Whether you are looking for a private mortgage loan, home equity loan, debt consolidation loan, or to refinance your mortgage; I can meet you in Barrie face to face. Here is more about me and why treating my clients with the utmost integrity is important. 

Barrie Mortgage Meeting Locations

Here are some of my favorite places to meet with you in a safe and professional environment.

Williams Fresh Cafe

501 Bryne Dr A, Barrie, ON L4N 9P7

Great cafe, lots of open space with booths and attached to ample free parking. It is also located right near the 400 Hwy and Mapleview Drive.

Coffee Culture Cafe & Eatery

494 Big Bay Point Rd #501, Barrie, ON L4N 3Z4

A cozy and welcoming atmosphere with a fireplace and comfy chairs! They make the best wraps in town grilled to perfection and the cappuccino is an excellent compliment. Located in Barrie’s south end with free parking.

Homestead Artisan Bakery + Cafe

80 Dunlop St E, Barrie, ON L4M 1A3

A great spot with a cozy feeling. Nice and clean place to meet with friendly staff and it has a historic vibe with brick walls. Located downtown near plenty of parking Garages and within walking distance of the GO Station.

My Happy Barrie Clients

Here are some of the people I’ve had the privilege to help and what they have said about me:

Hi Michael: The service we received from you was excellent! You were efficient, friendly, helpful and easy to talk to. If we ever need anymore help we will certainly give you a call. You got us the best rate and deal out of anyone we talked to. Some places would not even look at us because we were self employed. Thank you very much!!

Tracy T.

Hello Michael, I just wanted to thank you for your tremendous support and help in working on my mortgage for me. Using you has alleviated a lot of stress from the process. You made yourself available at all times to answer my questions and to explain the consequences of the different mortgage choices available. In the end, I am very satisfied with your service and would recommend you to anyone requiring assistance with their mortgage needs. Kindest regards

Linda

Other Mortgage Options

I believe you should always explore your options and I’m happy to compete with the big banks and other brokerages. Here are some of your other mortgage loan options in the Barrie area.

RBC Royal Bank

99 Mapleview Dr W, Barrie, ON L4N 9H7

RBC Royal Bank

649 Yonge St, Barrie, ON L4N 4E7

CIBC

363 Bayfield St, Barrie, ON L4M 3C3

BMO

90 Collier St, Barrie, ON L4M 0J3

Della Dwyer

77 Mary St, Barrie, ON L4N 1T2

My Better Mortgage

2140 Victoria St, Innisfil, ON L9S 1K4

After you have explored the rest…now come work with the best. Let’s sit down over a coffee and discuss your needs and find your best mortgage, made easy. Contact me today!

Whether you are looking for a private mortgage loan, home equity loan, debt consolidation loan, or to refinance your mortgage; I can meet you in Mississauga face to face. Here is more about me and why treating my clients with the utmost integrity is important. 

Mississauga Mortgage Meeting Locations

Here are some of my favorite places to meet with you in a safe and professional environment.

Coffee Culture Cafe & Eatery

515 Lakeshore Rd E #101, Mississauga, ON L5G 1H9

Great cafe, lots of open space and attached to ample free underground parking. It is also located right near the waterfront with the closest major intersection being Lakeshore and Hurontario.

Second Cup Coffee Co.

727 Central Pkwy W, Mississauga, ON L5B 4L1

Open and pleasant atmosphere with nice food displays and friendly staff. It is especially nice in summer there is a patio with beautiful landscaping. Conveniently located near the 403 and Mavis with plenty of parking.

Starbucks

6974 Financial Dr, Mississauga, ON L5N 8J4

A great spot with a cozy feeling. This Starbucks is very convenient as a meeting place for people traveling by bus. It is right next to the express stops of the 109 and 110, making it easy to see and find.

