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Old 02-24-2015, 02:07 PM   #101
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Are you aware of everything tax deductible when it comes to your rental property?

http://www.cra-arc.gc.ca/tx/bsnss/tp.../menu-eng.html

Ask me about strategies to incorporate on your rental property that you may not have thought of! Drive down that bad debt with the proceeds of your good.

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Old 03-02-2015, 10:11 AM   #102
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Talks of further interest rate cuts have diminished over the last couple weeks, and even more-so after the latest inflation data from Stats Canada:

http://www.mortgagebrokernews.ca/new...ta-188703.aspx

Bank of Canada meeting on Wednesday March 4th.
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Old 03-03-2015, 12:42 PM   #103
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CBC Marketplace goes undercover on TD, a bank that registers all their mortgages as a collateral charge on title. The mortgage "specialists" are very hesitant to full disclose this up front. Very important to ask the right questions when getting a mortgage, or have a professional explain in plain English all components of the mortgage for you.

Fast forward to 16 minutes in. Prior to that it's an investigation into short term high-interest loans.

http://www.cbc.ca/player/Shows/Shows...ID/2656288032/

There is a slight mistake in CBC's report right around 16 minutes where they say (paraphrasing) "a collateral charge allows you to borrow more than your home is worth". While the charge on title can be up to 125% of your homes' value, it doesn't actually allow you to borrow that much.

While collateral mortgages can make it easier to access equity, they make it much more difficult to switch to a different lender, even at renewal date. It becomes a refinance rather than a simple switch/transfer.
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Old 03-05-2015, 09:49 AM   #104
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Latest video: "Low Rate Handcuffs"

I'm sure by now most of you have discovered this wonderful tool called Google. And if you're looking for a mortgage, you may have used said Google tool to see what kind of rates are out there!

I do have access to those low rates, but I make sure to fully disclose any and all restrictions that come with them. I'm a huge believer in flexibility when it comes to real estate, for life happens. While these rates can work for some, I'm finding 9 times out of 10, my clients are going with a slightly higher rate because of the added flexibility. This video touches a little on that, check it out!


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Old 03-05-2015, 10:31 AM   #105
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Quote:
Originally Posted by MillerTime GFG View Post
Latest video: "Low Rate Handcuffs"


I do have access to those low rates, but I make sure to full disclose any and all restrictions that come with them. I'm a huge believer in flexibility when it comes to real estate, for life happens. While these rates can work for some, I'm finding 9 times out of 10, my clients are going with a slightly higher rate because of the added flexibility. This video touches a little on that, check it out!

Amen MillerTime!

Quote"" I'm a huge believer in flexibility when it comes to real estate, for life happens.""

This is so true. 100% of the time the client will come back and be upset with us (brokers) because we offered them the restrictive rates even though we fully disclosed it.

We hear it all the time, I will be in the home for the next 5 years. but statistically approx. 85% + mortgages are broken before going to end of term for various reasons (divorce, job loss, refinance, etc)

The IF in life happens and our job is to make sure you have choice and options when it happens.
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

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Old 03-05-2015, 10:48 AM   #106
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Yep, sometimes the savings between a standard rate and those restrictive low rates are only in the $20-30 range/month, and it's just not worth it imo!
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Old 03-17-2015, 09:56 AM   #107
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BIG NEWS this morning! BMO dropped their 5 year fixed rate to 2.79%!

In other news, we have had access to BETTER rates than that for months now...know your options, talk to a Mortgage Professional.

#talktoaprofessional #irealizehashtagsdontworkhere
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Old 03-24-2015, 10:23 AM   #108
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Great article here. "Why you shouldn't ignore posted rates"

http://www.bnn.ca/News/2015/3/19/Sho...k18Lw.facebook

Quote:
More importantly, banks use posted rates to calculate fees for borrowers who break their fixed mortgages early.
When interest rates are rising, banks typically charge a penalty that works out to three months’ worth of interest payments on a mortgage. But when rates are falling, and when people are more likely to try to get out of their mortgage, banks often base their penalties on something called an “interest-rate differential.”
Each bank calculates this slightly differently, but it usually involves the difference between the posted rate on a mortgage at the time borrowers signed the contract and the posted rate on an equivalent mortgage at the time they cancel. Some banks also add in the discount borrowers are actually getting off the posted rates.
In most cases, a penalty based on an interest-rate differential can be tens of thousands of dollars higher than a penalty based on three months’ interest. (The penalty to break a variable rate mortgage is based on the three months’ of interest payments).
The bolded part is especially important, and typically applies to the 'big banks' such as your Scotia's, CIBC's, RBC's etc. If you are looking to break your mortgage let's say 3 years into your 5 year fixed rate of 3.09%, they're going to base the payout penalty off their posted rate at the time you signed (most likely above 5%), saying the 3.09% they gave you is actually a 'discounted rate'. This IMO, is one of the main reasons big banks don't have your best interests in mind.

