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...

Financial Independence

Posted on October 14, 2014October 14, 2014 by admin

What are you doing to become financially independent? Most of us struggle just to get through the day with little thought to our financial futures but wouldn't it be nice to reach a point where work became an option and not a necessity! Here are three things you need to do to attain financial independence: 1) Spend less than you make. Duh...but how many Canadian households fail to do this? The answer is far too many! 2) Pay yourself first. Are you saving a percentage of e...

Testimonial: Jackie Morra

Posted on June 26, 2014May 12, 2016 by admin

Just wanted to say thank you to Andy for giving great advice and options that you won’t usually get from the banks or much place else for that matter. He takes the time to understand your needs and gives advice you can understand and use to make the best decision for your situation. Thanks a lot!Jackie MorraPickering, Ontario