My Happy Mississauga Clients

Here are some of the people I’ve had the privilege to help and what they have said about me:

When I visited your website – your work looked “too good to be true”. I was hesitant to send a message, thinking there’s nothing you can do to help us – since we already met other people and they offered help but ended up leading us into a more difficult situation. To trust one more time is hard. But, I’m glad I did give you a try…And we are very happy with the help and the way you deal with your clients. You proved to us that you are friendly and very professional to deal with your client with your own very unique approach…that makes anyone feel comfortable to deal with you. Thank you so much for the time and effort you have given us to solve our problem for us to move on for the next step.. I know there’s more people out there and that they should come and ask your help, I hope they will find you. God Bless.

Michael & Chona

Good morning Michael, Here it is! I have started to send out the cheques in payment of my credit cards! I just want to thank you for all your good work. In any event, things worked to my benefit and all I have to do next year is sign my renewal and I won’t have any of this stress… Thanks again for the painless process! I will recommend your services to others if they are in need. Have a good summer!

Janet W.

Other Mortgage Options

I believe you should always explore your options and I’m happy to compete with the big banks and other brokerages. Here are some of your other mortgage loan options in Mississauga.

RBC Royal Bank

220 Lakeshore Rd W, Mississauga, ON L5H 1G6

RBC Royal Bank

6240 Dixie Rd, Mississauga, ON L5T 1A6

CIBC

5985 Latimer Dr, Mississauga, ON L5V 0B7

BMO

100 City Centre Dr, Mississauga, ON L5B 2C9

Denova Group Dominion Lending Centres

724 Lakeshore Rd E, Mississauga, ON L5G 1J6

AKAL Mortgages Inc.

202-120 Traders Blvd E, Mississauga, ON L4Z 2H7

After you have explored the rest…now come work with the best. Let’s sit down over a coffee and discuss your needs and find your best mortgage, made easy. Contact me today!

Whether you are looking for a private mortgage loan, home equity loan, debt consolidation loan, or to refinance your mortgage; I can meet you in Toronto face to face. Here is more about me and why treating my clients with the utmost integrity is important. 

Toronto Mortgage Meeting Locations

Here are some of my favorite places to meet with you in a safe and professional environment.

Baretto Caffe

1262 Don Mills Rd Unit 106, North York, ON M3B 2W6

A hidden gem with big windows letting in lots of natural light. Great space to grab an espresso and a pastry. It is also located right near the DVP & 401 Highway with plenty of parking.

The Roastery Coffee House

401 Richmond St W Suite 135, Toronto, ON M5V 1X2

Nice and clean place to meet with friendly staff and it gives a historic vibe from days of Toronto past. Located downtown near plenty of parking Garages and within walking distance of the Toronto Subway.

Second Cup Coffee Co.

2340 Bloor St W, Toronto, ON M6S 1P3

A great spot with a cozy feeling and a welcoming ambiance in Bloor West village. Good coffee, friendly service and clean washrooms. Located in the West end of Toronto close to 427 Highway with plenty of paid parking.

My Happy Toronto Clients

Here are some of the people I’ve had the privilege to help and what they have said about me:

Hi Michael, Thank you for all of your help, for answering all of our questions and for being prompt. Thank you for working late hours on our behalf. It was a pleasure doing business with you. When I went online looking for a new mortgage I was hesitant because how do you know who to trust “online”. We will definitely recommend you & Mortgage Truth to our friends! Thank you, We wish you the Best!

Nicole O.

Hi Michael: The service we received from you was excellent! You were efficient, friendly, helpful and easy to talk to. If we ever need anymore help we will certainly give you a call. You got us the best rate and deal out of anyone we talked to. Some places would not even look at us because we were self employed. Thank you very much!!

Elaine & Harold B.

Other Mortgage Options

I believe you should always explore your options and I’m happy to compete with the big banks and other brokerages. Here are some of your other mortgage loan options in Toronto.

RBC Royal Bank

3224 Yonge St, Toronto, ON M4N 2L2

RBC Royal Bank

155 Wellington St W, Toronto, ON M5V 3K7

CIBC

1000 Gerrard St E, Toronto, ON M4M 3G6

BMO

2859 Dundas St W, Toronto, ON M6P 1Y9

True North Mortgage

Richmond Adelaide Centre, 120 Adelaide St W, Toronto, ON M5H 1T1

Monster Mortgages

20 Holly St Suite 302, Toronto, ON M4S 3B1

After you have explored the rest…now come work with the best. Let’s sit down over a coffee and discuss your needs and find your best mortgage, made easy. Contact me today!

