Resources

What is Private Mortgage Financing?

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If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think?  If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. Click on the link to find out more.
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This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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Good Afternoon All!

Today is the first day of August! We are halfway into the summer months so I sure hope everybody is making use of the great weather before it is gone!
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Hope everyone is enjoying their summer so far! We all know too well it comes as quickly as it leaves here in Toronto. Here are some helpful tidbits for minimizing ‘payment shock’ for your mortgage:
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Young professionals who begin to join the workforce and move out of their parents home are actively on the search for places to live. This ultimately leaves two choices for them, rent or purchase their property. The mortgage rules have become more strict since last July, where the maximum allowable amortization and gross debt service ratio was tightened even further on insured mortgages. Roughly 80% of first time home buyers require mortgage insurance, as they have less than the 20% to put down on their property purchase. Because of this, many first time home buyers are forced to put their dream of home ownership on the back burner and continue to rent. Because of more individuals delaying buying homes, we see an increase in rent. This is very prominent in Canada, especially in Canada’s biggest rental market, Toronto (GTA).
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The penalties for breaking a 5 year fixed termed mortgage can be astronomical, that is why it is important to do your homework upfront before signing those mortgage papers. This can arise as an issue if you have to end up selling or refinancing your home before the end of your mortgage term.
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This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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When people think of first time home buyers, you think of anxious, confused and indecisive individuals. However, a new report is stating it is the exact opposite. There were two surveys done by BMO and Genworth. This study finds that first time home buyers are expecting to spend $300,000 when the current average of home prices start at $368,895. This is a difference of 19% of what they think they will spend versus what is likely the will spend. In regards to down payment of the home, first time home buyers are averagely showing of putting down 16% percent of the purchase price (works out to be $48,000).
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What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements such as new flooring, roof, windows, kitchen or bathroom there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
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