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Canadian Mortgage situation strong. Only 4.2 % of the total mortgages in Canada own less than 10% equity
Posted on November 25 2010

The Canadian Mortgage situation is strong. Only 4.2 % of the total mortgages held in Canada own less than 10% equity in their property. At the just concluded CAAMP convention for mortgage brokers it was found that our situation is nothing like the US. The suprising thing is that of the 4.2% of mortgage holders in the high risk catogoriy 50% of these people are actually paying down their debt. That makes for a very healthy and stable situation for our mortgage lenders. Mortgage specialist  from all over the world including the US, Australia ,and Mexico were present to study our system and learn from it.

Tony Fernandes

Chartered Real Estate and Mortgage broker.

514 943 3309

tony@aifernandes.com

When the ball bounces in China we need to know.
Posted on November 24 2010

When the ball bounces in China we need to know. At the just concluded CAAMP (Canadian Association of Accredited Mortgage Professionals) conference, the message was loud and clear. Benjamin Tal senior Econimist at CIBC First Lineand others resonated loud and clear that the North American Economy is so closely related to what happens in China that it may affect interest rates. So pay attention. The general feeling is that interest rates in Canada will stay stable through 2011. More soon

Tony Fernndes

Chartered Real Estate and Mortgage Broker

tony@aifernandes.com WWW.aifernandes.com

Title Insurance a good idea when unsure of any irregularities
Posted on November 1 2010

Title Insurance is a good idea when unsure of any irregularities that may arise prior to the purchase of a property. Title insurance is fairly cheap compared to the cost that may be associated with any irregularities, non conformances, overhangs etc. In some cases overlapping lots servitudes etc omitted on an old certificate of location may cost thousands of dollars  to be regulated. Most people make the mistake of ordering a certificate of location too close to the signing. Sometimes the certificate may not be ready  for the signing. Signing without Title Insurance is playing Russian Roulette. Three to Four Hundred Dollars is your best bet. Dont gamble be safe.

Tony Fernandes
Chartered Real Estate and Mortgage Broker

CMHC no longer guarantees that with 15% down you can buy a revenue property.
Posted on October 31 2010

CMHC no longer guarantees that with 15% down you can buy a revenue property. Dont be surprised that when you buy a revenue property and you apply for a high ratio mortgage on the revenue property normally 15% down that the CMHC that they may request a higher down payment. In fact they are asking for 25% down in some cases. Together with the 2% insurance premium that could be higher than 25%. Citing a higher future mortgage rate at the time of expiry of the mortgage the countdown may begin after the first five years of the mortgage in their assessment of what the rate may be even if the term is longer. Other reasons for increasing the downpayment may include lower revenue in the subject property compared to others. Tthey are not taking into account the price paid for the property. Hold backs in the payment of the mortgage for repairs etc may make this down payment much more than just paying the conventional mortgage downpayment at the bank. (usually 25% down)  Evaluate the two options before making the decision. It is no longer a slam dunk option.

Call for more info

Tony Fernandes

Chartered Real Estate and Mortgage Broker

Agence Immobliere Fernandes

Member CAAMP (Canadian Association of Accredited Mortgage Professionals)

514 943 3309

tony@aifernandes/com

Financing problems
Posted on October 29 2010

Important, Need Financing, Trouble with 60 day notice, bridge loan for construction, between buying and selling your house . I have been looking for this type of solution for 23 years and have only now been able to convince some lenders to give us terms and conditions to be able to bail out people without giving up the first born in the family. We have the solution. If you have been slapped with a sixty day notice on your house,or property, or have a problem with your cash flow and feel you are in a dead end. We can finance you upto 75% of your property value, upto $500,000, No beacon score required. No payments for one year. We can have a term, from 6 months to 1 year. You can also use other property, such as a chalet up north as colateral. Our Construction bridge loan financing could be upto 8 Million Dollars. Does not require the sale of 50% of your project. If you have this problem, or others, call us. We may have the solution that suits you.
Tony Fernandes 514 943 3309
Chartered Real Estate and Mortgage Broker

Agence Immobliere Fernandes

Member CAAMP (Canadian Association of Accredited Mortgage Professionals)

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