Whether you are looking for a private mortgage loan, home equity loan, debt consolidation loan, or to refinance your mortgage; I can meet you in Brampton face to face. Here is more about me and why treating my clients with the utmost integrity is important. 

Brampton Mortgage Meeting Locations

Here are some of my favorite places to meet with you in a safe and professional environment.

Coffee Culture

10525 Bramalea Rd, Brampton, ON L6R 3P4

They have some nice booths with a clean and well lit atmosphere. It is also located right near the 410 Highway with plenty of parking.

Starbucks

8 Queen St E, Brampton, ON L6V 1A2

Nice and clean place to meet with friendly staff and it gives a historic vibe from the late 1800s. Located downtown near plenty of parking Garages and within walking distance of the GO Train.

Williams Fresh Cafe

2454 Queen St E, Brampton, ON L6S 5X9

A great spot with an open air feeling and a welcoming ambiance. Located in the East end of Brampton close to 427 Highway with plenty of parking.

My Happy Brampton Clients

Here are some of the people I’ve had the privilege to help and what they have said about me:

Michael is great to work with. Always on time with promised services. He has an in-depth knowledge of the mortgage market and knows how to get you closer to your goals. I had set my goal to make a certain number of acquisitions on a timeline and he has helped me to see the light and achieve this in 1/5 of the time I would have spent. This is very significant when we talk of time in terms of number of years. From my estimated 5 years to achieve my goal, he helped me realize my dreams in a single year. Can anyone else beat this? Should I Recommend Michael? I would do it anytime in my sleep.

Jack & Ophelia B.

It has been an absolute pleasure getting to know Michael for the last few years, and when it came time for my wife and I to purchase our first home we didn’t even have a secondary option in mind that could compare to the quality of service that Michael brings to the table. Setting up a mortgage for the first time can be a scary experience, but Michael not only walked us through every single detail of the process, but he made it feel easy and comfortable. He even went above and beyond his call of duty and got us a rebate from our lender! Wow! Without a doubt, Michael has earned our recommendation. If you’re looking for the best mortgage rates and 5-star service then you need to get in contact with Michael right away!!!

Dave S.

Other Mortgage Options

I believe you should always explore your options and I’m happy to compete with the big banks and other brokerages. Here are some of your other mortgage loan options in Brampton.

RBC Royal Bank

10555 Bramalea Rd, Brampton, ON L6R 3P4

RBC Royal Bank

25 Peel Centre Dr, Brampton, ON L6T 3R5

CIBC

7940 Hurontario St, Brampton, ON L6Y 0B8

BMO

9990 Airport Rd, Brampton, ON L6S 0C5

Centum Mortgage Smart

7956 Torbram Rd unit 20, Brampton, ON L6T 5A2

Canadian Mortgage Services

4 Wildercroft Ave, Brampton, ON L6V 4E6

After you have explored the rest…now come work with the best. Let’s sit down over a coffee and discuss your needs and find your best mortgage, made easy. Contact me today!

Why Would Anyone Want Interest Only?

Institutional interest only mortgages are a great fit for those with a larger scope of their overall real estate investment goals and how to reach them quicker. Here are a few of the reasons why:

1. Lowering cost of borrowing – Those who have relied on private capital to fund their acquisitions are subject to a greater cost of borrowing as there are typically fees related to arranging the loan that are not present with institutional capital.
2. Increasing monthly cashflow – By removing the principal component of the monthly payment for a period of time, (typically the initial years of the holding) an investor can enjoy a greater cashflow that can be used towards improving the property or the further acquisition of another property.
3. Improved debt service – Again by removing the principal component of the monthly payment from the calculations – further property acquisition is more likely to have success as your numbers look better on paper. With more restrictive mortgage rules and stress tests, this product can be your edge to succeed as an investor.

