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LIVE your life, RENT & then OWN! Please Visit our website or contact us via E-mail or Phone for more information on how to get started TODAY!
We are experienced Real Estate Investors who work with a team of Mortgage professionals to help individuals and families achieve their dream of home ownership sooner than they thought possible via Rent to home ownership. ---------------------
What We Do:
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Help you move into a permanent home of your
10/01/2020
Canadians now have the option to build their credit scores via rent payments | The Chronicle Herald Eight years after Canadians first became able to use their mortgage payments to build their credit scores, a similar option now exists for those who rent. The Toronto-based Landlord Credit Bureau, which is used by 30,000 landlords and property
07/25/2020
Trying to qualify an Entrepreneur or business for self-owner can be a bit complex as there are different ways they can pay themselves. So, it is tricky to get financing for them. How they are pay themselves and declare the income and expenses. Many business owners are not fully knowledgeable about the difference between a sole proprietor and an incorporated business.
There are advantages and disadvantages and your accountant should help you to identify what is best for your business and the financial aspect.
I will leave that guidance to the pro …
What I want to talk about is about what we look at and why we need to know these details.
As you know the lender will want to see your income, as a sole proprietor you may take a draw from your profits to pay yourself but the business is parts and parcel of your personal tax declaration. So, the declared business income and expenses in your T1 for the last 2-years, will have an influence on what you can qualify for. The deposits in your bank accounts and invoices will also prove your income intake.
If your business is incorporated, you may either pay yourself a draw or you may pay yourself a fixed salary every week or bi-weekly or even monthly, and or you can be given a dividend payment. So, owner will issue a T4 from the corporation and other will not. If a T4 is issued then we can use the information on that T4 as income but if it a draw then we need to see the income deposits in the bank account and compared to invoices to support the declared income.
A detailed analysis of the expenses is required and either deduct or add expenses to determine the actual income. Lastly if the last year income is lower than the previous year, then the lender will use the lower income to qualify the borrower. From time to time, depending on the situation, we may need to use the average of the last 2-years income. So, as you can see, it is a bit complex but with someone like me who knows what to look for, I would say you are in good hands!
06/05/2020
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*Limiting Gross Debt Service (GDS) ratios to 35% (from 39%).
*Limiting Total Debt Service (TDS) ratios to 42% (from 44%).
*Raising the minimum credit score to 680 (from 600) for at least one borrower.
*Banning non-traditional sources of down payment that “increase indebtedness”.
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Reaction to CMHC's New Restrictions on Insured Mortgages - Mortgage Rates & Mortgage Broker News in Canada Obtaining mortgage insurance for a home purchase is about to become more challenging on July 1, particularly for first-time buyers.
05/23/2020
Canada looking to increase minimum mortgage down payments from 5% to 10% - ThinkPol Canada is looking to stop its historic household debt soaring even higher due to the novel coronavirus crisis by requiring higher mortgage down payments, the country’s national housing agency said. Evan Siddall, president and CEO of the Canada Mortgage and Housing Corporation (CMHC), warned the Ho...
05/19/2020
3 Factors That Impact Your Credit Score The Most And How To Improve It Both your personal and business credit scores matter when you apply for a loan. Institutions will check your credit scores and decide whether or not you a
05/05/2020
April 2020 experienced a drop in momentum in the London and St. Thomas area (unsurprisingly) and yet, still saw an increase in average home prices over April 2019. Real Estate is still deemed an essential service in Ontario and Realtors are exercising great caution for the benefit of their clients, and themselves to ensure everyone’s health and safety. Virtual showings, signed disclosures with mandated showing directions, 3D technology tours of homes....all are effective tools we are employing to help our clients with their goals.
If there is a specific area in London that you are interested in learning about or if you are interested in a free “virtual” home evaluation, send me a message. I am happy to help you with your real estate goals. 🏡🏘🏢
02/28/2020
The true cost of Home Ownership when it comes to closing costs across different markets in Ontario.
Closing Costs for First-Time Home Buyers Across Ontario | Zoocasa Cash outlays required on closing day includes the down payment, mortage insurance PST, land transfer tax, legal fees, title insurance.
02/06/2020
5 Sneaky Ways to Improve Your Credit Score - Clark Howard There are certain times when it pays to have the highest credit score possible. Here are a few under-the-radar ways to boost your credit score quickly.
01/29/2020
Freehold vs Condo Townhouse: Which is Right for You? | Zoocasa Freehold vs condo townhouse - what's the difference, and which is right for you? Townhouses are becoming a popular option for urban homeowners.
01/16/2020
We Stumbled across an AD for one of the major banks (we won't mention any names 😉😬🧐🕵️♀️), But it was for an investment "money multiplier product offer" that read:
"a unique investment that pays out a guaranteed annual interest payment, and has the potential to double your money in as little as five years."
Seems enticing, TAKE ALL MY MONEY!
Wait....Hold on! Potential to double in 5 years and only guaranteeing a 0.5% interest rate per year?
The Rule of 72 states that if you receive a 0.5% interest rate return annually, then it will take you 144 years to double your money! You read that right.....144 YEARS!
You work hard for your money and so your money should be working harder for you!
Not to mention all of the one sided terms that are more favorable to these banks in these types of offers. In a way, they are right about money being doubled, but who's money is really being doubled? 🤔
Ask us how we can help you achieve better returns on your money, utilizing real estate as an investment vehicle in our Rent to Own program!
Find out more here 🤜 www.LiveRentOwn.com
11/19/2019
What happens when you miss a credit card payment? CNBC Select explains what happens when you miss a credit card payment, the fees you may incur, the effect on your credit score and how to prevent late payments.
08/05/2019
Money problem's can be fixed, but you have to be willing to make those life style changes and put plans in place to resolve them. Learn new skills to earn more and/or spend less on the things that you don't really need or use often. Design a life style of your own that you are happy with and not one that you see on T.V. or social media.
If you want to increase your life style, find out what it takes to make that life style happen. A bigger lifestyle will not work when there is little income to support it; there is no equilibrium...the outflow is greater than the inflow.
We can help you realize a new plan where your current one is not working when it comes to home ownership.
Manulife: "We have a financial wellness crisis in Canada" Almost 4 in 10 Canadians with debt live beyond their means
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