Mortgage Blog

Love Today, More Today

I love my kids & wouldn't trade them for the world. In today's times, it's so easy to get caught up with what society perceives to be important. While being caught up in the world's expectations, many forget about the importance on the 1-on-1 relationships. Providing love, wisdom, guidance, play, ...
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Mortgage Broker Responsibility

Choosing the right mortgage brokerage is crucial not only for getting the best deal possible but also for ensuring that all of the details of the transaction are handled correctly. There are many elements to conducting a real estate purchase, and mortgage brokers with experience and a track record of ...
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Are We in a Housing Bubble Right Now?

If you are considering filing bankruptcy in British Columbia, then take a look at some questions that a lot of our clients have asked us. Take a look at these answers to get a general view of the bankruptcy laws in the province. What is bankruptcy? Anyone who finds themselves ...
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Discontinuation of CMHC Self-Employed

Discontinuation of CMHC Self-Employed Without Traditional Third Party Validation of Income A major change in the mortgage approval process for the self-employed could have significant effects on their access to CMHC mortgage loan insurance for a home if they cannot provide third party verification for their income. However, for those ...
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Using An Agreement For Sale To Buy Your Next Home

How to Use An Agreement For Sale To Buy Your Next Home Off and again alluded to as a buy agreement or contract of procurement, an agreement for sale is basically a record that points of interest the terms and conditions identified with the sale and buy of products or ...
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CMHC Mortgage Rules

Canadian Mortgage and Housing Corporation Mortgage Rules The Canadian Mortgage and Housing Corporation (CHMC) provides mortgage insurance for loans approved for buyers who want to buy a home while putting down less than 20 percent of the agreed purchase price as a down payment. The Canadian Bank Act forbids the ...
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2015 Alberta Budget – The Increases

2015 Alberta Budget - The Increases If you've been paying attention to the work of the budget writers in Alberta, a lot of things are going to get more expensive in Alberta as part of the 2015-2016 provincial budget. Because of the immense drop in oil prices, tax revenues are ...
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Holding a Note vs. Being a Landlord

An Comparison Between Holding a Note vs. Being a Landlord Pros and Cons:
So, you own a house, but you need to move, because your family has grown, or you have gotten a new job in another city, or you're just ready for a new place. However, you're having a ...
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Bad Credit Mortgage Repair

Bad Credit Mortgage Repair How to Build Credit With Bad or No Credit When it comes to Bad Credit Mortgage Repair and qualifying for a mortgage, there are three essential components: a down payment, an acceptable credit score, and a verifiable income history that shows you can manage the obligation ...
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How Oil Prices Affect Canada

How are Oil Prices Affecting Canada The decreasing prices at the gas pump are revealing how are Oil Prices affect Canada and are a welcome sign to many Canadians who have seen prices moving up over the past several years. However, the oil companies and associated businesses in western Canada had become ...
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Using Auto Loans to Finance Other Needs

Using Auto Loans to Finance Other Needs If you have a clear title to your car, boat or other asset, you have a financial asset that you may have overlooked so far. Because of the fact that mortgage interest rates appear to be ticking upward, now is an excellent time ...
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Part 2 – Property Liens – Mortgage Maintenance Enforcement in Alberta

Property Liens - Mortgage Maintenance Enforcement in Alberta - Part 2 When two people who have children file for divorce, the final orders generally involve maintenance orders. These are administered by the Maintenance Enforcement Program (MEP), which is charged with making sure that the non-custodial parent remains current with payments ...
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What happens after a Borrower Dies?

What happens to the Mortgage after the Borrower Dies? When someone passes away, that sets into motion an entire series of events that can lead to significant stress. Not only are there the emotional losses to deal with, but there is also the loss of potential income – and, in ...
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Should we privatize CMHC?

