Robert Floris CFP, AMP
Mortgage Agent Level 2
M08004919
1-855-55-TRUST
mortgages@robertfloris.com
Sean Howard BSc, MSc
Mortgage Agent Level 2
M17001956
905-966-1453
info@buildequity.ca
Hamilton Real Estate 2022: A Year In Review For Hamilton Real Estate And Mortgage Rates The 2022 Hamilton real estate and mortgage rate scenario can be summed up by one word: tumultuous. This monthly review will demonstrate the roller coaster ride [...]
Poor Decision To Keep Stress Test As Is Today the government agency OFSI announced that the infamous mortgage stress test would remain unchanged. In our opinion, this is a very poor decision because it targets and prevents prospective homebuyers[...]
Are your mortgage payments becoming on affordable? In the past year and a half the prime rate in Canada has gone up by 3.5%. depending on the size of your mortgage and whether you are in a fixed or variable rate mortgage, this has[...]
Before answering the question, what is a collateral switch mortgage, we should first answer the question, what is a collateral mortgage? A collateral mortgage is a mortgage where the lender has registered a larger amount on title on [...]
What happens if my appraisal comes in low? In a declining real estate market like the one we are having, it can be a serious problem when securing a mortgage if the appraised value comes in lower than expected. At the moment we are [...]
Should I declare bankruptcy? Bankruptcy may seem like an easy solution. But if you are thinking about declaring bankruptcy, make sure you understand all of the consequences and make sure that it is worth it! We have had clients who [...]
What is the best mortgage product for you? Fixed or variable mortgage? Sean and I get asked the question more than any other question. As advisers, we do try to study the trends of mortgage rates and where they are going in the near future and [...]
What is the maximum mortgage amortization? Before answering the question what is the maximum mortgage amortization, we should first explain what an amortization is. Our clients will often get confused between the term of the mortgage and the [...]
First things first: even though it is generally better if you CAN pass the stress test, you don’t necessarily need to pass the stress test if any of the following are true: 1. You are refinancing your home. 2. If you are purchasing a home[...]
SHOULD I LOCK IN MY RATE? With all of the recent and looming interest rate hikes, we are getting a lot of calls from anxious clients asking if they should lock in (and justifiably so). Unfortunately, we can’t answer that question. However, [...]
Robert Floris has been in the mortgage industry for 30 years, including working as a Sales Manager for a major chartered bank. Over his career, he has personally lent over 1 billion dollars and proudly continues to advise and tutor his valuable [...]
Why Our Move To A Virtual Office Is Good For Clients Well, 2020 is over. For most of us, the year changed us. COVID made us reflect on all our lives. For Sean and myself, it was no different. For the safety of our clients, we made an early decision [...]
Should I prioritize my mortgage?There are two schools of thought on this topic one is to pay down your mortgage faster and the other is to pay down slowly. If your priority is to pay down your mortgage quickly there are several things that you can [...]
Can I buy multiple homes with 5% down? The short answer is: yes. But there are some restrictions. First of all, if you want to put the minimum 5% down to purchase a home, you will be subject to government scrutiny and fee. What I mean is that when [...]
CERB and Mortgage Deferrals to End: What Can I Do Now? CERB is ending at the end of September The Canadian mortgage market is about to face reality at the end of September. The Canadian Emergency Relief Fund or better known as CERB and the [...]
What is the Real Cost of Getting A Mortgage With Bad Credit? Can I really fix my credit? What will it cost me both financially and emotionally? How much time does it take to repair? It depends. Is it easy to get ripped off? Let’s[...]
Now What? Mortgage Deferrals are Ending What happens to mortgage clients once deferrals are ending? How would this news affect the housing market? Are financial institutions now happy they will receive payments? Let’s examine what could happen [...]
Why Mortgage Rates Will Stay Low Why are mortgage rates so low? What if my mortgage matures next year? Should I refinance before rates go up? Let’s explain. Covid-19 has had too many negative effects on the Canadian economy and [...]
Hamilton Home Prices: A Simple Way To Determine Where They are Headed Hamilton home prices are headed to the moon. But are they? How can the history of prices can teach us the future? Let’s explain. It’s 2020, the [...]
Refinancing is Good? How To Know Lead Mortgage Broker with over 30 years of mortgage expertise, currently at Mortgage Architects. To refinance or not to refinance…that is the question. Money is tight…I can’t sleep. My kitchen has [...]
Credit Score During Pandemic How will my credit score be affected during the pandemic? Is there a way I can learn to improve or keep my credit score high? Let’s explore. The Coronavirus has had serious effects on people’s health and [...]
Mortgages When My Relationship Ends By: Robert Floris Lead Mortgage Broker with over 30 years of mortgage expertise, currently at Mortgage Architects. I thought my marriage would last. Financially and emotionally I am a wreck. Where [...]
Hamilton Basement Apartment’s Future Appears Bright By: Robert Floris Lead Mortgage Broker with over 30 years of mortgage expertise, currently at Mortgage Architects. Thinking about buying a home with a basement apartment? You’re not alone. [...]
What the Post-Pandemic Mortgage World May Look Like By: Robert Floris, Lead Mortgage Broker with 30 years of mortgage experience Today is today, tomorrow…? Could we be going into a recession or will business not skip a beat after the COVID-19 [...]
