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Mortgages; Insured Specials, Self Employed, Construction, Reverse Mortgages and Perspectives on Deferrals

Perspective on Mortgage Deferrals: No Shame in Renting

With mortgage deferrals coming to an end, CTV commentator Pattie Lovett-Reid does a good job summarizing homeowner options in a recent article. Click here to read it now.

Key takeways from the article:

  1. If you can’t make your mortgage payments, don’t wait for your mortgage lender to call you, give them a call and let them know what’s happening.
  2. If you have equity in your home, consider refinancing. Mortgage rates are at an all time low right now. There could be an opportunity in the making.
  3. Tap into any savings, consider using a line of credit or asking family for help.

Finally, if you’re in tight spot with no other alternative, consider selling the property. A wise private lender once said to me about a client who was struggling to hold on to his property at a very dear cost, there is no shame in renting!

Meanwhile, the real estate market continues to charge o and we have financing solutions for all types of borrowers.

Prime borrower solutions:

  • 5-Years Fixed Rate, Insured Mortgage from 1.6%
  • Line of Credit (first position) at Prime (2.45%) plus.25% = 2.7%
  • Alternative Lending:
  • Self Employed Mortgage from 2.99% (no tax returns or assessments needed)
  • Reverse Mortgage Rates from 3.39%
  • (No interest or principle payments required until mortgage becomes due. No maturity date. Must be at least 55 years of age.)
  • Other:
    • Non-resident purchase available with Prime Lender available with 35% down
    • Apartment Building, 5 + residential units – under 2%
    • Second Mortgage/Line of Credit from 4.8%
    • Land/Construction
    • Private & Institutional Money Available
    • 1st and 2nd Mortgages

Call today for a no cost consultation! We look forward to hearing from you!

David Grossman MBA
Mortgage Broker, RMA Lic. 10464

www.RockYourMortgage.Ca

And, Private Equity Specialist/Dealing Representative
Huxton Black
Tel. 416 876 2031

 
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