Category: Ask Ross

No credit history qualified for a mortgage

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No credit history qualified for a mortgage Five months ago, Arun Kumar  from Right at Home Realty referred his clients Raj and Nindy to me for a pre-approval for a mortgage for their first home. Raj has a good job making $71,000 per year, and Nindy was about to re-enter the work force and take a job …

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You must review your credit history before a mortgage

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You must review your credit history before a mortgage It’s remarkable how often we find surprises in people’s credit history when it is time to apply for a mortgage. When the clock is ticking on a conditional offer to purchase, it can be very stressful trying to clear up errors at the last minute. It typically …

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Thirty ways to save money

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Thirty ways to save money In my financial planning and credit counseling businesses I get to see how people spend their hard earned money. It is always mystifying how so many will complain about there never being enough money to go around, yet to me they seem to be wasting money on stuff they don’t …

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Absolute lowest mortgage interest rates

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Absolute lowest mortgage interest rates As far as mortgages are concerned, there is a segment of the population whose only concern is their interest rate – it has to be the absolute lowest, no matter what. But it should matter! If you are reading this article because you were attracted by the title, and all you care …

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Give your kids an inheritance with warm hands

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Give your kids an inheritance with warm hands According to HomEquity Bank almost 5% of their clients aged 55 and over arrange reverse mortgages as a way to gift money to their adult children. “What we hear from some of our clients is that they want to see their loved ones enjoying the results of their …

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Ten facts about reverse mortgages

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Ten facts about reverse mortgages There’s a lack of information around reverse mortgages, and as more seniors look to this type of financing to help their adult children as well as finance their retirement – it’s time to set the record straight on some misconceptions. That’s according to HomEquity Bank, a Schedule 1 Canadian Bank …

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Seniors carrying more debt than ever before

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Seniors carrying more debt than ever before Mortgage debt among seniors is increasing right across Canada, and for those aged 70+ it has increased 12% compared to 2013. That’s according to the results of a Debt in Retirement study conducted by HomEquity Bank and Equifax Canada. The study was conducted in July, 2015 and focused on …

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Mortgage portability can be a borrower’s lifeline

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Mortgage portability can be a borrower’s lifeline A buyer called me recently to pre-approve him for a $490,000 mortgage as he is upgrading the family home. Today he  has a $250,000 mortgage  with a major chartered bank.  I am able to comfortably approve him with practically any lender, but I suggested he first go back …

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Interest Adjustment Date Explanation

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Interest Adjustment Date Explanation Sometimes first time buyers are confused by an extra closing cost they maybe did not anticipate called an Interest Adjustment. A client asked me this question earlier in the week: “I wanted to know from when I need to start making my mortgage payments. Based on the schedule you had provided earlier, the …

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Properties with rental suites now more affordable

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Properties with rental suites now more affordable Some buyers look specifically for homes with a rental suite, as a way of reducing the cost of home ownership and increasing affordability. Recent rule changes at CMHC have made both these scenarios more possible, and savvy realtors are sharing this information with their clients to help generate …

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Be a Better Mortgage Broker

Be the Better Broker

Be a Better Mortgage Broker It doesn’t matter how long you have been doing something, you can always do it better. Dustan Woodhouse has just released the first of a three part series of books called Be The Better Broker. This is a series of books that teaches the core principles of successful Mortgage Brokering. This …

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