What is a private mortgage?

Posted on November 4, 2024November 4, 2024 by Andy MacDonald

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 Conditions Private mortgages often have more flexible terms compared to traditional mortgages. They can v...

Why is an exit strategy important?

Posted on November 2, 2024November 4, 2024 by Andy MacDonald

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 allows you to adapt to changes, such as rising interest rates or declining property values. Avoiding D...

Testimonial: Dave Doyle

Posted on January 10, 2023January 10, 2023 by admin

I have worked with Andy on personal projects in the past. I recently referred him to help a person who is close to me obtain secondary financing. Andy helped make the process easy to understand, and a little less stressful, with his knowledge and awareness of facts. An invaluable characteristic to posses! Dave Doyle Mississauga, Ontario

Testimonial: Zorica Zilkey

Posted on January 10, 2023January 10, 2023 by admin

Efficient, great at ensuring that everything is covered, & plans for long term goals! Zorica Zilkey Burlington, Ontario

Testimonial: Debbie McNamee

Posted on September 26, 2022September 26, 2022 by admin

I have been working with Andy for ten years now. Over that time, he has arranged a mortgage for me, helped me navigate the world of TFSAs and RESPs - both contributing and then withdrawing as my kids went to college - and managed my RRSP portfolio. I find him to be knowledgeable, helpful, and proactive in making sure that I am getting the maximum benefit from my investments, and I would highly recommend him. Debbie McNamee Burlington, Ontario

Testimonial: Paul Haskett

Posted on September 6, 2022September 6, 2022 by admin

Renewing my mortgage was easy! I just called Andy MacDonald. He has helped me in the past and once again he made the process very easy. If you need a mortgage, or need help with your finances, give him a shout! Paul Haskett Burlington, Ontario

Banks Ignore The Bank of Canada

Posted on January 22, 2015December 2, 2020 by admin

If a Central Bank lowers rates do the countries banks listen? Yesterday the Bank of Canada lowered their target rate by 0.25% signaling their concern for the Canadian economy going forward. Historically the major banks in Canada would drop their Prime Rate by the same amount as the Bank of Canada. This change would usually be announced on the same day as the Bank of Canada announcement and be effective the following business day. Yesterday, TD Canada Trust announced that they would not...

Divorce…the seven letter word that feels like a four letter word!

Posted on December 1, 2014March 24, 2015 by admin

So you’ve come to the point in your life where you are one of the statistics; you’re getting divorced. Divorce is never easy but with the right attitude, and some planning, you can minimize the stress and pain it inflicts on you and your family. Debbie Shawn of Divorce Matters suggests that the most important piece of advice she can offer is to remember that while you may be ending your marriage it is virtually impossible to end the relationship with your spouse. There will always be mome...

The Times They Have Changed

Posted on October 16, 2014October 16, 2014 by admin

A decade ago money seemed to be falling from trees. If you had a pulse and could fog a mirror you could qualify for a mortgage in North America. The US housing market was booming and Canada was following in its footsteps. American lenders were in Canada growing their subprime mortgage business and the big banks were extending amortization periods and actively growing their portfolios with folks who could not prove their income. A decade later, the US housing market has imploded on itself ...