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A new Canadian Politics podcast hosted by Christo Aivalis and Andy Borkowski. This weekly show aims to bring a left perspective to Canadian politics, media, economics, and culture that is far too lacking within mainstream print, audio, and visual media. Christo and Andy bring years of experience in both traditional and new media. Combining these experiences, along with a shared disdain with Canada’s capitalist status quo, this podcast is a must-listen for anyone who wants a Canada based on j ...
 
A podcast hosted by mortgage broker, Marko Gelo. Born and raised in Calgary, then moved to Vancouver in 2011. Owner of dually licensed mortgage brokerage, Home Financing Solutions Inc. (a franchise of The Mortgage Centre). Mortgagenomics focuses on economics, real estate and feature segments on mortgage qualification strategies and policies. To make things a bit more interesting, Marko produces all the music tracks for the podcast. Songs are typically 1-3 minutes in duration, but may also fe ...
 
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With over 300,000 new residents arriving to Canada (and about 400,000 expected on an annual basis for the next 2-4 years), Canada's banks have been continuously altering and modifying their lending guidelines to accommodate for immigrant-friendly mortgage qualification programs. Today, I want to talk about mortgage qualification for temporary resid…
 
We talk about Mumilaaq Qaqqaq's powerful farewell speech in Parliament, and how Justin Trudeau super villain tactics failed indigenous peoples. We also talk about the Green party's implosion and look at early 2021 election polling. What is happening to Justin Trudeau? Clip 1: https://twitter.com/rdassaly/status/1405916166787379212 Clip 2: https://t…
 
This week on Left Turn, Canada! Christo and Andy talk about the attack on a Muslim Family in London Ontario with Professor Adnan Husain. We follow up on the horrific story of 215 Indigenous children in a mass grave and we talk about Jenica Atwin leaving the Green Party for the Liberal Party Join us at Patreon.com/LeftTurnCanada…
 
A mortgage refinance is often a momentous and rejuvenating experience. For most homeowners it's an opportunity to reset and forge a new pathway to a more promising outcome (i.e. paying off high interest debt with low interest mortgage funds), and in the process of doing so, perhaps establishing or creating a more pronounced awareness of spending an…
 
Christo and Andy talk about the 215 Indigenous children found in a mass grave at a Kamloops Residential School. We talk about that dark history and about what can be done by the Justin Trudeau Liberal government to fix it. We also speak about how the history of Residential schools forms a part of Canada's genocidal present and current educational i…
 
I often get asked what the minimum down payment requirement is to purchase another home. And by another, I mean residing in your current home as you are and purchasing another home that you or any one of your family members will frequent at one point throughout the year...like a home away from home. For example, it may be a vacation property a coup…
 
This week on Left Turn, Canada! Christo and Andy talk about Justin Trudeau doing nothing to fight anti-Black racism, Palantir coming to Canada which is bad, Jason Kenney killing Alberta with COVID with a June reopening, and the CBC silencing voices on Palestine. Support Nora Lorteo https://bit.ly/3oUO2Jc Join us at www.patreon.com/LeftTurnCanada…
 
11th hour mortgage qualification collapses...how to avoid them There is no better feeling than closing a real estate transaction, especially if the journey to get there was rocky and filled with intense drama all the way to the bitter end. And if you’ve ever purchased a property before, you’ll know what I’m talking about...Regardless of the severit…
 
Andy and Christo talk about Canada's response to Israel's attack on Palestine, and how the media and politicians are sounding better on the issue, even as Justin Trudeau supports the attack. We also talk about Ed the Sock being terrible, and how Doug Ford continues to ruin Ontario. Join the community! Patreon.com/LeftTurnCanada To help support the …
 
Is there such a thing as tax deductible mortgages? If you are a resident of the United States, the answer to this question is - yes. For decades Americans have been able to apply the interest portion of their mortgage as a tax deduction against their personal income. Regardless of whether it was an investment property or a principal residence - the…
 
