The Old Chicken and Egg dilemma applies to anyone thinking of buying another property. What’s the best thing to do Buy..Then Sell or Sell…Then Buy?
There is value in both scenarios but there can also be serious financial consequences. I read a great article in the Star today and it highlighted what happened to a couple in Toronto that found a home they fell in love with. Problem is they hadn’t tested the market and found themselves in the situation of owning 2 homes.
If you are thinking about selling your current home and looking for the next one you will enjoy the valuable information in the article. The Star
Please remember, just as you shopped for the right mortgage when you bought your existing home, it’s a good idea to be just as prudent the next time. Having a pre-approval in place is assurance that you can buy a home that you qualify for. Take advantage of our on-line Application to get Pre-approved today!
Is the person referring you to a Bank for your Mortgage being paid by that same Bank or Trust Company or Credit Union?
Many lenders these days use financial incentives to get referrals from Real Estate Professionals and Financial Advisors. There’s nothing wrong with it provided they disclose it to you and you are aware that you might not be offered the many options available in the market place.
A referral is usually a good faith transaction, meaning that one professional knows of another professional who can serve the needs of the client. No money changes hands.
But that’s’ not what’s going on these days.
As a consumer you should be asking yourself if the referral from your professional is in your best interest. No one lender can provide the best solutions every time. A person who refers the same lender to each borrower, simply to receive compensation is not doing anyone a favor, except themselves.
Don’t take my word on this, read the article in the Globe and Mail
Mortgage Brokers have access to so many lenders and mortgage options. Banks can only access their own product shelf, so you may not be exposed to the best rates or terms from a single Bank, Trust Company or Credit Union!
Do your homework! Research the web! You deserve the right solutions when you need a mortgage.
Filed under: Mortgage Tips, Real Estate, Your Money | Tagged: Banks, Credit Unions, good faith referrals, mortgage referrals, Oshawa Mortgage Brokers, referral incentives to realtors, trust companies | Leave a comment »
Is this the Spirit of Christmas?
Is the Black Friday Stampede in the US a sign that the Christmas spirit is not alive and well?
Remember nothing is a bargain if you don’t really need it and buying gifts to impress people is not what Christmas is about.
There’s so much hype about Black Friday but making a list and checking it twice before setting out to shop should help keep you from impulse buying. Retailers offer some fantastic specials to get you in the door. If it’s not on your list, don’t buy it! The day of reckoning will come when the January credit card statement comes in.
This year many will choose to shop online. Think about all the stress you can avoid and the savings you achieve by not driving around to shop.
No one is asking you to be a Christmas Grinch! This year try using cash instead of credit for a truly Happy Holiday!
How are you planning to stay on budget this holiday season? We’d love to hear your tips.
Filed under: Events and Activities, Your Money | Tagged: Black Friday, Black friday specials, Black Friday Stampede, Christmas, Christmas Grinch, christmas spending, Christmas spirit, the Christmas spirit | Leave a comment »
If you have not opened a TFSA yet you could be missing out on potential savings including saving in the long term for retirement. Every year you are permitted to contribute $5,000 and any gain will be tax free.
The big difference between a TFSA and a RRSP is you will pay tax on the RRSP funds as you redeem them but the increase in value on the TFSA can be redeemed tax-free!
Depending on your tax bracket you may end up paying substantially more Tax through and RRSP.
To learn more about how a TFSA could help you save money for retirement please read this great article from moneyville.ca.
MACP Provides A New Option for Spousal Buyouts
One Canadian Lender has come up with a solution to buying out a spouse to 95% of the value of the matrimonial home. Under the new Mortgage Rules of July 2012 is not possible to re-finance above 80% of a home’s value.
MCAP has created an option that allows buyouts to 95% of the value, making it possible for one spouse to keep the home after a divorce. There are of course certain guidelines that must be followed but overall this is a great solution for those who are divorcing.
- A Separation Agreement finalized by a lawyer
- A simple Sale Agreement drawn by a lawyer. (deposit with offer is $0)
- Full CMHC premium to be paid (this is now a purchase not a refinance)
- Best rates apply for all mortgage terms at MCAP
This cannot be done if there is only one spouse on title and that is the spouse that wants to keep the house. That would be seen as a re-finance.
If you find yourself in a situation where you want to keep the matrimonial home after divorce please contact us. MCAP mortgages are provided by Mortgage Brokers only.
or use the handy form to contact us so we can determine if this solution is right for you.