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
Are you a hopeful real investor but are facing obstacles to getting started? You are not alone – here are two obstacles that are common and some suggestions to overcome them.
#1 – You have read or heard about somebody who started with nothing and is now a big Real Estate Entrepreneur.
This is an easy one! First, remember Rome was not built in a day and neither are experts in their fields. No matter what you want to do in life, it takes learning, aptitude, practice and application. Continue reading
Buying a home for immediate family with less than 20% downpayment can be a challenge. However Genworth; a Canadian mortgage default insurance provider, has a program that benefits those families who haven’t been able to save a full down payment on their second family home. Continue reading
It’s official, as of today all the big Canadian banks have now lowered their prime rate. RBC was the first to announce they would drop their prime rate by .15% to 2.85%. BMO, TD and CIBC quickly followed with drops of their own, then the ScotiaBank and National Bank fell off the fence and landed at 2.85% as well. This is good news.
If you are a current variable rate mortgage holder, you are now paying less interest on your mortgage. Congratulations.
However, this is really only a half measure. The Bank of Canada dropped their overnight rate by .25% whereas the banks only lowered prime by .15%. Continue reading
A Story About Fraud From My Personal Experience
Lately FSCO (Financial Services Commission of Ontario) has been cracking down on mortgage professionals who commit fraud to assist their clients in obtaining a mortgage. But for every case of fraud that gets caught, how many go through?
I recently started working with a First Time Home Buyer client. She’s a lovely lady, owns her own company and a single mom to boot! She wanted to purchase a home for her and her daughter as she was overpaying on rent and the landlord was not fixing what was broken. Continue reading
Rate Dropped to 3/4 Per Cent
The Bank of Canada announced today that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Continue reading
The other day I was speaking with a friend I had not seen in over a year and we got to talking about kids, family, marriage and finally work. She asked me if I was enjoying my work after having had a great career in film and tv. She had been working in the same job for the last 18 years and while she was building up a great pension, she had lost passion for what she was doing and needed a change but did not know where to turn. Continue reading
As a mortgage agent, I have been working for a few Rent-to-Own companies all over Ontario. I help them to qualify both their potential tenant buyers and their perspective investors. We look at both mortgage and rent-to-own qualification. Continue reading
This past weekend, I took part in the “Newcomers To Canada” show at the Sheraton Hotel downtown Toronto. I met many people from countries all over the world, such as China, India and Jamaica to name a few. Continue reading