Son Of A Broker » Real Estate

Toronto’s Own

chris — Tue, 18 May 2010 15:27:40 +0000

My colleague Mark Savel is an interesting guy. Ask him what he does and he will say “real estate”. Ask him who he is and he’ll respond “Toronto’s own”. Mark loves our fair city of Toronto. His blog is not only an original source of freshly released information about Toronto’s newest and hottest real estate developments, it’s also a place where he shares his passion for the urban. Recently he covered the Banksy phenomenon in Toronto. In other posts he helps promote local community events and fundraisers. Mark also shows us the city through his eyes with the posting of a daily photo on his Posterous.com site.

Aside from all the contributions he makes to the online community through his participation in blogs, twitter, daily photos and event listings he is a value providing real estate agent who knows the city and puts the same amount of passion and detail into working with his clients. If you are thinking down town condo. Think “Toronto’s Own” Mark Savel.

Click here to view the embedded video.

Monday Mortgage Minute March 8th Interest Rates

chris — Tue, 09 Mar 2010 03:05:32 +0000

Although bond yields rose last Friday as of Monday March 8th Toronto Mortgage Interest rates remain unchanged. Over the weekend some lenders have warned of the possibility of fixed rate mortgages increasing. This weekend I decided to deliver my Monday Mortgage Minute from the slopes of Mont Tremblant Quebec, however I am back in the office this week refreshed and recharged after a nice little ski vacation. If you would like to contact me please write or call 416.461.0204 ext 2.

Chris Molder – Son of A Broker

1 year fixed – 2.65%

3 year fixed – 3.35%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Toronto Works For Haiti – Mortgage Services

chris — Thu, 04 Feb 2010 14:18:38 +0000

I have joined a group of Toronto volunteers who have committed themselves to offering their professional services in exchange for donations to the Haiti relief effort. www.TorontoWorksForHaiti.com Our group includes professionals and entrepreneurs offering a wide range of services all the way from Artists, to Japanese translation services, to Style Consultants and Social Media services.

Click here to view the embedded video.

I personal am committed to donating $200 from every mortgage that I arrange under this initiative to our goal of raising $5,000 by March 18th, 2010. Irrespective of the size or type of mortgage. Although a month has almost passed since the devastating earth quake in Haiti, and the main stream media has moved on to other stories, Haitians are still with out food and water and much needed assistance.

If you are in need of mortgage financing over the next 60 days, please consider our cause and help me help those in Haiti. As a Toronto mortgage broker my service will not cost you, I don’t serve the interest of any bank, I only serve the interest of my clients and of course I will be able to offer you the most competitive rates in the market today.

Please e-mail me or fill out a secure online mortgage application to get started.

Thank you for your consideration.

Chris Molder – Son Of A Broker

Toronto Condo Chicks

chris — Thu, 28 Jan 2010 00:29:36 +0000

You don’t need me to tell you that Toronto is currently experiencing an incredible real estate boom spurred on primarily by low mortgage interest rates and first time home buyers entering the market. If you are looking at buying in the near future, what you do need to hear from me is who can help you understand the mayhem that is the Toronto condo market? Enter The Condo Chicks!

With such a hot market, changes develop very quickly and you need a real estate agent who is current with information and market trends. I have had the pleasure of working with the CondoChicks, Joy & Erica, and I can assure you that these chicks have “large talons” (insert Napoleon Dynamite voiceover). They are extremely knowledgeable of their market, and have the skills to guide you through the jungle that is the Toronto Condo market.

They are also great bloggers! Check out their blog Condochicks.com. Of particular interest they profile specific buildings. My favorite is in there… TipTopLofts. Is yours?

What Does Term Refer To In My Mortgage Contract?

chris — Fri, 15 Jan 2010 03:26:55 +0000

There is no such thing as a silly question. Especially when it comes to your mortgage and money! As a mortgage broker I sit down and work with a lot of borrowers, some have a very high level of financial literacy and others never had the opportunity or need to learn. Arranging a mortgage on your home along with being a necessity should also be an educational experience.

