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Credit Categories – Good, Bruised, Horrific

Recently I was on a deal where a client had horrific credit. They seemed confused as to how bad their credit really was. Thought it would make a good blog post. While there really are no standard defined credit categories, there are broad divisions in levels of credit. Each lender […]

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Sub-Prime Vs Private Mortgages

I am on a deal right now in Brampton. The credit is bad, but income is solid and verifiable. Reasonably low loan to value. Nice brick detached house in good condition. Borrowers are looking for a small loan of $25,000 or so to do some maintenance work on the house, […]

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Collateral Mortgages vs Conventional Mortgages

Over the past week I have dealt with two situations where a client had a collateral mortgage on their home. In both cases, they had no idea. From the perspective of someone who often sets up second mortgages – they can be a real headache. A collateral mortgage is quite […]

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Increasing House Prices

We all constantly read that house prices in many places are quickly rising. This is a huge advantage when you are looking to do a refinance, or need a private loan. If the loan is not possible at this moment, it might be possible if you just wait a little […]

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Private Mortgages – Fees

One of the unfortunate things about private mortgages is the brokerage fee. If you have never dealt with a non-bank lender before – a brokerage fee is an amount charged by the mortgage broker, to compensate themselves and the brokerage. The brokerage fee is deducted on closing, and sent directly […]

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Private Mortgage – Length of Loans

A caller just asked me “how long is the loan for?”. As I was explaining it to them – I thought it would make a good blog post. If we are talking about private money loans – the short answer is “nearly all private loans are for one year, but […]

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Recent Home Purchase

Just got a call from a happy lady in North Bay. She is looking to do a loan to clear up her credit card debt. She called me 2 years ago just a few moments after she bought her home, and now she has kindly touched base again. It is […]

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Alter Ego Trust

Just got a call from an accountant looking for an “Alter Ego Trust”. This is not what we do. But if you are in the middle of an estate situation, and need wise counsel – I can suggest a few people.

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Car Payments

On a finance deal today that at first seemed easy. The client told me she had already been turned down by two banks. But she said her credit was “ good”. Steady job. Paid on a T4. What could be the problem? And then I saw the credit bureau. A […]

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Mortgage Insurance

As part of any mortgage transaction, we are required to offer you mortgage insurance – specifically the Mortgage Protection Plan, or MPP. While we will present you with the documents to accept or waive this insurance – there may be superior insurance products available. As we are not licensed to […]

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