Loans for Deposits

Are you currently selling your property? Have you been shopping around to try and find a place to move to? If you are and require a deposit for a new purchase, where are you going to come up with the funds?

Selling your home and arranging financing can be stressful. With a deposit loan from Tembo financial, we make it easy. Giving you the funds you need for a deposit on a new purchase, before the closing date of your property. With no monthly payment options available, you are able to secure your dream home, while your current property is still on the market. Deposit loans can give you the solutions you need when moving, and help you to secure your new home! Speak to a representative at Tembo Financial to see how you can qualify for a deposit loan in Ontario. Tembo services all of Ontario, including: Toronto, North York, Vaughn, Brampton, Mississauga, Ottawa, Waterloo, London and more!

2nd Mortgage Refinance

When refinancing your current mortgage, it is important to know the type of lender you prefer to work with.

Refinancing is a big step of a mortgage process, where you, as the client are able to either stay with a current lender, or find someone new. Depending on the situation of your loan, it can either be easy to find a new lender to refinance, or maybe a little harder.

Tembo Financial is able to assist clients looking to refinance their current mortgages, by offering private lending services.

If you are looking to refinance, and are not sure about where to take your mortgage, speak to Tembo Financial to see how we can assist you!

Tembo Financial is able to refinance first, second and third mortgages at this time! We are happy to give you a quick answer, and an easy solution to any financial needs that you may have.

If you are anywhere in Ontario, including: North York, Vaughn, Barrie, Mississauga, Brampton, Cambridge and more, give us a call today to see how you could be approved for a second mortgage in Ontario!

We’re getting back to normal!

Today, the Government of Ontario announced a comprehensive plan to re-open schools. The plan is based off of the detailed advice from leading medical and public health experts.
All publicly-funded elementary schools will be reopening province wide, five days a week. Secondary schools with smaller populations will reopen with a normal daily schedule, five days a week, while most secondary schools will start the school year in an adapted model of part-time attendance with class cohorts of up to 15 students alternating between attending in-person and online. The opening of schools will be supported by a $309 million investment in PPE, staff and cleaning supplies, as well as mandating masks for staff and children in grades 4 and above (with medical exceptions). 
 
All families may choose to opt out of in-person education, if they wish. Based on public health advice, medical masks will be mandatory for all staff in a school setting. Medical masks will be provided for all teachers and other school board staff.  Robust outbreak protocols will ensure that both the education system and the public health system have effective plans in place to respond quickly and effectively when outbreaks happen in schools. The government also released details on its child care plans.
 
EarlyON Child and Family Centres will also be permitted to reopen with in-person programming along with before- and after-school programs for school aged children which will be permitted to operate with standard ratios and maximum group size requirements. All of these programs will be subject to health and safety protocols in order to keep kids safe.Parents and guardians have until August 31, 2020 to apply for Support for Families. Under this program, parents or guardians of children between 0-12 years old, or up to 21 years old for children and youth with special needs, are eligible for a one-time payment, per child, to purchase educational materials to support learning at home.
 
Toronto and Peel are moving to Stage 3!
 
Additional businesses and public spaces will be reopening as Toronto and Peel Region move into Stage 3 of reopening the province on Friday, July 31 at 12:01 a.m. For questions on restrictions that will remain in place during Stage 3, review the Stage 3 Emergency Order on the emergency information portal or call the Stop the Spread Business Information Line at 1 888 444-3659.

Your property taxes should NOT have to soar

In this blog post, Tembo will inform readers that your property taxes should not have to go through the roof because of your municipality being cash strapped from COVID-19.
That’s because the Government of Ontario and the Federal Government have come to an agreement on the transfer of over $4 billion dollars in money for local government and transit agencies. We’re all aware of the impacts of COVID-19 on our towns and cities and their financial bottom lines. The money that we’ve received from the federal government will help local governments maintain the critical services people rely on every day, including public transit, over the next six to eight months. Details on specific allocations will be provided in the coming weeks. This funding is part of the province’s made-in-Ontario plan for renewal, growth and economic recovery.
 
