Wednesday, February 3, 2016

Paying down debt is a top priority for 2016.

New CIBC poll finds paying down debt is a top priority for 2016.
One in four Canadians say paying down debt is their key financial goal for 2016, making it their top financial priority for six years in a row.1 Christina Kramer, CIBC Executive Vice President, offers advice for those who struggle to make headway in paying down debt.

1  Draw up a realistic budget
2  Assess your debt
3  Set your priorities
4  Consolidate debt

5  Talk to an advisor

Contact Romy Alegria
Your Mobile Mortgage Advisor

Tuesday, June 17, 2014

Summer Sizzle Update - Toronto Mortgage Specials

June Sunrise in Toronto
Mortgage Best rate: 2.7% 4y fixed.  Variable 2.45%

Td Offers: $500 to offset fees associated with switching or refinancing and/or to rebate the In-house registration (IHR) fee or solicitor/notary fee (SOL) up to $500 for any new HELOC with an specific drawdown.

Td collateral mortgage: a refresher
The Collateral Charge is the security that the bank has in exchange for lending you the money set out in the Mortgage loan Agreement (MLA).  It is registered against the real estate you are either buying or refinancing.   You may have decided to have your Collateral Charge registered for more than the amount of money you are actually borrowing at this time.   You’ll notice that the interest rate in the Mortgage Loan Agreement is different from the interest rate on the Collateral Charge. The MLA sets out the specific terms and conditions of your loan. The Collateral Charge secures your loan and is registered at TD Prime Rate + 10%. This is the maximum rate of interest for which TD Canada Trust is secured. As you’ll see, this rate can give you greater flexibility and cost savings in the future.

Having a Mortgage Loan Agreement and a Collateral Charge can be useful if :
·         you ever want to change your loan if you wanted to switch from a mortgage loan to a home equity line of credit in the future, you could reuse the existing Collateral Charge as security for the new line of credit without incurring any new registration fees.
·         you have registered the Collateral Charge for a higher amount than your current loan agreement, then if you want to borrow a higher amount in the future, you may be able to reuse the existing Collateral Charge, subject to credit approval.
·         You could also save money at that time by not incurring the cost of registration fees for a new collateral charge on the property.

The Bank's All-Purpose Collateral Land Mortgage may be used to secure all present and future indebtedness and liability of the customer (the "Mortgagor") to the Bank. Such indebtedness and liability may be evidenced by loan agreements, promissory notes, Visa Cardholder Agreements, overdrafts, guarantees etc. The Bank's regular forms contain the clauses necessary to safeguard the Bank in the operation of an account after the Mortgage has been taken.

From Td Economics:
• Both the Bank of Canada and OECD highlighted stretched home prices and elevated household debt as a key vulnerability to the Canadian economy in two separate reports.
• Housing data released this week pointed to a moderation in housing activity. The Teranet Home Price In­dex showed a deceleration in annual home price growth to 5.1% y/y in May, from 5.5% in the prior month. meanwhile, on a trend basis, housing starts have averaged 184,000 units over the last year, a pace that is consistent with underlying economic fundamentals.
• The Wynne government took a majority in Ontario’s election this week, bringing political stability to the province. Even with this victory out of the way, the Government still has some major challenges ahead. Today’s manufacturing data were yet another reminder Ontario is still facing international competitive is­sues.

Romy Alegria
Manager, Mobile Mortgage Specialist
T:416 278 2540

Monday, June 2, 2014

Insured Second Home Borrowing available

TD will continue to offer: Insured Second home and Insured Business for self however approval will be done through Genworth.  If you recall, effective May 30, CMHC has discontinued their Second Home and Self-Employed without Standard Income Confirmation products. In addition, changes limit customers to one CMHC insured mortgage on an owner-occupied residential property at a time.  (for additional info

I'm so proud !!!J  For the second time in a row TD has been named the #1 brand in Canada by Interbrand, the world’s leading brand consultancy. We proudly beat out our competition among the Canadian financial institutions as well as iconic brands such as Tim Hortons, Canadian Tire and Lululemon. 

Contact Romy Alegria today at 416 278 2540
Toronto GTA and the Surrounding 905.

Friday, May 16, 2014

Lowest Rate 1.99% Mortgage

The Best Mortgage to have is No Mortgage at all.  Romy's Mortgage Minute 5.2014

The offering of 1.99% Mortgage is enticing but is very strict to qualify for. There are penalties to exit early, should you need to or your circumstances change.

Why not meet, in the comfort of your residence and everything can be explained to you.

Romy Alegria
416 278 2540

Monday, April 14, 2014

Personal Service Always wins out

Everyone has a unique situation. Their circumstances are different.

O’Leary Mortgages is No More … Canada’s most outspoken capitalist has pulled the plug on brokering. After a little over a year in the business, Kevin O’Leary’s mortgage operation has closed. <>  O’Leary’s model was to make mortgages “simple”… As we all know in the mortgage business, however, terms, legal disclosures and lender commitments are anything but simple. (MBN) Don’t trust your client somebody you don’t trust…
 From Td Economics
• Shockwaves were sent by the sudden and track loss of former Finance Minister Jim Flaherty, who was a key architect of Canada’s economic outperformance in recent years.
• Housing starts fell to 156,000 annualized units in March, down from 190,000 in the month prior. On a three-month moving average (175,000 units), housing starts have moved more in line with a pace of construction that is consistent with both our forecast for housing starts this year, and underlying economic fundamentals (like job gains and population growth).
• In the Bank of Canada outlook survey released this week, businesses pointed to a depreciation in the Canadian dollar and improving economic conditions in the U.S., as key reasons for improved sentiment in the first three  months of this year

While the concept of O'Leary Mortgages is great; there is no one size fits all program with your mortgage. Each lending opportunity requires personal input and attention.

Call Romy Alegria today at 416 278 2540 

Monday, March 10, 2014

CMHC changes are Modest

Mortgage rates: went down last week, best offer is 2,97 for 4 year fixed rate or an amazing 2.55% for 5y variable rate. (see attachment)

Mortgage news: as you may have heard, the Canada Mortgage and Housing Corporation (CMHC) and Genworth Canada announced that mortgage loan insurance premiums will increase on May 1, 2014. CMHC estimates that the average Canadian home buyer requiring insured financing will see an increase of approximately $5 to their monthly mortgage payment.  Who is impacted?  This change is applicable to owner occupied, self-employed, rental properties up to 4 units, and low-ratio refinance premiums. The mortgage loan insurance premiums for home owner and 1 - 4 unit rental residential properties will increase by 15% on average; here it’s a small chart showing increments:

Loan to Value Ratio
New Premium starting May 1st.
Up to and including 80%
Up to and including 85%
Up to and including 90%
Up to and including 95%

·         As you may understand, stated income will be charge even more (ask me for details)
·         In order to be eligible for the current (lower) mortgage loan insurance premiums and surcharges, I need to submit your client’s application prior to May 1.
·         Pre-approvals that aren’t converted to live deals will be charged on the new premium.

From Td Economics:

·     All eyes were on Ukraine this week, as high tensions and mounting geopolitical uncertainty tempered global economic optimism heading into 2014.
·     As was universally expected, the Bank of Canada held firm on its overnight rate, keeping it at 1.00%.
·     Imports declined by 1.6% in January. Exports edged up by a marginal 0.2%, primarily on energy prices – in real terms, exports were down 5.3%.
·     Employment contracted by 7K net new positions in February, surprising markets who had been expecting a 15K gain. Meanwhile, the unemployment rate held steady at 7.0%.

·       GTA Housing update- Td Economics