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
Usually when I get a new client, the question invariably comes to Variable or Fixed? Soon after though, rates become the centre-point of the discussion, but as a good mortgage provider, I always steer them back to the questions they should be asking first, such as “is Variable or Fixed the right way to go?”
It is up to me to provide them the answers to whether Fixed or Variable is right for them. In order to do this, I must look at the following factors. Continue reading
So you’ve got you’re mortgage approval, now the lender gives you the choice of several repayment options. You’ve heard about the standard monthly payments but what’s semi-monthly or accelerated bi-weekly? Which one can save you the most amount in interest and which one can pay your mortgage off sooner?
Last week a colleague and fellow investor called me seeking a mortgage for a property she wanted to purchase in Amherstburg, Ontario, which is just outside of Windsor. As part of her financing, she wanted to include a VTB (Vendor Take Back). A VTB is when the seller offers financing on their own property they are selling. For instance you might have 75% LTV from the lender or bank; a 15% VTB from the seller and 10% from your own funds.
Sellers do this in a tough market, or as an incentive when they can’t sell their property or even to help the buyer when they have a shortfall in funds. Most of all a seller looks for tax deferral as they don’t have to pay capital gains until the portion lent is fully repaid. Continue reading