Christo and Andy talk about Israel's massacre of Palestine, and Canada's failure to call it out fairly. We specifically condemn Justin Trudeau, the Greens, and Erin O'toole, but note the significant announcement from the NDP and Jagmeet Singh about holding Israel accountable. We also briefly talk about Greyhound buses shutting down in Canada and ne…
 
A couple of weeks ago I talked about intergenerational wealth transfer and how reverse mortgages have propelled into the market place as a vehicle to access valuable equity with absolutely no monthly payment obligation. The homeowner (who must be at least 55 years of age) can apply to access up to 55% of their home equity and use the proceeds for a…
 
We tear into Justin Trudeau not following Joe Biden in waiving Vaccine Intellectual Property rights for COVID. We also talk about Doug Ford's continued failures, and how his government killed seniors and continues to blame immigrants and foreigners for failing this province. To join our Patreon head to www.patreon.com/LeftTurnCanada and be featured…
 
Today I'm gonna talk about one of my favourite qualification guidelines - the High Net Worth mortgage. This is truly one of those money-talks type of products...money talks as in, the more liquid assets you hold, the more mortgage you can qualify for. This mortgage really comes in handy for those applicants that are short on qualifying income, but …
 
This week on Left Turn Canada! Christo and Andy talk about Paid Sick days and how Canada fails to provide them. We talk about BC NDP leader not doing enough to introduce sick days, and we talk about how Doug Ford's plan is woefully inadequate. Finally, we hammer Justin Trudeau's Liberal government for breaking a strike with Back to Work legislation…
 
Wouldn't it be great if there was a mortgage that didn't require an income to qualify for it? And better yet, absolutely no obligation to make a single payment on the principal debt throughout the life of the mortgage? Well there is! It's called a Reverse Mortgage. Whether you're a fan of them or not, these mortgages are becoming increasingly popul…
 
Christo and Andy join NDP MP Matthew Green in ripping into 'Evil Hedgehog' Doug Ford's COVID disaster, and how Justin Trudeau's budget fails to protect Canadians from COVID and other long term pharmacare crises. We also talk about how Doug Ford is mobilizing millions of Ontarians to stand up to him via righteous anger. Join us on Patreon! https://w…
 
When it comes to income verification for a mortgage a recent paystub and an employment letter will typically do the trick, even if you're a new hire and just have one full pay cycle under your belt. However, things could get a little dicey if you are currently in a period of probation with your new employer. The most common workaround for an applic…
 
INTERVIEW - This week we spoke with Genevieve Nevin & Amy Kishek on the Palestine Resolution that was introduced at the NDP Convention over the weekend. Learn why the Palestinian crisis is a problem that ALL Canadians should care about. For more information: https://www.palestineresolution2021.ca/ Christo gives his rundown of the 2021 NDP Conventio…
 
On Thursday April 8 (yesterday), The Office of the Superintendent of Financial Institutions, OSFI (the Canadian Bank watchdog) announced that they are proposing changes to the current stress test rule. So basically, consider this the last-call bell to qualify under the current stress test until June 1, 2021. It’s not 100% official as of yet, but th…
 
Join us on Patreon, become part of the community! https://www.patreon.com/LeftTurnCanada. This week Andy and Christo talk about Doug Ford continuing to fail Ontarians on COVID 19, putting the most vulnerable people at risk. Doug Ford is killing Ontario Workers We also talk about the 2021 NDP convention, how some of the resolutions are a bold reimag…
 
If you're self employed and qualifying for a mortgage right now (April), you are either gleaming with optimism or white knuckling your way to the finish line. And here's why... When qualifying as a self employed applicant, your qualifying income is determined from your most recent 2 year average (of your Notice of Assessments). Notice of Assessment…
 
Good news! We launched a Patreon - join the community: https://www.patreon.com/LeftTurnCanada. Christo and Andy reveal the winner of the WORST Canadian of the week and it’s a man who hates young people and blames them for his failure to keep Ontarians safe as we enter another lockdown (any guesses?). Second prize winner this week for WORST Canadian…
 
