Education in Real Estate is Key

Education in real estate is a key element in a successful real estate or financial decision you make. In 1999 when I got into this crazy world of finance I realized early on that consumers lacked in this fundamental component.  I have personally witnessed the ruin of many a man and woman. Trusting underqualified financial security…

Income The Misunderstood Element

In our evolving explanation of the elements required to secure a mortgage, we come to one of the most misunderstood elements in the group. Income can be derived from various sources. Because of that reason banks will treat different sources of income differently. To understand this we must first understand what happens behind the scenes when a…

Credit Score the First Element

Your credit score is the first element that is looked at when one applies for financing. You can say that it is the lifeblood of your financial profile. In Canada, we have two main credit reporting agencies. They are Equifax & Transunion. Both agencies gather and build profiles on Canadians and use that information to determine…

Retirement The Final Frontier

Many of us remember those iconic words that were spoken by Capt. James Tiberius Kirk from on board the USS Enterprise. His monolog was a staple in the minds of all who had the pleasure of watching Star Trek. Well, today William Shatner the actor who portrayed Capt. Kirk is 85 years old and has…

The Hidden Trap of Mortgage Penalties

A couple of weeks ago I had a client tell me that his bank advised him that all banks calculate penalties the same way. Well although on the surface banks will use similar methods to calculate the penalty. What differs is what rates they use to determine the penalties. Many don’t realize this but virtual…

CMHC Increase Premium By 31%

On April 2nd, 2015 the CMHC conducted its annual review of the various products and services that it offers and it found that the largest group of defaulting mortgages is those who put a down payment of less than 10%. With these findings, they now have decided to increase once again the amount charged to home buyers. This is…