make the occasional lump sum payment towards your mortgage, or increase your monthly payment amount, however there are rules around by how much you may increase a payment or how frequently. You can’t simply pay off your entire mortgage without hefty penalties from the bank.

If paying your mortgage off quickly is important to you, you might want to consider an accelerated payment frequency to help speed things along.

Source: theloop.ca

This coming Monday is Thanksgiving Day.

Many people across Canada, from coast to coast to coast, will celebrate with their families and give thanks for not only the freedom, but the privilege, of living in this great country.

Monday is also a time to celebrate with our families and loved ones and enjoy the bounty that Canada and our individual provinces provide us.

Monday is a very good day to be thankful for a minimum of 10 things in your life:

1.       Be thankful for the freedom Canada offers us

2.       Be thankful for your spouse/significant other

3.       Be thankful for your children, your grandchildren
and your great-grandchildren

4.       Be thankful for the home you live in

5.       Be thankful for the health you enjoy

6.       Be thankful for your employment/job/company

7.       Be thankful for the great blessings and abundance
Canada offers

8.       Be thankful for the freedom to vote, which is denied
to millions around the world

9.       Be thankful for the freedom to elect the government
officials of your choice

10.    Be thankful for the freedom to worship as you choose
“There is no better opportunity to receive more than to be thankful for what you already have. Thanksgiving opens the windows of opportunity for ideas to flow your way.”
– Jim Rohn

Source: Peter Legge O.B.C. is Chairman / CEO of Canada Wide Media Limited

This is a high efficient “green home” which qualifies for the CMHC premium rebate. This includes high efficient furnace, hot water on demand, triple pain windows with Low-E and argon gas. Features large eat-in kitchen with island, 3 pce. ensuite bath, and walkin closet in the large master bedroom.

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Call us for availability in your area 780-634-8151

Bank of America has again revised up its home price forecast to 8 percent for 2013, up from 4.7 percent.

This is after a 7.3 percent rise in 2012.

In a new report titled “Someone say House Party?”, BAML’s Chris Flanagan, Michelle Meyer, and Justin Borst write that “a positive feedback loop has begun”. Basically, when people think home prices are rising, they think they will keep doing so and  credit conditions will improve, and this in increases demand for homes.

And there’s proof of this. Fannie Mae‘s latest survey shows that 48 percent of respondents believe that home prices will rise over the next 12 months, only 10 percent forecast a fall.

“It is a powerful positive relationship especially in this environment of historically low interest rates and a Federal Reserve determined to keep policy accommodative.”

Read more: http://www.businessinsider.com/baml-us-home-prices-to-rise-8-2013-3#ixzz2NSvpIyOb

Today I received a certificate from Re/Max for 25 years of service with them. Later they will be giving me an engraved silver plate.

I am busy sending all the people in my “A” group St.Patrick’s Day card with a lottery ticket.  My the luck of the Irish be with them.

I am currently working with a buyer wanting to purchase in the Magrath Heights or MacTaggart area.  If you live in those area or know someone living in those areas thinking of selling please call me 780-995-6520

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/