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mortgage financing: High 5's for Credit in Canada - 09/10/09 10:46 AM
When you are looking to borrow you need to consider that the economic climate will dictate how a lender will look at a deal. How the lender will come to the decision to approve a deal is different in 2007 as to what it is in 2009. Here are some basics if you are going to apply for credit and what you should consider.
Lenders are in business to make (not lose) money. Consequently when a bank lends money it wants to ensure that it will get paid back. (the same as a borrower expects to come out of … (1 comments)
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mortgage financing: Cash Back Now Available on Variable Rate Mortgages - 05/21/09 07:42 AM
Cash Back Programs have been available on fixed rate financing options for a home purchase. consumers keep asking for the cash back option but on the variable rate interest program."Even with low 5 year fixed rates a large number of first time buyers continue to request variable closed mortgages." Said Lindsay Doke RBC Trusted Mortgage AdvisorLindsay continued "Due to the next 2-3 year outlook where economists are predicting stability in the bank prime interest rates now at a historical lows. We all know however even with the land transfer incentives to first time buyers there still are times where there is … (0 comments)
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mortgage financing: Canadian Mortgage Interest Deductions - The final answer is... - 02/02/09 09:47 AM
Beware of mortgage tax deduction claims
Earlier this month, the Supreme Court of Canada issued a decisive ruling that clarifies once and for all that the interest paid on a mortgage taken out to purchase a principal residence cannot be tax deductible under any circumstances (unless part of the house is used for business purposes.)
The ruling in the case of Lipson v. Canada relates to a complicated series of transactions put into place by Earl and Jordanna Lipson back in 1994.
Initially, Jordanna borrowed $562,500 from the Bank of Montreal to buy shares in her husband's company at market value. … (0 comments)
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mortgage financing: Appraisal for your Toronto Home - 02/02/09 08:39 AM
Appraisals for the purpose of the Lender (Mortgage Company) are to ensure that their lending amounts are in line with the borrowers purchase. Simply put, The amount you are borrowing against a house, is valued in the range you are buying for.In a Seller's Market, where we had multiple offers, and Buyer's furiously competing with each other, an appraisal was not as critical... in theory the house would /could be worth more tomorrow. Ostensibly by the time you moved in, 90 to 120 days later you may have instant equity.But in a Buyer's Market, the appraisal is ever so critical. The … (0 comments)
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mortgage financing: How old for your First House? Toronto - 01/24/09 01:01 PM
Most times it seems the task of finding your Dream Home is a combination of the right circumstances in your life that make it possible for you to step into the House Buying Process.
With the mortgage terms and affordability as the biggest impediment to home buying a number of down payment programs can be created just for you thru the RBC Preferred Client Program. Amortizations have been shortened from the 40 year plan down to a 35 year amortization maximum.
I would hope that with prepayment options that many mortgages and an acceleration of amortization each year at the anniversary … (2 comments)
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mortgage financing: Negative equity? Is your purchase "underwater" - 11/16/08 07:30 PM
The day Adele moved into her $192,000 townhouse in Brampton in May, she was "under water."That's because she had a 100 per cent mortgage - not a penny for a down payment - and a 40-year amortization that had to be insured. In the end, she owed $199,000 for the three-bedroom house.Under water.Negative equity.These terms strike fear in the hearts of homeowners who have been merrily calculating their net worth based on rising housing prices in Toronto and the GTA. Read the rest of this article.In a market where there is a slow or low appreciation in property prices ie. 3 … (0 comments)
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mortgage financing: Use your existing Mortgage to Market your home in west Toronto - 11/12/08 11:50 AM
With Toronto Real Estate softening and the prices showing signs of adjustment; It might be worthwhile to look at homes for sale that have an existing mortgage that could be assumed, as a marketing tool to get your home sold.
Consider interest rates; they have not increased dramatically in the short term but could and I believe will rise in light of global borrowing as the need to attract investors for bonds and certificates in financial markets becomes interest rate sensitive.
Mortgagors on a property most suitable for this kind of program are already high ratio and have paid the CMHC … (0 comments)
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mortgage financing: Global Financial Crisis - 10/09/08 12:05 PM
The British have an incredible sense of humour when it comes to almost everything; They are already making lite of the financial mess and turmoil the world markets are in.
Only in England
While this situation is nothing to laugh at, Life must be ok if we can laugh at things like this. As long as we have our health and our wits, any problem created by men can be resolved by men. … (0 comments)
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mortgage financing: Are we suffering from the FUD? - 10/08/08 05:56 PM
FUD is a sales and marketing acronym which stands for; fear, uncertainty and doubt.Are we currently suffering from FUD? With everyone taking a wait and see position, we will make every negative prediction a reality.I received this today...Over the last two weeks, I have never seen in my 22 years of lending, seen so much doubt and fear in our real estate market. Guest Contribution Lindsay Doke RBCHouses sitting longer on the market, in some cases having to find solutions when the homes don't sell, and we have approved a purchase mortgage for the client. Clients holding off buying as they … (0 comments)
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David Pylyp
Toronto,
ON
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RE/MAX Realty Specialists Inc.,
Office Phone: (905) 272-3434
Cell Phone: (647) 218-2414
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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