Category: Think Outside of the Bank

Five Common First Time Buyer Mistakes

Buying your first home is exciting and scary all at the same time. It’s terrific there is so much readily accessible information online, but still – there is no substitute for wisdom and experience in your corner. Do not take that long and wind­ing road to home ownership alone my friends. For one it’s lonesome and …

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Toronto mortgage broker changing peoples’ lives

Toronto mortgage broker changing peoples’ lives It is hard to put into the words the impact of what Ross can do!!!  I am a HUGE sap and many of these clients and their stories fill me with gratitude!! We really are changing peoples’ lives. Here are a couple of examples: Our most recent client is a …

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AskRoss Toronto rental property questions and answers

AskRoss Toronto rental property questions and answers Dear Ross, can I buy an investment property with a small down payment, like say five or ten percent only? No, you are going to need at least a twenty percent down payment if you want to purchase an investment property. Not many of us have that kind …

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Ask Ross Toronto questions and answers

Ask Ross Toronto questions and answers Sometimes readers send in questions we think will be of interest to many people. Here are a couple from the AskRoss mailbag: Dear Ross, with prices so high in the Greater Toronto Area, which  nearby markets do you think have the best balance of affordability and value?  I try to stay …

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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 …

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Toronto mortgage with no down payment is no problem

Toronto mortgage with no down payment is no problem It seems the barriers to entry into Toronto real estate ownership keep getting higher and higher. In recent months we have seen government intervention in mortgage lender guidelines; increased default insurance (CMHC, Genworth or Canada Guaranty) premiums, and a white hot market pushing home prices to …

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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 …

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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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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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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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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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