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

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    Interest Rates are Down and Down Again

                      The Bank of Canada has been threatening a decrease in interest rates for months. It is very important for a mortgage person to keep track of these things, for the benefit of his clients and just to keep up with the industry. I left the country for one week only and the Bank lowered the overnight rate by 50 BSP, or ½%.  I like to be around when these things happen so I can keep my clients informed, but no; they did it without me, at a regularly-scheduled Bank of Canada review meeting. And then,[...]

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    Canadian Insolvencies Rise To The Highest Level Since The Recession of 2009

                Canadian households went from swimming in debt to drowning in it last year. Office of the Superintendent of Bankruptcy Canada (OSB) data shows a substantial climb for insolvencies in December. Every province in the country showed large growth, with half printing double digits. The swelling insolvencies led the national number of filings, to the highest level since the Great Recession. Canadians Filed The Most Insolvencies Since 2009 Last year was a huge year for insolvencies, with every single province seeing a rise. There [...]

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    T1 Tax return-a brand new look.

                      The new and completely redesigned T1 personal income tax return is here. It is important for tax professionals, but i is also important for mortgage professionals, who must use and interpret the new forms. Some of the things to note: The Return Visibility As the Canada Revenue Agency put it, “Your income tax package has a new look.” No kidding! Some of the changes include the use of plain language, “where possible,” an increased font size and more white space. The new tax return [...]

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    Housing Life Cycle: Stuck in phase II.

                            My aunt Sara always said that one should change houses every five years because needs change that often. This regime would also help eliminate the traditional buildup of junk. Although the real estate industry would love it, the expense of moving and the prevalence general inertia keep this from happening. Generally, there are three phases in the housing cycle: Phase I: Tiny downtown apartments or those close to where newly-weds are working: These allow them to [...]

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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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