Down Payment Changes Around the Corner

Down Payment Changes: February 14/16 will be the last day that applications will be accepted before the new down payment changes come into effect. If you’re planning on buying a home for $500,000 or more, don’t wait to get your financing in order. If you have questions about this, contact me today for more details. […]

Down Payment Changes Ahead

Effective February 15, 2016, Canada will have new down payment requirements for purchasing residential homes.  For properties selling between $500,000 and $1 million, people getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, […]

Watch Out for an Extra Land Transfer Tax!

The Ontario Ministry of Municipal Affairs & Housing is seriously considering extending the Land Transfer Tax to municipalities.  This would mean a double land transfer tax on the purchase of a property. This was implemented in Toronto in 2008.  It works out to an extra $10000-15000 on a home priced about $450000. If the Liberals […]

Attention Dentists: Financing Available up to 115% Loan to Value!

Are you a dentist who is looking to do upgrades to your commercial real estate? I have aligned myself with key lender partners who can provide up to 100% loan to value financing (upon approval of course). Or perhaps you don’t yet own your own commercial property but aspire to. Loan to values of up […]

Cash Back Mortgages, the Devil IS in the Details

You’re thinking of refinancing your home and your banker tells you about their awesome cash back mortgage that you can qualify for.  You know you’ll get a higher rate with this mortgage, but you figure the trade-off is worth it.  And sometimes it is, but you MUST read the conditions associated with the cash back. […]

Second Mortgages

Second mortgages can be very useful for a few reasons.  If you need to take some equity out of your property (commercial or residential) but have a large penalty to break your first mortgage, you may want to consider a second mortgage to avoid the penalty. If you are self-employed and can’t verify your income… Read More…

All Mortgage Penalties are not Created Equal

03/14/2014 Here’s a great article from the Globe & Mail: The hidden trap of mortgage penalties at the big banks ROB CARRICK The Globe and Mail,  Dec. 04 2013 It’s easy to get caught in the posted mortgage rate trap at the big banks. No, you won’t have to pay the posted rate on your… Read More…

Is a Rent-to-Own Right for You?

Are you a homeowner who needs to refinance past 80% of the value due to financial challenges?  Are you wanting to purchase a home but don’t have sufficient down payment or have credit issues?  You may want to consider a rent-to-own situation. For the homeowner, refinancing past 80% is a thing of the past (except… Read More…

A New Economic Normal?

A growing number of long-range economic forecasts suggest we are heading for a new economic normal; slower economic growth and persistently lower interest rates.  The latest report from one of the country’s large financial institutions forecasts Canada’s growth to be 1.5%-2% for about the next 16 years.  That rate is 30-50% lower than the historical… Read More…

How to Take Care of CRA Debt?

If you owe CRA a significant amount of money due to a re-assessment & have no way to pay it, you may have options.  Any schedule 1 bank that you walk in to won’t allow you to refinance your home to pay CRA debt, but I deal with a schedule 1 bank that WILL allow… Read More…

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