Richards Mortgage Group Articles

This topic is for aspiring Real Estate Investors who dream of owning more than just their own home: who want to build financial independence based on revenue properties; who want to know how to become a real estate investor in Canada. To get started on the 'property ladder' one needs to understand mortgage financing. Spoiler alert: there is a particular mortgage tool that will make climbing the property ladder much easier - you want to get this type of mortgage when you purchase your first home or early on in your investing journey.

Investing in revenue property is a strategic move that can significantly enhance your retirement goals. Unlike traditional investments such as stocks and bonds, revenue properties offer a tangible asset that can provide consistent, passive income over time. This steady cash flow can supplement other retirement savings, helping to cover living expenses or fund lifestyle choices during your retirement years.

Many newer mortgage borrowers in Canada have never seen mortgage interest rates with any rate starting at 4% or higher. For others, you might recall when mortgage interest rates hit a staggering 21% in the early 1980s. This article is directed to anyone who has a mortgage renewal coming up in the next 18 months and is worried about how much higher their replacement mortgage payments will be, plus strategies to reduce the payment and to manage the stress.

Client is 55, single, and behind on retirement savings. A case-study in pre-retirement mortgage planning. I have a client - let's call him Ted - who recently reached out to me to do some mortgage planning.

Last updated November 9, 2022 Essential Mortgage Planning Tips BEFORE you Retire/Quit Your Regular Job As you approach retirement, before relocating or downsizing, or otherwise before losing your regular predictable employment income, you may want to consider to position yourself to retain access to your home equity and be aware of your future lending options - it's smart retirement planning in my opinion. Once you lose your regular employment income, your lending options are drastically reduced and your home equity may become trapped forcing you to sell or change your plans if there is an acute need for money. I always say, the best time to apply for credit is when you don't need it! Please enjoy the video (click the image) and the supplementary discussion below.

"Interest rates are prices, and sometimes you get what you pay for." One of the questions that I get asked all the time, which stumps me a little bit more than you might think it should, is "what is your best mortgage rate?". Typically when people ask this question they mean what is the lowest rate that I have access to, and while it should be easy enough to answer, the truth is that this question represents a common yet fundamental misunderstanding about mortgages and interest rates.