There are times when taking your borrowing needs to the big banks is advantageous. When it comes to the surprising amount of Canadians who are not qualifying for their mortgages with the banks – using a local service provider can be the difference between a great interest rate and the contract from hell! Here’s why…
There are a surprising amount of Toronto residents who are feeling the pain of the 2017 spring market frenzy. Those who feel they overpaid for a property are looking for options when their home appraises for less. Here is how to renegotiate your agreement and save your new home. Toronto Buyer Looking To Renegotiate To
Li Wei (John) and Wang Fang (Grace) held their heads high as they entered our meeting to discuss their situation. See they were living the Canadian dream (or the one they saw other Chinese immigrants enjoying). New imported cars, an expansive palatial spread in Markham’s Rouge River Estates neighborhood and private school for their young
The month of July saw more increases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate increased for the first time since September 2010 – this will eventually increase interest rates on variable mortgages and home equity lines of credit. Here is what
Did you know that the average cost of going through a bank sale to the homeowner is 55K? That is a year’s wages for the average Canadian…before taxes! Losing your home to the bank is a scary proposition. Here is how we can avert disaster and get your home back from them. The Bank Called…They
It may come as a surprise if you are in the middle of a five year fixed mortgage term. The surprise is that the mortgage industry in Canada has changed. Fundamentally, from the top down and this affects so very many of us in ways we won’t see until we go to make a change
So this is not going to be your typical post! No I am going to give you some of the inside scoop into what happens behind the wizard’s curtain in the mortgage business. The competition won’t like it because your ignorance is their financial benefit. Read on to save money on your Toronto Private Mortgage
The home is damaged, the hours cut back, the money ran out way before the month…for whatever reason you need to borrow money! The problem is that generally speaking when you need money the bank says NO! What happens in these situations can be truly discouraging if you don’t know what to do next. Well
The home renovation market in Ontario is a 2 Billion dollar industry! You heard that correct….Billion! With the real estate market staying strong and low interest rates continuing – have you considered the next upgrade to your home? Here is how we can make that happen. What Reno Do You Dream Of? In preparing to
I get a lot of phone calls these days. They go something like this: “What is your best interest rate for a five year fixed mortgage?” Sounds like a valid question. And yet there is so much more than meets the eye. Although the interest rate you secure for your mortgage is important – I
So you have bruised credit and do not have a lot of time to address the issues. Here are five – count em’ – five fast changes you can make today to improve your credit immediately. Stop Fighting Your Phone Company This is the most common reason why many Ontario residents have damaged credit. Rogers
The month of December saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate is still holding steady – this will keep interest rates low on variable mortgages and home equity lines of credit. Here is what you need to
Are you a Brampton resident who is paying your landlord’s mortgage? Have a good job and decent credit but no down payment saved up? Well here is a lesser known strategy to have you in your new home in 100 days or less! Buying A Home In Brampton Without A Down Payment The Canadian housing
Would you be surprised to learn that a private mortgage can be a great benefit to a mortgage borrower? I am not even just talking about the monthly improvement in cashflow from consolidating higher interest debts. There are powerful reasons to consider the role of a private mortgage as a tool in your borrowing options.
