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
