by Cain Daniel | Feb 4, 2015 | Becoming a Mortgage Broker, Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
You might think that since the mortgage broker finds the borrower, the lender doesn’t have to pay the costs associated with obtaining that borrower, such as advertising and marketing, having branch offices, etc., and therefore dealing with mortgage brokers is more...
by Cain Daniel | Feb 2, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
What is a high ratio mortgage? A high ratio mortgage is a mortgage that exceeds 80% loan to value. This refers to either a purchase where the purchaser has less than 20% for a down payment or, in a refinancing scenario, where there is less than 20% equity in the...
by Cain Daniel | Jan 28, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
What is a Reverse Mortgage? A Reverse Mortgage is a type of interest accruing mortgage that is typically provided to seniors. The major provider of Reverse Mortgages in Ontario today is the Canadian Home Income Plan (CHIP). This organization provides...
by Cain Daniel | Jan 26, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
The loan to value of a mortgage is defined as the amount of the loan, in dollars as a percentage of the value of the property, in dollars. This is calculated by dividing the mortgage loan amount by the value of the property. Example If a borrower wished to...
by Cain Daniel | Jan 23, 2015 | Mortage Investments, Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
What is loan to value (ltv)? The ltv is the amount of the loan, in dollars, in relation to the value of the property, in dollars, expressed as a percentage that is typically rounded off to two decimal places (unless it is an exact number). For example, if the...
by Cain Daniel | Jan 21, 2015 | Mortage Investments, Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
Registered funds and mortgage investments Registered funds typically eligible for use in a mortgage investment are RRSPs, LIRAs, LIFs, RRIFs, RESPs and TFSAs. The benefits of using registered funds to invest is that the income generated will be tax...
