Mortgage Industry News

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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:
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
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
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
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
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 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
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:
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%
There are many strong reasons to be investing in real estate today. Property values in many regional markets are still growing – Canada has a healthy immigrant population that needs and will need a place to live – and of course my favorite – mortgage interest rates are still sitting at historical lows. But for
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
We could all use a little more good news now and again. This is especially the case when it comes to Canadians and their RSPs. The last ten years have been a roller coaster ride and the global uncertainty on the horizon is not helping. So now to get on to the good news –
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
Media bugging you about the RSP deadline? Ignore them – Seriously. The only Canadians who really benefit from this government created tax deferral program are the highest taxed employees. For the rest of us – it is time to consider what to do about our existing RSP investments, why they keep dropping in value, and
They say that all things are not created equal. This is especially the case when it comes to the mortgage industry. A full time – ongoing educated Mortgage Broker is a valuable asset to those who choose to work with them. Finding and leveraging their experience will make the difference of tens of thousands of
Your financial planner will give you the same advice this year as last – invest in a well diversified portfolio of stocks, bonds, and mutual funds. The market will change…but the advice is always the same. Why are you only allowed to invest in sanitized, watered down, and costly (up front, ongoing, and trailer fees)
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
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
Mortgages have come into the spotlight in Canadian financial news over the last few years. This is due in part by the global financial downturn of 2008 and in part by the trends in Canadian’s borrowing habits. Over the last two years the Federal government has made changes to the rules affecting mortgages four times.
So you believed that with the uncertainty in the economy plus the changes to mortgage rules that you would not be able to purchase a home? Think again! I am so proud to announce that the Simcoe County Homeownership Program has made it possible for renters who thought they were out of the home market