Category: Money Matters

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 …

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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 …

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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 …

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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 …

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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. …

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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 …

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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 …

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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 …

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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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