Mortgage Misconceptions!

I had two different experiences this week that involved this illusion of a "new rule" that forces all buyers to put down a minimum of 10% as a downpayment. Where did people get this from? Well I'm here to clear...

Mortgage Rates Rise!

We knew this would happen....right? We knew it was inevitable, didn't we? Last week, mortgage rates rose some eighty basis points.  Let's start with the the woulda-coulda-shoulda and then move on to how this will affect the real estate market going forward......

Get A Mortgate Pre-Approval!

This past Tuesday, the Bank of Canada announced that the prime lending rate would not be changed, although they hinted at an increase in July. It's not like the government would ever lie, right? Change or no change, I have...

Buying With 5% Down

During the last six years, I've had clients buy with as much as 100% down and as little as 0% down. In actual fact, I've had clients buy with negative downpayments when "107% financing" was still available. Buying with 5%...

“Mortgage Plus Improvements”

There is a new mortgage product on the market called Mortgage Plus Improvements. It's actually a new spin on an old idea, but it's quite innovative and should open doors for a lot of buyers. However, where there are pros,...

Referral Fees

Referral's are a part of any business, as they should be. One hand washes the other! Or how about, "you scratch my back, I'll scratch yours!" There are, however, rules and regulations in the Real Estate industry that all of...

Mortgage Mishaps

I always tout the use of a mortgage broker over that of mortgage specialist from your corner-store bank, but lately I've run into a couple of issues with both varieties. Perhaps like any other industry, these people are in it...

Isn’t This How It All Started?

My father always told me, "Don't make the same mistake twice." If only our economy worked that way. I saw a flyer today for a new mortgage company that scared the pants off me.  They're offering the very same products...

Mortgage Industry Changes (Part II)

After almost a week, most stories would be considered "old news." But the debates, discussion, and analysis continues and will probably do so for some time. Today, I'd like to continue where we left off yesterday and look at the...

Changes to The Canadian Mortgage Industry

If you haven't heard already, you're going to need to read this. Last week, changes were enacted by the Canadian Finance Department that will revamp Canada's mortgage industry. Of all the decisions and changes our Canadian government makes, this is...

Mortgage NIGHTMARE!

Ever have one of those experiences where you think everybody in the world is crazy except YOU? What do you do to remedy the situation? Even worse, what if this situation involves money! Your money! (more…)

Are Rates Going UP?

"INTEREST RATES!" Do those two words send a shiver up your spine? Most people fall into one of two categories: 1) Those that have a mortgage, 2) Those that don't....yet. After yesterday's modest 260-point decline in the S&P/TSX Composite Index...

How Accurate Is Your BUDGET?

  Getting out of the rental rut?  Looking to become one of those “first time buyers” we hear so much about?  Congratulations!   But have you run your numbers?   And are they accurate? (more…)