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MonthApril 2014

Watch “LowRateHandcuffs SteveGarganis” on YouTube

LowRateHandcuffs SteveGarganis: http://youtu.be/0PYscaojGT4

Think all mortgages are alike? Guess again.   Choosing a mortgage because it has the so-called “lowest rate” or because it’s from a major bank can cost you $$thousands.

Check out this video I call “Low Rate handcuffs”.

Not sure if your mortgage has the “Low Rate handcuffs”?  Contact me to find out and what you can do about it.

Steve Garganis
Steve@mortgagenow.ca
416-224-0114

Slow credit or poor credit? There’s a mortgage solution.

bad credit Life doesn’t always go according to plan.   You’ve heard that saying before.  When you have financial trouble, it can affect your credit score.    Today, that makes qualifying for a loan or mortgage very difficult….. but not impossible.

With all the new mortgage rule changes over the past 5 years, its made borrowing at reasonable rates almost impossible.   Many of us have been forced to borrowing on our high interest credit cards or finance loan companies.   These credit facilities carry huge interest rates and short amortization periods resulting in very high monthly payments.   (by the way, isn’t it ironic that the Federal Govt has tightened mortgage rules every year for the past 5 yrs but they haven’t touched the higher interest credit card companies and finance companies!   Who owns the credit card companies and finance companies?  That’s right.. the BANKS!  Who’s interest are they looking out for?)
Continue reading “Slow credit or poor credit? There’s a mortgage solution.”

Darryl Sittler made his fortune in real estate, not hockey.

RRSP home buyers planLast week, I had the privilege of attending REIN’s (Real Estate Investment Network) monthly workshop.  One of my childhood idols was a guest speaker.  I’m talking about Darryl Sittler, the former captain of the Toronto Maple Leafs.   In case you haven’t heard of REIN, let me share some details about this group of professionals.

REIN is a group of real estate investors that get together to network and share valuable information that affects real estate in Canada.   The leader of the group is Don Campbell.   If you haven’t heard of him, you should.  His approach to buying investment properties has proven to be very sound and profitable.  His “top ten best cities to invest” is legendary. Continue reading “Darryl Sittler made his fortune in real estate, not hockey.”

Self-employed and can’t prove all income? There’s a new mortgage solution.

approvedIT STARTED WITH 2008

In 2008, the world experienced the U.S. sub-prime mortgage crisis.  Financial markets and real estate values nose-dived around the world…. well, not everywhere.    Some countries, like Canada, held their own.   Most of Canada didn’t really suffer like the rest of the world.  Call it luck, govt intervention, maybe being 5 yrs behind the U.S. (that’s personally what I think it was),  or whatever.   Today, property values have never been higher!

Here’s the strange thing.  Our Federal govt has made several mortgage rule changes that makes getting a mortgage tougher.  Yet, those changes were made AFTER the crisis.  In fact, they have made annual changes since 2009, including 2013.   Somehow, our real estate market remains red-hot.  (That’s something to discuss another day).

The govt demanded higher credit scores, more proof of income, larger down payments, shorter amortizations and reduced how much your can borrow against your house.   Yes, all these changes were made AFTER the 2008 crisis and are as recent 2013.  And that’s what so amazing our current real estate market..  it’s resilient.  It’s continued to grow and climb even with all the govt tinkering.   Continue reading “Self-employed and can’t prove all income? There’s a new mortgage solution.”

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