Edward Ricciardi - Mortgage Professional - The Mortgage Coach

02/05/2022

1934 - 2022 RIP Bob Proctor, the man whose teachings made me believe in self improvement coaching and started my transformation to a better me. I am forever grateful to have met him and studied his work.

05/21/2021

**NEWS FLASH** Insured AND Uninsured.
Changes to financing qualifications. Many of us have heard about the proposed changes that will affect how much mortgage people will be able to qualify for and borrow. On May 20, 2021 it was confirmed by OSFI, Office of the Superintendent of Financial Institutions, that these proposed changes will in fact take effect June 1, 2021. This change in the qualifying rate will affect people purchasing investment properties, refinancing their home, purchases over $1million and several other categories that are labelled as uninsurable through CMHC, Sagen, or Canada Guaranty.
In an unforeseen and suprise move, the federal government will match this change for insured mortgages also which was primarily purchases under $1million and with less than 20% down payment.
The change means 0.46% increase in the qualifyiing rate (not actual interest rate we negotiate) and this translates to a relatively small impact which today is about 4-5% decrease to these areas in terms of borrowing power.
Below is the link to the Department of Finance Canada. I will keep all of you udated as news unfolds but please reach out if you have any questions about these changes. I am here to help. [email protected]
https://www.canada.ca/en/department-finance/news/2021/05/statement-by-the-deputy-prime-minister-and-minister-of-finance-on-the-canadian-housing-market.html?fbclid=IwAR19ZQ8RXAaDEoY7exBungMKulGUVKi26l69D_6kElhyQRlJnohvjtNhcXU

Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that, effective June 1, 2021, it will implement a new minimum qualifying rate for all uninsured mortgages.

04/17/2021

On April 8th, Osfi proposed changes to the qualifying rate.
If finalized the official statement will be released by May 24 with the proposed changes coming into effect June 1st.
Do you have questions? Contact me and I can help coach you through what this may mean for you.
[email protected]

02/19/2021

I am totally flattered. I put my head down and concentrate on helping all of my clients get the best deals they could possibly get and when I lift my head to look around I see it did not go unnoticed. I am grateful to be part of The Mortgage Coach and the CLC Network for the support they give all their agents and brokers.
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01/11/2021

Retirement shouldn’t mean giving up your lifestyle. Contact me today to learn more about how the CHIP Reverse Mortgage can help you live retirement on your terms. I am happy to help. Message me or email [email protected] any time to set up a time to discuss.

01/07/2021

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments by using a shared-equity mortgage with the Government of Canada. The Incentive’s shared-equity mortgage is where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.⠀⠀⠀⠀⠀⠀⠀⠀⠀
In December the Gov't of Ontario announced it would make changess to this program by⠀⠀⠀⠀⠀⠀⠀⠀⠀
- increasing the annual household income limit to $150000, it is currently $120000⠀⠀⠀⠀⠀⠀⠀⠀⠀
- increasing the purchasing point to 4.5 times the household income vs 4 time currently⠀⠀⠀⠀⠀⠀⠀⠀⠀
- by putting the 5% min. down the maximum purchase price rises to around $722000 in Toronto, Vancouver and Victoria, vs approx. $505 000 Canada-wide⠀⠀⠀⠀⠀⠀⠀⠀⠀
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*The incentive must be repaid after 25 years, or when the property is sold, whichever comes first. It ca also be repaid any time before, without a pre-payment penalty.

12/29/2020

House rich, but no money for renos? No need to cash in those RSPs for home renos.
Contact me any time here or email at [email protected] and we can help you find a solution like the Smiths

House rich, but no money for renos? Find out how we helped the Smiths

12/18/2020

Many of our clients preserve a large portion of the equity in their home and our reverse mortgage solutions offer lower interest rates than many other options.
Contact me to learn more about how a reverse mortgage can benefit you in more ways than one! It may not be what you thought and turn out to be a great alternative to comfortable living.
DM me here or email at [email protected]

12/12/2020

Want to help your loved ones with their goals and dreams? Contact me today to learn more about how the CHIP Reverse Mortgage can help you! I am here to help.

For more information please email me at [email protected]