• The great thing about being a mortgage planner is all the different people from all walks of life who come into the office. Yes, most people want to discuss low mortgage rates but a lot come in to share their dreams and discuss the harsh reality of life in the Golden Horseshoe. If you have read our previous mortgage stories you will know that we write as if our roles were reversed. At Robert Floris’s Mortgage Architects Hamilton office we will continue to worry about the home-owner. We will write as if our roles were reversed and if we were in the consumer’s position.
    This week we received an application on-line from a couple who moved here from Alberta. He was a truck driver and she was an administrator for his trucking firm. Like most other drivers he writes a lot off on his self-employed business. He was seeking a purchase of approximately $400,000. This would be very difficult due to several reasons:
    • This was a high price due to income (Hamilton had become more expensive)
    • The mortgage rules had changed for self-employed (Jim Flaherty new mortgage guidelines)
    • Saved 5% down payment for purchase (Require a minimum of 10% d.p. for self-employed)
    He was naturally upset when I had to let him know he did not qualify, in fact he would struggle to have an apprroval for half the purchase price. He suggested, maybe I have not worked with truckers before. I assured him (the truth) we had secured many in his profession. We then discussed where else he could move which led me to write this article. We discussed potential cities to live.
    It was only several years ago Hamilton was the destination of choice from the Toronto Corridor and in many cases it still is. This driver had a dilemma and I wanted to help. I thought Grimsby, maybe Beamsville? No too expensive. He would have to go further south. He may have to start in St. Catharines, Welland or maybe even Niagara Falls. The cascade of prices was having an effect not only in the great city of Hamilton but in the Golden Horseshoe as well.
    It is somewhat disturbing that two hardworking people will have to uproot to have an affordable life. Years ago they would have been considered your typical Hamiltonians but today we certainly of are a changing city. The commuters have changed the landscape of the city and I hope for the better. Nothing stays the same and our city is no different. We will lose long time Hamiltonians but that is what they call progress.

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