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Income Properties – 570 News Ask The Experts, August 11, 2018

Check out Tracy and Marina’s interview with Dave Callender, focusing on flipping properties, rental homes and what it takes to finance these investments. A special thank you to EMpression: A Marketing Services Company for providing this image.  

Do you need a financing condition?

by Sandra Rohfrietsch   Let’s talk about financing conditions. The financing condition is a challenge for everyone purchasing in today’s market.  Everyone wants their offer to be the most attractive, especially when the market that has yet to slow down.  What you may not know, is that there can be some significant factors why your Mortgage Broker or Financial Advisor is pushing you to keep that financing condition in place; they have your protection in mind.  We’re going to look at three main reasons why your financing condition is important: Property – There may be something about the property that you or even your Realtor are unaware of.  Lenders and mortgage insurers (Canada Mortgage Housing Corporation or Genworth Canada) have access to details and information that can make or break the approval.  For example, if the property is built on land in a flood risk zone, or the condo board …
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Improving Your Credit Score

Does your credit score keep you up at night? For some, this one detail in their life doesn’t pop up in their mind very much, because they know they’re making good money and paying all the bills on time. When you’re in that boat, it feels pretty good. But when you miss a payment or you struggle to pay all those credit cards, lines of credit and even your mortgage, it feels instead like you’re on a sinking ship without a life raft to save you. If you’re credit challenged but want to get into the housing market, it can be a tough road to hoe. But improving your credit to a point where a lender will give you chance, is very doable. First, I won’t bore you with the detailed minutia of credit scores. Basically, what you need to know is a score above 680 puts you in a …
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10 Tips for Dealing with the Limbo of Separation and Divorce

This is a guest blog written by Colette Fortin, Owner of Fairway Divorce Solutions Waterloo-Wellington. Being in limbo – not knowing where one will be in the near future, whether it’s 3 months or 3 weeks, has got to be one of the most stressful stages of any life change – and especially in separation and divorce. As human beings, we like to have a sense of control and security.  So when the human brain is under stress, the ‘fight or flight’ mode is fully engaged.  Our sense of equilibrium is shaky.  We can easily become emotionally hijacked and we don’t have access to our rational brain. So how do you calm the fearful ‘lizard’ brain when you’re passing through the limbo phase of a separation and divorce?  Here are 10 suggestions for getting through the next few months. 1. Regain some perspective – if only to recognize that your …
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Making 2018 Your Turnaround Year

It’s become a bit of a cliché to talk about resolutions at the start of the New Year. You’re going to be inundated with pitches to exercise more, “eat right” or pick up a new hobby. These resolutions start out with the best of intentions but ultimately most of us can’t manage to keep them. Within a few days or weeks, we’re back to our old habits. Perhaps only a psychiatrist knows why we can’t keep our resolutions. While giving up the sweets might seem like an impossible task, getting into some good financial habits at the start of the year is easier than you think. And there is no better time to look at what you might be doing right and perhaps wrong when it comes to your finances and make a change to see a more prosperous 2018. These are by no means brand new ideas but rather …
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How mortgage brokers help you get approved by ‘A’ lenders

Every year Canadian families are caught in unexpected bad circumstances only to find out that in most cases the banks and the credit unions are there to lend you money in the good times, not so much during the bad times. This is where thousands of families have benefited over the years from the services of a skilled mortgage broker that has access, as I do, to dozens of different lending solutions including trust companies and private lending corporations. These short-term solutions can help a family bridge the gap through business challenges, employment challenges, health challenges, etc. The key to taking on these sorts of mortgages is always in having a clear exit strategy, which in some cases may be as simple as a sale deferred to the spring market. Most times, the exit strategy involves cleaning up credit challenges, getting consistent income back in place and moving the mortgage …
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The Tracy Valko Mortgage Team

Big Mortgage Changes Coming January First

There has been significant media coverage around upcoming changes to mortgage lending rules that will take effect Jan. 1, 2018. These rules will affect many more people than most realize. They will affect people seeking a mortgage most obviously, but they will also affect those with a mortgage in many ways as well. Let’s take a look at some key areas of concern for both groups, those with a mortgage, and those without (but seeking) a mortgage. What is the impact? A reduction of 20 per cent-plus in maximum borrowing power for those with a 20 per cent or GREATER down payment. You read that correctly, a big reduction for the group with the bigger down payments. The Have Nots You don’t have a mortgage yet, but you have a Pre-Approval, so you think you’re safe with that Pre-Approval…you may be and also you may not be. A select group …
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3 Mortgage Terms You Need to Know

Prepayment, Portability and Assumability Prepayments One of the most common questions the Valko team gets is about mortgage prepayments.  The conditions vary from lender to lender but the nice thing about prepayments is that you can pay a little more every year if you want to pay off your mortage faster. A great way to do this is through prepayments. They’re always something to ask your broker about because each lender is very different.  You can always do an increase on your payments and that means that you pay a little bit more each week or each month when you make your mortgage payment.  You can also make a lump sum payment.  Perhaps you get a bonus every year or you get a lot of Christmas money.  You can just throw that on your mortgage.   It goes right on the principle so you’re not paying interest on those extra funds.  …
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Alternative Lending – What is it and Why might I need it?

This is a guest blog written by Dan Pauls from Magenta Capital written for The Valko Team.  Dan is a Business Development Manager for Magenta Capital.   “Alternative lending” is a broad term that covers the many loan options available to any borrower that might not qualify for traditional mortgage financing.  The reasons for borrowers not qualifying are widely varied, since every borrower has a situation or circumstance that is unique to them. Banks and traditional lenders have rigid, standard criteria that they must follow to approve someone for a mortgage.  Their borrowers’ credit history, job history, job type, income type, debt ratios, property type, down payment, etc. must all meet those requirements, which continue to get tighter and tighter in our current environment.  The benefit of the Alternative Lenders is that they can look at your unique circumstances for what they are, and they will assess the big picture …
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The Bank of Canada on Hold

On Oct. 25, the Bank of Canada made no change to the overnight lending rate. This lack of movement was widely expected, then again the Bank of Canada surprised 27 of 33 economists polled with the previous 0.25% rate hike on Sept 6, following a previous 0.25% hike July 12. At this point cooler heads are prevailing. These two recent increases should be viewed with the consideration that the last time the Prime rate reached a level this ‘high’ was September 2010, where it then sat stagnant for more than four years. Until a shock to the system triggered two 0.25% drops in early 2015. A response to the sudden drop in oil prices. Shocks to the system often cause rates to drop, the unexpected. What will cause rates to continue to rise in the future? Economic good news, which is something that tends to build in a predictable and slower fashion. …
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