Blog by DOINA BIOLAN B.Comm

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THAT MORTGAGE ON YOUR BACK? RELAX. HERE'S WHY

March 2nd, 2015
That mortgage on your back? Relax. Here’s why You need to take a hard look at your finances this weekend to determine whether you should be making your RRSP contribution before Monday’s midnight deadline. A CIBC poll out this week found that more than half of Canadians will not contribute to their RRSPs for the 2014 tax year. In fact, when Canadians were asked whether, if extra funds were a ...
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Posted in Mortgages

THE IMPORTANCE OF BANK POSTED RATES

February 12th, 2015
Why you should care about the banks’ posted rates on mortgages   There are not too many Canadians who get tricked into accepting the posted rate on a mortgage anymore but that doesn’t mean no one should care when the banks drop their published rates. About a week ago, Bank of Nova Scotia lowered its posted rate on a five-year fixed rate mortgage to 4.49% from 4.79%, which doesn’t sound li ...
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Posted in Mortgages

Mortgages for "no income" individuals

February 5th, 2015
Do you gave a strong net worth that doesn't  meet traditional GDS and TDS guidelines,and  not much income to qualify for a mortgage? Then take a look at our exciting new product that still allows you to buy a house!!!! This innovative alternative allows you to qualify for up to 65% Loan to Value  based on the maximum property value. It’s the perfect product for business-for-self, sala ...
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Posted in Mortgages

PRIME RATE DECREASES TO 2.85%

January 28th, 2015
PRIME RATE HAS DECREASED TO 2.85% ! With the new of Bank of Canada rate going down, the banks are now decreasing their Prime Rate  to 2.85% . Though some of us may be happy about it , I have to remind everyone, once again, that, when that happens, is a sign that inflation is raising . Advice to all my clients that have variable rates : your mortgage payment will decrease once your bank w ...
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Posted in Mortgages

CANADIANS TOP PRIORITY IN 2015

January 15th, 2015
  CANADIANS' TOP FINANCIAL PRIORITY IN 2015   According to a recent survey conducted by CIBC, 22% of Canadians consider paying down debt to be their top financial priority in 2015. (Source: The Globe and Mail.) As credit card interest rates climb and debt becomes more of a concern, it can be difficult for Canadian homeowners to pay down multiple lines of credit and loans. Also, some of us ...
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Posted in Mortgages

SELF EMPLOYED APPROVAL FOR A MORTGAGE

November 29th, 2014
SELF EMPLOYED TIPS ON HOW YOU CAN GET YOUR MORTGAGE APPROVED Today's Mortgage TIPP # 1: Self employed clients that : - cannot prove income though their Notice of Assessments( show very little income compared with the gross income they make) -are incorporated -have been in business for more than 3 years You MUST have: - income taxes paid in full - Financial Statements prepared ...
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Posted in Mortgages

The cost of not buying a home today

November 21st, 2014
THE REAL COST OF NOT BUYING A HOUSE TODAY…     1. Historically the longer you wait... the higher the price.  As evidenced by the CMHC cost index for the past 25 years.   2. There are 2 components in purchasing a home:           1) Cost of the property           2) Cost of the money     Both of these are commodities.  You o ...
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Posted in Mortgages

USING YOUR HOME EQUITY

April 9th, 2014
Using your equity Is it time to renovate that kitchen or put an addition on your home? Or maybe you're tired of paying those high-interest credit cards. Or you're considering purchasing an investment property. If you're self-employed, you might need a cash infusion. So where do you get the money? Well, if you have enough equity in your home you might be able to borrow against it. You ...
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Posted in Mortgages

USE A MORTGAGE BROKER AT RENEWAL TIME

March 4th, 2014
Use a mortgage broker at renewal time As you know, working with a mortgage broker is your best option to get the best mortgage for your particular situation. Of course, brokers have always known that, but research by various companies, including the Canadian Association of Accredited Mortgage Professionals (CAAMP) has shown that it still holds true. Whether you're moving ...
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Posted in Mortgages

CMHC IS INCREASING MORTGAGE INSURANCE RATES

March 4th, 2014
CANADA MORTGAGE AND HOUSINBG CORPORATION IS INCREASING ITS MORTGAGE INSURANCE DEFAULT PREMIUM!!!   CMHC is increasing its mortgage insurance premiums for homeowners and 1-4 unit rental properties effective May 1, 2014. The change will only apply to mortgages underwritten after May 1, 2014 and it will apply to all homeowner business from that day forward as a result of increasing c ...
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Posted in Mortgages

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