Perspective on Mortgage Deferrals: No Shame in Renting
With mortgage deferrals coming to an end, CTV commentator Pattie Lovett-Reid does a good job summarizing homeowner options in a recent article. Click here to read it now.
Key takeways from the article:
- If you can’t make your mortgage payments, don’t wait for your mortgage lender to call you, give them a call and let them know what’s happening.
- If you have equity in your home, consider refinancing. Mortgage rates are at an all time low right now. There could be an opportunity in the making.
- Tap into any savings, consider using a line of credit or asking family for help.
Finally, if you’re in tight spot with no other alternative, consider selling the property. A wise private lender once said to me about a client who was struggling to hold on to his property at a very dear cost, there is no shame in renting!
Meanwhile, the real estate market continues to charge o and we have financing solutions for all types of borrowers.
Prime borrower solutions:
- 5-Years Fixed Rate, Insured Mortgage from 1.6%
- Line of Credit (first position) at Prime (2.45%) plus.25% = 2.7%
- Alternative Lending:
- Self Employed Mortgage from 2.99% (no tax returns or assessments needed)
- Reverse Mortgage Rates from 3.39%
- (No interest or principle payments required until mortgage becomes due. No maturity date. Must be at least 55 years of age.)
- Other:
- Non-resident purchase available with Prime Lender available with 35% down
- Apartment Building, 5 + residential units – under 2%
- Second Mortgage/Line of Credit from 4.8%
- Land/Construction
- Private & Institutional Money Available
- 1st and 2nd Mortgages
Call today for a no cost consultation! We look forward to hearing from you!
David Grossman MBA
Mortgage Broker, RMA Lic. 10464
And, Private Equity Specialist/Dealing Representative
Huxton Black
Tel. 416 876 2031
