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The Facts About the Mortgage Market in Canada For Prospective Homeowners



The facts about the mortgage market in Canada is that in the last forty years, it has undergone substantial changes. Depository institutions account for the majority of the market holding 69 percent of outstanding Canadian residential mortgage debt by the end of-2007. By the end of 2008, CAD 566 billion or 62 percent of the CAD 906 billion outstanding residential mortgage debt in Canada was held by depository institutions. The main reason for the growth in the bank share was due to the 1992 Bank Act changes, which permitted banks to own trust and loan companies that had been dominant players in the market. Prior to 1954, banks were not permitted to make mortgage loans. However gradually from the 1954 Bank Act amendments and thereafter, laws allowed banks an expanding share in the market over time. Yet, until 1992 conventional mortgages value could only be below 10 percent of bank deposits. Mortgage brokers have played a growing role in the market.

A mortgage consumer survey conducted by the Canada Mortgage and Housing Corporation in 2009 revealed that between June of 2008 and June of 2009, a quarter of all mortgage transactions were arranged through mortgage brokers. According to statistics, over 50 percent of the homebuyers accept the first rate their bank offers. This means that the majority are not using a mortgage broker who shops around for the best rate for its client. However, among first-time buyers and young women, a rising number are turning to mortgage brokers. In the last decade, mortgage brokers have seen a surge in business. Ten years ago, they comprised under 10 percent of the mortgage market; today, they comprise 25 percent of the share. Brokers bring personalized service and they can be used to get banks to offer more favourable terms.

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There are several reasons for using an accredited independent mortgage broker. They educates you on your options. You get independent, unbiased advice. Unlike a bank employee, that is tied to a bank, an independent mortgage broker offers unbiased advice. As a freelancer, will not favour one lender over another based on anything other than rates. They will negotiate rates with lenders on your behalf and all their services are for free. Provincial laws require education, training and licensing standards for qualified brokers. A competent mortgage broker is licensed and in good standing with the provincial regulator.

The main difference between a mortgage agent and a mortgage broker is that to be a mortgage broker requires at least two years of working experience. The mortgage broker must pass an approved mortgage course. Mortgage agents must be supervised by a mortgage broker. Brokers work for a mortgage brokerage or on their own and bring together prospective borrowers and lenders. They do not administer the mortgage. After the client fills an application using the information contained therein, the brokerage scouts the market for the best mortgage. The mortgage request of the client is tendered through an electronic system to lenders.

A mortgage agent is an individual who carries out mortgage activities for a mortgage brokerage under the supervision of a licensed mortgage broker. The agent can only work for one mortgage brokerage. Under the Mortgage Brokerages, Lenders and Administrators Act you have to be licensed to deal in mortgages to be licensed, unless an exemption is applicable. To be licensed, a mortgage agent has to meet educational requirements. To meet these requirements, approved education courses must be taken. Application for a licence must be within two years of successfully completing the approved education courses. These courses are provided commercially, and tuition fees are set by the provider. The courses use the same curriculum, but different providers may use different formats. All approved courses are followed by a final examination.

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The first step for obtaining a mortgage brokerage licence requires passing the mortgage agent education program. Then a mortgage agent licence should be obtained. The mortgage brokerage education course must be completed successfully. Thereafter application can be made for a mortgage broker licence. In the course of this process, the prospective broker should have worked as an agent for a year and worked under a broker.

Brokers and agents do your research and shop around for the best solution. Financing your home through a mortgage brokerage rather than a lending institution can save you both time and money. They work on behalf of their client to find the most suitable product at the best rate. Brokers provide access to virtually every mortgage product available. Consumers expect their own bank will give them the best rate and product. But, the bank does not have access to all the lenders and products available. The bank offers a limited number of mortgages. But, the brokers provide access to over 400 mortgage products on the market. Each of these products have their own distinctive features. They also have access to the new products launching frequently in this dynamic industry. Access to unique products also may only be offered through the mortgage broker.

A mortgage broker provides services free of charge. The lender pays for placing the mortgage with them. A broker is paid on the size of the mortgage, not the rate. The commission they earn from the lender tends to be higher for a fixed term and lower for variable mortgage. Unlike the bank, business hours can extend beyond banking hours. They are often available on evenings and weekends. Brokers can renew mortgages as well. They can help with leveraged loans for investment. For first time home buyers a broker can help you through the various steps of the process.

