Category: Money Matters

Not the time for short closings in the Toronto real estate market

Not the time for short closings in the Toronto real estate market Strange things are happening in the mortgage world the past few weeks. It’s as if all the government and media’s efforts to slow down the real estate industry are finally taking effect. Couple this with the typical annual Spring Real Estate Market, and everything …

Continue reading »

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 …

Continue reading »

Five reasons the greater Toronto real estate market is different

Five Reasons the Greater Toronto real estate market is different It has become trendy these days to write headlines which promise the end is nigh! It seems daily we read new articles from reputable banks, government bodies and media outlets declaring Toronto real estate is in a bubble. Recently BMO jumped on the bubble bandwagon. Toronto’s …

Continue reading »

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 …

Continue reading »

Private Second Mortgage Solved Big Problems

Private Second Mortgage Solved Big Problems Here in the Greater Toronto Area I arrange private second mortgages on a regular basis. I feel private mortgages can be an excellent tool to solve a specific problem. The most common reasons to have a private second mortgage are: Pay off a consumer proposal early Debt consolidation Reputable …

Continue reading »

Mortgage Pre Approval Essential in Toronto Market

Mortgage Pre Approval Essential in Toronto Market If you are buying a home in Toronto you need to properly prepare yourself for highly competitive multi offer situations and a confusing array of new mortgage lending guidelines. Toronto home prices continue to rise and with inventory in short supply, home sellers and their real estate agents are …

Continue reading »

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 …

Continue reading »

Toronto mortgage rates enter a brand new era

Say hello to a new three tier pricing structure for five year fixed rate mortgages. Hi ratio mortgages will still enjoy the lowest rates. 30 year amortization periods for conventional mortgages will be subject to a premium in many cases – up to 0.15% Rob McLister of Canadian Mortgage Trends has done a tremendous job …

Continue reading »

Top ten reasons to refinance your Toronto mortgage

In the Greater Toronto Area, mortgage rules and guidelines have been in a state of flux for two months. Seems like every week, lenders are modifying or even suspending certain lending programs. Recently affected are rental properties, refinances and the length of amortization periods; and mortgages for self-employed Canadians are even harder to obtain now. …

Continue reading »

Toronto Mortgage rates expected to rise – the Trump effect

Toronto Mortgage rates expected to rise – the Trump effect Last week TD Bank decided to increase their Prime rate from 2.70% to 2.85%. Analysts speculated other banks would follow suit, but not as yet. Yesterday though, a number of significant players in the Canadian mortgage industry suddenly announced significant increases to their five year …

Continue reading »

October 17th, 2016 is day zero for the Canadian Mortgage Industry

Hi ratio mortgage home buyers rushed to beat Oct 17 rule changes Today is the first day Canadian home buyers with less than 20% down payment find themselves with significantly lower purchasing power. Brokers estimate the impact will be to reduce your budget by around 20%. Before today, you did not have to pass this test …

Continue reading »

Why you should pay off a consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

Continue reading »

Older posts «