Category: Ask Ross

First Time Home Buyer Government Incentives

First Time Buyers Government Incentives

First Time Home Buyer Government Incentives Every smart college student knows there are lots of bursaries and scholarships out there – you just have to know where to look. It’s the same with home buyer incentives. There are many good government programs – especially for first time buyers. MUNICIPAL GOVERNMENT ASSISTANCE Down payment assistance:  Some …

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Five Common First Time Buyer Mistakes

Buying your first home is exciting and scary all at the same time. It’s terrific there is so much readily accessible information online, but still – there is no substitute for wisdom and experience in your corner. Do not take that long and wind­ing road to home ownership alone my friends. For one it’s lonesome and …

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Toronto mortgage broker changing peoples’ lives

Toronto mortgage broker changing peoples’ lives It is hard to put into the words the impact of what Ross can do!!!  I am a HUGE sap and many of these clients and their stories fill me with gratitude!! We really are changing peoples’ lives. Here are a couple of examples: Our most recent client is a …

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AskRoss Toronto rental property questions and answers

AskRoss Toronto rental property questions and answers Dear Ross, can I buy an investment property with a small down payment, like say five or ten percent only? No, you are going to need at least a twenty percent down payment if you want to purchase an investment property. Not many of us have that kind …

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Ask Ross Toronto questions and answers

Ask Ross Toronto questions and answers Sometimes readers send in questions we think will be of interest to many people. Here are a couple from the AskRoss mailbag: Dear Ross, with prices so high in the Greater Toronto Area, which  nearby markets do you think have the best balance of affordability and value?  I try to stay …

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Toronto appraisal too low and led to big time trouble

Toronto appraisal too low and led to big time trouble The AskRoss hotline received a call on the weekend from a first time buyer in major league stress. His unconditional offer to purchase a new home in Brampton was much higher than any prior sales in the neighbourhood. When his application was submitted to the …

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Private Second Mortgages Have Low Monthly Payments

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

“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

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

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

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

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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