Personal Finance
Securing Your Today and Tomorrow
Alternative vs Prime Lenders
Alternative vs Prime Lenders
Mortgage Assumption in Divorce
Mortgage Assumption in Divorce: When a marriage ends but the home still makes sense financially and emotionally, the question becomes: how do you keep the house without blowing up the mortgage?
Does the Stress Test Apply to Private Mortgages?
The mortgage stress test, as mandated by the Office of the Superintendent of Financial Institutions (OSFI), primarily applies to federally regulated financial institutions, such as banks. However, private mortgage lenders, which are not federally regulated, are not...
Home Insurance Essentials
Home insurance is an essential safeguard for homeowners, providing financial protection against unexpected damage or loss due to a variety of risks. This article explores the critical aspects of home insurance, including its necessity for mortgage holders, coverage...
Divorce: Alternative or Private?
Divorce: Alternative or Private mortgages. Divorce can turn even the strongest household balance sheet upside down. One income disappears, support payments appear, debts get divided, and suddenly the mortgage that worked perfectly before no longer fits the lender’s rules.
Sending Money Internationally
Learn about the differences in international payment systems, what is SWIFT, and how to send money internationally to a Canadian account
Canada’s Mortgage Stress Test
The implementation of the mortgage stress test in Canada has been a significant regulatory measure with far-reaching implications for the mortgage industry, housing market, social dynamics, financial stability, and the broader Canadian economy. This article provides...
Insider’s Look into Mortgage Terms
Navigating the world of mortgages can be daunting for both new and seasoned homeowners. A fundamental aspect of any mortgage is the "mortgage term," which dictates several key financial decisions and outcomes over the course of homeownership. My goal in this article...
Who Are Canada’s Mortgage Finance Corporations?
Mortgage Finance Companies (MFCs) in Canada are financial institutions that specialize in providing mortgage lending and related services. MFCs offer an alternative to traditional bank mortgages (prime lenders) and cater to a variety of borrowers, including those who...
Spousal Buyout Mortgage
Spousal Buyout Mortgage: You want to keep the house, the monthly payment is manageable, but the your refinance limit says no…
Understanding Internal Rate of Return (IRR)
Understanding Internal Rate of Return (IRR): In real estate, it’s easy to get caught up in surface-level numbers—cash flow, purchase price, appreciation. But if you really want to operate like a professional investor, and guide your clients like one, you need a metric that answers a deeper question
How to Calculate Housing Cost
To ensure you do not spend more than 30% of your income on housing costs, it's important to understand how to calculate your housing expenses. In Canada, housing costs typically include: Mortgage Payments: The monthly amount paid towards the mortgage principal,...
Understanding Cash Damming
Cash damming is one of the most effective—and least understood—ways to take advantage of this gap. It’s not about taking on more risk, spending more money, or changing your lifestyle.
Calculating Debt Service Ratios (GDS/TDS)
Discover how to calculate Debt Service Ration for mortgage affordability in Canada.
Understanding Mortgage Costs: Principal, Interest, and Protection
When you take out a mortgage in Canada, you're entering into a long-term financial commitment that involves repaying both the principal amount borrowed and the interest charged by the lender. Understanding the nuances of how mortgage payments are structured, including...
The Mortgage Rate Mirage
Your interest rate is only one piece of the mortgage puzzle. In the real world, mortgages have layers. Once you start peeling those layers back, you begin to see the difference between a mortgage that merely looks competitive and one that actually is competitive.
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