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Financing

You Don’t Buy a Happy Meal for the Toy

March 4, 2010
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I had an awesome question via Twitter from Ben Arledge, a REIN member and web developer.

Thoughts on life/disability insurance on rental property?
To which I replied:

Not worth it, better do deal with a real insurance broker and get the right insurance. You don’t buy a happy meal for the toy.
His next question is the important one.

What’s [...]

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Mortgage News from Peter Kinch – March 3rd

March 3, 2010

Peter Kinch’s email newsletter just hit my inbox this afternoon and it’s got some great info I thought I’d share. (Peter’s a great mortgage broker and I’ve used his office in the past.)
Here’s what he had to say:
It’s rare to see a big bank undercut its mortgage competitors publicly. Most of the time they do [...]

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Peter Kinch on New CMHC Mortgage Rules

February 18, 2010

For those of you who caught yesterday’s changes to CMHC’s lending rules, here is Peter Kinch (Canada’s #1 Mortgage broker) weighing in on the topic. I agree with him, the changes are good window dressing, but will have very little impact on the market.

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The New Mortgage Rules – Investor Effects and No Surprises

February 16, 2010
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You’ve heard it by now, Government of Canada Takes Action to Strengthen Housing Financing. It’s no surprise and will have minimal impact on the market. There’ll be a little rush, then a little hangover, and then back to normal. I am glad to see some action taken to stop the stupid pre-sale condo speculation, but [...]

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The Right Mortgage For Me

January 31, 2010
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I’ve got a lot of friends who are buying their first homes right now. We go out for coffee and people are talking about how big they’re trying to make their down payment, or how quick they can manage to pay off their mortgage. That’s great, and I’m glad they’re being fiscally responsible.
I’m looking for [...]

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Do This Before You Unzip Your Pants

January 25, 2010
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Call everyone on your team.
Your real estate team.
Get your mind out of the gutter.
I’m in the middle of buying a new principle residence and almost made one of the most deadly, amateurish mistakes in the history of time: removing conditions without making sure they’ve actually been satisfied.
In my case I recently [...]

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Peter Kinch on Conflicting Rate Reports

June 8, 2009

Peter Kinch is a great mortgage broker, and I use one of his brokers. He’s also a frequent speaker on various radio and tv programs. Here’s a transcript from News 1130 last Friday (June 5th) between Peter Kinch and Russell Byth last Vancouver.
Russ:
The Bank of Canada is standing pat on rates keeping the Prime [...]

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6 Things You Should Do To Your Mortgage When Interest Rates Drop

April 21, 2009

The Bank of Canada just dropped the prime interest rate by 0.25% making it….0.25%. The federal banks quickly followed.
Here are the 6 things you should do right now.

Call your banker/mortgage broker and reduce your mortgage payments as close to interest-only as possible. Do not go into negative-amoritzation (i.e. where your loan gets bigger).
If you don’t [...]

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