Mr. Popular, Premier Doug Ford worked to secure this money with the Prime Minister,  municipal partners, fellow Premiers, and Deputy Prime Minister Freeland to reach this historic agreement, which includes $777 million from the federal government and $1.22 billion from the province in support for municipalities. Ontario will continue to work closely with its municipal partners to ensure this funding provides the support they need to address budget shortfalls related to COVID-19. A big, crucial deal for public transit funding was also secured as part of the federal-provincial agreement. Up to $2 billion will be shared equally between Ontario and the federal government. Transit operators that have seen steep declines in revenues will receive the support they need to help address the financial impacts of COVID-19 and continue their operations in a safe manner.
 
If you hear from your local Councillor, Mayor, or even a friend or family member that property taxes will be going up, up, and up because of COVID, tell them about the Safe Restart Agreement, as this deal is being called. The Safe Restart Agreement represents over $19 billion of your hard earned tax dollars from Ottawa for local government across our country. This isn’t the first dollop of money to local government, Ontario has invested about $350 million to support municipalities and social service providers such as shelters and food banks, as well as individuals receiving social assistance and those who are ineligible to receive federal support. Ontario has also invested billions to support the health system, build new schools, and cut and delay taxes for businesses, consumers, and individuals. 

Advance the equity in your home!

Is your equity tied up in your home? Tembo Financial is able to advance you the equity tied up in your property.

Now more than ever, many people are looking for an equity advance on their property. The most efficient way to do so, is with a loan from Tembo Financial.

Tembo Financial is able to give you the funds that you need by putting a first mortgage, second mortgage, or even third mortgage on your property, anywhere in Ontario.

If you are in North York, Brampton, Mississauga, Cambridge, Waterloo, Kingston, Ottawa or anywhere else in Ontario, contact us today!

The process is simple and quick, giving you the funds within 48 hours of an approved application.

How does Loan to Value effect you?

You may have heard the term Loan to Value (LTV)when applying for a mortgage, but do you really know what it means and how it can effect your loan?

Loan to value is the amount of money that you owe on your property, divided by the amount that your home is worth.

The reason that LTV can effect you, is because banks and lenders must look at the risk value when giving you a loan. Each institution will have a different number that they are comfortable with going up to. Private lenders will generally give you a higher loan to value, giving you more money out of your home.

If you are curious about the LTV of your home, and are looking to access some of the equity tied up in your home, speak to Tembo Financial. We are able to give you an estimate of how much money you will qualify for! Tembo Financial lends all over Ontario, including: North York, Vaughn, Barrie, Cambridge, and more. 

What is a second mortgage

A second mortgage is just like a regular first mortgage on your property, however it is in second position. That means, that after you pay out your first mortgage, the second mortgage gets paid out afterwards.

This makes second mortgages a higher risk for lenders. That is because if you were to default on your mortgage, the loan in first position would be paid off first, leaving the remainder for the second. The second mortgage takes a chance at not being paid in full if anything goes wrong with the mortgage.

Second mortgages can be done through a private lender, that will go to a high loan to value ratio. This gives you the opportunity to take out more equity from your home.

Second mortgages are fairly easy to get on your home, and insurance companies are able to provide you with what you need to secure a second mortgage loan.

When should you consider a second mortgage loan?

If you are finding your self needing more from your mortgage, consider applying for a second mortgage. The second mortgage with a private lender is able to be more flexible, and free up some of the equity in your home.

If you are anywhere in Ontario, including: North York, Vaughn, Barrie, Mississauga, Brampton, Cambridge and more, give us a call today to see how you could be approved for a second mortgage in Ontario!

