Category: Case Studies

Private Second Mortgage Solved Big Problems

Debt free in Toronto

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 …

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

co-sign loan

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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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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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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Remove co-signer from mortgage

loan guarantor

Remove co-signer from mortgage I received an email from a client today lamenting the fact her father is a co-signer on her mortgage with TD Bank. Father wants to buy a vacation home, but he cannot qualify for a mortgage as long as he is responsible for his daughter’s mortgage too. Turns out his signature …

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Repair bad credit for future mortgage

Credit-Score_crop

Repair bad credit for future mortgage Janet bought her first house with me last month, despite having no credit score whatsoever! She has decent income, but after some bad debts which were racked up by an ex-boyfriend several years ago, she never bothered to rebuild her credit history. Gun shy. This means that when she …

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Use Home Equity to Pay off Consumer Proposal

debt free canstock

Use Home Equity to Pay off Consumer Proposal If you are a homeowner in the middle of a consumer proposal, did you know you can  use your home equity to pay off your consumer proposal and get on with your life? A few weeks ago a reader asked me if there is any way he …

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Today a tenant, tomorrow a homeowner

first timers image

Today a tenant, tomorrow a homeowner Recently I have been helping a real estate agent and his clients, a young couple in their twenties who are paying almost $2,000 per month to rent a single bedroom loft apartment on Queen West. They would love to own their first home, and are determined to remain in Toronto, as …

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Never give up

Img Chess

Never give up If you have never had to count your pennies (literally) to live day to day, you may not be able to empathize with today’s featured clients. But believe you me, when times are desperate, it can feel like there is no way out – and people give up. Where do you think …

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This student is really good with money

Img Man

This student is really good with money James is the same age as Josh, and entered university five years ago with a similar dream. His family had always been desperately poor – he knew right from the get go there would be no financial support from his parents. His parents always lived within their means …

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