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

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    Case Study: Equity in an investment property used to buy a restaurant

                          Deal Description: The borrower needed equity to purchase a long-standing operating restaurant. Purpose: To use the equity from another investment property to purchase the restaurant Employment: The client was in business for himself as a residential landlord. Credit: His credit score was excellent Problems He had very little provable income Very few lenders like to finance restaurants Solution: As part of his portfolio, the borrower owned a rental condo in [...]

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    Happy New Year!  Play the game!

                  ACTUALLY, THIS GAME IS REAL! Each of us is already a winner of the  *PRIZE*. We just can't seem to see it. The PRIZE is “TIME" 1. Each morning we awaken to Receive 86,400 seconds, as a gift of Life. 2. And when we go to sleep at Night, any remaining time.is Not credited to s. 3. What we haven't used up that Day is forever lost. 4. Yesterday is forever Gone. 5. Each morning the account is Refilled, but the bank can dissolve your account at any time WITHOUT WARNING... SO, what will YOU do with your 86,400 [...]

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    Happy New Year! Play the game!

              ACTUALLY, THIS GAME IS REAL! Each of us is already a winner of the  *PRIZE*. We just can't seem to see it. The PRIZE is “TIME" 1. Each morning we awaken to Receive 86,400 seconds, as a gift of Life. 2. And when we go to sleep at Night, any remaining time.is Not credited to s. 3. What we haven't used up that Day is forever lost. 4. Yesterday is forever Gone. 5. Each morning the account is Refilled, but the bank can dissolve your account at any time WITHOUT WARNING... SO, what will YOU do with your 86,400 seconds? Those seconds [...]

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                  In a highly competitive seller’s market,  there is often pressure to submit a firm offer with no conditions. This pressure comes from buyers, who have been frustrated and disappointed by being outbid and from real estate professionals, sometimes unscrupulous ones, who will do anything to close a deal. Beware the penalties. A buyer, who made an unconditional offer just before the Toronto crash a  few years ago and then pulled the offer after the decrease, learned the hard way. A recent supreme court decision [...]

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    Mortgage Rates Are Just the Starting Point.

                  Interest Rates Borrowers often focus on getting the best interest rates in the market. While the rate is an important feature of any mortgage, it is only the beginning—other costs, terms, and conditions can overshadow the advantage of a lower interest rate, imploring brokers to look more closely at all the borrowing terms and conditions. Open Versus Closed Mortgage When looking at the terms, you need to think about whether an open or closed mortgage is appropriate. Will the borrower need to get out quickly? If[...]

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    Four questions to ask your mortgage professional

    Whether you’re a first-time homebuyer, a move-up buyer, buying an investment property or if you’re refinancing to consolidate debt, renovate or invest, these are some of the questions to ask your mortgage professional: How much can I afford? Usually, people pick their homes before they organize their financing, but it makes more sense to do it the other way around. Determine what monthly payment you would be comfortable with, how much financing you qualify for and what money you have available for a down payment before delving into your house hunting. What type of [...]

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    We have a new perspective. During the run-up to the election, all three major parties promised to help make housing more affordable. Now that Justin Trudeau’s government has been reduced to minority status, it looks like we’re in for Liberal policy, but with a fair bit of influence from the NDP, a positive potential with respect to housing. That could mean a boost to NDP platform planks such as increasing the supply of affordable housing and rent supplements for lower-income Canadians, analysts say. New affordable units. One of the NDP’s biggest promises was to build [...]

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    Debt Consolidation and Debt Settlement

      Debt-to-Income Ratio It seems as if the debt-to-income ratio is always in the headlines. Just recently it was reported that the ratio edged down to 177.1% in the second quarter of this year, from 177.5% between January and March. The number means Canadians owe $1.77 in debt – including mortgages and consumer debt like credit cards – for every dollar of disposable income. In 2016, the ratio was sitting at 167.3% and increased each year until October 2018, when it started to come down, thanks to both a slowdown in borrowing and healthy income growth. For the most part, consumers [...]

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    Tiny Homes Are In!

                      It’s happening in many parts of the country; tiny homes are popping up in laneways, in backyards and on acreages, and demand for them is growing. There are even tiny house communities being built. Prices are also getting higher. One tiny home sold recently in Oshawa, Ontario for $200,000. Those buying tiny homes are first-time home buyers getting into the market, or people who are retiring and downsizing. While interest in tiny homes is high in Canada, especially in Alberta, British Columbia [...]

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    Forget HELOCs. Follow the trend to Reverse Mortgages

    Your home as an ATM Canadian homeowners in their golden years have a new favorite way to use their home like an ATM. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of reverse mortgage debt is now at a new all-time high, and still posting growth above 20% growth. Tap your home equity, without selling. Also called an “equity release,” the borrower pledges his home for a lump sum loan or regular payments.  Similar to a home equity line of credit (HELOC), but the borrower doesn’t have to make payments, nor does the borrower have to [...]

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