Where can I finance a grow-op?

Can a CIBC Mobile Mortgage Advisor give me a mortgage for a former grow-op?

The short answer is yes.  The long answer is that its no easy task and you will have many hoops to jump through.

How do I get a loan from a lender loan on a former grow-op?

With CIBC,  the list is long of things that have to be completed before we can do this type of transaction.
It all starts with re-meditation.
Has it been fully re-mediated? Do you have all the certificates to prove this?

How Does Buying a former Grow Op affect Value?

Since nobody is financing them in the mortgage broker channel, that means there is only one lender in Alberta and after that the only way to purchase then is with cash.  Why would you purchase a property where you will have a really hard time selling?  The only thing I can think of is they want to rent it out forever.  OR it will become there forever home, and they will only rent it out.

Should I have other concerns when buying a former grow-op?

If criminal activity once took place there it is on the radar of other criminals.  You may be more susceptible to home invasions and break & enters.

Still want to buy a former grow-op?

Give me a call or text at 403-807-8779 and I will put you in touch with a great realtor who has experience in these types of properties, and of course I will ensure you get pre-approved and meet all of the banks guidelines before you go shopping.  

Economic Update, Canadian Home Sales changed little in Febuary

Canadian Home Sales Changed Little In February

According to statistics* released by The Canadian Real Estate Association (CREA), national home sales activity was unchanging in February 2014 on a month-over-month basis. 

These are the Highlights:

• National home sales increased by 0.3% from January to February. 

•  Actual (not seasonally adjusted) activity stood 1.9% above February 2013 levels. 

• The number of newly listed homes edged up 0.6% from January to February. 

• The Canadian housing market remains in balanced territory. 

• The national average sale price rose 10.1% on a year-over-year basis in February. 

• The MLS® Home Price Index (HPI) rose 5.1% year-over-year in February. 

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations hardly moved from January to February 2014, edging up just three tenths of one per cent. The February result follows five straight monthly declines and leaves activity 9.3 per cent below the peak reached in August 2013.

“Sales in February rebounded in some of the smaller local markets where activity was impacted by harsh winter weather in January,” 

said CREA President Laura Leyser. “The strength of sales activity during the crucial spring market period will be influenced by the availability of listings, which varies considerably from market to market. To best understand how the balance between available listings and demand is shaping up this spring where you live or might like to, your best bet is to talk to your local REALTOR®.” 
Actual (not seasonally adjusted) activity stood 1.9 per cent above levels posted in February 2013. Most of the year-over-year gain reflects increased sales activity in British Columbia’s Lower Mainland and to a lesser extent in Calgary.

“Sales activity this spring will be supported by the recent decline in the benchmark five-year conventional mortgage rate,”
said Gregory Klump, CREA’s Chief Economist. “That’s because buyers needing mortgage default insurance who opt for a term of less than five years must qualify for mortgage financing based on that rate, and not a discounted rate that their lender may be offering. The support will be of particular importance in some of Canada’s larger urban markets where home prices are higher than those in smaller markets.” 
The number of newly listed homes was also unmoving in February, having edged up 0.6 per cent on a month-over-month basis. As with sales activity, there was a roughly even split between the number of local markets where new listings were up from the previous month and those where they were down. The number of new listings nationally would have declined had it not been for a 7.8 per cent increase in Greater Toronto, where new listings in January had dropped to the lowest level in more than three years. The rise in new listings in Greater Toronto was offset by monthly declines in new listings in Greater Vancouver and Edmonton.

With a Calgary Mobile Mortgage Advisor, we know that sales and new listings having both edged slightly higher in February, the national sales-to-new listings ratio was 52.1 per cent – virtually unchanged from 52.3 per cent in January. Since early 2010, the ratio has remained firmly entrenched within the range from 40 to 60 per cent that marks balanced territory. Just under two-thirds of all local markets posted a sales-to-new listings ratio in this range in February.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.4 months of inventory at the national level at the end of February 2014, down slightly from 6.5 months at the end of January. As with the sales-to-new listings ratio, the months of inventory measure continues to point to a well-balanced housing market at the national level.

The actual (not seasonally adjusted) national average price for homes sold in February 2014 was $406,372, an increase of 10.1 per cent from the same month last year.

The size of year-over-year average price gains continues to reflect the decline in sales activity in February of last year among some of Canada’s most active and expensive markets, which dropped the national average at that time.

This phenomenon was particularly clear this month, with Greater Vancouver having posted the biggest year-over-year increase in activity by a large margin. The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends because it is not affected by changes in the mix of sales activity the way that average price is.