Today I want to talk about how one could incorporate gifted equity when purchasing a home (with the proceeds of a mortgage) from a direct family member. So, in other words a transaction between two direct family members (mainly child and parent) can occur by the selling family member simultaneously gifting a portion of their equity to the buying fa…
 
Andy and Christo talk about the Conservative Party denying climate change, the Liberals doing nothing about climate change, and the NDP needing to do more to fight climate change with socialism. We also talk about how parties fail young people, the politics of student loans, and the dead end of green capitalism. Next week - we open our Patreon! Joi…
 
When it comes to mortgages for newcomers to Canada, the qualification criteria remains similar to what Canadians can expect but with the following exceptions: Minimum down payment thresholds vary anywhere from 5% to 35% depending on ones residence status: Permanent Resident with standard income confirmation: 5-10% minimum down payment Permanent Res…
 
On this week's episode, Christo and Andy talk about Rogers buying out Shaw, and how Canada must nationalize the Telecommunications industry, and indeed all industries. We'll talk about how Jagmeet Singh and the NDP need to prioritize this, and how they've failed to do so thus far. We're also talking about how Doug Ford and Amazon are killing Ontari…
 
In Vancouver, purchasing a property these days has become somewhat comparable to a Black Friday event. A property gets listed, an offer date is set, several buyers line up to view the property (actually some don’t even bother to view as they go straight to the offer stage), and finally offers are placed. This is where things get dicey In normal tim…
 
This week we talk about abolishing the monarchy after Meghan Markle exposed racism at the highest echelons of the Royal Family. We also talk about the need for the NDP to openly embrace Democratic Socialism, and talk about the ongoing destruction of the Canadian Media, including the shuttering of Huffington Post Canada just 2 weeks after workers th…
 
The most common types of income when qualifying for a mortgage are variations of salaried, hourly, and self employed income. But what about other sources of income? There are plenty more to be aware of! Here is a list of some other less talked about forms of qualifying income: Part-Time Income: as long as the income is guaranteed, you could use 100…
 
NDP MP Niki Ashton joins us to talk about her upcoming Progressive International event with former UK Labour Leader Jeremy Corbyn. We talk about campaigns like Make Amazon Pay, building global solidarity, and the recent controversies that have clouded this event smearing Corbyn as an antisemite. Finally, we discuss how to stay hopeful as a leftist …
 
Today I wanna talk about mortgage penalties and how and when they come into play within a mortgage. The when part of the question is quite simple, so let's begin there. Every mortgage has a maturity date (with the exception of home equity lines of credit), and if you sell your property or refinance your mortgage ahead of the maturity date, you are …
 
“Left Turn, Canada” is a new Canadian Politics podcast hosted by Christo Aivalis and Andy Borkowski. This weekly show aims to bring a left perspective to Canadian politics, media, economics, and culture that is far too lacking within mainstream print, audio, and visual media. Christo and Andy bring years of experience in both traditional and new me…
 
I think it's safe to say that every single detached home in Vancouver is priced over $1M. In fact as of Feb 2021, the average priced single family home in Greater Vancouver shot up to $1.83M (the third highest monthly figure, ever!). And here is the major disconnect of the entire real estate equation (for Metro Vancouver)...the median total income …
 
The term “First Time Home Buyer” is thrown around often these days and is tagged in countless incentive based programs and policies. In the future I will dedicate an entire newsletter to the various First Time Home Buyer privileges and programs, but today I will talk about one in particular, the RRSP Homebuyer Plan. What is the RRSP Home Buyer Plan…
 
Key Characteristics of fixed rate mortgages… Current Rate Range (as of Feb 5, 2021): 1.49% to 1.79% Distinguishing Characteristics: mortgage break penalties are the greater of 3 months interest or interest rate differential (IRD). And with that being said, your mortgage penalty figure can deviate back and forth throughout the life of your term depe…
 
