About Amina Mohamed

Amina Mohamed
Hello, I'm Amina Mohamed. I am a Mortgage Agent and Real Estate Investor who believes in helping both clients and investors by looking at all of their mortgage options. With a strong belief that mortgages are not a one-size fits all strategy, I look for solutions that will allow my clients to build their portfolios with growth, capital realization and structure in mind. This is my blog where I share about mortgages, investor opportunities, and information that will help people fix their credit issues. I am committed to working with my clients the for the long term, so they can become homeowners and possible real estate investors. I am married with one child and I have two cats. I live in Newmarket Ontario and am licensed to help people with mortgage financing across all of Ontario.
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Depending on whom you speak with there are many ideas of how to build a retirement nest egg. I have a specific plan for retirement that includes real estate. While many people still believe the stock market is the safer way to go, I decided long ago it was not for me.

For one, I did not want to invest and pay fees and for two I did not want to invest in the stock market, where I had relatively no control.

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When I started out as a real estate investor, I thought that if I had the money and found “a” property, it would be easy to make money. I soon came to realize that there was so much more to be aware of – like finding the right property and knowing the right time to buy the right property. I thought that if I “timed” the market right that I would find a tenant quickly and life would be easy. Was I completely wrong? Well yes and no – let me explain!

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Property Tax adjustments

It’s not unusual for Purchasers to get settled in their new home and get a Property Tax reminder stating they owe the whole years worth of taxes. Frightful right?

Just after moving in to her new home, my client received a notice in regards to the property tax adjustment and as a First Time Home Buyer, we had discussed this could happen so she did not freak out –completely!

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Last week, I was contacted by a new client who lives and works in Richmond Hill. His renewal is up in November but he wanted to put some plans into place because he had just come into some money ($125,000 from an inheritance).

The balance on his mortgage is approximately $100,000 and he has approximately $500,000 of equity in his property.

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magician

I love brokering mortgages but I get frustrated when clients think that we are magicians and can make their deal happen just like that.

Unfortunately the lending climate has changed in Canada and no longer can we get a deal done with limited paperwork and a hand-shake. I think the problem is that while we as brokers have had to adapt to the new guidelines, our clients are unfortunately still in the dark and thus when we request paperwork (NOA, T1, T4, Financial statements, etc) it is very hard to get it from the client as they simply don’t understand the need for it or accept that it is the lender’s requesting it. When we try to explain or educate our clients, they are resistant as they were able to get it done when they bought their house 2-3 years ago, so how can it be so different now? Continue reading

Rule of 72

The ‘Rule of 72′ is a simplified way to calculate how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors can get a rough estimate of how many years it will take for the initial investment to double.

Let’s look at some examples of how long it would take to double our money in each of the following instances: Continue reading

Syndicated Mortgages Vs. Resp

A few years back, my husband and I adopted a little girl.  She was three at the time and has various health issues.  She is now eight and doing well, however my constant worry as a parent is for her financial future.  With her present issues, we are unsure of whether she will be able to work and support herself financially.

When we adopted her, we put in place a RESP and looking back I’m glad I stopped contributing when I did as I could never save enough for her future with the ridiculous interest rates we were getting not to mention the fees.

This last year has been an eye-opener and after doing the math I can definitely be assured that her future will be secure, as I have established a plan by investing in Syndicated Mortgages at a fixed rate of 8% per year.  On top of that, after the 5-year term, there is the possibility of receiving developer profits.  The average per year usually turns out to be 10.25% and the best part is there are no fees! Continue reading

fixed-or-variable

At present thousands of homeowners across Canada are eyeing their options with more than a little trepidation. The majority of Canadians after all, are risk averse and when it comes to our mortgage options many of us have traditionally chosen fixed rather than variable interest rates, in order to allow us to avoid sudden hikes in the Canadian Prime. In fact, even just the idea of being stuck on a variable rate after a hike in the prime leaves many of us on edge. Yes, we can lock the rate in if we think the prime is getting too high, but who is to say we’ll manage to do that right at the right moment? Rate hikes after all, can leave homeowners not just paying less off their principle, but them facing paying more interest over the long run.

All that said, recent studies have demonstrated that historically at least, homeowners on variable rates have actually saved more in the long term when compared to more risk averse homeowners opting for locked in rates. These being the case, between 2008 and the present, variable rate mortgage options have experienced something of resurgence in popularity. Moreover, those who have been part of this resurgence have made significant savings. The Canadian prime has consistently fallen since 2008 in tandem with Central Bank instigated economic recovery measures. This being the case, those who elected for fixed rate mortgages back in the 2000-2008 (supposed) boom years, have been left feeling a little cheated to say the least. Continue reading

Which Payment Frequency Is The Best For You?

Buying your first home can be a daunting process including figuring out the right mortgage and options for you. One part of this is knowing about what Payment Frequency to select. Here let’s talk about its definition and what it really means, the options available and how do you choose the right one for you?

Definition: Payments consisting of both a principal and an interest component, paid on a regular basis during the term of the mortgage. Refers to how often and when you can make these payments. Continue reading