The Pros and Cons of Privatizing CMHC Canada Mortgage and Housing Corporation (CMHC) is in the news again after Minister of Finance Jim Flaherty released the 2013 budget on Thursday March 21. New changes are coming that will, once again, limit the use of portfolio insurance by mortgage lenders. Portfolio ...
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Marriage and Separation in Canada

Insight on Separation & Divorce in Canada Are you thinking about a separation from your spouse? Then you need to know the legal ins and outs when it comes to separation under Canadian law. This article will go over some ideas that many people have about separation so that you ...
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Mortgage Stress Testing

What is mortgage stress testing? According to research, about 30 percent of first time home buyers anticipate that interest rates will stay constant for the next five years. However, one of the hazards of signing a mortgage in the Canadian market is that you have to be ready for rates ...
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Recession or stability for Canada

Recession or stability for Canada Throughout the Global Financial Crisis, when the world economies slowed down, Canada held onto economic growth. This was due, in large part, to the approach taken by the Bank of Canada and the Government. It has been a long, slow process for other countries to ...
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Collateral mortgages a hot topic

Collateral mortgages a hot topic There has been a lot of interest in collateral mortgages since CBC's Marketplace took a stab at TD Canada Trust's product on January 27, 2013. Up until a few years ago, most mortgages were registered as a standard charge mortgage. The major decisions were to ...
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Mortgage Financing With Bad Credit

Mortgage Financing if you have Bad Credit A couple years ago, Jim was a successful regional operations manager for a major restaurant company based in Vancouver. He was bringing home $750,000 a year, and he and his wife bought a lovely home, using a bonus to make the down payment ...
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Difference Between CMA and Appraisal

What is the Difference Between CMA and Appraisal When you are selling or buying a home, the real estate professionals that deal with the different elements of the final transaction are going to use at least one valuation tool in order to bring your contract to execution. The most common ...
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Credit TIPS

Credit Tips for buying a home 'T'otally 'I'n touch with your 'P'ersonal 'S'pending
  • Pay extra on your debts if you are in the position to do so. For example, by paying an extra $50 a month more on any bill is $600 more yearly than you would have paid ...
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Four Ways to Lose Your Mortgage Approval

Buying your first house is one of the most exciting times of your life – and it should be. You’ve cut back on all of your costs to save up a down payment large enough to qualify for a mortgage. You’ve been hunting all over town for the perfect house ...
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Protect Yourself – Realtors Edition

Protecting Yourself--Realtors' Edition To be sure, the mortgage brokerage industry has significant stresses. When home purchases slow down, so do our revenues, and when clients come in whose applications are just barely on the edge of acceptable, we have to determine whether recommending their applications to private lenders and other ...
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Owe Money to the CRA?

Owe Money to the CRA? - Your largest asset may be at risk. There are very few people who enjoy paying income taxes. Many people have their taxes withheld from their paycheck, so they never even have the chance to fall into arrears, but others are self-employed or work on ...
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Part 1 – Writ of Seizure & Sale

Writ of Seizure & Sale - Part 1 A property lien is a legal claim that has been filed against a particular real estate tract. The entity holding the lien is entitled to a specific dollar amount once the property is sold. The purpose of this sort of lien is ...
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RRSP for Down Payment

Having a Down Payment Dilemma? Consider your RRSP Are you looking to buy your first home? Are you short on the down payment needed to qualify for a mortgage? That money you’ve been locking away into your RRSP could make the difference. The Canadian government offers borrowers The Home Buyers’ ...
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Collection Agencies — Rules, Regulations & Your Rights

If you have debts that have spiraled out of control, in Canada you have four options: bankruptcy, a Consumer Proposal, an Orderly Payment of Debt or working with a debt settlement company. Bankruptcy is obviously the "nuclear" option as far as impact on your credit score goes. A bankruptcy stays ...
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Struggling to Come Up with a Down Payment

Are You Struggling to Come Up with a Down Payment? One of the biggest obstacles that many people face when purchasing a home is coming up with a down payment. It can be hard to set aside a five- (or in some cases six-) figure amount to pay before you ...
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The U.S. Fiscal Cliff and Canada

The U.S. Fiscal Cliff and Canada The term "fiscal cliff" has conjured up a powerful image of the U.S. economy falling into a pit so deep that there was no hope of climbing out. The ramifications of that mighty fall would be felt around the world, with the idea that ...
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Non-Arm’s Length Mortgages

Non-Arm's Length Mortgages - A Step Further than a Gifted Down Payment When it comes to funding a mortgage, one obstacle that many people face is the down payment. Most banks and traditional lenders prefer applications with a down payment of at least 20 percent for the purchaser to avoid ...
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The Differences Among A, B and C Mortgages

