Jim Thornton RMA

06/28/2022

As mortgage brokers we deal with the same banks you do. Often times securing better rates for clients with no broker fees.



Note: this does not include private or alternative mortgages.

06/25/2022

A bank may or may not be able to give you the best rate. Normally they reserve the best rates for their very highly qualified customers who have perfect credit scores and lots of money in a savings account. Normally banks have only a few loan programs and if you don’t fit into one of those programs, they can’t help you.

I have access to dozens of different lenders and loan programs and one of my most important tasks is matching up my clients needs with the best possible program.

06/23/2022

Housing prices looking to drop in southern ontario significantly due to the rise in interest rates to combat inflation.

https://www.cp24.com/news/these-are-the-areas-where-ontario-housing-prices-will-take-the-biggest-drop-1.5948453

Ontario’s housing market has been red hot for years now, but that could soon change, and some areas will be hit harder than others.

06/21/2022

06/18/2022

MYTH: You Shouldn’t Refinance Unless You Can Drop Your Interest Rate By At Least 2%.

This old rule of thumb may have worked 20 years ago when most mortgages were fixed rate and less than $30,000 but times have changed and it just doesn’t hold true anymore. With larger loan amounts even a small change in the rate of interest can make a big difference in the amount of interest paid over the life of the loan.

The only way to truly know whether or not you can save money in your particular situation is to run the calculations and see. With the many loan programs available to help people purchase a home there also may be other considerations such as does your existing loan have a balloon payment or is it an adjustable-rate mortgage. Don’t determine your financial future based on a rule of thumb.

06/16/2022

06/14/2022

Soft landing or a crash: what lies ahead for Toronto's housing market?

Canadian Mortgage Trends predicting soft landing, rather than a crash, to the clearly overheated housing market in Toronto.

https://www.canadianmortgagetrends.com/2022/06/soft-landing-or-a-crash-what-lies-ahead-for-torontos-housing-market/

As it becomes clear that home sales and prices in the Greater Toronto Area (GTA) are declining, industry professionals are trying to figure out what lies ahead.

06/11/2022

MYTH: I Have Some Old Credit Problems That Will Keep Me from Qualifying

Even though you may have had some credit problems in the past, if they are more than a year old it probably will not stand in your way. We have many programs that only require a review of the last 12 months of your credit history.

06/09/2022

Dealing with debt: Experts break down ways to manage as Canadians struggle - National |

https://globalnews.ca/news/8889913/how-to-manage-debt-canada/ via

Many Canadians are struggling with debt. Experts gave Global News their best advice on how to manage debt, cautioning more will likely struggle in the months to come.

06/07/2022

MYTH: Debt Consolidation Just Extends the Payoff of Short-Term Expenses as Much As 30 Years and Costs You More Interest.

The truth is that most of your credit accounts have a minimum monthly payment and if you only make that minimum monthly payment, it may take even longer than that to pay them completely off. (For instance, paying the minimum monthly payment on a credit card with a balance of only $4000 could take more than 30 years to pay off) Your bank doesn’t really want you to pay your balance off. They just want you to keep paying that high interest as long as possible.

Also, the interest rate on a credit card is normally a lot higher than that of a secured loan so more of your payment goes toward interest then it would with a lower rate.

The only way to pay off your debts faster is to start putting more of your dollars towards paying down the principle. By getting the interest rate down and reducing your monthly outflow you can free some of those dollars up to start paying down principal. Putting more dollars towards principal and less towards interest is the key that unlocks the door to your financial freedom.