Personal Finance
Securing Your Today and Tomorrow
Understanding Cash Back Mortgages
Cash Back Mortgages. Home buying is a naturally expensive thing to be doing. You not only have to pay for the house, but you have substantial closing costs as well. You might want to make your new house ‘home ready’ by getting a few new pieces of furniture and don’t forget new window coverings like blinds, drapes, and curtains (never cheap). Wouldn’t it be nice to get a few thousand dollars back when you fund your mortgage to cover these costs?
Using a Holding Company
You’ve been steadily growing your real estate portfolio, collecting keys and cash flow along the way. You’ve got the landlord rhythm down, maybe even set up a joint venture or two. But then someone at a networking event leans in and asks:
“So… are you holding those properties in a company yet?”
It’s a loaded question—and one that might leave you scratching your head. What is a holding company? And should you be using one?
Get Your Lender’s Permission
If you already have a mortgage on your home—especially with a bank or a prime lender—adding a second mortgage without getting their blessing can create a legal mess you don’t want to deal with. This is one of the most common mistakes homeowners and even realtors make when dealing with short-term financing.
How I Saved My Clients $269,795!
I am able to save my clients hundreds of thousands of dollars getting them the same mortgage at the same bank. But I can save them even more!!!
Paying Out a Private Mortgage
You’ve probably heard the mantra: “Get out of your private mortgage as soon as you can—move to something cheaper!” And it’s true—most mortgage professionals (myself included) spend our days helping clients transition from private to alternative to prime lending. It’s what we call the mortgage ladder.
Are You a “First-Time Buyer?”
Buying your first home is one of life’s big milestones, but here’s the kicker: being a “first-time buyer” isn’t as cut-and-dry as it sounds. Depending on the program, you might be considered a first-time buyer even if you’ve owned a home before. Crazy, right?
Why Canada Needed the Mortgage Stress Test?
Why was it necessary for OSFI to mandate the implementation of the mortgage stress test? The Office of the Superintendent of Financial Institutions (OSFI) mandated the implementation of the mortgage stress test in Canada for several key reasons, primarily aimed at...
Subject and Non-Subject Properties
If you’ve ever worked with a mortgage agent or lender, you know the paperwork can feel endless. But one topic that often catches people off guard is this: lenders don’t just look at the property you’re buying—they want to know about all the real estate you own. Whether it’s your cottage, a rental condo, or a student house in your kid’s university town, these “other” properties matter.
The Costs of Getting a Mortgage
Most people focus on one thing when thinking about a mortgage—the interest rate. And yes, your rate matters, but it’s not the whole picture. Whether you’re buying, refinancing, or switching lenders, there are other costs directly tied to getting a mortgage. Some are mandatory for every borrower, while others only apply in special situations.
Deposit Essentials
When you think about getting a mortgage, your mind probably jumps straight to rates, payments, and maybe legal fees. But there’s another set of costs that often catches people by surprise—home insurance and utility deposits. These aren’t massive costs, but they’re essential. Without them, your lender might not release funds, and your home might stay dark and cold when you move in.
Property Tax and Interest Adjustments Explained
When you’re arranging a mortgage, most people focus on the big-ticket items: interest rates, down payments, and legal fees. But there are two smaller line items that can catch you off guard if you don’t know about them—
Key Features of a Consumer Proposal in Ontario
In Ontario, Canada, a consumer proposal is a legal process designed as an alternative to bankruptcy for individuals unable to pay their debts. It allows debtors to make an arrangement with their creditors to pay back a portion of their debts over a period of time, up...
Mortgage Cash-Out Refinance
Learn about mortgage cash-out refinancing
How to Take Advantage of Refinancing Opportunities
As a holder of a fixed-rate mortgage, refinancing can offer several opportunities, but it’s important to carefully consider the timing, costs, and your financial goals. Here are potential refinancing opportunities and factors to consider:
Buy a Property for $10 in Ontario
Discover how the town of Cochran in Ontario is selling land for just $10, making homeownership a reality for everyone. Explore the perks of living in this unique community and learn about the innovative investment opportunities it offers.
Mortgages: Consumer Proposal & Bankruptcy
In Ontario, Canada, when a mortgage lender mentions that a “pricing adjustment may apply to price to risk for bankruptcy/proposal in the last 12 months,” it means that the lender is considering the increased risk of lending to someone who has declared bankruptcy or made a consumer proposal within the last year. To compensate for this higher risk, the lender may adjust the pricing of the mortgage. This typically results in a higher interest rate or additional fees for the borrower.
Featured Publications
Articles
- Extended Amortizations and Hypothetical Calculations
Office of the Superintendent of Financial Institutions (OSFI) - Minimum Qualifying Rate for Uninsured Mortgages
Office of the Superintendent of Financial Institutions (OSFI) - Residential Mortgage Underwriting Practices and Procedures
Office of the Superintendent of Financial Institutions (OSFI) - Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances Financial Consumer Agency of Canada
Book: “The Program”
- Part 1 – Building Your Down Payment
- Part 2 – Mortgage Payoff Strategies
- Part 3 – Building Wealth Through Real Estate