Mortgage Loan Types The Differences Among A, B and C Mortgages If you are looking to purchase a home, then the likelihood is great that you will need a mortgage to help you pay for it. Choosing the right lender can make all the difference when it comes to the ...
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How To Use the Debt Snowball Plan to Get Your Finances in Order

Debt is one of the greatest sources of lifestyle paralysis out there. Right now, you may feel like all you ever do is make a bunch of minimum payments on all of your accounts. In the meantime, your credit score is OK, but the “Balance Due” numbers never seem to ...
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Private Financing Mortgages

Benefits of Private Financing Mortgages One of the most frequently broached topics in the financial news is the fact that more and more people seem to be lacking enough money in their retirement fund for their days after they stop working. While personal debt appears to be on the decline, ...
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How Much Down Payment For House

How Much Down Payment For A Home If you are looking to purchase a house from a bank, you will need to know how much down payment for house or loan you will need and will to have these three things: a credit score that meets the requirements of your ...
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Has the Canadian Government Finally Slowed the Housing Market?

The federal government has issued a new set of rules that will have a major impact on the mortgage market, but the biggest shock will fall on the consumer. The two most significant changes are that:
  • Regulators are proscribing the insuring of a major swath of mortgages, effective November ...
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Paying Off Back Taxes

Paying off Back Taxes South of the border, one of the most beloved country singers in the U.S. is Willie Nelson. Now almost 82 years old, the legend has recorded more than 60 albums in the studio, 10 more as a live performer, 37 compilation albums, two soundtracks for films ...
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Alternative Financing Home Purchase

Back before the housing bubble burst in 2008 and 2009, it was pretty easy to qualify for a mortgage. Lenders were rushing through as many loan agreements as they could get people to sign, and while this led many people into home ownership, it also meant that a lot of ...
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No Longer Promote Rent-to-Own – Seller Financing Way Better Option

Why Amansad Financial No Longer Promotes Rent-to-Own or Lease-to-Own Purchases Amansad Financial Services, Inc. has long been familiar with the rent-to-own process. While many people have used this process to try to move from renting to owning a home, there are quite a few potential drawbacks, and anyone considering this ...
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The Power of Blanket / Inter Alia Mortgages

The Power of Blanket / Inter Alia Mortgages Inter Alia Mortgage Definition The term "inter alia" attached to a mortgage simply comes from the Latin phrase for "among other things," and it refers to a type of loan in which the lender is not satisfied with the property that is ...
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8 Easy Tasks to Knock Out Before Your Home Appraisal

When you apply for a mortgage from a private lender, your credit is not an important part of the equation, but the condition of your property is even more important than it is when you apply for a mortgage through a bank or traditional lender. The reason for this that ...
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Alternative Lending Broker Specialist

Alternative Lending Broker Specialist Understanding the difference between the bank, the everyday broker, and an Alternative Lending Broker Specialist With the real estate market returning to a place closer to its prosperity before the downturn of the housing market in 2008 and 2009, it is more important than ever to ...
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Who Owns the Appraisal? It’s Not so Black & White.

One of the uncomfortable truths around buying OR refinancing a home is that you spend a lot of money that benefits other people. For example; as a buyer, If you can’t put down 20 percent, you’re going to pay private mortgage insurance (PMI) premiums. So if you end up defaulting ...
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Credit Reporting Agencies – The Business Side

In the aftermath of the Equifax hack, a lot of people are taking a closer look at the credit bureaus and how they operate. The purpose of this article is to give you some insight into the nuts and bolts of the bureaus – specifically, looking at how they keep ...
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Highlights from CAAMP’s Annual State of the Residential Mortgage Market

The just-released annual report from CAAMP has verified what many of us already knew - "that four rounds of mortgage rules have contributed to slowing mortgage activity" On a high note: Among borrowers who took out a new mortgage during 2012, 47% obtained the mortgage from a Canadian bank and ...
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Homes for sale financed by owner

Homes for Sale Owner Financing Agreements The majority of home buyers today go through the conventional process. This means having a 20 percent down payment, a reliable and verifiable stream of income, and a credit score that shows a solid track record of paying your obligations in a timely manner ...
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Mixed messages from media – it’s the norm

Mixed messages from media - it's the norm Once again, we are getting mixed messages from the media. Headlines warn that house prices are easing, yet on further reading, we find that only a few major centres are feeling the pinch. In local markets, prices have stabilized and even increased ...
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Many Canadians think getting a mortgage is complicated