Tell Me More About This Type Of Mortgage

As we are talking about a mortgage that is provided through a regulated institution in Canada – there are qualifications that need to be met in order to proceed:

1. The loan to value can only go to a maximum of 65% of the home’s value. This doesn’t mean that if you need more that we can’t proceed…just that the rest (up to 80%) is in a fixed rate portion.
2. Your credit needs to be in good condition and be well established.
3. There is a minimum loan amount of 200K.
4. Minimum monthly payment of 2% of the outstanding limit owing on the interest only portion.
5. This mortgage product is also eligible for self employed borrowers who can fully prove their income.
6. Eligible for owner occupied rentals and non owner occupied as well.

There are more details however so contact me below to discuss all the details and here is to your success in all your real estate investment ventures!!!

What Is Mortgage Insurance?

What comes to mind when the term ‘Mortgage Insurance’ is spoken. To most it is thought as what is paid out in the untimely death of a spouse in a benefit. This is not what I am addressing today. The mortgage insurance that we are concerned about is the policy you took out with your original mortgage with the bank on closing of your property. This policy protects the lender in case you default on the mortgage. The unintended benefit is that because the risk of the mortgage has been removed from the bank to the insurer – that you receive better interest rates on renewal than a mortgage holder without this insurance.

How Do I Know If I Have This Insurance?

Typically you would have heard about CMHC or Genworth during the initial paperwork process with the bank. If not then as part of your friendly neighborhood Mortgage Broker, I can use your name and address to find out this information. Being previously insured is very important and not something most Canadians know off hand. Once we have determined who your insurer is and your reference number, we can look into how we can leverage this information towards a better interest rate.

Ontario Mortgage Transfer/Switch Program

There is a very important date to remember when it comes to previously insured mortgages. October 16th, 2016. If your mortgage was insured prior to this date then we can transfer your existing insurance policy to your new mortgage and access best rates despite potential changes in your ability to qualify. This also is very important as we will not have to use the new stress test rules that were put in force as of the new year. The results of this cannot be overstated. Once you make a change to your mortgage without considering maintaining your insurance policy – the existing policy is cancelled and your cannot utilize this towards accessing better interest rates for many years down the road.

The Bottom Line For Your Mortgage

If mortgages aren’t complicated enough – the past five years have made them almost indecipherable code unless you are maintaining ongoing full time industry education. My goal is to be a useful resource to my clients in using every advantage available towards your best interest. The bottom line for your mortgage is, more than ever before, to have a dedicated expert in your corner that will keep you updated as to exactly how the fast changing Canadian financial landscape will affect you and your family. Contact me before your maturity to see how we can use the rules to your favour.

Toronto Interest Rates Aren’t Everything

I get a lot of phone calls these days that 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 won’t hesitate to be the one to break it to you that your interest rate isn’t everything. The contract you sign (that may or may not be explained thoroughly) has far reaching and potentially expensive ramifications if someone with expertise doesn’t ask you some very pointed questions. Questions like:

• Do you plan on starting a family in the next two years? (outgrowing the home you are purchasing)
• Does your career plan have potential for a location change? Do you work in a field that career progression requires geographic flexibility? (moving to a new city)
• Does your income have the chance to vary greatly from year to year? (having to downsize to a smaller home)

Although not an exhaustive list – the information a client presents to me in discovery will illicit pointed questions to help influence what type of mortgage we secure. This includes thinking ahead to the potential Early Mortgage Penalty you will pay if you have to break mid-term. I wrote more about all of the bank posted rate traps if you want a deep dive into learning more.

Fixed VS Variable Penalties

There are two different ways a penalty is calculated when you break your mortgage mid term (generally speaking).

