My service costs you nothing, and because I work for you - not the lenders - I can offer unbiased advice and help you select the mortgage that's absolutely right for you.
Living in Durham Region since 1993, I know the local community and real estate market very well. Having been a commuting employee (Ajax to Toronto) and a local employee in Ajax, I understand the unique challenges both of these types of homeowners face, concerning time and information. With more than 15 years in the financial services industry, I am well seasoned and positioned to serve you. My commitment to you goes beyond providing the best rate – I will listen to understand what your personal goals and challenges are and then I will recommend the best possible package for you. To that end, it is my goal that your experience in obtaining financing from me will be so positive that you won’t hesitate to recommend me to your family and friends.
If you haven’t experienced what it’s like to negotiate the best mortgage for yourself, ask your family and friends - you don’t have the upper hand against a large financial institution. Now picture what it’s like to have the top financial institutions compete with each other for your mortgage - now you are in the driver’s seat.
24/7 Mortgage and Real Estate Information Hotline. Call
1-800-550-5431
to get these important Free Reports. These reports are packed with valuable information you should read before you buy, sell or refinance your home:
"15 Home Buyer Mistakes and How to Avoid Them" -- Ext. 2011 to order
"7 Steps to Stop Paying Rent" -- Ext. 2021 to order
"27 Home Selling Mistakes and How To Avoid Them" -- Ext. 2031 to order
"The Ultimate Home Buyer Success Kit" -- Ext. 2041 to order
"Divorce and Your Home: 6 Things You Need to Know Before You Sell" --
Ext. 2051 to order
"How to Escape Financial Prison: Debt Consolidation" -- Ext. 2061 to order
Bill's FAQs
Q: How will the introduction of the HST to Ontario affect real estate purchases and refinances?
A: As of July 1, 2010, the following will be affected by the HST:
GST-taxable before July 1, 2010
PST-taxable before July 1, 2010
Change in amount of tax payable under HST
Legal fees
5%
No PST
Yes (changes to 13%)
New Homes up to $400,000
5%
No PST
No Change1
New Homes over $400,000
5%
No PST
Yes1A
Resale Homes
No GST
No PST
No HST
Real Estate Commissions
5%
No PST
Yes (changes to 13%)
1 The new housing rebate will be 75% of the Ontario component of the HST, up to a maximum of $24,000. The rebate will ensure that buyers of homes priced up to $400,000 will, on average, pay no more tax than under the PST system. However, applicable PST on building supplies is embedded in the price of the home. 1A New homes purchased as primary residences, valued at $400,000 or more, will be eligible for the maximum new housing rebate of $24,000.
Q: What are the changes to the mortgage qualifying guidelines announced by the Government of Canada, that took effect April 19, 2010?
A: Following are the changes in mortgage qualifying guidelines that took effect April 19, 2010:
Qualifying at a Five-Year Rate
The adjustments to the mortgage framework will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage.
This measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.
Limit the Maximum Refinancing Amount to 90 per cent of the Loan-to-Value Ratio The maximum amount of the mortgage loan in a refinancing of a government-backed high ratio mortgage loan is reduced to 90 per cent of the value of the property.
Minimum Down Payment of 20 per cent for non-owner-occupied properties The change will require a 20 per cent down payment for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
Moving to the New Framework These adjustments to the mortgage insurance guarantee framework were intended to come into force on April 19, 2010. Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010.
Q: Where are interest rates heading?
A: The graph below may help you determine this. Fixed rates
are influenced by Government of Canada bond yields. Lenders look for a
spread between the bond yield and the interest rate of 1.35% to 1.55%.
If the interest rate exceeds the bond yield by more than 1.55%, long
enough and consistently enough, then lenders are likely to decrease
their 5 year rates. If the interest rate exceeds the bond yield by
less than 1.35% long enough and consistently enough, then lenders are
likely to increase their 5 year rates.
Bond yields:
Key Interest Rate Trends/Yields:
Q: What affects my credit score and how do I manage it?
A: Please click here to find out more information at the Equifax web site.
Q: Which areas does Bill serve?
A: Bill works
out of the Ajax office but due to client referrals, he works with clients
all over Ontario. Bill has worked with clients from: Ajax, Pickering,
Whitby, Oshawa, Courtice, Cobourg, Bowmanville, Port Perry, Newcastle,
Mississauga, Toronto, Barrie, Peterborough, Markham, Unionville,
Thornhill, Newmarket, Richmond Hill and more.
Q: Why should I work with Bill instead of a Bank?