Many Canadians think getting a mortgage is complicated A new survey commissioned by ING DIRECT found that 67% of Canadians who have had or currently have a mortgage felt the process was either complicated, confusing , or hard to figure out. Thirty-eight per cent of current or former mortgage holders ...
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Seller Financing Pros and Cons

The Pros and Cons of Seller Financing Pros and Cons Given the current state of mortgage regulations, seller financing is becoming an increasingly popular option for new homebuyers. It offers them a chance to get a home loan when a traditional source, such as a bank, will not advance the ...
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What Happens If I Don’t Renew My Mortgage

The mortgage process in Canada can be difficult for home buyers to negotiate, as the loan you take out is only designed to take you part of the way toward completing the purchase of the home. In most cases, mortgage payments are set up on an amortization schedule of between ...
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Buying a Property with a Septic System

Questions to Ask When Buying a Property with a Septic System This article provides you with advice for people who are considering the purchase of a home with a private septic system, both in terms of testing and inspecting the system to make sure that it is functional and passes ...
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CMHC Portability: Good News for Borrrowers Who Are Moving

If you’re about to relocate, the portability feature that CMHC offers allows you to take your CMHC Mortgage Loan Insurance from the home you live in now to your new home – and you can end up saving some money by eliminating (or at least reducing) the premium on the ...
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No Bubble in the Calgary Housing Market

Nothing to Fear, There's no Bubble in the Calgary Housing Market, says CMHC. If you had money in the real estate market back in 2007 and 2008, then you know how devastating it can be when a housing bubble bursts. Although the damage was much worse south of the border, ...
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Debt Settlement Companies Pros & Cons

When people run into serious debts beyond what they can handle in Canada, there are several options available to them. One is consumer bankruptcy, which is the province of the Bankruptcy and Insolvency Act. A Consumer Proposal and an Orderly Payment of Debts are other possibilities. Here is how the ...
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Condo Buying and Associations

Condo Buying and Associations The Good and the Bad: Many people purchase condominiums each year and enjoy living in them. However, many others find themselves overwhelmed by the burden of being in a condominium association. Understanding what a condominium is and how working with a board and association works will ...
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Canadian Mortgage Trends

Canadian Mortgage Trends: The Dangers of Consolidation If you look up "mortgage broker" in your part of Canada, you might think that there is an entire galaxy of choices out there, which each star representing an independent agent who will go after the best deal for you when you are ...
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Nine Little Lies That Can Keep You from Buying a Home

Many times, the stress that comes with taking out a mortgage becomes so great that we forget that there is another party that is undergoing considerable worry on our behalf – the lender. After all, a mortgage application is a request for a lot of money, based on the trust ...
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How Bankruptcy Affects Credit

People often view personal bankruptcy as a sort of nuclear bomb that will destroy their financial future. They think that if they go through bankruptcy, they will never be able to do things such as buy a car, buy a house or take out any significant line of credit for ...
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Credit report errors costly to consumers

Credit report errors costly to consumers Mistakes on credit reports resulting in false credit scores can cost consumers thousands of dollars. A recent investigation by CBC News found that credit reporting errors have not only prevented consumers from getting loans, lines of credit and credit cards, but consumers are charged ...
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Variable vs Fixed Mortgage

Variable vs Fixed Mortgage Over the past few years, the differences between Variable vs Fixed Mortgage has shrunk considerably. The obvious benefit of the variable loan is that it comes with a significantly lower interest rate, at least initially. The fixed rate loans have higher interest rates, but they stay ...
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Improving Credit and The Right Mortgage

A Fresh Start: Improving Credit and The Right Mortgage As the calendar turns from one year to the next, it's natural to find ways to improve yourself. A lot of people talk about improving their nutritional habits, hitting the gym more regularly, getting rid of cigarettes once and for all, ...
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How to find home buyers leads

So you need to sell your home, but don't know how to find home buyers leads...
 
