Wednesday, March 23, 2016

Generous developer comes to the aid of 'screwed' condo buyers

When local businessman George Cantalini bought out the failed Glenora Skyline condo project in 2015, he discovered something unexpected.

The Glenora Skyline Development Corp. had stopped construction in 2014 of the planned four-tower residential development. The company left the eyesore of a messy, partially built condo tower on 142 Street and Stony Plain Road. It also couldn’t pay its debts to numerous suppliers, contractors and condo buyers.

Click here to read more about this local businessman that came to the rescue of the former Glenora Skyline building.

Tuesday, March 15, 2016

Understanding your Credit to Qualify for a mortgage!

The “Five Cs” of credit

 In today's economical environment the lenders are more stringent when making the decision on whether or not to approve your mortgage loan?



Character
Do you have good habits?  This means, do you pay your bills on time, what is the stability of your career and are you willing to provide information and answer questions in regards to your credit report. My clients character is strengthened and application process simplified when all financial information is fully disclosed - tell me everything so I can properly represent you.

Capacity
Estimated amount of debt you can carry to obtain a mortgage - We look at your gross income and your total debt and ensure you are only using approx 42% of your income to cover all your debt including the new mortgage loan, property taxes and heat for the home.
We also look at your revolving credit to ensure you are not maxing out the limits and that the loans are not all brand new.


Capital
Capital refers to your net worth — the value of your assets minus your liabilities. In simple terms, how much you own (for example, car, real estate, cash, and investments) minus how much you owe.
It is also your ability to manage your finances and accumulate assets while repaying your debt on time.

Collateral
Collateral refers to any asset of a borrower.  Can your assets back your debt.  For example - Do you have a car worth $20k but you owe $20k on it which means you don't have an asset.  You could have a $20k RRSP and owe $15k in debts which means you have a net worth of $5k to the positive which is what we want to see:)

Conditions
Lenders consider a number of outside circumstances that may affect my borrower’s financial situation and ability to repay, for example what’s happening in the local economy. If my borrower is a business, the lender may evaluate the financial health of my borrower’s industry, their local market, and competition.

Thanks,
Amy Wilson
Brokers For Life

Wednesday, March 9, 2016

Bank of Canada Announcement

Bank of Canada has made an announcement this morning that the benchmark rate will remain at 0.5% - therefore the Prime rate will remain at 2.70%.

Click here to read more.

Tuesday, March 8, 2016

Down Payment Options

Hello - today I talk to you about mortgage down payment options.  Click the video below to watch a very short video and call me today to find out how I can help you.
Brought to you by Amy Wilson Your Mortgage Girl - Verico Brokers For Life Inc.