The month of October saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate is still holding steady – this will keep interest rates low on variable mortgages and home equity lines of credit. Here is what you need to
So many of those who I helped a year or two back are now reporting success! I have assisted so many Barrie residents with bad credit loans and now they are reporting an ability to refinance and pay back what they owe. What I am telling you is that There Is Hope for you! The
Most Canadians are concerned about their mortgage for long enough to get the documents signed at their bank. After this, the annual statement comes in the mail and the mortgage goes to the back burner of their lives. We make our payments on time and think little else of the largest debt most of us
What is every Canadian family’s dream? To pay off their mortgage and be debt free. Unfortunately the trends are flying in the face of this logic as more and more Canadians are accessing their equity in retirement through reverse mortgages. For better or worse, this mortgage product is here to stay and needs to be
The month of May saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate dropped in January for the first time in five years – this will lower interest rates on variable mortgages and home equity lines of credit. Here
Woah! That’s what a surprising amount of Barrie residents are saying when they hear from the bank that the mortgage for their home purchase is in jeopardy! Another common scenario is when you applied for a loan and get the decline – total shock! You were always able to get it in the past. What
It almost seems these days that the options for borrowing money are endless. Everyone from your local bank to the pawn shop on the corner is offering you money at all kinds of different interest rates and repayment terms. Is it any wonder then that a surprising amount of Barrie residents are confused when they
So you have been turned down from the bank for your mortgage. Ouch! And what is worse is you don’t even know why. For a surprising amount of Canadians it comes down to the new mortgage rules. Government restrictions are preventing you from getting your home. This is a problem but not one we can’t
The month of April saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has dropped once more. The prime lending rate dropped in January for the first time in five years – this will lower interest rates on variable mortgages and home equity lines of credit. Here is
Your credit sucks with a capital S! There are no ifs, ands, or buts on this point. Life has kicked you around and left you with bruises of the credit kind and it hurts. All of a sudden you seem to hear radio ads galore tempting with an easy out – a “quick” and “easy”
The month of March saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady. The prime lending rate dropped in January for the first time in five years – this will positively affect interest rates on variable mortgages and home equity lines of credit. Here is
Looking into getting a great loan but your bank turned you away? This is not an uncommon occurrence these days. A very surprising amount of my clients are getting the cold shoulder from their usual places of borrowing money. This is due to a combination of new financial rules,  bank mortgage contract changes, and to
So you had to file for a bankruptcy or consumer proposal and were wondering how to get back into owning a home. Here are some of the basics in order to assist you in getting this accomplished. What Does It Take To Qualify For Mortgage Post Bankruptcy Just a quick caveat – mortgage lending can
The month of Febuary saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has dropped slightly. The prime lending rate dropped in January for the first time in five years – this will positively affect interest rates on variable mortgages and home equity lines of credit. Here is
So you live in Mississauga and life is good! Maybe too good even. You live a good quality life with a nice home, cars, and a lifestyle that feels right. The item here is it is costing you much more than you think. Your mortgage, car loans, consumer debt, and that last vacay you put
I get many a call lately from people who were turned down by their bank. The call goes something like this. What kind of interest rate can I get for a private loan in Barrie? This is a great question however it is not easily answered without a number of other questions being answered first.
There are few things in life that create stress like financial pressures! Sleep is elusive, relationships strained, it is enough to cause you physical ailments. We all appreciate the people in our lives who assist us with getting clarity around our most important areas of life. As part of a great Ontario Mortgage Brokerage I
When was the last time your bank did something quickly for you? I know – you are scratching your head right now. The temptation is to either wait out the endless drag before they let you down by declining your loan application. Or worse – the time it takes causes your situation to worsen and
The month of January saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate dropped for the first time in five years – this will positively affect interest rates on variable mortgages and home equity lines of credit. Here is what you
It was a horrible place to find themselves in. The debt had been manageable up until the fall and then “Sherry” got her hours reduced. When more month than money became too unbearable they reached out to their local Bankruptcy Trustee. This led to a consumer proposal and short term relief from the family’s financial
The month of December saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
Well we are at it again! Canadians are carrying more unsecured consumer debt than ever before. We are just doing it with a little more finesse. I translate that to less dollars per month to pay for more borrowed dollars. A dangerous long term combination for those who can’t foresee how they are going to
It can be argued back and forth about what the best feeling is in the world. A common favorite though is  – relief. The dictionary defines relief as – a pleasant and relaxed feeling that someone has when something unpleasant stops. This is also a very common feeling for my clients when we successfully restructure
If only life could be like the movies of our youth. Mom and Dad never fight and the conversations around the dinner table are about weekend plans instead of unpaid bills. Alas reality can be far from rosy. The details of your dinner time conversations are your own however they can be improved in short
The month of November saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
When you need a significant amount of money in a pinch – what do you do? The bank somehow can smell your need and kindly shows you the door. Your pride is not going to allow asking family or friends for help because you can do this. So what are the options? Barrie Private Loan
So you just finished flipping through that dream home magazine at the doctors office. The idea of refreshing your kitchen or bathroom is exciting however who has an extra 15-30K to make the dream a reality? Recent statistics have shown that Canadians have been conservative in paying down their mortgages and are more and more
The month of October saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
So you are a proud homeowner and have been so for the last 5 – 10 years. The bills are paid and you’ve even managed to sock a bit away for your retirement. Odds are you have also been building up a nice chunk of equity in your home. You have been pondering renovating the
They say the devil is in the details! Well I don’t want that character anywhere in the mortgage loans that I arrange. This is not the case with a surprising amount of the private lending contracts I have given a second opinion on. Unscrupulous lenders and greedy middlemen add verbiage that should make a forked
Ever wonder what happened to your friend who lost his job? How about the neighbor down the road who lost their spouse to cancer? Life keeps going after these tough circumstances. In picking up the pieces there are times when you need money now – not next week and the options are few at times.
