Doug Heldman

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doug heldman

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As a professional realtor with experience since 1988, I have a marketing plan that while not a guarantee, is absolutely the best there is. Interested in how to sell your home for the most amount of money in the least amount of time? I can show you how it is done. Contact me for a confidential discussion!

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Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
Filed under: east york riverdale the beach leslieville
Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less

Originally posted on: March 4, 2016
Filed under: east york riverdale the beach leslieville
5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less Posted on February 24, 2016 International Living ...

Buying Toronto Real Estate - Financing

Financing is the cornerstone of a real estate transaction.  The process should start 18 – 24 months prior to the date you want to move. The first step is finding out exactly what your credit rating score is.

First, you’ll need a Pre-approval to confirm you qualify.  Getting pre-approved is easy and free! 

Once pre-approved for a mortgage, you’ll be certain of the size of mortgage for which you qualify and guaranteed a rate hold for up to 4 months. 

With an idea of your purchasing power, you can confidently start shopping and eventually make an offer on your home or condominium.

Your choices of where to get a pre-approved mortgage include:  Mortgage Broker, Bank, Credit Union and all of them have advantages and disadvantages.  

Mortgage brokers

Mortgage brokers are paid by the lender that you and your broker select, there are currently 50 mortgage lenders in Canada. There are no fees unless they are disclosed up front, legally it is a requirement that all costs are disclosed to the borrower  You usually get a lower mortgage rate too as the broker is solicited by multiple banks daily in hopes of increasing their loan portfolio! More importantly, you get a mortgage planning education that would otherwise take you weeks to formulate on your own. It really is win-win for both parties. 

Banks

Banks are often the first place that comes to mind and counter intuitively it may not be the best choice.  Banks have a responsibility to their shareholders to make a profit.  The retail location (the Bank on the corner) is one of the places that profit is scrutinized simply because of the overhead of rent, utilities and wages.  Overhead not factors for in the business model they have designed around independent mortgage brokers.  Banks recognize that there is competition from independent mortgage brokers that cannot be addresses in the retail location so they have created the position of Area Manager or Mortgage Specialist, different institutions call them different names.  Advantages to dealing with a Mortgage Specialist are; they are solely focused on mortgage financing and they are generally most tapped into what is or is not possible given the day to day changes in a bank’s lending guidelines.

Credit Unions

Credit Unions are similar to a bank with similar or better mortgage rates.  Often the final decision of lending to a particular person for a particular property is made by a board that may not meet every day.  In a fast paced market when you need a desion in a timely fashion they may not be an ideal choice.  Check there practices before you proceed.

There are several advantages to using the services of a reputable Mortgage Broker or Area Manager employed by a large banking institution.

  • You will work with a specialist that does nothing but mortgage financing every day.
  • Mortgage Brokers and an Area Manager are current with changing programs from either dozens of lenders or their own bank.
  • Answers to your questions will be timely and professional.
  • You will be quoted the best rate without the negotiation process associated with Bank Branches

A few things to start the conversation are:

  • How Much Can You Afford 
  • Downpayment Requirements
  • Down-Payment from RRSPs
  • Closing Costs
  • Mortgage Basics
  • Selecting the Right Mortgage
  • Creating a Mortgage Strategy

Or you could arrange to meet with a Preferred Mortgage Specialist at the time and place most convenient to you.

Mortgage Specialist Locator

The pdf attached is a very interesting 4 pager discussing the merits of different mortgage terms.

Look for this statement… Canadians would have been better off with a variable rate mortgage compared to a five-year fixed rate 89% of the time.

If you want to discuss a strategy that would give you the advantage of a low rate and the stability of a fixed term with the added bonus of paying down your mortgage faster, I have one.  Call me!

 

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