Skip directly to content

mortgage

What about the mortgage payment deferral offer from the banks?

on Fri, 03/27/2020 - 12:57

So I’ve got a lot of people asking me regarding the mortgage relief offer that the big six banks had offered last week. Funny enough, none of these people are my clients, anyway I always answer questions although I don’t get paid for it. So here we go:
 
As a financial advisor, I would highly recommend against taking this mortgage relief offer because it is, at the end, going to hurt you more.

If you can afford it, pay your mortgage.

According to the report CBC had done, A RBC empolyee stated that interest accrued from each deferred payment was being added back into the principal balance of

Don’t be too easy on “buying a car”

on Mon, 04/24/2017 - 16:39

Over the years, I realize, living in big cities like Toronto, people always struggle with whether they want to buy a car. 

Car buying is like a mini excise on property buying or renovation. No matter how many times you crunch your numbers, when it happens, there are always things going to cost you more.

I have seen multiple times clients thought it was better off for them to get a car, and that whole things turned out to be a mistake. At the same time, there are of course many cases, car buying only makes sense.

This article is just to raise awareness so that you can think twice before

Building small business owner's new family

on Mon, 11/28/2011 - 09:51

You know how small business owners usually report very low income, so that they can pay lower tax...

Here is my experience on a small business owner that I want to share:
 
I met this small business owner in 2005 and he owns restaurants in Toronto, normally he has about $5000 income from the business for his daily expenses, and any retain earnings is used to set up the next restaurant. 
 
However, he reported only about 12k income for himself and his wife. They rented a house in Scarborough at the time. 
 
We started to look into his finances and of course he has no problem meeting his

Mortgage insurance or mortgage insurance??

on Tue, 09/06/2011 - 23:37

 

Is amazing how many people have no idea what "mortgage insurance" means...
 
I have met many people, think mortgage insurance is the same as mortgage loan insurance. 
 
Ok, let's make it clear: mortgage loan insurance is usually provided by CMHC and GE, mostly CMHC. From CMHC's web site, it defines mortgage loan insurance as follows: Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.