reverse mortgages Archives - Kora Management
  • Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

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                            Deal Description: The borrowers had an accepted offer on their first home. Their mortgage broker advised then to waive conditions and then he would not answer his calls. A week before closing, they had no documents. They panicked and called Kora Mortgages. With no time to do conventional financing, we sought a temporary private mortgage,  to allow them to close and not lose their deposit Purpose: To complete the purchase of their new home, at 80% LTV. [...]

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    Covid-19 And Your Mortgage Broker As A Valuable Asset

                  COVID-19 has changed the way we go through our lives, from wearing masks, physical distancing, and frequent hand washing to rethinking our workplaces and working from home. What’s also changed is how we purchase new homes, and how those homes are financed, as well as changing guidelines for renewals and refinancing. Now, more than ever, working with a mortgage broker may be your most valuable asset. The real estate and mortgage industry has always been a competitive business. Lender policies change and interest [...]

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    How to qualify for a mortgage in an uncertain market.

                With COVID-19 uncertain market, challenges that include layoffs and deferred mortgage payments, getting a mortgage may be a bit tougher for some, whether it’s for a first home, or refinancing to consolidate debt, or simply renewing your existing mortgage with a new lender to take advantage of a lower interest rate.  But it doesn’t mean you’re shut out of the market completely. It just means you have to plan ahead and be careful managing your debt load. Two Primary Factors Lenders generally look at two primary factors [...]

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    Breaking News: CRA announces an extension.

                      The Canada Revenue Agency announces an extension to the payment deadline and offers interest relief on outstanding tax debts during the COVID-19 pandemic Payment deadline extension The CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the[...]

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    Your credit rating is your financial partner,

                Let them Credit rating Previously, I have written about our credit rating. Our credit rating is our partner in life, whether we recognize that fact or not. It should never be taken for granted; it should never be abused. Without a decent credit rating, financing anything is a challenge. In some, usually public positions, a job could depend on a decent credit rating. Suppliers with incorrect or unexplained charges will win. When you know that that extra $10 charge from your telephone provider is totally wrong and you [...]

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    Case Study: Private Refinancing Allows Another Year.

                                Deal Description: The Borrower had a single-family residence in Mississauga. A year ago, he needed to refinance to repay his mother’s estate and to finance his new business. He received a prepaid interest loan for $700,000. Since the mortgage carried a 1-year term, he needed to refinance. Purpose: To refinance his existing equity loan Employment: Neither the applicant nor his spouse was employed. Credit: Their credit scores were decent [...]

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    CMHC Rule Change Clarification: Ratios Explained.

                        The ratios have been as follows: GDS 42 and TDS 39 As of July 1, these ratios will decrease to 42 and 35. These changes mean that there will be less debt accepted and it will be more difficult to qualify for a mortgage Gross Debt Service Ratio (GDS) To calculate your GDS, lenders try to figure out the proportion of your income you would be paying each month to own a particular property. First, the lender will estimate your annual mortgage payments, property taxes, heating costs and [...]

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    Private asset-backed lenders in trouble with Covid-19

                  Recently, a friend asked me about a possible investment in a “private” asset based mortgage lender. Asset-based lenders, often Mortgage Investment Corporations, get funds from an investing public and lend the money in the form of asset-based mortgages. Right now, because of Covid-19, many of these lenders are in trouble. Criteria My friend wanted to know whether he should invest in a long term deposit with a certain company I explained that the companies with which I like to deal are not those in which he [...]

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    Coronavirus, Bear Market and a Reverse Mortgage

                The Coronavirus crisis has reduced the value of

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    Case Study: Credit fix allows purchase.

                        Deal Description: The Borrower had been looking for a suitable purchase for some time. Each time she thought he found one, we went through the normal process, which included a credit rating check and each time her credit was excellent. About a year ago, we tried again and found that her credit was in the 500s. She was in complete shock and knew nothing of any problems.  We discovered that the financial institution that held her corporate account had changed its credit card carrier. [...]

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