Showing posts with label toronto mortgage. Show all posts
Showing posts with label toronto mortgage. Show all posts
Monday, June 25, 2012
Ask Our Mortgage Specialists - David Grossman & Jeff Risi talk to private lender Graham Tobe
If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.
Thursday, October 14, 2010
Line of Credit/Mortgages for Self Employed
(Video Below!!!)
In business, as in life, we've all experienced good times and bad. You will know this to be especially true if you are self employed. If you're in a business that is cyclical, how do you manage your financial obligations during slower times?
Answer: Get a Line of Credit
The best time to arrange a line of credit is when times are good, but if don't have that prearranged, I would strongly encourage you to do it before you start missing any debt payments!
Sadly, I've met a number of people over the years who don't get that concept. Instead, they come to me when their credit is already damaged, and instead of borrowing money at Prime (Prime is 3% at the time of this writing), or in some cases below Prime, they end of paying exhorbitant rates and fees to borrow money.
I recently arranged a mortgage for a self employed couple who were in a cyclical business. Over a period of several years, each time their business went through a down cycle, they did the worst thing they could possibly do; they stopped paying their credit cards! Over a period of time, the couple refinanced their home several times. The problem was that their credit was always bad because they were always looking to borrow money after they started missing payments. As a result, they always ended up paying much higher rates and fees to borrow money than they would have otherwise had to.
Since banks can be very sticky about loaning money to self-employed borrowers, it's important to have a hard working mortgage broker you can trust to help you find the best mortgage. The good news is that there are lenders out there who are happy to loan money to self employed applicants at very good rates. This is especially true if you take steps to access the money you need before you start missing any of your debt payments.
For help with your next mortgage, call me, David Grossman at 416 876 2031. I look forward to hearing from you!
VIDEO: HOW TO PAY OFF YOUR CREDIT CARDS
Thanks for watching. I look forward to hearing from you!
Sincerely,
David Grossman MBA
Mortgage Specialist
Tel: 416 876 2031
e-mail:david_grossman@rogers.com
http://www.mortgagemensch.ca
In business, as in life, we've all experienced good times and bad. You will know this to be especially true if you are self employed. If you're in a business that is cyclical, how do you manage your financial obligations during slower times?
Answer: Get a Line of Credit
The best time to arrange a line of credit is when times are good, but if don't have that prearranged, I would strongly encourage you to do it before you start missing any debt payments!
Sadly, I've met a number of people over the years who don't get that concept. Instead, they come to me when their credit is already damaged, and instead of borrowing money at Prime (Prime is 3% at the time of this writing), or in some cases below Prime, they end of paying exhorbitant rates and fees to borrow money.
I recently arranged a mortgage for a self employed couple who were in a cyclical business. Over a period of several years, each time their business went through a down cycle, they did the worst thing they could possibly do; they stopped paying their credit cards! Over a period of time, the couple refinanced their home several times. The problem was that their credit was always bad because they were always looking to borrow money after they started missing payments. As a result, they always ended up paying much higher rates and fees to borrow money than they would have otherwise had to.
Since banks can be very sticky about loaning money to self-employed borrowers, it's important to have a hard working mortgage broker you can trust to help you find the best mortgage. The good news is that there are lenders out there who are happy to loan money to self employed applicants at very good rates. This is especially true if you take steps to access the money you need before you start missing any of your debt payments.
For help with your next mortgage, call me, David Grossman at 416 876 2031. I look forward to hearing from you!
VIDEO: HOW TO PAY OFF YOUR CREDIT CARDS
Thanks for watching. I look forward to hearing from you!
Sincerely,
David Grossman MBA
Mortgage Specialist
Tel: 416 876 2031
e-mail:david_grossman@rogers.com
http://www.mortgagemensch.ca
Saturday, August 7, 2010
First time buyer mortgage requirements
David Grossman MBA is a mortgage specialist in Toronto, Canada. Visit website http://www.mortgagemensch.ca for more info or call 416 876 2031.
Friday, November 6, 2009
You're looking for a mortgage and you're declined by the bank...
If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.
Fixed or variable rate mortgage discussion with singer Limore
If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.
Friday, December 12, 2008
Stuck with two properties: Investor mortgage may be the solution to your problem
It’s a fairly common scenario nowadays. You bought a new property and arranged financing that was conditional on the sale of your old property. And now with the market having fallen off, you’re under pressure to reduce the price of your original property but you hesitate to do so because you don’t want to realize a major loss.
Enter the investor mortgage, available with as little as 5% down. What is an investor mortgage? It’s a mortgage that allows you to offset the rental income you will receive from either one of the properties against the carrying cost the property. With a lender that allows rental offset, the total amount of mortgage (or mortgages) you are allowed to carry will be significantly higher than they would be with a mortgage on an owner occupied property. In other words, if you prefer not to realize the loss on your original property, it may be possible for you to keep both properties. The insurance premium on the investor mortgage is higher than the premium on a regular mortgage – insurance premiums apply when your down payment is less than 20% -- but this may be the solution for you if you want to hang on to the original property and wait for a better market to sell.
Call me direct at 416 876 2031 if you would like more information about the investor mortgage.
Enter the investor mortgage, available with as little as 5% down. What is an investor mortgage? It’s a mortgage that allows you to offset the rental income you will receive from either one of the properties against the carrying cost the property. With a lender that allows rental offset, the total amount of mortgage (or mortgages) you are allowed to carry will be significantly higher than they would be with a mortgage on an owner occupied property. In other words, if you prefer not to realize the loss on your original property, it may be possible for you to keep both properties. The insurance premium on the investor mortgage is higher than the premium on a regular mortgage – insurance premiums apply when your down payment is less than 20% -- but this may be the solution for you if you want to hang on to the original property and wait for a better market to sell.
Call me direct at 416 876 2031 if you would like more information about the investor mortgage.
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