Imagine running a marathon and you are 50 strides away from completing the race. But suddenly, a race official appears out of nowhere and moves the finish line another 500 meters ahead. This is what closing costs verification feels like...the applicant has just recently (painstakingly) satisfied the down payment verification and is now presented wi…
 
The dream to build your own home is alive and well, especially in Vancouver! Take a drive down any street in one of (metro) Vancouver's neighbourhoods and you'll see several projects on the go. This week I want to write about the mortgages that finance these incredible projects and what it takes to qualify for them. The mortgages are commonly refer…
 
Over the last decade the process of qualifying for a mortgage has increasingly become more cumbersome and frustrating. In fact, some claim it is easier to attain citizenship to another country than it is to secure basic financing for a 1 bedroom condo in Calgary. So why is this? Why all the questions, the excessive document requests and the never e…
 
What is a real estate assignment contract? Before I get in to the process of how to qualify for a mortgage when assigning a real estate contract, let's first unravel what a real estate assignment is. A real estate assignment is a transaction similar to that of a standard real estate transaction, except rather than being referred to as a buyer and a…
 
Since the launch of the program in Sept 2019, only 13% of the programs allocated reserve actually made it to the hands of first time home buyers. Will the upcoming enhancement spur more interested applicants, or is this program simply a dud? Three words that best describe Trudeau's First Time Home Buyer Incentive (FTHBI) program that was launched b…
 
One of the consequences of selling a home is the unexpected penalty that arises as a result of breaking your mortgage contract ahead of its maturity date. The penalty is determined by the greater of 3 months interest, or the dreaded interest rate differential (IRD). And the scary part is the your penalty can radically change from the day you list y…
 
Mortgages are classified as one of the following three; Insured, Insurable, or Uninsured/Conventional. The way a mortgage is priced and qualified depends on how its funds were purchased, acquired or allocated. Mortgages are either insured by the borrower, bulk insured (securitized) by the lender, or simply uninsured all together. Once they are give…
 
When I first became a mortgage broker (in 2004), the hardest thing for me to understand at the time was how business owners got away with qualifying for hefty mortgages with such low declared incomes. Like how does a contracted engineer who declared $65,000 on their T1 General end up qualifying for a $650,000 mortgage (which requires an annual qual…
 
The following is discussed in this episode: Throughout our lives we will likely be moving from one property to another, and in the process, we use the equity accumulated from the previous property to either buy the new property outright, or use whatever is remaining (once the existing mortgage is paid out) as a down payment for the new property. Bu…
 
Everyone assumes that verification of down payment proceeds for a mortgage is a swift and miscellaneous part of the mortgage qualification process. When you think about it, why would it be difficult? If the applicant does, in fact, have the funds in their bank account, why then does it matter where it came from and how long it's been there? One wou…
 
The following is discussed in this episode: Purchasing a property inside of a corporation: OPERATING COMPANY or HOLDING COMPANY? *this a decision you will want to discuss with your accountant as there are reasons to do so in both cases. However, as far as mortgages are concerned most lenders require that the property be held in a holding company. T…
 
The following is discussed: >for the 6th consecutive week 5 year fixed rates are available for as low as 1.79%. Even lower rates are available for no-frills products (I've seen rates as low as 1.64%). One other rate promo to be aware of -> 1.89% for a 5 year fixed, but no interest for the first three months (and it’s not tacked on to the mortgage e…
 
Key points: New approach/format to podcast...expect weekly episodes based on Marko's weekly newsletter Two upcoming events that could potentially cause interest rates to increase (Bank of Canada's announcement to stop purchasing bonds AND the US Election) a reminder of the 3 golden credit boosters Marko Gelo Garage Band Sessions: (produced and perf…
 
Key points: Consumer Credit Reports (Borrowell, Credit Karma, etc)...why can't brokers accept your free reports? When it comes to mortgages, credit reports are reviewed from a very broad perspective - way more to it then just the actual score Avoid deferring your broker/banker from checking your credit score...do it sooner rather than later learn a…
 
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