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The truth about reverse mortgages

On the surface, reverse mortgages seem like the ideal solution for cash-strapped seniors. At age 55 you can tap the equity in your home up to 55 per cent of the property value; you don’t have to make any interest or principal payments, and the mortgage only...

Financing a Home Renovation

When renovating a home there are a number of financial strategies that can be used depending on the cost and timing of the renovations and whether the home is owner-occupied or a rental property.                                                                         ...

What happens to my mortgage when I die?

With escalating home prices in cities such as Toronto and Vancouver having a residual effect be felt across much of the country, many Canadians are looking at holding mortgages well into retirement with no hope of actually paying them out once Canada Pension and Old...

The perfect home and $20K in your bank account

Using the services of a mortgage broker helps with both Purchasing a home is an exciting time. A lot of research goes into the purchase process, but we find many clients spend little time researching the best way for them to pay for the property and simply accept the...

How to become a real estate tycoon

  Have you ever thought about using real estate to increase your overall net worth, or as a way to save for your retirement? Or even as a retirement plan instead of a traditional RRSP? You’re not alone, as we can tell from the Statistics Canada’s numbers from Census...

A new year brings new rules

January 1, 2018 will bring another change to mortgage rules that will apply to all federally regulated financial institutions. The changes are to reinforce the expectation that lenders will remain vigilant in their mortgage underwriting procedures. Currently all...

Less Is More

I recently read an article by Adam Mayers in the Toronto Star. The subject was Arlene Dickinson, best known as one of the tough-talking, no-nonsense venture capitalist co-hosts of CBC’s Dragon’s Den. When she was asked what her biggest life lesson was, she responded...

Uber Flap Not About Safety

I have been very interested to see the polarization in London about the possibility of City Hall’s acceptance of Uber, with the service being adopted in the city without consequences. For the uninitiated, Uber allows consumers to request rides via a downloadable app...

Reminiscing About My First Home Purchase

I was reminiscing about my first home purchase, a two bedroom, 1.5 story home in Toronto in 1983. I was a 21-year-old full-time university student at the time, but the prospect of paying rent for another year did not make much sense to someone enrolled in a business...

Impact of Recent Bank of Canada Rate Cut

It has now been two weeks since the most recent .25% cut to the Bank of Canada’s overnight rate. My question is “What is the impacted to you and your mortgage?” 1. Despite the .25% reduction, the Prime Rate in which banks lend money, only reduced by .15%. This is the...

Finding Funds

This article written by Bruce Smith was originally published in The Londoner’s May 14, 2015 issue. Starting your own business is the dream of many Londoners or, for that matter, many Canadians and others around the world. You have an “idea” for a business, a...

Good versus bad debt

This article was originally published in the March 26th, 2015 edition of The Londoner, which is available online here. Bruce Smith, Special to The Londoner It seems that not a day goes by without another media report on the amount of personal debt carried by...

Why Smart People Make Bad Entrepreneurs

I was reading an article by Carol Roth on this subject and was immediately intrigued by her assertion that one of the most counter-intuitive traits that can hurt entrepreneurs is smarts. In summary: While you may think that being smart, motivated and talented would...

Why use a broker?

Why use a broker? It’s a question I get asked from time to time, often from those who went directly to their bank when they bought their property decades ago. The mortgage landscape has changed since then, and the terrain can be difficult to navigate. That’s where...

Canadians Worry About Personal Finances

According to a survey conducted by the Canadian Payroll Association, Canadians have poor saving practices and are prepared to work longer to make ends meet. This mirrors the common belief that the children of baby boomers will have a poorer standard of living than...

Article featured in the Londoner

  I wrote the above article and was pleased to see its inclusion in the August 7 edition of The Londoner. In the end, entrepreneurs need to be able to access capital: hopefully you find these tips helpful when you approach investors with a business plan of your...

Private Mortgages

Casb Management Group Inc. provides private mortgage funds with a primary focus on residential properties in London, Ontario and the surrounding area. As a “common sense” lender, each application is considered based on a combination of income, credit and equity....

Investing in Mortgages

Given the volatility in the stock market and low returns experienced with fixed income instruments, many investors are seeking alternative investments that provide an attractive rate of return with an acceptable level of risk.  When investing in mortgages you are...

CMHC ANNOUNCES NEW MORTGAGE RULES

The Canadian Mortgage and Housing Corporation (CMHC) is moving yet again to tighten the home mortgage market with changes that will make it more difficult for certain Canadians to obtain government-secured financing for real estate purchases. We will seek further...

THE TEN COMMANDMENTS OF MORTGAGE LENDING

Colleague David Grossman posted this list and I am in full agreement of as to how I think a mortgage broker or agent should engage his/her customers. • Thou shalt not charge exorbitant fees • Thou shalt not push a borrower into a mortgage they cannot afford • Thou...

WHY I LOVE THE SPRING REAL ESTATE MARKET

As a real estate investor, I have always subscribed to the old adage that any time is the best time to purchase real estate. With that said, springtime is my personal favorite, as both buyers and sellers emerge from hibernation; show shovels replaced by sun showers...

The Olympics Are Meant To Inspire

With the 2014 Olympic Games commencing in Sochi, we can again look forward to inspirational performances that demonstrate perseverance, overcome seemingly insurmountable obstacles and inspire us to what is possible. Here are a few of my favorites moments from past...

Looking At The Big Mortgage Picture

All parties – bankers, lenders, mortgage brokers — have a responsibility to perform due diligence with every valued client we deal with. However, there is one step that is either overlooked, or not valued, by some folks in this business. It is a step that I feel...

Make 2014 The Best Year Ever

With the right resolutions and mindset, 2014 will be your most successful year in business.  Combining a recovering economy with your own skills and mental toughness, this could be the year to make your dreams a reality. Need to refocus to make this happen? Here are...

Home Financing Made Easy – Part 7

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few...

Home Financing Made Easy – Part 6

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few...

Home Financing Made Easy – Part 5

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  My last few blogs...

Home Financing Made Easy – Part 4

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few...

Home Financing Made Easy – Part 3

Buying a home –  finding it, financing it, insuring it, and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few...

Top Five Ways to Improve Your Credit

Establishing credit is a critical undertaking, and one of the most important things you need to establish early in your adult life. Good credit makes it easier to purchase a home or vehicle, obtain insurance or, in some circumstances, find employment. Here are five...

Home Financing Made Easy – Part 2

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last...

Home Financing Made Easy – Part 1

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process. Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So, my last...

Building your dream team

Teams are the way to go. The Ravens are a team; they won the last Super Bowl. The Prime Minister’s Cabinet is a team; they run the country. The astronauts are a team on each launch; they successfully negotiate space/the moon/the space station. Whether it’s football,...

Movember is Underway

During November each year Movember is responsible for the sprouting of moustaches on thousands of men’s faces in Canada and around the world. With their “Mo’s “ these men raise vital funds and awareness for men’s health, specifically prostrate cancer and male mental...

Is a Joint Venture in your future?

A joint venture (JV) is a business agreement between two or more parties who seek to join alliances for the purpose of creating a new business entity or cultivating a new idea. Ideally each party brings a unique skill set to the mix, exercises control over the venture...

I Love You, Just Not That Much.

I heard this line from author, salesman and motivational speaker Zig Ziglar at a live seminar and immediately identified the premise to be true as a direct contradiction to the traditional teachings of business coaches that people do business with people they know,...

Beware of the “All In One Mortgage”

“Wouldn’t it make more sense if the deposits and borrowings were combined? Why not have every dollar you earn paying down your debts until you need to spend that money? Your income can instantly reduce what you have borrowed. As you pay bills and other expenses...