We’ve all had those days! More month than money – a surprise expense that was unplanned for – or how about this one: you put all your hope in getting approved for your mortgage but for reasons from A – Z the bank has declined you! Well the tough part of life isn’t going away
When a Barrie resident finds themselves in a situation where their debts have become overwhelming there are very few real options to improve their lot. You will find claims everywhere of ways to cut your debts and be able to pay back pennies on the dollar of what you owe. Don’t believe it! There is
So you want to buy a home but your credit hasn’t been a priority over the last few years. You’ve been to your bank and left with a feeling of rejection. You need to get a quick crash course in credit rebuilding and here is where you will find it. Come on let’s go! Credit
A most tired refrain echos through my office these days. It goes something like this – My husband and I got into financial trouble and the bankruptcy trustee strongly suggested we file a consumer proposal. The reason it brings a fatigued look to my face is that in most cases it is not necessary. In
The month of August saw more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best September
We tend to think small when we consider our own personal financial problems. What I mean is that we consider the small and confined pre-determined options that the banks have made popular as our only potential solutions. Funny when the information age has presented all sorts of new methods to solve financial problems. Online crowdfunding
Parents will do anything for their kids. I know this personally as well as with my experience in assisting many Barrie family’s situations. One item that has been recurring quite regularly lately is the situation where a child gets a last minute acceptance (or responds to an acceptance) to post secondary education and the options
I know, I know – interest only loans are dangerous to the Canadian public. Or so we have been led to believe by the government and mainstream media and there are concerns that are legitimate. However would you be surprised to learn that there are many cases where a short term interest only loan was
Now a great story always consists of a character we can identify with – a villain or overwhelming problem – and a climactic victory over the bad guy or resolution to said problem. It is no different in the day to day world of Barrie residents. I meet hundreds of families who through often no
We live in a world where borrowing results are hard to find through traditional channels. Banks cause delays through multi-layered department bureaucracy that leaves you with a decline to your loan after weeks of waiting. There is an alternative and here at Mortgage Truth we are your answer when you need a quick private money
Sometimes not getting a timely liquid injection into your business is ultimately the biggest financial mistake a traditional business can make. The cost of delaying investment in talent, infrastructure, or missed seasonal sales can mean the difference in being in business this time next year or not. So was the case with ‘Arthur’ – a
The month of July saw more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best August
The month of June saw more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best July
Life threw you a curve ball and you struck out! Now what? Do you lay down and let the bank take your home? Allow the bankruptcy trustee to guilt you into a consumer proposal? NO! The way to stave off financial ruin is to get an emergency mortgage and get your life back on track!