The first is when you sign up for a fixed rate mortgage. The way each bank calculates the Early Mortgage Penalty varies and their language is confusing (not gonna lie it’s on purpose) however here is in layman’s terms how it affects you:

• You have a 300K mortgage remaining with two years left in your five year fixed rate mortgage and you want to break it.
• The bank calculates the closest term to yours and looks at their interest rate for the same remaining term.
• They take your interest rate at time of signing and compare it to what they can lend out your 300K to the next guy.
• If there is a deficit or they are losing money (3.49% on signing and 2.99% today or -0.5%) you will pay the difference over the 24 months remaining
• If there is a benefit to the bank to lending out your money at a higher interest rate – you will pay the three month interest penalty and be on your way

The second way is how the bank calculates your penalty for a variable rate mortgage:

• Typically you are faced with a standard three month interest penalty

Important Caution For Toronto Bank Mortgage Holders

The banks don’t play fair when it comes to the fine print in your mortgage contract. Like when you are taking your mortgage based on a discount off of the bank’s posted rate. The bank will advise you when you go to break the mortgage – the penalty is not discounted. This is a huge disparity and creates artificially high penalties to break a mortgage early. It’s buyer beware as for the most part the bank does not feel the need to disclose this upfront.

As a value added service to all my present and future clients – I perform a complementary contract review and as part of your New Year’s financial resolutions – there is no better way to get your largest financial obligation in order than to dust off your contract and see what benefits there are in doing some mortgage planning before changes present themselves. Contact me or fill out the form below and let’s get get some light shed on your situation!

Bank loves me…loves me not…

How do I describe to you the on again, off again relationship that so many Canadian consumers have with their primary financial institution? Like a charged teenage crush with the most desirable person at school. The bank has wooed us into a false sense of their love for our business. Tom and Elsa sat in my board room looking like only a lovesick adolescent can. Lines like “It’s just not fair” and “Our bank always used to approve” were being thrown around like petals off a flower. They had received the mortgage pre-approval from their bank a number of weeks back only to learn that their income was insufficient as it was verified later on in the process.

What Has Changed For You?

Tom and Elsa are now joining a growing number of Canadians being tossed out of the bank’s mortgage box. From qualifying interest rates to guaranteed hours requirements to reduced loan to value restrictions – the results are the same. Stressed out and feeling abandoned. The changes are wide ranging and only the mortgage elite are unaffected. For the rest of us we now need to become a personal financial guru in order to thread the mortgage needle. For Tom and Elsa we needed to come up with a solution fast as their closing date was fast approaching and the finance condition was already waived.

Change Can Be A Good Thing

My heart goes out to folks who feel they have been duped into believing in the million dollar marketing campaigns and the sports arena slick advertising that the banks are famous for. They are as patriotic as our favorite past time…right? Well at least for Tom and Elsa there was a happy ending to their situation. We were able to get them a mortgage with a lender who had more favourable debt service ratios and that insufficient income was a thing of the past. When you are done feeling that love me…love me not feeling – reach out to me as your Mortgage Broker and we can look at getting the job done.

Can I Do This Through My Bank?

The answer in a nutshell is yes – with a number of caveats. You need to understand first and foremost that your bank’s mandate is to produce profits for their shareholders. Leaving room for any other answer here is delusion. With this in mind you need to know that self directed investing with your bank will be costly and limited to their sanitized instruments. The cream will be scooped for those on the inside and you will be left with disappointment.

I just got a call the other day from a Realtor in Toronto who has assisted her clients with self directed investments through a trust company for many years. She explained that this same trust company had recently become a bank. To her surprise – all of a sudden she received a revised fee schedule that brought a gasp of exasperation to her lips. She was quite upset by the changes and is now advising her clients to do business elsewhere.

You also need to know that on top of the rules that CRA has put in place that govern Self Directed RSP Mortgages – the banks can have their own additional restrictions that make what you desire not always an option.

Can I Hold My Own Mortgage With My RSP

Again the answer is yes. Most banks can assist you with this process at a cost to you. A mortgage held within a self directed RSP operates the same as a regular mortgage held outside of a self directed RSP – however there is an annual fee to administer the account, a set up fee, and the mortgage has to be insured by CMHC. When you add all of this up – the cost far out weighs the benefit and you have to jump through a lot of hoops to make this work based on CMHC’s mortgage qualifications.

More importantly – to what end are you working? If your wealth creation plan is based on the difference between the return you receive on your GICs and today’s mortgage rates – you are setting yourself up for more disappointment. We are in a cycle of low interest rates that is perpetuated by global events and the concerns are not going away any time soon. If you want to get wealthy by owning your own mortgage to ‘save’ paying the bank 3% – it will take until your grandchildren are your age before any significant progress has been made.

