Home Equity Loans

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…
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
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
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
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
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
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
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
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
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
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
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.
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
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!
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
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
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
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
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
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
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
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
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:
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
Ever wanted to go behind the scenes and find out how the banks and other lenders – even mortgage brokers – are treating your credit situation? Want to find out what they think and are saying about you when you have left their office? Well I know and am ready to tell all (YOU ARE
The month of May has shown a holding pattern in the Bank of Canada’s overnight lending rate and pressure in the bond market is looking to send fixed mortgage interest rates up. Here is what you need to know for your best June mortgage today: Bank Of Canada Rates Qualifying Rate: 5.14%                 Prime Rate: 3.00%
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 past month has yielded some excellent results for borrowers in continued historic low interest rates as well as strong competition in the mortgage marketplace. I will provide you with a breakdown of what is affecting rates and more info on some of the best mortgage products available today. Bank Of Canada Lending Rates First
Buying a house can be an overwhelming proposition. Yet the idea is a universal dream and one the majority of Canadians want to accomplish. But the question remains to be answered – How much house can I afford? This is not one to be answered by the bank’s mortgage calculator for reasons that are obvious.
Well despite the frosty start to April and a supposed spring – there is no doubt that things in the mortgage industry have thawed quite nicely. In fact – I would go on to say that we are now entering another spring market where fierce competition with mortgage interest rates or the coined “Rate Wars”
We all want to pay off our mortgage early. Like today if possible. Well I will tell you from extensive experience that the bank’s mortgage payment calculator is not going to get you there earlier like they are advertising. Why you may ask? Because they have a good reason to keep you inside the mortgage
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 ‘Greg and
Ah the life of a successful self employed business owner – lower taxes, setting your own hours, unlimited income potential. But then you apply for a mortgage and BAM! Declined at your bank. Ouch. All the things that work to your favour are against you when you try to qualify for a debt like your
There are a few things we Canadians will not do without like our hockey, maple syrup, and a 5 year fixed mortgage? That’s right. Believe it or not, this mortgage product is as Canadian as they come. There is no doubt as 4 out of 5 new mortgages in 2012 were fixed rate and the
Three years in a row has consumer debt reduction been the #1 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 changes

A Mortgage Free Christmas

Thoughts and hearts are turning toward the Holiday and that special time with family and friends. In the spirit of the Christmas season, there are many of you who could use some good news regarding your mortgage. In today’s extreme low rate environment there is an often overlooked opportunity to become mortgage free many Christmases
When was the last time you heard some good news about your RSPs? It has been a long time and with the state of the global economy the way it is – I wouldn’t hold my breath on things getting better any time soon. So what can we do? Here is a less known but
Sometimes you just have to get back to basics. With all the noise in the media and seemingly constant and significant changes to the mortgage industry in Canada, it is easy to forget what is and is not possible these days. I am going to keep it simple here and cover off what you still
With the economic downturn of 2008, a lot of Canadians have put off purchasing that new car, seeing it as a big ticket item. The times they are a changing. In fact auto loans are the fastest growing debt category out there. You may just be one of those eyeing that shiny new machine with
They say that in the information age that knowledge is power. But even in the information age having access to unlimited information including mortgage calculators can make things more confusing than less. The way the bank’s mortgage calculator is set up can mislead and even provide bad mortgage advice if left in the hands of
We all want to be mortgage free! Can I get an amen? This is something all Canadians work toward and dream about but few attain. Yet a surprising amount who do find out shortly after that life’s goals don’t stop on mortgage freedom day and then lifestyle and travel or renovation plans require borrowing again.
Well it is official. As of November 1st, 2012 the new mortgage rules outlined in July will come into affect for all Federally Regulated financial institutions. This includes the chartered banks and the major trust companies. Although a great piece of literature to help the most chronic insomniac sleep like a log, it is critically
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

A Barrie Home Equity Loan Guide

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

Benefits of Barrie Private Mortgage Loans

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.
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
When you shop around for your mortgage, what comes to mind in the preferred features most Canadians desire? Best interest rates, flexible repayment terms, and low payments are at the top of the pile. However the mortgage market has changed dramatically over the last few years with the introduction of the banks using the collateral
The options available to Canadians in financial trouble today are to approach a Debt Settlement company who will negotiate your amounts owing lower. Or you could approach a bankruptcy trustee who will prepare a consumer proposal to make structured payment to those you owe over time. Finally, there is a simple debt consolidation in which
So you find yourself trapped in a vicious monthly cycle of borrowing from one credit card to pay another. Your minimum payments are exceeding your budget available and the collection agency’s phone calls are leaving you with sleepless nights. Plain and simple, your debt is crushing you. The options available to Canadians to fix this
Most Canadians at some point in their lives require a mortgage. But who will you turn to for help? There are many potential pitfalls of making this decision without researching your options. The seemingly logical choice of using the local bank where you do day to day business for your mortgage loan is not necessarily