The Mortgage Radar: One of Kind Unique Property Financing, Rrsp to Fund Your Own Mortgage, Extra Payments Go a Long Way

November 29, 2010

A few months ago my Dad added a couple of posts to this blog in the “Files of the Broker” section. One of his post was about “Oddball Property Private Mortgage Financing”  where he explained the challenges of financing unique homes and told the story of how he used his Mortgage Investment Corporation to finance a property that once served as a townhall, firehall and jail in the small community of Coldwater Onatrio. Helen Morris further explores why Unique Abodes Often Require Special Mortgage Financing. If you are in this boat give us a shout we may be able to help.
Are you disappointed with the 2-3% that you are earning in your RRSP and wondering if there is another safe haven to invest your money at a fixed rate of return? Consider investing in your mortgage. Your own mortgage is actually RRSP eligible making it a very intriguing investment that sparks the imagination of a lot of would be investors. Rob Carrick, personal finance writer at The Globe & Mail, presents a very comprehensive overview of this rare but interesting strategy of Making A Return On Your Mortgage.
Mortgages are strange dynamic creatures and there is something about time and compounding interest that make it difficult for us to fully grasp what small adjustments to payment frequency or extra payments can translate into. As a mortgage broker I am constantly consulting with clients to see how reallocation of cash flow can benefit the client so that they get out of debt sooner and pay the least amount of interest to their bank.  Here’s an interesting spin How $10 a Week Can Translate Into A New Car.
Lastly, today’s most significant real estate news is about affordability of homes in Toronto. Counter this with headlines being made in Paris. What Crisis? Paris Property Prices Hit Record
That Rounds up The Mortgage Radar to kick off the week. If you have any questions, comments or would like to explore the possibility of using my services to help arrange your mortgage get in touch with me via e-mail or by phone 416.461.0204ext2. Remember I get compensated by the lender through a finders fee so you don’t pay for my service.

Profile

Christopher Molder

Mortgage Broker

Christopher is a mortgage broker based in Toronto, Canada. And a son of a broker too. He’s a second generation mortgage broker. Following in his father’s steps he joined the family mortgage business straight out of university.