A: Bill looks out for your best interest. This really means Bill's job is to represent you -- not the Bank! Think of it this way. You wouldn't deal with a realtor who only shows you his/her listings would you? Then why would you deal with a banker? The banker can only sell you his/her own banks' mortgage products. Bill can offer you the bank's mortgage products and also a lot of other non-bank mortgage lenders' products. Often, the non-bank lenders offer more flexible terms and better pricing. Think about this too: the banker's duty is to maximize the bank's profits; Bill's job is to get you a product that suits you best at the best possible pricing. There is no haggling or stress to get the best rate like you may experience with a bank, when you deal with Bill. You get the best deal up front.
Q: Which client needs does Bill serve?
A: Bill works with clients who have any mortgage need. This includes: first time home buyer, refinance, homeowners wishing to trade up to a larger home, home owners wishing to access home equity for financial investments, home improvements, investment property, debt consolidation, education funding, mortgage renewal, early renewal to get better mortgage rates. Please feel free to use our tools, such as the mortgage calculators, to assist you with your planning.
Q: Are you financially ready for home ownership? Click here to view an informative presentation from CMHC.
Q: What are some of the changes in that came in the 2009 federal budget that can help a homeowner or home buyer save money?
A: First-Time Home Buyers’ Tax Credit (HBTC)
To assist first-time home buyers with the costs associated with the purchase of a home a new First-Time Home Buyers’ Tax Credit -- a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009 is available. For an eligible individual, the credit will provide up to $750 (i.e. 15% of the closing costs up to a maximum of $750) in federal tax relief. Also, the First-Time Home Buyers’ Tax Credit is available to existing homeowners in respect of a more accessible or functional home purchased by an individual eligible for the Disability Tax Credit (DTC), or for the benefit of a DTC-eligible person who is related to the individual purchasing the home.
Who is eligible for the HBTC?
An individual will qualify for the HBTC if:
they acquire a qualifying home; and
neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of purchase or any of the four preceding years.
If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. However, the home must be acquired to enable the person with a disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.
Home Buyer's Plan Increase
The amount of funds a First-Time Home Buyer may withdraw from his/her Registered Retirment Savings Plan (RRSP) has increased from $20,000 to $25,000.
Q: How does the Land Transfer Tax Refund for First-Time Buyers program work?
A: The Land Transfer Tax applies to all transfers of land in Ontario.
First-time homebuyers may be eligible for a refund of all or part of the tax.
* For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home. * For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
How much is the Refund?
The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund.
Who Qualifies?
To claim a refund, you: * must be at least 18 years of age; * must occupy the home as your principal residence within 9 months of after the date of transfer; and * cannot have owned a home, or an interest in a home, anywhere in the world.
In addition: * your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and * in the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty.
What is the application deadline? * Applications for a refund must be made within 18 months after the date of the transfer.
If application was not made at registration and the tax was paid, qualified purchasers may apply for a refund by completing an Ontario Land Transfer Tax Refund Affidavit For First-Time Purchasers of Eligible Homes form and send it to the ministry.
For full details on the refund program, please see Ontario Tax Bulletin LTT 1-2008 Land Transfer Tax Refunds for First-Time Homebuyers.
Q: What does the AMP after your name mean? A: It means I am an Accredited Mortgage Professional. The accreditation comes from the Canadian Association of Accredited Mortgage Professionals (CAAMP). The AMP designation was developed as part of CAAMP’s ongoing commitment to increasing the level of professionalism in Canada’s mortgage industry through the development of educational and ethical standards. The AMP designation sets a single national proficiency standard for Canada’s mortgage professionals. The designation is earned by meeting CAAMP's criteria of years of service in the mortgage industry and successful completion of prescribed courses. Thereafter, the mortgage agent must satisfy annual continuing education requirements.
Q: I've seen some of the banks advertising a Free Switch. Yet when I approach the banks about moving my mortgage to them, the cost can run in the thousands. Why is that? A: A Free Switch is when you switch your mortgage from one mortgage lender to another with no cost to you. In other words, the banks are willing to absorb some small legal/administrative fees associated with transferring your mortgage to them. They are not absorbing the potentially thousands of dollars in a penalty that you may incur for switching your mortgage prior to your mortgage's maturity date. Therefore, a Free Switch is likely going to happen only on the renewal date of your mortgage. This is a "detail" that often gets little if any mention in the banks' advertising. This doesn't mean you won't benefit from switching to another lender before your renewal date in order to get a better rate but expect to pay a penalty for doing so.
