Reverse Mortgages- Trending Now

General Krishna Menon 27 Jun

  With approximately 1,000 people retiring every day in Canada, it’s not surprising that there has been an increased demand for Reverse Mortgages. A Reverse Mortgage can assist people aged 55+ to realize their dreams in retirement. Whether they want to travel, help their kids or grand kids or even just supplement their monthly income, […]

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99 YEAR MORTGAGES AND THE POWER OF AMORTIZATION

General Krishna Menon 25 Jun

Back in the late 80’s, the Japanese housing market came to a grinding halt. Homes were no longer affordable for your average Japanese consumer. The government came to the rescue with a novel idea: 99 year mortgages. You could buy a house, pay lower more affordable payments, your son or daughter would take over and […]

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What is an uninsurable mortgage?

General Krishna Menon 18 Jun

With the mortgage rule changes in recent years, lenders have had to make some adjustments to their rate offerings. There are different tiers and rate pricing based on the following 3 categories: 1) Insured – a mortgage that is insured with mortgage default insurance through one of Canada’s mortgage insurers, CMHC, Genworth or Canada Guaranty. […]

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WHICH MORTGAGE LENDER IS BEST FOR YOU?

General Krishna Menon 18 Jun

The following is a summary of the choices available for clients when looking at the four different types of lending groups. So what exactly is a lender? By simple definition, a mortgage lender provides financing for a real estate purchase hence the word lend. Which lender is best for you will all depend on who […]

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3 STEPS TO TAKE YOU FROM PRE-APPROVAL TO GETTING THE KEYS

General Krishna Menon 13 Jun

Picture this: You’ve finally been able to put away enough for a down-payment on your dream home. It’s taken you five years of diligent saving, but you did it! You have also been diligently working on improving your credit score and paying off debts and are at a place of financial stability. So, first of […]

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6 WAYS TO GET A DOWN PAYMENT

General Krishna Menon 11 Jun

6 WAYS TO GET A DOWN PAYMENT When is it time to think about saving for a down payment? I would say about a year before you think about buying a home. While that’s ideal in today’s world, we often do not have much time to save for a down payment. Sometimes your landlord is […]

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BANK OF CANADA MAINTAINS OVERNIGHT RATE AT 1-3/4%

General Krishna Menon 30 May

  In a terse statement, the Bank of Canada maintained its benchmark overnight rate for the fifth consecutive meeting and stated that economy was performing in line with the projections in the Bank’s April Monetary Policy Report (MPR). Following a slowdown in economic activity late last year and in the first quarter of this year, […]

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MAKING THE MOST OF YOUR VARIABLE MORTGAGE

General Krishna Menon 28 May

Working with your DLC mortgage professional can save you thousands of dollars by making the most of your variable rate mortgage in a shifting market. In the past year we have seen an increase in the prime lending rate by 1%. For those home owners with variable rate mortgages who secured a low discount, savings can […]

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RENOVATING? CONSIDER A REFINANCE PLUS IMPROVEMENTS

General Krishna Menon 23 May

Let’s take a closer look at how a Refinance Plus Improvements mortgage can get you the extra cash you need to get your renovations completed. The Standard Refinance An everyday refinance allows the home owner to access up to 80% of the fair market value of the home. The value is typically determined by a […]

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Poloz Says Mortgage Market Should Offer More Options

General Krishna Menon 16 May

In a speech early this week, Bank of Canada Governor Stephen Poloz said that it is time for some fresh ideas for Canada’s mortgage market. He suggested that changes could include encouraging longer than 5-year duration fixed-rate mortgage loans, the creation of a market for private mortgage-backed securities and the launch of shared-equity mortgages for […]

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