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Business and Investment

The Dollar To Cedi Exchange Rate




The Dollar To Cedi Exchange Rate

Cedi is the official currency of Ghana. Ghana is a West African country that is also called the Gold Coast. Ghana has used three other currencies before the use of the Cedi. Ghana while under the British colonial masters used the British West African Pound which all the British colonies used when Ghana gained independence. Ghana started using their own independent currency that is, the Ghanaian Pound which they used from 1958 to 1965. By 1965, Ghana decided to adopt the decimal system of currency and the Ghanaian Cedi was introduced. The word “Cedi” means Cowry Shell literally in Akan language of Ghana. The cowries were also used in pre-colonial Ghana as a currency.

There is the first Cedi, the second Cedi and the third Ghanaian Cedi. The first Cedi was used between 1965 to 1967. It had the first president of Ghana’s face on its coins and notes.

His name was Kwame Nkrumah. The first Cedi was later replaced in February 1967 after the military coup and the second Cedi was introduced. It was introduced to ease exchange and as an opportunity to have Kwame Nkrumah’s face removed from the coins and notes.

The Pesewa is the coin that Ghana uses. 1 Cedi equals 100 Pesewas. The third Cedi was introduced in 2007 due to inflation reasons. The second Cedi was used between 23rd of February 1967 to 2nd of July 2007. One 3rd Cedi or Ghanaian Cedi equals to 10,000 of the second Cedis. As at July 2007 when the third Cedi was introduced, the second Cedi was so inflated that 9,500 second Cedis equaled to 1 Dollar. This caused Ghana to switch to the third Cedi. Since 2007, the third Cedi has been the official currency of Ghana. The third Cedi itself has been experiencing inflation since it was introduced, but the currency has since stabilized.

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So, to the point of this article, what is the current Dollar to Cedi Exchange Rate?

As at 17th of February 2019, One United States Dollar equals to 5.3 Ghanaian Cedis.

This means that One Ghanaian Cedi equals to 0.19 US Dollar.

The Ghanaian Cedi is selling at a price of 5.0042GHC and buying at a price of 4.999GHC for the United States Dollars according to which is the Bank of Ghana website.

The Bank of Ghana issues the Ghanaian currencies both the Cedi Banknotes and the Pesewa coins.

The history of the Cedi to Dollar exchange rate is quite complicated. The rates are different for the first Cedi, the Second Cedi and the third Cedi. As at when the second Cedi was dissolved in 2007, One Dollar equaled to 9,500 of the second Cedi. When the Second Cedi called the “Ghanaian Cedi” officially was introduced, it was One Ghanaian Cedi to One US Dollar. But inflation soon hit the Ghanaian Cedi and its value started to drop. Like we stated earlier, as of today, 1 US dollar is no longer equal to 1 Ghanaian Cedi. Instead 1 Dollar equals 5.3 Ghanaian Cedi.

So, now that you know a bit about the exchange rate of the Dollar to the Cedi. Let’s talk about the US Dollar. We have briefed you on the Ghanaian Cedi earlier on in this article.

So, as you already know the US dollar is official currency of the United States and its territories. Some other nations also use the United States Dollars as a currency whether officially or unofficially. Zimbabwe is one african country for example, that uses the Dollar. 1 US Dollar is divided into 100 Cents. The United States Dollar is available in bank notes and coins. The US Dollar is issued by the Federal Reserve System.

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The US Dollar was first defined in 1792. Faces of former and deceased United States’ Presidents can be found on the Dollar notes and coins. The US Dollar is one of the most traded currencies at the foreign exchange and is one of the most used currencies in the world.


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Business and Investment

The Nigerian Currency – The Naira and Kobo




The Nigerian Currency – The Naira and Kobo

The Nigerian Currency – The Naira and Kobo–Introduced in 1973, the currency currently used in Nigeria is the Naira and Kobo. Prior to this, the country used Pounds as the legal tender. Naira has the sign ” ₦ ” while the kobo is signed ”K” .

The Kobo

In 1973 the kobo had five denominations namely  1/2k, 1k, 5k, 10k and 25k. In 1989  50K and N1 notes were changed to coins. In recent times the kobo coins have been phased out as the value can no longer purchase items.

Who is the Sole Issuance of the Nigerian Naira?