When you arrange a mortgage on your home with a lender you are entering into a contract with the lender. Term refers to the length of time that the mortgage contract is effective for. For the term of the mortgage both you and the mortgage lender are obligated to honor the conditions and terms as set out by the mortgage contract. Most mortgages in Canada are arranged for 5 years at a time, however there are mortgages with terms from 6 months all the way up to 10 or 15 years and beyond.

During the term you are making 4 promises to the lender, otherwise known as covenants:

1- You promise to keep up with the mortgage payments

2- You promise to keep the property taxes up to date

3- You promise to keep the property in good repair

4-You promise to keep sufficient insurance coverage on your home

This is not a one way street though, during the mortgage term the lender is also making promises to you:

1- They give you ‘quiet and uninterrupted possession’ of your home

2- They cannot change the agreed upon interest rate during the term

3- They cannot demand that you repay your mortgage before the term expires (unless you break one of your promises)

Most mortgage lenders will allow you to break the mortgage contract before the term is up. This is where the penalty comes in. The majority of mortgage contracts are written so that the penalty is the greater of 3 months interest or the Interest Rate Differential (IRD). I could write a whole post on what to look out for when it comes to IRD. NOTE: Be wary if you are offered a low interest rate that is too good to be true because that is a sign that your mortgage may not be ‘breakable’ and you will be handcuffed to the lender until the term expires or you will have to pay them all the interest that you would have paid them over the term of the mortgage.

What happens at the end of your term you may ask? If you are a good client to the mortgage lender and pay them consistently over the life of the mortgage they will be happy to extend a mortgage renewal to you to enter into another term with them. This is an important juncture in the life of your mortgage because it represents an opportunity for you to refinance, move or paydown or off your mortgage with no interest penalty. It also represents a good opportunity for you to negotiate a lower rate or switch lender. Amazingly 90% of Canadian homeowners take the posted rate renewal offers their banks send them and pay more then necessary in interest.

If you are frustrated or confused about mortgage financing and looking for a guide with patience and who really understands the ins and outs of the business contact…

Chris Molder – Son Of A Broker

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

Merix Financial

chris — Wed, 16 Dec 2009 21:54:48 +0000

Most mortgage borrowers don’t realize that their mortgage lender options are much broader than the Big 5 Banks. There is an entire market of lenders who are, in many cases, more competitive than the banks when it comes to mortgage interest rates, have a wider selection of products and have excellent costumer service.

One of my favorite lenders to work with is Merix Financial. You have probably never heard of Merix Financial but their extensive product line (including the Merix HELOC, and 50/50 Mortgage), competitive no hassle interest rates and commitment to serving their customers have made them one of Canada’s leading mortgage lenders.

As a borrower you will find that they are very easy to work with especially when it comes time to renew your mortgage or lock in your variable rate mortgage. They don’t have posted rates and only offer discounted rates which are always among the lowest in the market so you never have to worry about whether you are being offered an unfair market rate.

The goal of Merix Financial is to stay ahead of the curve in the evolving mortgage industry, listen to the needs of their customers, and continue to build and innovate to support the long term loyalty of the customer and broker.

To date they have managed to achieve that goal very well and continue to improve.

If you would like to learn more about Merix Financial’s mortgage options, please contact me.

Christopher Molder – Son Of A Broker

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

Minto Skyy Condominium

chris — Sun, 13 Dec 2009 02:14:49 +0000

Click here to view the embedded video.

What is a Private Mortgage? Ask a S.O.B

chris — Fri, 11 Dec 2009 20:50:11 +0000

This week’s question is in regards to the various post we have online regarding Private Mortgages in Toronto.

What is a private mortgage?

Private mortgages are a special and very interesting type of mortgage option that most people are not too familiar with. The most basic definition of a private mortgage is a mortgage contract in which the lender is not a registered financial institution but may be a friend, family member or individual investor.