The Aggregate Composite MLS® HPI rose 5.05 per cent on a year-over-year basis in February 2014, up from a 4.83 per cent gain in January. Year-over-year price growth picked up among all property types tracked by the index.

Year-over-year price gains were led by two-storey single family homes (+5.84 per cent) and one-storey single family homes (+5.40 per cent). This was closely followed by price increases for townhouse/row units (+4.05 per cent) and apartment units (+3.74 per cent).

Year-over-year price growth in the MLS® HPI varied among housing markets tracked by the index, with the biggest gains again having been posted by Calgary (+9.10 per cent) and Greater Toronto (+7.28 per cent).

Greater Vancouver’s MLS® HPI recorded a fourth consecutive year-over-year increase (+3.17 per cent). While prices in Victoria remained lower than year-ago levels, February’s decline (-1.01 per cent) was the smallest in more than three years

PS: if the above bored you, my apologies, give a Calgary Mobile Mortgage Advisor a call and we can go over it all for you!

*All figures in this release except average price are seasonally adjusted. Removing normal seasonal variations enables meaningful analysis of monthly changes and fundamental trends. 
Source::http://creastats.crea.ca/natl/

Let me tell you three good reasons why I started a new blog.

If you have been following along, you know that I am an Calgary CIBC Mobile Mortgage Advisor, finding the best mortgage rates and the best product for Albertans every day.  That is all I do.   

1) I want you to know that not having a monthly mortgage payment is a great thing.  Would you rather live car payment free or rent free or mortgage free?   Would you not want your largest monthly expense to be Savings, followed by Food, and Entertainment?   OR would you rather pay huge amounts of interest over the term of your mortgage?

2) If I show you all the tricks to demolish and reduce your mortgage principle as fast as possible would you not want to tell your friends and family about me?   That way I can help other people do the same?

 3) Most importantly, I myself have been through a rough patch, so I know what it feels like to visit the food bank, have things taken away, and afraid of the phone and people coming to the door.  I have held the hands of my clients that have been on the opposite end where foreclosure, overwhelming debt, repossession, and wondering what is the next best step is.  Sadly through the years, some have decided to end their fight against their life's problems and mountains of debt.   This is the fuel.  This is the level of octane that is burning in me right now.     

I am here to help you balance the debt, balance your life, show you all the tricks to pay off your debt as fast as possible.   What do I charge?  What do I want in return?   Two simple things.   Appreciation, and word of mouth of a job well done.    Take my experience, take my passion and share it.  Pass it on.   



A wise man once told me you should live by the three circles philosophy.     The best way to explain it is to draw it, so I drew it out for you.  I don't know where it came from originally, my apologies. That is not the point.  The point is you don't know everything, and the wisdom of age to truly recognize this fact and try to push out the two small circles as much as possible is.  That is what this blog is all about.   This is the foundation to which I am now built.  Its cornerstone of my outlook on life.  Learn something new as often as you can.   I know you know, when you work out a muscle its gets bigger and stronger.  Fact is your brain works the same way.   4 more, 3 more, 2 more, 1 more.   

Now, lets get to your mortgage paid off, and lets pass on the tricks and tips I have learned along the way.

Thanks, and stay tuned for all the great Mortgage Hacks to come.    Truth be told, they span more than just your mortgage.  It draws upon my experience, financial planning, and things that have worked better in the past with respect to your second most valuable commodity.  Your money.

What is the most valuable commodity you might be asking?   Your neural pathways connecting your left and right hemisphere of your brain.

I wonder how much money I am going to save you.

You want free mortgage advice from a full service mortgage brokerage company that is local and based in Calgary, Alberta right? 

We provide mortgage advice, mortgage products and services for consumers and businesses throughout Alberta, and nationwide via our other offices.   Our team has been clients find the best mortgage rates and products for 14 years ... and the service is absolutely FREE.   I have been in the world of finance working for a bank for 17 years, and it is my passion.  Conveying that fun, and passion to others is often the biggest challenge.

You have heard all the time that for for most Canadians, their home is their largest single investment in their lifetime.  You would want to make sure that you are not dealing with a part timer, or someone who does not understand, or has the passion, or is going to be promoted, or leave for another role as how they or we manage the debt associated with this investment is a cornerstone to their overall financial plan.    I choose a wrong product for you, and my reputation as I have built it up over the years is gone.

Many ask if we can access the very best mortgage rates in the market and negotiate the terms that suit your particular situation, and I answer every time absolutely.  If you need help with debt consolidation,  are a first time home buyer, looking for financing for an investment purchase, or simply looking for a plan to pay off your mortgage and other debts sooner, we can put the mortgage blue print in place and get you on the path to where you want to be.  We are always doing what is in your best interest!

