Blog

Line of Credit Interest Rates Rising For Some

2012-02-06 | 14:11:02

It's important to watch out for hidden fees and read the fine print at the banks. Some lenders will start increasing rates for unsecured credit to encourage borrowers to secure their credit against their Homes Equity. In some cases this is not a bad idea. However, we also have noticed the banks charging more for you to move to a more secure or competitive options (ie. TD Bank / ING now have collateral mortgage charges so that your mortgage can not be moved without legal fees. TD also has now a $500 penalty pay out to move or close an OPEN mortgage. RBC is now compounding the interest charge every time you make a payment if you have a variable mortgage). These are costly, so make sure to speak with a mortgage professional when you require a borrowing solution to avoid these costly “fine print” issues.

Click here to read the full article in Moneyville in the Toronto Star, "Line of credit interest rates rising for some"

Understanding the details of your mortgage options is important, contact me if you have any questions or would like to discuss in more details..

Free Guide: How to Use Google+ for Business

2011-11-15 | 12:56:08

If you want to jump onboard with the latest and greatest with Social Media...

Google Plus has just launched business pages. You can download a free eBook HERE  on

"How to Use Google+ for Business"...it provides a simple breakdown of: 

• What Google+ IS and why IT MATTERS for businesses
• How to set up a Google+ business page
• The benefits of Google+ in search
• 6 best practices for Marketing on Google+
• And additional resources to help your business

While many already have a Facebook Fanpage, Google+ business pages does have some unique features. For example, you can create up to 10 business pages using your Google+ account. This allows you to customize niche markets by providing separate pages for your specific markets.

And some may feel that one page is enough. However, with more and more people using social media and using different outlets to access info, you want to be sure that you are there when they are looking. 

Have a great day everyone! 

Variable or fixed? It's no contest..

2011-11-02 | 09:12:17

For years we have been proponents of the Variable even in an increasing rate environment. NOT NOW, in this current global economy along with the reduced discounts on the Variable we are suggesting some fixed designs. If you have an old variable with a big discount make sure to hold on as long as you can. New Variable designs are being priced almost at the same rates as some fixed. So it makes sense now in this particular market to consider the fixed.

Click here to read the full article in the Globe and Mail, "Variable or Fixed? It's no contest"

Your mortgage plan for the short term vs. the long term is important, contact me if you have any questions or would like to discuss in more details..

Dream Home Contest Winner...

2011-09-19 | 11:20:02

Thanks so much for playing along. We had a contest a couple weeks ago where participants posted a short description of their dream home, every person who posted a comment was entered into a draw for a Cineplex prize package!

Thanks for playing along, and we're announcing the winner...

If you had not entered and would like to be a part of our future contests, please join me (Myhang Gibson - Mortgages) on Facebook at: http://www.facebook.com/video/video.php?v=10150820154300305#!/MyhangGibsonMortgages

Become a fan and suggest our page to your friends so you don't miss out on future contests and updates on the Canadian mortgage market! We would be honored to help the people you care about.

If you have questions, I am always here to assist. myhang@ndlc.ca

My Website is now available in Multi-Languages!

2011-08-24 | 15:50:04

My Website is now available in English, French, Chinese, and Vietnamese. Simply select the chosen language from the drop down menue on the top left-hand corner (besides the powered by Google setting).

Please contact me anytime for assistance, I can be reached at 416-577-2203 or myhang@ndlc.ca

Have a great day!

Purchase Plus Improve Mortgage - How Does it Work?

2011-05-27 | 09:12:46

Just check our rate page today so you can see the advantage over regular home renovation loans.

Here's how it works... Let’s assume that you are a first time buyer and have 5% down payment. Before the mortgage financing is arranged, written quotes are obtained from licensed contractors for the repairs and or the improvements to be done to the home. When the application for mortgage financing is made, the request is made for 95% of the purchase price PLUS 95% of the cost to complete the improvements.

Note: The lender will “hold-back” on closing the “improvement” portion of the mortgage until the work has been completed, normally within 30 to 60 days of closing. Once the work has been completed, the lender will advance the balance of the funds and the contractor can be paid.

What does this mean? . . let me give you an example. . .