Chip – Reverse Mortgage – Income Advantage On a reverse mortgage, interests paid are tax-deductible and lower than the increase of the equity of your home Chip – Reverse mortgage A reverse mortgage is a loan secured against the value of your home. Unlike a loan or a regular mortgage, with CHIP you are not…
Gifted down payment Gifted down payment are funds given to a mortgage applicant by an immediate family member to be used to qualify for a mortgage or simply to lower the mortgage amount. It is a very common and popular mechanism used by parents or siblings to support their family members financially without expecting the support being…
down-payment from RRSP’s If you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you. One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are…
B2B Bank’s Equity 50 program is great for individuals that have a hard time proving income in the traditional sources. Clients can access up to 50% of their home value on a first mortgage or refinance the current mortgage. This program has proven to be especially popular with those in pension, and other people whose…
RRSP deadline is approaching and with that the opportunity to receive a higher tax return after filing your taxes, return that you can use towards the down payment to purchase your home when you are a first-time homebuyer. Don’t miss this opportunity. If you are currently employed and renting you should pay special interest in this…
To buy or to rent a 300K home? The following is a dilemma that many new home buyers face, so, if you are one, this information may help you make an educated decision and perhaps get rid of procrastination (at least in regards to home buying) Scenario: To buy or to rent a 300K home? If…
2016/2017 CHMC housing market outlook for the GTA A short and easy to read summary of the CHMC study on the 2016/2017 CHMC housing market outlook can be found on this page and a link to the entire downloadable report can be found at the bottom of this post. At any time, if you wish, you…
Be prepared for your mortgage Anticipating for your coming mortgage renewal, refinancing or home purchase will always pay off, it’s a smart decision and an excellent financial practice. Since you are not in control of all the factors that affect your future transaction, it is most convenience to stay ahead of the curve. Unless you…
Become a mortgage lender A mortgage lender is who lends money securitized, and registering the loan against a real estate property with the intention of benefiting from the interest paid by the borrower. Banks, financial institutions and private lenders profit from this service and help borrowers with their financial needs and have the security on the…
The future of Canadian housing During the past decade under the Conservative party, left as a legacy “high home prices”, it may not have been intentionally but as a result of the influence of the so-called economic crisis south of our border. This depression was attributed in part, to the relaxed regulations handed by the republican party, and…
Home purchase Assist program from First Swiss Mortgage Corporation First Swiss Mortgage will lend a second up to 95% LTV, that client can use to reduce the first mortgage amount below CMHC margin. Which means – no CMHC premiums, and less down-payment form client’s own sources Not everyone can afford 20% down-payment, especially at the…
Mortgage for single parents In Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!. Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order…
Financial character Financial character is the mental and moral group of qualities presented by an individual in regards to his/her behaviors when it comes to his/her financial agreements. Your credit score may not be good enough to qualify for a mortgage! Your high income may not be sufficient to qualify for a mortgage! Have you suffer…
Economists officially define a recession as two consecutive quarters of negative growth in gross domestic product (GDP). This is a significant decline in economic activity spread across the entire country. A short analysis of how recession might affect our families and the positive perspective at the end of all But, how does affect you as…
35,000 home buyers plan Raising the amount allowed to be borrowed from your RRSP’s savings account from 25,000 to 35,000 to be used as a home down payment is a “Plan” that one of the candidates for the prime minister’s office is looking to champion So far this is only a “Plan”, but how interesting is that to you…
Appraisal rebate is an excellent opportunity and limited time offer that can help you save after we consider the reality that there are a number of additional costs when buying a home. This special appraisal rebate offer is valid through your mortgage agent For a limited time (valid only until July 31st, 2015) Equity Financial…
Getting your mortgage approved so that you can purchase or refinance your real estate property. That is one of the services that I offer. But this service does not come alone and getting your mortgage approved is among the first steps towards the goal of building your wealth, my continue support and care to service…
A refinance story After a period of some stressful time in their life, this including hard work, a change of workplace, some family illnesses and some accumulation in the credit card usage , a client called me asking for some financial advise. Their goal was to recuperate their financial stability, to stop accumulating debt with…
Simply put in regards to Canadians household debt; In average we currently owe 162.6 percent of every disposable dollar, that means from every dollar after available after taxes and mandatory charges. This has been attributed in part to record low-interest rates that may have been seeing as an invitation to get into debt by…
Line of credit for flooding Underwater car on Wilson Ave. in Toronto Emergency funds are one example of good use of a line of credit. In the link to the video below we have an example of unpredictable events against which we should keep monetary provisions like a line of credit. Recuperating from this losses…
