There is something new under the sun! - Kora Management
  • Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • There is something new under the sun!

  • There are many options in today’s conventional mortgage market and I’ve discussed most if not all of them in previous blogs. These include fixed mortgages, variable fixed mortgages, variable open mortgages, home equity lines of credit, (HELOC) and reverse mortgages.

    The “newish” one is a combination of several of the above, introduced by Manulife Bank some years ago and recommended by most financial planners This unique product is a combination of fixed mortgage and a HELOC, both at competitive rates.

    For example: Suppose someone has a mortgage requirement of $200,000. He could take a fixed mortgage of $100,000 and a HELOC of $100,000. All income and automatic withdrawals would come in and out of the HELOC, which would adjust instantly and automatically, The usual result is a HELOC, much less that the original $100,000 and a substantial pay-down of the mortgage after 5 years.  Normally, income goes into an account and sits there until needed. With a Manulife One split mortgage, the borrower is gaining the interest rate on the HELOC,  say 3.5%, on everything deposited but not used.

    I would suggest that you check out the video below:

    It’s Chanukah. Time to make lutkes, a fritter of potatoes and onions.
    5 large RUSSET potatoes; two medium onions; ¼ cup matzah meal or panko or bread crumbs; 2 large eggs, beaten; 2 tbs flour.

    Grate the potatoes and the onion and immediately put the potatoes in a big tub of ice water. Rinse several times and squeeze dry with a dish towel. Add the dried potatoes to a bowl with the onions, eggs, matzah meal and flower and mix thoroughly.  Season with salt and pepper. In a large frying pan, (I use 2), heat a mixture of vegetable oil and schmaltz until quite hot. You should have a good ¼ inch of oil in the pans. Fry 3-4 minutes a side until golden. Put in warm oven to drain on paper towel. Serve with sour cream or apple sauce.
    Hints. The drying is essential. I prefer to season in the pan. No schmaltz, (rendered chicken fat), use duck fat, or not. There is no need to peel the potatoes; Do not grate too finely. See picture.