How Can I Avoid The Fees My Bank Charges

Well the obvious answer here is to find an solid institution that does not charge the hefty fees. I work with a number of non deposit taking trust companies in Canada who have been in business for many years and work only and always on a fee per service schedule. In monitoring the way they do business – the cost to you the investor has generally only risen based on inflation and not a corporate directive for additional profits. For a quick example – one company has raised the account set up fee only once in the past 18 years (and by only $25 I may add)! Compare that to the amount of mail you have received from your bank stating changes to the fees you are subject to on an ongoing basis.

We do need to understand that there is always a cost associated with doing business and those facilitating need to get paid to complete their part – however you always have the choice of shopping around to get the best bang for your buck.

Grow That RSP Without Fees

So here is one way to grow that RSP without the fees! As one of my investors have recently remarked to me – “I have never paid you a penny for your services – how do you make money?” It is a good question and one I am proud to answer. When we work together to discover suitable investments for you – I only get paid once we find a match and always by the borrowing party. This means that if I assist you facilitate 10K or 10M you will have never paid me a commission or a fee of any kind. This is rooted in my firm belief that as an investor you should be rewarded for lending out your hard earned money and not penalized.

What is even better is that the costs associated with any investment vehicle – be it a Self Directed RSP Mortgage, Syndicated Mortgage Investment, or direct investment in cashflowing Real Estate through RSPs are all covered by the borrower for you the investor as well. This is effectively a “fee free investment experience”. How very refreshing.

To have a chat about your specific situation, the options available to you, and how to begin the education process of genuine Self Directed RSP investing – reach out to me below and let’s blow the socks off of your return on investment in the coming years.

Stop Fighting Your Phone Company

This is the most common reason why many Ontario residents have damaged credit. Rogers or Bell has overcharged you and the fight is on. The problem is that while you carry on with your righteous cause – your credit score is being negatively effected every month. The worst part is that it is usually over less than $200 but is going to cause you to end up paying thousands of dollars more in interest on everything from your car loan to the mortgage. The instant fix is to pay that bill to zero and then go on fighting them! You can still win and your credit rating will thank you.

Check Your Report For Errors

It is common knowledge in the mortgage industry that 1/3 of Canadians have errors on their credit report. This can be anything from someone with the same name having an account reporting to your bureau all the way to outright fraud. The instant fix is to order a copy of your personal credit report here (make sure the product is called Credit Score for about $24). Go over the information and follow the instructions within if there are existing inconsistencies.

Don’t Max Out Your Cards

This should go without saying however if you have three MasterCard accounts and one is maxed out and the other two are sitting at a $0 balance – you are doing damage without knowing it. One of the determining factors of the overall strength of our credit scores is available balances to the maximum high credit limit. A better distribution of the debt is carrying a third of the balance owing over the three cards in order to keep your score strong.

Keep Your Old Account Active

There is a temptation to cut up that old credit account in preference to the new one with the incentive program. Don’t be fooled! The strength of your credit stands on that pillar – that first credit account that has been active since like 1995! Keep it alive and maybe even show it some love once in a while and use it in order to keep the credit blood flow going. Your credit score will keep you smiling for years to come.

Consider Debt Restructuring

If you find yourself one of those who are drowning in consumer debt and none of the above is even a plausible solution for you and your family – it may be time to consider your options in Ontario. If you do own your home – there are a number of viable options to you. A simple debt consolidation provides my typical client anywhere from $700-1000 in monthly payment relief. To learn more from a first hand experience – check out “Greg and Fiona’s” story. A great side benefit from this process is that there is an almost instant improvement to your credit as well.

Well this rounds out our five quick changes that can immediately improve your credit rating. Having dealt with hundreds of clients just like you and scenarios similar – take comfort that your situation is not hopeless. If you decide today to take control of your credit report and implement the tips here – you will be well on your way to an improved financial outlook. Your story is important to me – Ontario residents- tell me below in 100 words or less what about your debt keeps you up at night and I will provide the prescription for a better night’s sleep.