21 Aug

STOP FIGHTING OVER THE HOUSE NOW

General

Posted by: Ron Price

Stop Fighting over the House Now!

 

Separation is tough. We have firsthand knowledge about it, the hard way.    It is an emotional upheaval for both partners as both fight for what each party thinks is fair.  Many couples end up selling the matrimonial home when they don’t have to.  It’s mostly because they don’t know there are options.

With separation, the lenders will allow us to refinance up to 95% of the property value and even pay off debts.   If you have children, it’s much better if you don’t have to uproot them if at all possible.

Initially, it may look like one spouse does not have the ability to support the mortgage but with child support and or spousal support, it all of sudden becomes affordable.  As well, we often add a co-signer who helps the spouse left in the house especially if that parent needs to retrain or find better employment.  It’s all part of what we do in helping people adjust to reality of separation.

We have helped many, many clients deal with the emotional side as well and we always keep a box of Kleenex handy.  Just last week we had to rescue a friend and client of ours from a physically and emotionally abusive relationship.  Julie was shocked and surprised to learn she could support a mortgage on her own using a 35 year amortization. Her own brother told her to sell and move into an apartment.  We figured out a way she keep her home.  With low payments and her two pensions, we were able to pay out her common law husband and pay off her $25,000 car and her payments are now lower than they were with the two of them there.  As experts in the field of separation, we often help both spouses, especially if the break up is amicable.   After all, the exiting partner often wants a new house as well, so we facilitate that.

You know splitting up doesn’t have to be a drag out, beaten down where both spouses destroy each other in their attempt to survive on their own.   If you or a friend is going through tough times, give them our number.  We are good peeps here and are willing to dig in and help.

 

21 Aug

WHAT EVER HAPPENED TO ‘TRUTH IN LENDING’

General

Posted by: Ron Price

WHAT EVER HAPPENED TO ‘TRUTH IN LENDING?’
Truth in lending in the mortgage industry used to be based on straight forward terms
and conditions included in documents that one could easily understand.
We never hear of this term anymore and in fact a very opposite reality has become the
norm.
For this reason, getting a (bank) mortgage today has in effect, become a minefield of
potential hurt when one or two payments are missed.
The new bank mortgage product called Collateral Mortgages literally give the banks the
power to seize your house even when you may never miss a mortgage payment. Hard
to believe isn’t it?
As independent professional mortgage brokers, our job is to help you avoid this
minefield to the best of our ability, and to find you a mortgage solution which is fair and
equitable. In contrast with the banks, we go to great pains to inform and advise you as
much as possible to fully understand the mortgage documents you are signing.
In short we make every effort to protect your interests, and our service is free OAC.
Our last two articles in this paper cited many specifics about collateral mortgages of
which you need to be aware of.
Please take the time to review, discuss and share these articles with those you know.
Better yet go to our blog at: PriceTeamMortgages.ca and copy them for future reference
the next time your mortgage matures, or you are ready to buy your next home.
We are passionate about getting the truth out to the masses such that there becomes
are more general widespread awareness about the nature of Bank Collateral
Mortgages.
Whenever we are asked what the differences are between us and the banks, we feel
like ‘A Kid In A Candy Store’ because we are excited to provide a host of powerful
reasons (and examples) why they can benefit by choosing us over the banks.
Think of us as your independent mortgage ‘Ombudsman’ here to protect and guide you.
Getting a mortgage through our friendly caring team is a whole different experience than
what you are accustomed to. We love our business and we take as much time as
necessary to make you feel appreciated and comfortable with your new mortgage.
For your next mortgage need, please give us a call.
18 Aug

‘SMOKE AND MIRRORS’ BANK MORTGAGES

General

Posted by: Ron Price

‘SMOKE AND MIRRORS’ BANK MORTGAGES
When you get a mortgage from a bank today, if they told you that your unsecured credit
cards, loans, line of credit, in other words every credit facility you have with them would
become secured under the new mortgage, would you agree to this?
If they told you they were going to register the amount of mortgage up to125% higher
than the value despite the funds you receive, thus rendering you with what appears to
be no equity, would you be OK with that?
Also if someone at the bank explained to you the penalty you would pay if something
went wrong, God forbid, like job loss, separation/divorce etc., which no one expects will
happen, when in fact they happen all the time, and you realize that the penalty is both
shocking and grossly unfair, would you proceed with such a mortgage?
Clearly your answer would be NO, NO AND NO!!! I’ll find a mortgage elsewhere.
The problem is that such disclosures of information are rarely given by the banks. You
show up a the lawyer’s office, and while he or she may do their best to inform you of
some of the perils of this new style ‘COLLATERAL MORTGAGE’ it is simply too late.
Costs have been incurred and your money has already been spent. It is too late to start
over, especially if you bought a house which must close and so you proceed and the
transaction closes.
We are of the opinion that these new bank mortgage products give the bank virtual
control over you, financially speaking. You see, if you now miss one credit card or loan
payment you are considered in default OF EVERY DEBT you have with your bank. In
fact, if one misses even one credit card payment for example (and are falling behind
and in trouble) the bank can now act to take your house too. This was never the case
before.
Please understand that when you obtain a bank mortgage today, you are agreeing to
many new ‘Dangerous to your Health’ terms that you don’t even see in the mortgage
commitment that you sign. Can this be true? Yes it absolutely is, because every
borrower is obligated by the STANDARD CHARGE TERMS which you sign at the law
office the day before closing giving you little to no chance to read. This is the FINE
PRINT that we keep warning you about that can harm you more than you can ever
imagine.
Next week, we will continue this subject with specific quotations directly from various
Bank Standard Charge Terms documents, that will make you cringe.
Yes borrowing from the Banks has utterly become a game of SMOKE AND MIRRORS.
We are here to protect you the consumer. We can only hope that you will call us first for
you next mortgage need.