As the housing market begins to shake off the malaise of the past few years, you may hear that your city (or even your neighborhood) is a hot market. However, if yours isn't ...
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Property Insurance Options – RPR, Title and Western Protocol

A Look at Property Insurance Options such as RPR, Title and Western Protocol A lot of recent buyers of home and residential property are thinking of various optional ways for home and  security. When it comes to closing on a property, there are 3 general methods for securing the transaction with ...
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Here’s the ugly truth (for self employed) – by CMP

Here's the ugly truth (for self employed) - by CMP Shall CMP break it to your BFS clients or should you? The ugly truth about B20 is that self-employed borrowers may actually have to report their full income. The new OSFI lending guidelines, demanding an unprecedented level of scrutiny with ...
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A case for privatizing CMHC

Is it finally time to privatize CMHC? Finance Minister Jim Flaherty recently announced that he would like to see the default insurer privatized in the next five to 10 years. "We've taken four steps over the last four years to reduce the exposure there for taxpayers, so I don't think ...
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Understanding My Credit Score

Understanding Your Credit Score - Credit as a Second Language If you're someone who finds the whole business of understanding your credit score to be confusing, you're far from alone. Many people wonder how the credit bureaus can boil down your history of making payments down to a single number ...
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The competitive mortgage market- it’s not all about rate

The competitive mortgage market- it's not all about rate The recent announcement that BMO has lowered its 5-year fixed rate from 3.09% to 2.99% has caused a flurry of speculation from market analysts and warnings from the federal government. For the past year the Bank of Canada has been warning ...
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How to Pay Your Mortgage Off Early

Calculating How to Pay Your Mortgage Off Early When you take out a mortgage in Canada, one of the choices that you have to make is between an open and a closed mortgage, in addition to fixed, variable, or adjustable. A closed mortgage has a lower interest rate, but if ...
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When You Need a High Risk Mortgage

In the wake of the collapse of the housing market in 2008 and 2009, banks became a lot more selective about making mortgages. The sheer number of foreclosures, particularly in the subprime market, brought banks to the brink of ruin -- and past it, in some cases. High Risk Mortgage ...
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Canadian economy to spring back into life

Canadian economy to spring back into life Once again, Canada looks to the US for signs of life and after more than three years, the U.S. is poised for economic recovery. As dependent as the country is on the economic health of the United States, and indeed, the rest of ...
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Is household debt a threat to our economy?

  1. Canadian household debt is indeed equal to 154% of disposable income
  2. The housing market is softening and prices are going down in many areas of the country
  3. Canadians will be impacted by higher interest rates
Even given these facts; it's unlikely that Canada will experience a financial crisis ...
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No Income Verification Home Loan

How to get a No Income Verification Home Loan? Most people are not aware that there is such a thing as a No Income Verification Home Loan. They associate getting a mortgage with lining up several months worth of pay stubs and bank statements in addition to putting together a ...
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The Basics of Merchant Cash Advances

If your small business needs capital – and needs it now – one of the quickest ways to get the liquidity is a merchant cash advance (MCA). The convenience that an MCA provides comes at a high cost, though, so you should know all of the ins and outs of ...
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Landlord to Lender

Landlord to Lender The Easy and Natural Transition If you currently own property that you are renting out to tenants, it is definitely worth considering making the transition from landlord to lender. As a landlord, you bear a considerable amount of responsibility when it comes to the properties that you ...
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Owner Finance Existing Mortgage

owner financing homes with existing mortgage - The benefits of Seller Financing Seller financing is a method of making a real estate purchase with little or no money down. This is one of the most commonly used strategies for creatively financing a real estate purchase. Knowing how to put this ...
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A Message of Hope

A Message of Hope… This may not be the most typical article write up, but it must be written. Some reading this may or may not agree with the thoughts presented, but it is a perspective that I feel may resonate with many. Canada is in pain, and it is ...
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Debt Service Ratio

Understanding Debt Service Coverage Ratio When you are shopping for a residential mortgage, you will find that the process is basically the same for every applicant. However, with commercial mortgages, the process can differ widely from one applicant to the next. When lenders look at commercial applications, though, there are ...
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Prepayment and Traditional Mortgages

Understanding Mortgage Prepayment and Traditional Mortgages Understanding mortgage pre-payment is one of the most overlooked aspects of many homebuyers due to the fixation with the contract rate. The bank end exit of a mortgage on sale should be equally considered as the front end. In Canada, mortgages that do not ...
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Mortgage Amortization Canada

Calculating Mortgage Amortization in Canada When you take a look at whether or not a mortgage is going to be affordable, one important tool is a mortgage amortization schedule. This shows you not only your monthly payment but also how each payment breaks down as far as paying off your ...
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