The month of May saw more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has also decreased once more. The prime lending rate is unchanged – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best June
The month of April saw a more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate is holding steady. The prime lending rate is also unchanged – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best May
The month of March saw a more decreases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate dropped a quarter of a point. The prime lending rate is holding – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your
There is a lot of buzz today around your RRSP and what can and can’t be done as far as investing. You have heard that there are alternatives however the misinformation has you confused. Here is an effort to clarify and a couple of tips to avoid the bank’s fees along the way. Can I
It’s a different day than the one our parents grew up in. Back then their loan or mortgage was provided based on a good job and the relationship with their local bank. Not any more. Today we are subject to a process where our use of credit is weighed in quite heavily toward the interest
The month of February saw a slight decrease in fixed interest mortgage rates while the Bank of Canada’s qualifying rate held unchanged. The prime lending rate is holding – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best March mortgage today:
Your credit sucks with a capital S! There are no ifs, ands, or buts on this point. Life has kicked you around and left you with bruises of the credit kind and it hurts. All of a sudden you seem to hear radio ads galore tempting with an easy out – a “quick” and “easy”
Canadians are very comfortable carrying consumer debt. So much so that recently we set new highs. But what happens when that bump in the road comes along and we start being unable to make those minimum payments? Considering consolidation should not be a last resort as the media has shamed us into thinking. Here are
We all hate debt! But the fact of the matter is that Canadians are more indebted than ever in our history. So we all know that the debt problem isn’t going away any time soon. The real question is what am I going to do about it? We have been overwhelmed with advertisements for mortgages
The month of January saw a slight decrease in fixed interest mortgage rates while the Bank of Canada’s qualifying rate dropped by ten basis points. The prime lending rate is holding – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
We all want to be experts when it comes to striking out into that dusty area of our office and renegotiating the mortgage contract. The truth is there is so much to know! Even as a full time professional in the industry 24/7 – I am always working hard in keeping up with the pace
I want to give you a behind the scenes peek into what happens when we help you get free from the debt that keeps you up at night. No slick sales gimmicks – just a first hand view of how folks just like you got relief. Here is the raw-uncut account of how ‘Gurjit and
Four years in a row has consumer debt reduction been the #1 financial resolution for Canadians. This according to a poll conducted for CIBC. The fact that there is no positive change here begs the question: What are we doing wrong? If we can’t clarify the reasons – we won’t be able to make the
The month of December saw a slight increase with fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained the same. The prime lending rate is holding keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best January mortgage
The world of mortgages has never been more complicated as it is today. New rules, collateral charges, and information overload via the internet has made things ever more difficult for the layman. As much as the age of access to information has empowered us to a new level – there has also never been more
We all know how to find a great mortgage! The internet is chock full of information on this. But did you know that there are four things that make for a great mortgage client? I may have some of you laughing right now but the truth is – these four things will help you to
So you have bruised credit and do not have a lot of time to address the issues. Here are five – count em’ – five quick changes you can make today to improve your credit immediately. Stop Fighting Your Phone Company This is the most common reason why many Ontario residents have damaged credit. Rogers
The month of November saw a holding pattern of fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained the same. The prime lending rate is holding keeping interest rates on variable and home equity lines of credit unchanged. Here is what you need to know for your best December mortgage today:
In the last two years – the only guarantee in Canadian mortgages has been change. Before this we had a good 5-7 years of loose regulations and super easy qualifications for most mortgages. Many Canadian mortgage holders are not even aware of how these changes will affect them as their mortgage term has not come
The month of October saw a pause in the upward momentum of fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained the same. The prime lending rate is holding keeping interest rates on variable and home equity lines of credit unchanged. Here is what you need to know for your best
There are a ton of different ways to invest your money in real estate. One of the more secure and lucrative ways is through participating in a Syndicated Mortgage Investment. This is where a group of many investors comes together to fund one high quality real estate development project with a defined exit date. Although
