Category: Money Matters

Pay off consumer proposal early – led to best mortgage possible

Pay off consumer proposal early – led to best mortgage possible. It seems to be happening more often these days where chartered banks might not renew the mortgages of borrowers who included the bank’s credit cards and lines of credit in a consumer proposal or personal bankruptcy. Earlier this year Cindy and Miles Baird were in distress …

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Goodbye to 35 year am mortgages, apply now while you can

Here in Ontario, thirty five year amortizations from RMG Mortgages and B2B Bank have been a terrific offering the past few years. This mortgage product is perfect for people buying or refinancing for whom the absolute lowest payment is desired, or indeed necessary. They are only available through mortgage brokers, and not your bank. Sometimes the …

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New mortgage rules may mark the end of an era

Will October 3, 2016 go down in history as the day the feds pulled the pin on a grenade which will severely impact the Canadian real estate and mortgage industry? It’s not usually wise to make bold predictions about such matters – better qualified experts than I have routinely been wrong over the past several …

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The government has dealt a shocking blow to the real estate market

Should first time home buyers act now or wait for a correction? If you thought it was hard to qualify for a mortgage before today, you are going to be in for a big surprise if you wait even a few weeks before taking the plunge. Effective October 17th, 2016 all insured mortgage applications will …

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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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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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