Example:
Quote:
Take Brian, for example. With three years and $520,000 left on his five-year mortgage, Brian (who didn’t want his last name used) is getting ready to sell his Vancouver home in order to downsize. He’s now facing nearly $30,000 in fees to break his mortgage early, a calculation based on the difference between the 5.24 per cent posted rate on his mortgage when he first signed it two years ago and the 3.39 per cent posted rate his bank is offering today on a three-year mortgage (because Brian has three years left on his mortgage.) The bank uses these numbers despite the fact that Brian’s actual mortgage rate is just 2.79 per cent. Had the penalty been based on three months’ of interest payments, it would have been around $3,627.
There are plenty of lenders I have access to that base their penalties on your contract rate, not a discounted one. As mentioned before, it's very important to have flexibility in real estate.
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Old 04-06-2015, 08:43 AM   #109
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Booking in meetings/consultations for anyone that may be interested, free of charge of course. I take a cash flow planning approach to mortgages...from creating more monthly CF to pay down debts and reduce interest payable to further utilization of existing CF to get it working for you.

I can assist in the following, plus more:

- Purchase
- Refinance - lower interest rate, accessing equity, cash flow restructuring, etc.
- New builds - from completion mortgages to construction draw mortgages
- Switch/transfers - don't sign with the same institution without doing your homework. There are probably better rates/products out there.
- Commercial financing
- Pre-approvals
- Rental property financing & strategizing
- Second homes/vacation homes
- Special programs available for Engineers (P.Eng) or those in the medical field - ask for details

120 day rate holds available on best rates, and there are some phenomenal rates available with various lenders.

PM me with any questions or inquiries, or for further contact info. Let's get started!

Cheers,
Greg
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Old 04-27-2015, 03:39 PM   #110
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5 Steps to Fix or Re-Establish Your Credit for Free in Canada:

http://www.mymoneycoach.ca/credit/fix-credit

Most conventional lenders will prefer beacon scores > 620. 680+ will allow to to qualify for more as well.
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Old 05-01-2015, 12:33 PM   #111
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Latest video: Ten Steps to Home Ownership

Let's break down the process into 10 easy steps, as it can be an intimidating process for some...especially first time home buyers. Check it out and feel free to comment or PM with any questions you may have. It's less intimidating than you may think, if you work with the right professionals.

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Old 05-05-2015, 12:32 PM   #112
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There are some phenomenal 'Quick Close' specials on full-feature mortgages circulating within my network of lenders. PM for more info!
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Old 05-06-2015, 03:59 PM   #113
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Globe and Mail piece on how Mortgage Professionals can help, and should be part of the home buying process.

http://www.theglobeandmail.com/partn...ticle24079885/
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Old 05-07-2015, 10:35 AM   #114
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Double post.

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Old 05-07-2015, 10:37 AM   #115
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I'm not necessarily a fan of the NDPs coming into power, but I am a fan of this:

http://www.albertandp.ca/notley_make...tgage_tax_hike

Notley announces that the land transfer tax that was to go in effect as of July 1st this year, has been eliminated.

Also, with the market trending upwards over the past couple weeks, and with the 5 year bonds inching upwards, we may see some increases in fixed rates & fixed rate specials in the near future. No movement for the most part yet, but I have heard some whispers from some lender reps. Now would be a great time to look into holding today's rates for up to 120 days if you're in the market for a purchase or looking to do a switch/refinance.
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Old 05-11-2015, 02:21 PM   #116
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Just had a lender release a great tool for refinancing, and whether it makes sense to do so. It takes into consideration your current rate/remaining term and compares it to proposed rate/term and includes what your penalty would be to break your mortgage. It also gives a break-even rate for what a rate would need to be at the end of your current term for it to NOT make sense to refinance now.

With how low interest rates are right now, I have seen it make sense even for people with a 2.99% 5 year fixed rate, which is a rate that has been available for a couple years now on & off.

PM/email me for more info or if you'd like me to plug in some numbers for you.
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Old 05-21-2015, 12:52 PM   #117
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Thinking of buying a vacation/second home? Here are some things lenders look for:

http://www.theglobeandmail.com/globe...ticle24541904/
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Old 05-22-2015, 12:56 PM   #118
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Latest video shared on our FB page: https://www.facebook.com/mysmartcap

Only 20 likes to 200, would love to get there with your support CP! Take a look at the page, I think you'll find the posts informative, interesting, but not over-bearing.

Thanks everyone!
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Old 06-02-2015, 03:53 PM   #119
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There have been a couple instances lately where clients of mine have been confused (and even angered) as to why lenders are asking for so many documents. Some have even asked to send the mortgage to another lender, to which I mentioned the same would be required. The reality is that lenders and insurers are obligated to do MUCH more due diligence these days especially in the income verification and down payment history departments. Those that are coming up for renewal on a 5 year term and are looking to switch lenders will be subject to underwriting again, and will notice a vast difference in how mortgages are conditioned.

Here is a handy checklist as to what may be required: (Also added to OP)

Size

Spoiler!


Ask for any further details in here or via PM.

Cheers,
Greg
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Old 06-04-2015, 11:48 AM   #120
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CAAMP stats for June 2015:

Size
NSFW!
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