March 18, 2018


Benefits Of Being A Private Lender

Mar 6, 2018

What is a Private Lender?  Well, that is someone like you or I that invests our money into mortgages.  It could be a 1st mortgage or a 2nd mortgage but usually a 2nd mortgage. Typically a client would be referred to me because they require a mortgage for a debt consolidation, equity take out for renovations, purchase an investment property, pay Revenue Canada taxes or divorce. Here are some examples for obtaining a 2nd mortgage: The cost to break the 1st mortgage to refinance their property is cost prohibitive With the new lending guidelines implemented January 1, 2018, they cannot…

Divorce And Taxes

Mar 1, 2018

I receive a number of referrals of clients going through the divorce process and wanting to purchase their own home.  As we are moving into tax time, I felt this article may be timely on working with Canada Revenue Agency (CRA). Are You Separated in the Eyes of Canada Revenue:  CRA considers you separated when you live separate and apart for a period of 90 days. Inform CRA: the CRA expects you to notify them when your marital status changes. You can call, do it online, or fill out and mail a marital status change form. Write-Off Legal Fees Where You…

Advantages & Disadvantages of HELOC

Feb 20, 2018

What is a HELOC?  A HELOC is a ‘Home Equity Line of Credit”.  Often consumers think there is no mortgage registered against their home but in fact there is.  A collateral mortgage/charge is registered for the amount that you are authorized to borrow as security in support of the loan amount. A HELOC is typically requested when you want access to short term financing, for example, doing renovations, debt consolidation or investment and know there will be monies coming in through commissions, sale of stocks, inheritance, etc. that will be used to pay down the loan amount. The advantage of…