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Financing

The New Mortgage Rules – Investor Effects and No Surprises

February 16, 2010 Financing
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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 Financing
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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 [...]

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Do This Before You Unzip Your Pants

January 25, 2010 Financing
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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 Financing

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 [...]

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

April 21, 2009 Financing

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). [...]

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Stay Variable or Lock In?

March 8, 2009 Financing

I posted last week about the Bank of Canada dropping prime again, and how interest rates are at a historic low. I got Peter Kinch’s newsletter a day or so later and he talks about the change and if it’s better to stay variable or look at locking in. (FYI, Peggy Wong in Peter’s office [...]

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Do you know what your line of credit costs?

September 2, 2008 Financing

Most people have two phases to their real estate investing. First, they’ve got a little cash for downpayments. Maybe it came from selling their last principle residence, an inheritance, or a buyout or retirement. Either way, cash is the first and most obvious way to go. Phase two is borrowed money for downpayments and such. [...]

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