24% of Canadians eliminated non mortgage debt in 2013

General Darick Battaglia 29 Oct

Near a quarter of Canadians are debt-free, while others owe more twenty-four per cent of Canadians say they eliminated their non-mortgage debt in 2013, compared with 26 per cent in 2012 and 22 per cent in 2011, according a Royal Bank of Canada poll on debt. Among Canadians who still have personal debt, the average load has jumped to $15,920, a $2,779 increase from a year ago. From 2011 to 2012, the average overall debt edged just $83 higher.

How to obtain 85% refinancing without an insurance premium

General Darick Battaglia 17 Oct

Federally-regulated lenders can’t lend more than 80% of a home’s value without the borrower getting mortgage insurance. But a few banks have developed a way around that. What they do is loan the borrower 75-80% LTV as a first mortgage. Then they facilitate a 5-10% LTV second mortgage with a separate private lender.

Reasons to change your brokerage

General Darick Battaglia 2 Oct

Are you located in Ontario? Are you a mortgage agent or broker?

Are you with a broker that provides monthly sales meetings? $1000 in prizes and awards given out at our last meeting.

Are you with a broker that provides systems that make it easy to qualify your deals? Are you with a broker that provides personal mentorship training?

Are you with a broker that pays out on all commissions at top split?

Are you with a broker that receives special rate pricing with lenders?

Are you with a broker that provides community fund raising events?-

If not call me to find out more about our award winning team at Dominion Lending Yellow Brick Mortgage Group.

Canadian Income Statistics

General Darick Battaglia 1 Oct

• In 2010, over 95% of Canadians aged 15 years and over received some form of income with a median total income of $29,900. • Close to 83% of Canadians received some of their income from private sources. • While 70% of Canadians received some government transfers, 13% received government transfers as their only source of income. Overall, 57% of Canadians received income from both private sources and government transfers. • Income from private sources accounted for 87.6% of total income while 12.4% was from government transfers.