A home equity loan in simple terms is when you borrow an amount of money that is part of the marketable value of your property. This is secured against the home itself which provides lower interest rates and flexible repayment terms. What is not so simple today is the form that a home equity loan
So you are one of the bright few Canadians who are looking to take control of your retirement and not leave it in the hands of a fund manager or your bank. The alternatives look appealing however you need to have a lot of questions answered before making a foray into anything new. You are
The month of September saw pressure build in the bond market which has resulted in fixed mortgage rates moving higher. More recently the US Federal Government shutdown causing the trend to reverse for the short term. Meanwhile the Bank of Canada’s qualifying rate has remained steady. The prime lending rate is also holding keeping interest
The resale housing market has a lot of choice to offer. Yet a growing segment of the Canadian population is turning to fulfilling a long held dream of building their own personal piece of paradise. “John and Sally” were just those people and here is how they navigated the process of self build construction. Location
The US financial crisis has given the term “Subprime” a bad name. The truth of the matter is that this is an institutional loan for those who don’t qualify for the bank’s best mortgage products. This covers everyone from self employed business owners who don’t desire to disclose all of their intimate details – to
So you are browsing the web for a good Debt Consolidation Calculator but you feel lost in the financial complexity of it all. I understand where you are coming from. The answers provided from entering a few numbers seem promising. Then you actually reach out to the bank and not is all that it seemed
Most of us want to participate in the wealth creating power of real estate. However, the problem starts at this point. How, where, and what type of real estate should I invest in are some of the questions that quickly bubble to the surface. Should I be a landlord or should I hire someone? The
So there was a bump in the road of life and you are left with a personal financial crisis to solve. The job or lack there of has left you in a pinch and your bills keep calling out to you at 3am. You are not alone in wondering what to do. A surprising amount
The month of August saw pressure build in the bond market which has resulted in fixed mortgage rates moving higher while the Bank of Canada’s qualifying rate has increased. The prime lending rate is holding keeping interest rates on variable and home equity lines of credit unchanged. Here is what you need to know for
As the financial world turns some major changes in the awareness of Canadian’s registered retirement funds is awakening. No longer are large global mutual fund companies and the big banks word accepted as gospel truth. Too many chinks in the armor have appeared. With ongoing outlandish risks being taken with your RSP – is it
Is there a worse feeling in the world than being helpless? That inability to help yourself into a better position in life – for example due to government restriction, a disability, or societal prejudice? We have all felt this to one extent or another. When it comes to your finances – a surprising amount of
The month of July had a spike in yields in the bond market which sent fixed mortgage rates higher while another hold in the Bank of Canada’s overnight lending rate was announced keeping variable and home equity lines of credit unchanged. Here is what you need to know for your best August mortgage today: Bank
So you want to buy a home but your credit hasn’t been a priority over the last few years. You’ve been to your bank and left with a feeling of rejection. You need to get a quick crash course in credit rebuilding and here is where you will find it. Come on! Credit Missing In
So you are one of the faithful few – the contribution to your RSP comes off the top of the pay cheque before you take home. You have been doing this for years and believe it is a big key to the successful achievement of your retirement goals. How is that coming along? The surprising
You are searching for the best darn – lowest rate mortgage available and don’t care if you have to get every bank to beat each other to death with a club to achieve it. Good – that’s right good. Welcome to the minority of Canadian mortgage holders who actually force the banks to compete for
You Are Richer Than You Think! Well that is one bank’s way of saying it (although the only people they have made rich have been their shareholders). The truth is that there is a way to save yourself a considerable amount of money – that’s hard earned after tax dollars I’m talking about. It is
The month of June has revealed a holding pattern in the Bank of Canada’s overnight lending rate and pressure in the bond market has already caused fixed mortgage interest rates to spike upwards. Here is what you need to know for your best July mortgage today: Bank Of Canada Rates Qualifying Rate: 5.14%                 Prime Rate:
So you have decided that you want to purchase a property for investment purposes. That’s great! And on top of this you want to find a great deal on a property that has a distressed seller or a run down and/or outdated home. Even better! Buying your first rental property can be challenging enough on
I get a lot of phone calls these days. They go something like this: “What is your best interest rate for a five year fixed mortgage?” Sounds like a valid question. And yet there is so much more than meets the eye. Although the interest rate you secure for your mortgage is important – I
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