Are you a newer Mortgage Broker or Mortgage Agent in Ontario? Do you need help with a complex file?  It’s a tough market out there and borrowers need a lot more than a pulse to get approved these days. If you’re struggling to find a solution to help your client, please give me a call. With over 35 years of experience dealing in mortgages there isn't much I haven’t seen. Sometimes al...

I was recently contacted by a Plaintiff and their legal team to prepare an expert report on their case involving a mortgagor and a mortgage broker. The original Statement of Claim was filed in 2019, and they were scheduled to head to mediation within a month. (It only took them five plus years to seek an expert opinion.) After reviewing the documentation supplied to me, I could find no neglige...

In Canada, approximately $352 billion in mortgages are projected to mature in 2025. Many of these will renew at significantly higher rates, which may cause a substantial increase in monthly payments for Canadian homeowners. If you’re among those renewing, now is the time to take action to minimize payment increases, balance your budget, and find a solution that fits your needs. Here’s how to g...

A private mortgage refers to a loan, secured by real property, provided by an individual or a private entity, rather than a traditional financial institution like a bank or credit union. Here are some key features: Lending Source The lender can be a private individual, a group of investors, or a private lending company like a MIC (Mortgage Investment Corporation). Terms and Condition...

A Mortgage Investment Corporation (MIC) is an investment vehicle that pools funds from investors to provide mortgage loans, primarily focusing on real estate borrowers who may have difficulty obtaining financing from traditional banks. MICs are regulated under the Income Tax Act and must distribute a substantial portion of their income to maintain tax-exempt status. Benefits of Borrowing from ...

An exit strategy is crucial when considering a private mortgage in Ontario for several reasons: Financial Security An exit strategy helps you understand how you will repay the mortgage, whether through refinancing, selling the property, or another means. This foresight can prevent financial distress.  Market Conditions Real estate markets can fluctuate. Having a clear plan allow...

Whether a private mortgage is a suitable solution to your needs depends on your specific circumstances. Here are some factors to consider: Credit Situation If you have poor credit or a limited credit history, private mortgages can be more accessible than traditional bank loans, as private lenders may be more flexible. Urgency If you need financing quickly, private lenders often have f...

When arranging a private mortgage on a residential property in Ontario, you can expect several types of fees. Here are some common ones: Lender Fees These can include application fees, underwriting fees, and any fees specific to the lender.  Fees generally range from 1-3% of the mortgage amount, depending on the complexity and risk involved in the transaction. For lower risk mortg...

Tax Free Savings Accounts were created in 2009 as a way for Canadians to invest for their future. With the latest change in Government,  Canadians can now contribute up to $5,500 per year in their TFSA. Here is what you need to know about a TFSA: 1) You are allowed to contribute up to $5,500 per year to an account. If you have not contributed previously you can contribute up to $46,500 i...

RRSP season begins today...not next January or February! Did you wait until the last minute to contribute to your RRSP? January and February are traditionally the busiest months for RRSP contributions. Everyone scrambles to make a contribution before the March deadline in the hopes of reducing their income taxes. Reducing taxes is always a good thing but there is a smart way and a not so sm...