Some properties are trickier to finance than others. My dad once had the task of finding a way to finance a property that once served as a townhall, firehall and jail in the small community of Coldwater, Ontario. Helen Morris further explores why Unique Abodes Often Require Special Mortgage Financing.
Are you in this boat? 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 and dynamic creatures, and there is something about time and compounding interest that makes 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.
That rounds off 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, contact me here or book a call directly into my calendar below.
