Category: Ask Ross

Private Second Mortgages Have Low Monthly Payments

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Private Second Mortgages Have Low Monthly Payments Last week I arranged a private second mortgage for a family living in North York. The interest rate was 9.49% and the loan amount was $40,000. Mrs. Jones called me to ask how come the monthly payment will only be $316.34. This is an excellent question. I am …

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Lowest mortgage interest rate

mortgage-telephone

“Ring ring” “Hello, Concierge Mortgage Group – how may we be of service today? “Hi I want to know your best five year rate” “Okay sir, no problem. Will that be a hi-ratio mortgage or are you putting down more than 20%?” “Why does that matter? I just want to know your best rate.” “Well …

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Buying a home after a consumer proposal

helping-hand-mortgage

Buying a home after a consumer proposal. We’re told that a consumer proposal or bankruptcy gives us a second chance to get things right. A fresh start. But what does that mean when it comes to buying a home? Will you qualify for a mortgage after you complete a consumer proposal? We received an email …

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After a marital split, arranging a mortgage can be difficult

buying-a-home-after-divorce

After a marital split, arranging a mortgage can be difficult. Some people find it hard to qualify for a mortgage when they are on the hook for child or spousal support. The reason is most mortgage lenders consider these payments as a monthly liability, just like a car payment or other loan facility, and this effectively …

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Vancouver house prices fell 17% for detached homes in one month

Toronto underwater mortgage

Vancouver house prices fell 17% for detached homes in one month. A cool $294,000! That is the cost of a single family home in many smaller markets in Canada. It’s hard to believe this is not a misprint! We are talking about Vancouver Real Estate – the hottest market in the country for several years. You …

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The difference between down payment and deposit

real estate down payment

The difference between down payment and deposit First time buyers can sometimes get confused by terminology. For example, they understand you have to make a deposit when your Offer to Purchase is accepted, but may not be sure if this deposit is included in or separate from their down payment. This came to light recently when their …

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35 year am may reduce mortgage payment by ten percent

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35 year am may reduce mortgage payment by ten percent The thirty five year amortization period mortgage is a topic which attracts a lot of inquiries from our website visitors. It makes sense – with home prices climbing so rapidly these days, affordability is becoming a bigger issue than ever. You do have to have a down payment of …

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New down payment rules in February

Durham Region real estate

  New down payment rules in February On February 15, 2016, minimum down payment rules are changing in Canada – for homes worth more than $500,000. The change is straightforward: for any portion of the house price over $500,000, buyers will need to provide 10% down payment for an insured mortgage. The minimum down payment …

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Not salaried and not 2 years self employed needs mortgage

self employed mortgage

Not salaried and not 2 years self employed needs mortgage Earlier this week, a real estate agent asked me to help his self employed buyer qualify for a high ratio mortgage. The challenge here is he has been incorporated only one year, and before that he was salaried in the same line of work. To be …

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Mortgage interest rates finally rising

what-is-your-interest-rate

Mortgage interest rates finally rising Mortgage interest rates are still incredibly low by all historical measures. Nevertheless, we have seen frequent rate changes and increases in the past few weeks. The two rates we tend to focus on are the five year variable rate mortgage (VRM)  rate and the five year fixed rate mortgage rate. …

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Rebuilt credit quickly to qualify for mortgage

credit report

Rebuilt credit quickly to qualify for mortgage About a year ago a reader in Alberta sent me a message lamenting his poor credit score, and asking what he and his fiancee would have to do to qualify for a mortgage. Their desire was to own a home within a year. He wrote as follows: “Hello …

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Tenant wants to buy the condo he is renting

Mike Petrant

Tenant wants to buy the condo he is renting Jordan had been renting a two bedroom condo in Etobicoke for several years, and decided a few months ago he was ready to own. His landlord was interested in selling, so it looked like a perfect storm of circumstances. Jordan came to our office to see if he …

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