If your lack of savings has you concerned, a mortgage refinance might be the answer With the right refinance package, you can consolidate debts, lower your monthly mortgage payments or pay off your mortgage faster

Young Canadians seeking a mortgage know the drill – no credit rating, no collateral, and no down payment means no mortgage, at least according to most financial institutions Add to that the extremely high cost of housing and you end up with a lot of 20 and 30somethings shut out of the market

A recent bill in the US, responding to the shaky housing market there, has focused on mortgage brokers and the mortgage industry It is establishing new regulations and accountability for mortgage professionals, requiring background checks, testing, registration and annual continuing education courses

The mortgage brokerage industry has existed for decades, serving a crucial role in arranging financing for commercial and residential borrowers alike While a surprisingly low percentage of investors and consumers have used the services of a mortgage broker, these experts of creative finance have served an important role in providing financial lubrication for the Canadian economy