Category: Blog

Real estate agents with CRA debt

Real estate agents with CRA debt Success in real estate can lead to income tax problems with CRA, unless you take care to set aside money each month to pay your income taxes next  Spring. I have often provided debt relief services for real estate agents who ran afoul of CRA. Problems can arise because they don’t …

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Record real estate prices all over the GTA

Record real estate prices all over the GTA Not since a period in the eighties have I felt the GTA real estate market as heated and strong as is it is today. This is a miserable time for buyers and hallelujah for sellers. Indecisive buyers are finding the cost of entry to the market seems …

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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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35 year am may reduce mortgage payment by ten percent

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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When you co-sign, the borrower now controls your credit history

When you co-sign, the borrower now controls your credit history I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts …

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No big changes after mortgage pre approval

No big changes after mortgage pre approval A pre-approval is granted based on your financial, employment, credit and life circumstances at the exact moment in time you asked. It stands to reason that if something significant changes between then and the time you actually make an offer to purchase, your approval could very well fly out the …

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Buyer needs 35 year am to qualify for mortgage

Buyer needs 35 year am to qualify for mortgage Vicky may be a single parent, but from a very early age she has been buying and selling houses; taking advantage of the strength and stability of the GTA housing market to build up a net worth of almost one million dollars, and she is not …

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Power of sales process stopped just in time

Power of sales process stopped just in time Sandra has been a loyal bank customer for more than thirty years, and when she ran into financial difficulties from losing her job last year, she looked to the bank for a sympathetic ear. She was falling behind in her mortgage payments and property tax payments – she …

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Think outside of the bank

Think outside of the bank Most of us have accounts with a chartered bank, so it’s natural we turn to them when we need a mortgage. “It’s convenient to have it all in one place” “They know my situation best” “My family has always done their mortgage with …..” “I don’t trust those other guys”…..these are a few of the …

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Real Estate Market Commentary

Real Estate Market Commentary Ana Inacio of First National Financial reports Vancouver ranks as the third least-affordable city in the world according to Demographia. Hong Kong and Sydney came in at one and two. Toronto did not make it into the top-10, although it ranks as the third least-affordable market in Canada. (The study uses …

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New down payment rules in February

  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

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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