Reverse mortgages are generally for individuals who are 55 years of age and older and have equity available in their home to borrow from. Hence, the reverse mortgage is secured by the available equity in the home which has been attained from paying down the mortgage over a period of time. This product allows for …
It seems as though it was just yesterday, I was working at the branch and discharging mortgages for clients in the east-end part of Toronto, Ontario. In performing my regular duties, I would always look at the original mortgage amount and the total interest paid during the 25-year term amortization, and fundamentally understood why large …
As a Mississauga mortgage agent, working in the Toronto area, I have been asked by many clients about the new land transfer tax and how it applies to new home buyers and mortgages. As of November 14, 2016, the Government of Ontario announced a number of changes to the Land Transfer Tax rules. These changes …
As a mortgage agent, I usually deal with questions pertaining to second mortgages and mortgage refinancing questions relating to a principal residence. As most of you know, the red-hot real estate market in Ontario has been ongoing with the surging prices in property values ever increasing with no end in sight. This has led to …
It seems that every bank these days has a special on their mortgage rate for new and existing clients alike. Many clients I have spoken to, believe that owning a home, automatically qualifies them for receiving the banks best posted mortgage rate or a special on their second mortgage refinancing endeavour. The reality, however, may …
As a mortgage agent, I have seen many large institutions offer a product known as the blend and extend mortgage rate product. A blend and extend mortgage is where a mortgage lender may allow me to take out a new loan amount on my existing mortgage and extend the length of the mortgage before the …
I recall, about 15 years ago, (having never heard of a mortgage broker) working at the branch and sitting at my desk when a client peeked into my office and asked if I could witness his signature for a mortgage refinancing documents. I was taken aback, when I noticed that the mortgage refinance was indeed …
As most mortgage brokers and mortgage agents in Mississauga, can attest to, is that it would be prudent to get anything of value from a mortgage refinancing commitment standpoint, in writing. I can not count the number of times I was in the branch environment, across from customers who were blue in the face, confirming …
In my many years as a mortgage agent with the bank, and subsequently as a mortgage agent licensed with the Province of Ontario, I have seen hundreds of applications approved and some not given any consideration as a result of non-qualifying criteria. In this section, we will cover some of the most common concerns and …
When dealing with a large financial institution, negotiating a better refinancing rate for your mortgage can sound intimidating, if not an outright terrifying task when entering your local branch. Sitting on the other side of the desk, and contemplating the power that the mortgage representative may have in approving or declining any mortgage application, can …
