David Cooke

What are Closing Costs?

As a mortgage consultant I am often I am asked, "What are closing costs?" Most lenders will ask that you have at least a 5% down payment in order to qualify for a mortgage . They will also ask you to have 1.5% of the purchase price for closing costs. Many people do not realize how much these costs can be. Lawyer's fees in the province of Alberta are on average $700. plus dispersements. My clients expect this but they are not... (posted by David 5 years 215 days ago.)

Should I Go Variable or Fixed Rate Mortgage?

Variable rate is based on the Bank Prime, which is what financial institutions charge to the consumers. Bank Prime is based on the Central Bank Rate (the amount of interest the Bank of Canada charges financial institutions for short term loans). As the Central Bank Rate increases or decreases, so does Bank Prime and in turn the variable rate. The 5 year fixed rate is based on the bond market.... (posted by David 5 years 257 days ago.)

Genworth Canada to Make Homeownership more Affordable

Genworth Financial Canada To Make Homeownership More Affordable By Insuring 30- and 35-Year Mortgages Toronto, March 16, 2006 – Genworth Financial Canada today acted to help potential homebuyers with concerns about affording monthly mortgage payments, saying it would begin insuring 30- and 35-year loans. The extended mortgage amortization period reduces a borrower’s monthly mortgage... (posted by David 5 years 325 days ago.)

The hidden costs of buying a home

Purchasing a home can be a stressful experience for anyone, but especially for first-time buyers who may not be aware that there are a host of costs associated with buying a home other than the actual purchase price and real estate commissions. It helps to know what those costs are in advance rather than get an unexpected surprise at closing and add to an already stressful experience. Many of the costs are a factor... (posted by David 5 years 325 days ago.)