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I love real estate investing.  Over the last few years I have learned from many investors, which got me thinking about some of the successful investors out there – what separates them from the rest? I started to study these individuals and have realized that they all share the same habits and traits that make them successful investors.

Becoming successful at anything requires skill, determination, education, motivation and most of all a great desire to be great at that one thing.  Becoming a successful real estate investor is no different!  Thus these 7 traits have come to define many of the successful investors that I have studied.  For this post I have defined 7 traits but I am sure there are many more.

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This is not my usual mortgage article but I hope you will read on anyways. I am writing about how being a mortgage broker makes me grateful everyday!

I am an avid blogger – I love writing and sharing my knowledge and experience but that last two weeks have been a mental struggle for me. I finally stopped beating myself up and sat down to think why I was struggling and realized it was because I had forsaken my daily gratitude habit, because I have been so busy with work and life in general.

I have learned through various strategies, readings, courses that having the practice of being grateful not only brings peace into my life but the ability to focus and expand that gratitude into all areas of my life, including work and family.

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In Canada we have two past times or conversations that get people heated up! One is the weather and the other is real estate. The last few years have given people lots to talk about – even those that are not directly in the real estate industry.

We speculate when the market crash or softening will happen; where prices and interest rates are headed and what will happen when the market does soften. We have all come to expect bigger and better, even when bigger and better is not necessarily affordable.

I personally don’t want bigger and better as I don’t want to be burdened with a huge mortgage but what do you do when you live in a house that you are outgrowing? What are your options?

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The Ontario New Residential Rental Property Rebate (NRRPR), is available to any investor in the province, who purchases a new home or condo to rent out. So if you are an investor, have you claimed your HST rebate yet?

There are a few rules that one must follow:
#1 – the buyer must close on the property first and then apply for the rebate
#2 – if it is rental property, you must have a signed tenant lease and if you are purchasing as an owner-occupied property to live there, you must show ownership Continue reading

As you are well aware, we have been living in some very interesting times and these days things seem to change from one day to the next. However, just because the markets change doesn’t mean your plans or dreams have to.

Recently, I have been receiving a lot of calls from my clients who have been inquiring about unlocking the equity in their home and consolidating all their debts into one “easy-to-manage” monthly payment.

ID-10088309With interest rates at an all-time low there has never been a better time to take advantage of this opportunity. Just imagine, no more bundle of credit card bills every month and high interest rates!

Confused about all the different options out there?  Here are some options to consider:

Equity Line of Credit: An Equity Line of Credit gives you access to the equity in your home, usually up to a maximum of 65% of its appraised value. The advantages are that if you need to renovate, travel, pay down other debt, etc., the rate of interest on home equity loans is generally much less than other types of personal loans and credit cards. The downside is that the Equity Line of Credit is tied to the security of the home.  Lines of Credit are generally tied to the prime rate.  Lenders who offer this product are many, but the top lenders are MCAP, TD, Merix and Scotia. Continue reading

Since last October I have been working with a couple who would eventually come to be First Time Home Buyers. When we initially met, she was and is currently a full-time student and he is a full time worker for the city they live in. He was also in a consumer proposal.

ID-100240505Unfortunately, a life circumstance had affected their finances and they ended up seeking a consumer proposal. His beacon was in the high 500’s and she did not have a beacon score, being a full-time student. When we first sat down, it did not look good. The only thing going for them, was a sizeable gift from a family member.

They had two small children and were living in a rental and the landlord was selling so they had to go. Instead of moving into yet another rental, we began to put a plan together to get them out of their rental situation and into their first home. Thankfully the landlord was giving them 6 months to find a solution so we got to work! Continue reading

Good Day!

As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.

At 10:00 am EST, Wednesday July 16th, 2014 the Bank of Canada again did what we expected them to do … they continue to maintain their overnight rate and in fact are not likely to make any change until possible 2016 now!  What this means to you is that once again the prime rate on your mortgage, line of credit or student loan will not change and remains at 3.00%.  This is fabulous news but are you still making the most of the low payments you have!    If you have any high interest credit card debt that you can’t pay off in full each month, it might be  a good time for us to chat about a possible debt consolidation into your mortgage to save you some unnecessary interest… get a clear financial outlook void of expensive debt and start your summer off right and debt free! Continue reading

ID-100156093In today’s housing market, with average prices inching toward $600,000 in some cities, saving for a down payment can be a real challenge. If you’re a first-time homebuyer just starting out and trying to get a foothold in real estate, even saving the minimum 5% may seem out of reach.

Traditionally, none of the allowable sources for down payment were easy to achieve. If you couldn’t save the required amount, you could make a withdrawal from your RRSP (if you had enough and didn’t mind impacting your retirement goals), get your parents to give you the amount with no expectation of repayment (lucky you to have parents like that!), or use your own sweat equity to cover up to half of the down payment (if you were capable of doing renovations and repairs yourself). Continue reading

ID-10088336I was at an investment meeting this past week – met many amazing people who are investing and/or just starting to invest.  Invariably the question asked is always “how many investments do you own?” or “where are you in your investing career?”  This is all before we even introduce ourselves or tell each other our names.

After the third time this happened, I stopped, I  looked the person in the eye and said “Hi, my name is Amina and I live in Newmarket, how about you?”  I did not say I am an investor or that I am a mortgage agent first, I told them who I was in one sentence and if they were interested in learning more than I went on from there.    Thankfully most were and as I walked around the room, I could hear snippets of people using the same strategy and it was like a sigh lifted around the room, as people really  got to know each other – aside from how many properties they owned or what they did for a living. Continue reading