Category: Think Outside of the Bank

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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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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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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No big changes after mortgage pre approval

No big changes after mortgage pre approval A pre-approval is granted based on your financial, employment, credit and life circumstances at the exact moment in time you asked. It stands to reason that if something significant changes between then and the time you actually make an offer to purchase, your approval could very well fly out the …

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Buyer needs 35 year am to qualify for mortgage

Buyer needs 35 year am to qualify for mortgage Vicky may be a single parent, but from a very early age she has been buying and selling houses; taking advantage of the strength and stability of the GTA housing market to build up a net worth of almost one million dollars, and she is not …

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Power of sales process stopped just in time

Power of sales process stopped just in time Sandra has been a loyal bank customer for more than thirty years, and when she ran into financial difficulties from losing her job last year, she looked to the bank for a sympathetic ear. She was falling behind in her mortgage payments and property tax payments – she …

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Think outside of the bank

Think outside of the bank Most of us have accounts with a chartered bank, so it’s natural we turn to them when we need a mortgage. “It’s convenient to have it all in one place” “They know my situation best” “My family has always done their mortgage with …..” “I don’t trust those other guys”…..these are a few of the …

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35 year mortgage amortizations are still available

35 year mortgage amortizations are still available Prior to the recession of 2008-09, mortgage insurers and lenders were tripping over themselves in an effort to make housing affordable. The combination of slacker underwriting guidelines, historically low interest rates, and amortization periods up to forty years were an intoxicating elixir. To everyone’s relief, Canada’s real estate …

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