This means that with our experience its out mission to:

• Understand each of my client’s unique situation
• Challenging banks to get the best rates for that client and negotiate it as low as possible
• Business shrewdness for understanding financial information and helping investors take advantage of on their investments.
• Ensure solid relationships with lenders which means less red tape to jump though.
• Help families reach their goal of home ownership
• Source options that you would not find on your own, guide you through the paperwork and details and negotiate on your behalf

The more information you put in the application and share with me the better the chance of getting a fast and accurate response please fill out this secure form.  Which translates into the more money I can save you.   Of course this is of no cost to you, nor does it obligate you to use any of my free services.   However why would you not want to use a free service?

 Call or text 403-807-8779

What did I do today? Let me answer some of your burning questions. However, If you have more ask them!!!

My wife asked me, "What did I do today?"


She is often curious so I explained.   Today, I talked both a Realtor and a financial advisor about helping their clients get the best deal possible.  I tracked down some extra paperwork the bank had requested on my self-employed client.  Reviewed the mortgage rates and the product changes of three banks.  Then I had a meeting with a business development officer who wanted to tell me about why his products were better than his competition.  I have not even gone for lunch yet!

Since I get questions all the time I thought of a couple more that often come up.   I am thinking your next question might be: What do I do exactly as a Alberta mortgage brokers anyways, you ask?

We have to break it down somewhat to properly explain.   You see, normally there are two ways to get a mortgage--through one of the main big five banks or through a licensed mortgage broker.

I am sure you know about the banks.   You go in, you argued about rate for the afternoon.  They talk to the Branch manager because they have the rate discretion you are after.   The other side of the coin to be as simple as possible a mortgage broker is the middle man between the client and the bank/lender, whereby the mortgage broker submits the client's mortgage application to the most suitable lender.  This is usually the lender who offers the lowest rate.  Similar to that of how any broker works, a mortgage broker essentially matches sellers (lending institutions) with buyers (mortgage applicants), whose main objective is to get the best deal.  The best deal in terms of mortgages, again, that all comes down to the lowest mortgage interest rate, and privileges associated with that mortgage which some banks change their rates by the hour.

Mortgage Brokers are not employed by any of the banks or lenders; they are, rather, independent mortgage professionals who in Alberta are licensed and work for you.

How much do I as a mortgage brokers charge for my services?
NOTHING!  How does FREE sound?   With the small disclaimer being: unless I am brokering a commercial mortgage (i.e. a mortgage for a commercial/retail building), or if the lender of choice is a private lender, a person or private lending company who lends their capital at a premium because or badly bruised credit or a bankruptcy.  For a traditional borrower however with average to above average credit who are looking for a regular mortgage nothing at all.

How do I get paid as a Calgary mortgage broker?
I work solely on commission.  I get paid after the deal closes, and when I find you the perfect home.  I usually give my top three choices, and why they are the best for you and work out what you are most comfortable.

I hear claims all the time that Alberta mortgage brokers get lower rates than banks even if and when the client is a long-time customer of his/her bank?  How is that even possible!   

If Mortgage Brokers account for approximately $50 billion of mortgages in Canada each year, then this volume of mortgage business the mortgage brokers write are offered discounted rates from the banks/lenders.  Ever shopped at a wholesale store?   Buy in bulk and get a discount.  They don't pay me to sit in the branch like I used to.  They don't pay my salary, CPP, withholding taxes, or even have to worry about a Union.

What banks do you as a mortgage brokers deal with?

Being a Mortgage broker I have access to over 50 different lending institutions.  If you take into account all these different choices available for a mortgage applicant, would it not stand to reason that this puts them in a superior position to be confident and secure in the thought that they have the right type of mortgage based on their own unique personal situation.  Its like going to one car dealership and hoping that they have the perfect car for you.   I am sure they could sell you something on the lot, but does it fit seven, or can you plug it in to the wall to recharge?  Like cars, not all mortgages, or even mortgage brokers are created equal.

I have never recommended limiting yourself to just your bank because you feel loyal.  It’s not cheating if you want to have better service, better rates, and professional advice from a MortgageBroker like me!

52 words or less, the elevator speech. What do I do.

A friend of mine wanted me to sum up my job and role in a short paragraph.  Just one traditional elevator speech highlighting the features and benefits of being a mortgage broker.  I found this almost impossible without using a single picture, and using a metaphor.

I am licensed and bonded bounty hunter.  I get paid when I find what we are looking for, and you have it all locked up.  My prey?  The perfect mortgage rate, product, and privileges. They are out there sneaking around and it takes a keen tracker and insight into this culture to find them.   

Call/text as we can find you the deal you are looking for!  403-807-8779