Richards Mortgage Group Articles

New housing mortgage policies are coming into effect (again) and leaving many Canadians unclear about how their finances have been affected. The Government of Canada is introducing these new rules in two phases. This article is a quick summation of how you may have been affected. First, however, to understand the new rules it is important to understand the classification of mortgages and the previous rules.

Today, I received an email inquiry from a client (dentist) thinking about getting into flipping houses. He asked some great questions and by the time I had them answered, I had the makings of a great blog, which I will share with you.

I received a call from a prospective client the other day trying to figure out how to purchase and mortgage finance a property in Tulum, Mexico. He and his wife's goal was to purchase a property just south of Cancun for their ultimate retirement in 15 years. Meanwhile, they would rent it out and the question was, can the mortgage interest be tax deductible on a foreign investment property?

Way back, my first home was a mobile home in Calgary's Greenwood Village mobile home park, out in the northwest part of the city. It was actually a nice park, and the mountains were visible, and lots of places to walk our dog. Our first home is the one in the centre of the picture, and the little shed I built is still standing out back. We couldn't qualify for a mortgage back then for reasons I didn't understand, so we bought it for $22K with a little help from the Bank of Mom & Dad. It was a great home.

Financing factory-built houses depends on a number of variables, with the most important being whether you are situating the house on land you own, or land you lease such as in a Land Lease Community (a.k.a. mobile home park). When you own or will own the land, there are many competitive mortgage lending options. Please continue reading below the break.

Michael & Ginny had done their time... years in University, then hard at it in their careers. Ginny had become pregnant and stepped out of the work force when Tyler was born. Mike continued working long days in the Calgary city core, up the corporate ladder, and making good money. But with the job came stress, fighting with traffic daily, and Tyler - the boy was growing up so fast...