Most first-time buyers lack sufficient funds to purchase their home outright and require loan financing (a mortgage) to make it work. In this article, we cover the basics of getting your first mortgage.Read More
Published: • Reader Asks: “What’s the Right Choice? Pay Down Student Debt, Or Save Down Payment For Investment Property?” Today’s question comes from Alison in Mississauga: “Hi Ross I currently have a $50, 000 CAD student loan which I must now start paying off. I have a short term work contract, making a $70,000 a...Read More
Should you buy your first home or pay off your student debt? This is part two of the response to a question from Alison, who wanted to know if she should first pay off her student loans before saving for a house. You can read part one here. Hi Alison, I like the idea of...Read More
Credit rating and savings are not always a mortgage slam dunk Anytime someone wants to borrow money – for whatever reason, from whomever, lenders always ask themselves one simple question –“will they pay this back?” This is true even if it is your best friend hitting you up for a personal loan, or if you...Read More
In the event of a divorce, who gets the family home? “I recently asked my husband to move out of our home (which he did) and I am now planning to divorce him. As we discuss the financial aspects of our divorce, he wants to keep the family home, and get me to move out....Read More
Think a variable rate mortgage is a piece of cake? Read this! I just read an excellent analysis by Rob McLister, the editor of the highly regarded Canadian Mortgage Trends website. It takes to task the people who believe they are fine with a variable rate mortgage and can adjust quickly to rising rates and...Read More
Don’t Get Swept Up In An Emotional Bidding Frenzy and Forgo Home Inspection A couple of weeks ago, during the mini buying frenzy here in the GTA, many buyers were under pressure to submit offers to purchase homes without any conditions attached. Sellers were pricing their homes low, in anticipation of receiving multi offers. One...Read More
Trying to qualify for a huge mortgage without sufficient income will not work Caller: Hello is that Ross? I just put an offer on a house for $3.1 million and I want to put it in my sister’s name. Can you do a mortgage for her? Ross: Hi, yes it’s me. I’d be glad to...Read More
Published: • Reader Asks: “Can We Work With You As Our Broker If We Live In Kitchener?” Hi Ross: We are buying our first house in Kitchener this summer, and we decided we would like your help with our mortgage, as we are regular readers of your articles. But we are concerned about the distance...Read More
How can you take over a mortgage for someone else? Dear Ross: We live with our parents now after selling our own house two years ago. They are having difficulty making their mortgage payments (it’s a HELOC with a balance owing of $372,000), and we have all agreed Loras and I will assume some ownership...Read More
Getting a mortgage isn’t always about the interest rate! Dear Ross, I live in Dundas, Ontario, and I am considering a 10 year mortgage @ 3.98% from First National. I have been variable with PCF for 12 yrs (prime – 0.9% currently, past few years) PCF might match the FN rate. Better to stay with...Read More
If you don’t have the income to support a high mortgage, it’s not a realistic ask! Me: Hello, this is Ross Taylor speaking. Caller: Hi, I see you are offering a 2.99% five year, fixed rate mortgage. Is that the BMO product? Me: No sir, that is not something I have access to, but actually...Read More
Could this be the start of a new era of aggressive mortgage pricing? After a hugely successful pricing campaign for their low rate, five year mortgage product offering, BMO has come back down to earth today and reset their rate to a more typical (for them) 3.49%. The past few weeks have been frenetic in...Read More
When your home is less valuable than your mortgage Last month, a friend referred a couple to me who had just received a mortgage default notice from their mortgage lender. The lender’s letter stated they “will not grant any further extensions of time for payment of the arrears. Partial payments are not acceptable and WILL NOT...Read More
How to get an insurance that actually protects you Today’s article content was provided by Michael Bronstine of GBK Strategic Financial Partners. Their website is here. “If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before...Read More
Published: • What is the real value and role of a mortgage broker? Recently there has been a flurry of controversial writing in the blogosphere about the role and value of mortgage brokers in Canada. It was initially sparked by Robb Engen – who wrote “Four reasons why I do not use a mortgage broker.”...Read More
How to avoid mortgage fraud – tips from a pro Here is an article by Dianne Nice from the Globe and Mail that was published October 18, 2010. Six suggestions for avoiding mortgage fraud By DIANNE NICE Globe and Mail Update Whenever the housing market starts to heat up, so does mortgage and real estate...Read More
