BOUGHT BUT NOT SOLD Mary Anne a new ‘senior’ had been reading us but never thought she would need us.  After all she had always dealt with her bank.   She purchased a new ‘to be built’ home in Elora with a long six month closing.   She thought it would be no problem to sell her […]

  The federal government just announced that CMHC will now be run by OSFI, the Office of the Superintendent for Financial Services. What this means is that getting a mortgage will become more difficult, ‘across the board’.  Also because the banks will no longer be allowed to ‘insure’ their low risk mortgages, this will put […]

  Exasperated, Jillian called us saying her bank told her that she needed a co-signor to purchase after she and her husband Bob had put an offer on a home in Fergus. She told us she didn’t have anyone in her family who could co-sign and wanted to know if there was any way they […]

  With the news of rates rising, Cindy a client of ours came into our office the other day asking whether she should ‘lock in’ her variable rate to a fixed rate. Cindy has a 2.25% variable which is at .75% below prime (discounts are gone now). Her new fixed rate would be 3.39% for […]

  Good news on the mortgage lending front. The headline read “TD Economist to Gov’t: Raise Minimum Down Payment” and the reaction from the mortgage brokerage industry was swift. The Minister of Finance did not take the bait thrown at him recently from big bank economists who called for a bigger minimum down payment of […]

  Is it time to give your financial life a checkup?  If you are living on your credit cards you have to stop now.  There are people out there (we meet them every day) who  make modest incomes but are using credit card and lines of credit as if it was extra income.  It’s easy, […]

  Since the 2008 meltdown, qualifying for a mortgage has become more difficult as lending restrictions get tougher for self-employed and commissioned workers. Some 2.67 million Canadians or 15% of the work force are (BFS business for self) self-employed. For many years the pendulum swung in their favour as lenders competed for business based on […]

  According to a recent poll conducted by Sun Life Financial Inc., most Canadians are being forced to rethink traditional plans to retire at age 65, with only 30% now thinking they can retire at 65. Debt is playing a big role in this change, as 61% are worried about the amount of debt they […]

  If you have a business loan or a line of credit and a mortgage and you are not able to pay them down, please call us now.  We will give you a financial plan to reduce interest costs such that you can use the savings to pay down your debt much faster. Often business […]

Everyone with mortgages renewing this year out of five year fixed rate mortgages will be getting a pleasant surprise.  Their new mortgage rate will be cut in half.  The problem for most of these homeowners has been they couldn’t’ get out (pay out) these mortgages earlier because of stiff penalties.  Some of the major banks […]