Vital Mortgage Changes During The Pandemic By: Robert Floris, Lead Mortgage Broker with 30 years of mortgage experience Business as usual…uh, I don’t think so. There is a lot of misinformation out there…some incredible nonsense…not much [...]
Mortgage Renewal: Crucial Questions to Consider By: Robert Floris, Lead Mortgage Broker with 30 years of mortgage experience Ever try to Google for Mortgage Renewals? Wow, everyone claims to have the best and lowest mortgage rates! Somebody must be[...]
Mortgage Broker versus Bank – That is the Question What a great question! It is a common request we receive quite often. As a former banker who was the mortgage manager for a major chartered Canadian bank, I feel I can write the answer to this [...]
VARIABLE RATES ADVANTAGES • Over history, variable rates have proven to be less expensive • Penalties: Generally 3 month-penalties • Convertibility DISADVANTAGES • Must pay attention to variable rates • Rates can [...]
FIXED MORTGAGES ADVANTAGES • Brings stability and mental peace • Easy to budget • Excellent when rates are low DISADVANTAGES • Penalties – banks Robert Floris is a Mortgage Broker. His office is located at 651 Fennell[...]
Maximum Mortgage Amount: How Much Can I Afford? How much of a mortgage can I afford? Great question! This is a common inquiry we receive almost every day. Our Staff has over 33 years of experience to help you better understand the answers to [...]
My mortgage is renewing what do I do? If your mortgage is renewing, the first question that we will ask you is: when? The reason we are asking you when your mortgage is renewing, is because we can only renegotiate your mortgage within a period[...]
Why Canadians are frustrated by the lender's deferral programs? It is fair to say both the public and the lenders were taken by complete surprise at the spread of the virus. And the effect it would have on the economy. The move to have all the [...]
Will Deferring My Mortgage Hurt My Credit? Many of our clients have communicated with our Mortgage Architects office in the past week to share their thoughts regarding deferring my mortgage. In general, they were scared and wanted advice as to [...]
Volatile Mortgage Rates During This Crisis John and Connie came back to us after 15 years to buy their dream home on March 8, 2020 at the beginning of the financial crisis due to the Coronavirus. Initially, the financial market was very worried and [...]
To Defer or Not to Defer My Mortgage Payments. That is the Question At Robert Floris’ Mortgage Architects office, Sean Howard and I took many calls as to whether our valuable clients should defer their mortgage payments. It is quite simple to us [...]
Deferred Mortgage Payments: Family, Finances and Your Credit Score During this Crisis Being in the Canadian mortgage industry for the last 30 years really does not prepare you for moments like this during the Pandemic. I wasn’t ready in the early [...]
Multiple Rentals: Do You Want To Build An Empire? We don’t know how many multiple rentals we’re talking about yet. How much rent they could generate? Which banks would be on board for an “inexperienced” landlord? We also don’t know the [...]
Where are the Mortgage Rates Going? Last week we contemplated where were mortgage rates going and we predicted the Bank of Canada would lower their prime lending rate. Were we right? Sort of. We predicted a rate discount of a quarter point. We [...]
IMPORTANT NEWS: THE BANK OF CANADA HAS CUT ITS KEY LENDING RATE 1.75% TO 1.25% THIS IS EXCELLENT NEWS FOR BORROWERS WHO DOES IT AFFECT? Anyone in a variable rate mortgage and anyone with a line of credit. HOW DOES IT WORK? The current prime [...]
Lower Mortgage Rates: Are They Sliding? Unfortunately, last week created some bad market and health news. Could this contribute to lower mortgage rates?Unless you lived in seclusion or under a rock, you already know stock markets in the world had [...]
Mortgage Free? Congratulations! But Why? So you bought a home and paid off the mortgage quickly either by receiving an inheritance, or diligently making larger payments, or putting in the time, or any combination of the above. The goal for a lot of [...]
Mortgage Penalty: When Should You Pay It? Most mortgages have a term - a length of the contract or commitment that the mortgagor has made with the lender. Generally, if you break said contract by paying it off earlier than agreed, you will be [...]
Buying A Rental Property: Here Are Some Helpful Tips If you are thinking about buying a rental property, here are some things to consider. If you already have a home or you are buying one where you will also live, have you considered renting a [...]
Retirement Home: Is There A Better Alternative? Have you every thought about where you will live when you retire? You've probably heard that it is very expensive to live in a retirement home and you're right! There are also some horror stories about[...]
5 Tips For Getting The Best Mortgage Rate If you are purchasing a home, put less than 20% down. Your mortgage rate is influenced by the risk to the lender. When you put less than 20% down on the purchase of a home, you are forced by the Canadian [...]
Self-Employed are Stranded Looking for a Mortgage The most common reaction we hear from the public is how much harder it is to get a mortgage these days. If you’re self-employed today, getting funding becomes a herculean problem. It was not always[...]
What does it mean to be preapproved for a mortgage? It actually doesn't mean a whole lot. It depends a lot on the person who has preapproved you for a mortgage. Sometimes you will see advertisements that boast preapprovals in 30 seconds. There are [...]
Top 3 Things You Need To Qualify For A Mortgage I often get calls throughout the day with prospective clients asking me if they could qualify for a mortgage. Here are the 3 main things you need to qualify for a mortgage: 1. Down Payment You need [...]