Because banks and other financial institutions have strict guidelines for lending that limit their ability to finance certain scenarios and borrower profiles, private mortgages are used to meet those unique needs. Some typical situations where a borrower may need private financing include:

-Financing for a cottage or unique property

-Financing for renovation projects and construction

-Financing for an individual who can’t prove their income by conventional means

-Financing to consolidate debt or recover from a bankruptcy

-Financing for individuals who have income tax or property tax arrears

There are several benefits to the borrower and investor alike in this type of mortgage arrangement.

From the borrowers point of view, private mortgages can be an excellent alternative when a suitable bank mortgage is impossible to obtain. Reasons why a borrower may require a private mortgage include; need for a second mortgage, poor credit, income tax arrears, tax arrears, construction financing, financing on properties that institutional banks may not consider prime, cases where an individual has recently gone bankrupt or just can’t prove their income. A private mortgage should never be a long term strategy for a borrower, as the interest rates tend to be higher and do not always have the features and flexibility that institutional mortgages offer.

Anybody can lend money through a mortgage. You don’t have to be a bank to lend money, it is possible for anyone to offer a private mortgage so long as it is arranged through a licensed mortgage broker in Ontario. Private mortgages are a great investment vehicle which provides monthly income. In addition, mortgages are negotiable instruments which can be assumed, renegotiated, and transferred as needed. All the while the investor is protected by the security of the real estate on which the mortgage is registered.

Regardless of whether you are a borrower or an investor a knowledgeable mortgage broker who is specialized in private mortgages is necessary in order to arrange the mortgage and also provide the guidance needed to make informed decisions. If you would like to connect with a real expert in the area call the father of the S.O.B, Arnold Molder at 416.461.0204 ext 1. He has been arranging and managing private mortgages for the past 30 years!

DISCLAIMER: please note the purpose of this post is to inform. I am in no way offering investment advise, please consult with your investment adviser.

Merix Fiancial 50/50 Mortgage – The Best of Both Worlds

chris — Wed, 09 Dec 2009 16:22:05 +0000

Not sure whether you want to take the full risk of selecting a variable rate mortgage in Toronto with an imminent rise in the prime rate on the horrizon over the next 24 months? Why not consider an innovative product offered by Canadian mortgage lender Merix Financial. The 50/50 mortgage.

The Merix 50/50 Wise Mortgage is a mortgage that lets borrowers take advantage of a low fixed rate and low variable rate all in one mortgage. 50% of the mortgage is in a 5 year fixed rate and 50% of the mortgage is in a 5 year Variable rate. So based on today’s numbers the mortgage would look like this:

-5 year stardard fixed rate mortgage: 4.09%

-5 year standard Variable rate mortgage: 2.15%

Effective rate of the 50/50 mortgage is 3.12%. You get a 20% prepayment privilege per year. Whats more, as is the case with all of Merix Financial’s variable rate mortgages you can lock the variable portion into a fixed rate mortgage at any time with no penalty or fee.

A very innovative and useful product for those who want the best of both worlds.

Fill out an application to get your 50/50 wise Merix Financial mortgage today or get in touch with me to discuss the benefits!

Christopher Molder – Son Of A Broker

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

Monday Mortgage Minute – Dec 7th 2009

chris — Tue, 08 Dec 2009 02:08:20 +0000

Mortgage interest rates in Toronto have stayed fairly steady over the past week despite the increase to bond yields last Friday. Tomorrow the Bank of Canada will decide on whether to increase the prime rate. There is unanimous consent among economists that the prime rate will remain unchanged however it will be interesting to see what economic data the Bank of Canada will release with their decision. The data may impact fixed rate mortgages. If you don’t see a rate that you are looking for or have a specific mortgage question email me here.

1 year fixed – 2.60%

3 year fixed – 3.49%

5 year fixed – 3.99%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.10% (2.15% effective rate)

RATE SPECIALS

5 year fixed – 3.89%

3 year variable Prime-.25% (2.00% effective rate closing in 30 days, purchases & refinance only)

DISCLAIMER: All rates are subject to change at any time without notice.

Click here to view the embedded video.