Understanding Mortgage Penalties Has Become Increasingly Important For Canadian Home Buyers, Says Expert from Syndicate Mortgages

As More People are Trying to Pay Off Their Mortgages Before Market Conditions Change, CTO of Syndicate Mortgages Shares Useful Information About the Current Code They Can Face.

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Toronto, Ontario (PRWEB) April 08, 2013

Marcus Arkan, Canada mortgage expert working as the CTO of Syndicate Mortgages, recently shared his insight regarding current mortgage rules and codes in order to educate home owners and buyers who wish to purchase a home this season. According to Mr. Arkan, a large number of home owners are trying to pay off their mortgage faster because they are losing confidence in the market. HE emphasized that preliminary understanding of terms, codes and concepts related to the mortgage industry is extremely important in making a better decision.

Mr. Arkan frequently shares his expert advice on Syndicate Mortgage’s website blog. While most of the advice revolves around Canada mortgage rates and housing market conditions, he recently shared valuable information about mortgage penalties and the penalty code in Canada. “Most home buyers are concerned about mortgage rates and overlook factors that can affect their finances in case they break the mortgage later on. It used to be expensive and difficult but the new code is expected to make things easier for owners.”

The current code, according to the tabloids, was announced last year. According to the Financial Consumer Agency of Canada (FCAC), the code was created in the best interest of buyers. It will ensure that financial institutions disclose all the required amount of information to the consumers as awareness. This is the key to making an informed decision in any scenario.

Spreading further awareness regarding penalties and charges, Mr. Arkan explains how the code dictates the lenders to keep the charges transparent, “The lenders are required to take into consideration any event that may cause the payments to change overtime. The code also requires them to explain to their customers how the penalties or charges are calculated in that case.”

Furthermore, Mr. Arkan stated that borrowers must know the fact that they are entitled to receive their annual statements that can provide mortgage holders with options that allow them to pay their loans faster without being penalized for it. Mr. Arkan insisted that before applying for a mortgage, borrowers must consider consultation with reputed mortgage brokers in order to avoid unnecessary penalties and expenses in the future.

Other than this, Mr. Arkan also shared basic mortgage advice and tips for Canadians who plan to buy a home for the first time. For more information on the housing industry and Canada mortgage rates, please visit the website http://www.syndicatemortgages.com.

http://news.ca.msn.com/ontario/london/final-three-elements-of-mortgage-code-now-in-effect

About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
http://www.syndicatemortgages.com
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com