This is one of the biggest questions which had been lingering in the minds of many Nigerians for years as this had been like a mystery to them.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. They are the only body that allows the circulation, regulation and control of the amount of money that flows in the country. This is so in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

half kobo

½ kobo. Front: Cotton plants, Reverse: Coat of arms. Introduced – 1973

1 kobo

1 kobo. Front: Oil derricks, Reverse: Coat of arms. Introduced – 1973

5 kobo

5 kobo.   Front: Cocoa beans, Reverse: Coat of arms. Introduced – 1976

10 kobo

10 kobo. Front: Palm trees, Reverse: Coat of arms. Introduced – 1973

25 kobo

25 kobo. Front: Peanuts, Reverse: Coat of arms. Introduced – 1973

50 kobo

50 kobo. Front: Maize, Reverse: Coat of arms. Introduced – 1991


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The Naira

In 1973, the Naira note was introduced with the following Denominations – ₦1, ₦5 and ₦10. Some notes were subsequently phased out, others redesigned and some new notes were introduced.

1 naira note

1 Naira note. Herbert Macaulay. Introduced – 1973

five naira old

Five Naira note (old). Sir Abubakar Tafawa Balewa. Introduced – 1973

5 naira new

Five Naira note (New). Sir Abubakar Tafawa Balewa. Redesigned – 2007


Ten Naira note (old). Alvan Ikoku. Introduced – 1973

10 naira new

Ten Naira note (new). Alvan Ikoku. Redesigned – 2007

twenty naira note old

Twenty Naira note (old). Murtala Mohammed. Introduced – 1977

twenty naira new

Twenty Naira note (new). Murtala Mohammed. Redesigned – 2007

50 old

Fifty Naira note (old). Introduced – 1991

fifty naira

Fifty Naira note (new). Redesigned – 2007


100 Naira note. Introduced – December 1999

President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence. In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but has a new color scheme and increased security features, including “One Nigeria, Great Promise” in microprinting. On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.

Centenary 100 naira note. Introduced – November 2014

two hundred

200 Naira note. Introduced – 2000

five 5oo

5oo Naira note. Introduced – 2001

1000 naira

One thousand Naira note. Introduced – 2005

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Business and Investment

Benefits of Currency converter Apps




Benefits of Currency converter Apps-Currency converter Apps are a quick and easy way to see live market exchange rates at the click of a button, convert international currencies and do business with multinationals within and outside the shores of the country.

It is the prayer of every business minded person to be able to do business on an international scale and this in itself is a good desire. the major challenge with running foreign transactions is the need for an accurate conversion of currencies into the correct local equivalent. Those who currency traders and mostly referred to as Bureau operators are available and useful but an intelligent and well vast businessperson understands that to a large extent the best deals need a bit of verification and cross checking. Other times,persons who specialize in international trade may need an instant update wherever they may be. This is why it’s of uttermost benefit that there’s a host of currency conversion apps available for Android smart phones,Apple iPhones and systems.

We are going to be listing here for your knowledge and reading pleasure, five benefits of Currency converter Apps.

benefits of Currency converter Apps.

Image credit; HowToiSolve

Five benefits of Currency converter Apps

  • The Currency converter app is specifically programmed to do the entire task of monetary calculations for the user and because these apps are synchronized with the internet, they get the updated rate of exchange at all times, leaving no room for discrepancies. No currency exchange or transaction is ever possible without a good currency converter, at least to the best of our knowledge.
  • Currency converter Apps come in handy, are simple, are accurate and are fast to be employed in any situation as the user just has it either directly on his smart phone or computer system, providing him/her quick and real time access to doing business within and outside the shores of the country without fear of making human error that is a characteristic of most this transactions.
  • Currency converterApps are mostly free and come ad free too. They are ingrained with the unique feature that links all of them to a currency page online. Which proofreads them with the needed database that allows you discover in-depth the knowledge of individual currencies. Most of these converter Apps follows every currency being traded and offers a multiple-currency display to help you keep track of relative trends simultaneously and keeping you updated as well.
  • Currency converter Apps are able to handle a large number of popular currencies, it also has in built in it, several options that would make it appeal to a large number of business people. It has the ability to beoperated in offline mode – to save on the bandwidth and data time. In addition, it can track changes in the international markets and display it as a graph, helping to predict future trends and giving analytics. Paired with a constant update of currency news, this if you will agree with me is a major benefit of Currency Converters that exist as apps.
  • Currency converter Apps can be depended on for accurate and fast information. It is  dependable to provide information on real time. These apps have and easy to navigate, pleasing and easy to use interface,presents the latest data on world currencies and precious metals. Users can even have all such data tracked in real-time.
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