The national real estate snapshot speaks to resilience

In a recent assessment of the economic and financial impacts of COVID-19, the Bank of Canada released its estimation that the national economy would decline by just under 8% in 2020, and then rebound in 2021, re-attaining the pre-COVID level of economic output by 2022.
This is in line with most experts, banks, and economic forecasters, not just in Canada, but around the world. The thinking is that once suppressed demand is allowed to organically re-flate when the worst of COVID is behind us, the economy will rapidly recover; turbocharged by the lowest interest rates and greatest financial liquidity in human history.
A few days ago, CREA, the Canadian Real Estate Association, released information on the latest price fluctuations across Canada. The numbers are very positive considering the immensity of the economic, social, and political impact of COVID-19. Almost every major urban and suburban real estate market saw prices increase in June compared to June 2019. Hamilton, Quebec City, Winnipeg, and the Niagara region were the top performers in the country. These areas saw prices increase at the rate of inflation, Hamilton saw prices go up on average by 2.5%. Only three cities saw prices decline on average. Those were Toronto, Vancouver, and Calgary. Calgary saw the biggest price decline, at -1%. 
Calgary and Alberta are going through a very difficult recession given the collapse in commodity prices and the resulting impact to the broader Albertan economy. It’s not just oil, prices for agricultural goods and other minerals are not as high as was the case in the past. The good news out of Alberta is that real estate prices in Edmonton did not decline. As for the GTA., keep in mind that the Toronto economy is completely dominated by a service sector that has not fully re-opened. Many businesses have not only recently resumed operations in full, such as certain private medical offices and dentists. Cities in Ontario that are doing well outside of Hamilton at the top are Guelph, Barrie, Oakville, and Kitchener-Waterloo. Hope for the rapid recovery is one of the psychological columns holding up the stability in real estate prices. But there are multiple factors to the resilience which is being noted. Low interest rates, the apparent fiscal capacity of government’s to stimulate, and a growing tech. and services sector are all bright spots. 

June’s Real Estate Numbers are Out for the Toronto Market

The news is very good. According to the Toronto Regional Real Estate Board, June saw a 12% increase in average selling prices compared to June, 2019. This is very good news considering our stock market was battered a few months ago, that we are in the middle of a serious recession, and continuing to deal with the aftershocks of a major international pandemic. The cause for this increase was the fact that the number of listings has declined while demand has held. This signals that supply has dried up to miniscule amounts. Home sales were at 8,701 in June, down slightly (1.4%) compared to May. June sales were up by 84% from May, a historically unprecedented figure. The average home selling price in the GTA is now $930, 869. Having hit this figure, we’ve broken the all time record of $920K set in April 2017, at the absolute height of the real estate boom. 
 
Lisa Patel, TRREB’s President had some cautiously optimistic words: “We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs.” Market experts believe June’s strong figures show that the healthy state of demand, low inventories, and continued exceedingly low interest rates are all signs that medium to long term real estate activity will be positive. The data shows that most of the activity was in the traditional golden goose department of detached homes and townhouses, the assets that everyone is after. Detached prices rose by 14.3%, while semi-detached prices were up 22%. 
 
Listings continue to be in relatively short supply. They were down by 53% compared to June 2019. The only modesty to be had was in the condo market, where Toronto sales fell 13.6%, with prices rising by 5.6%. The 905 saw roaring condo price growth, with 9.1% increases overall. The average sale price of a 905 condo is $528K, while the figure for Toronto is $672K. Prices for homes and condos outside of the 905 and Toronto were also almost universally healthy and well above inflation, with Halton, Peel overall, and Orangeville all seeing price growth just under 10%. Stability continues, but the supply issue remains serious. 

How to apply for a deposit loan: Ontario

Applying for a deposit loan in Ontario can be very simple! Tembo Financial is able to give you the funds you need for a deposit on a new purchase while your home is on the market or already sold. 

Applying for a deposit loan requires few documents, making the transaction quick and easy, enabling you to secure your new purchase. 

Tembo Financial can help those who have listed their homes, and those who have sold already. When applying for this type of loan, there are rarely credit checks or appraisals done to the home. 

Tembo Financial also offers options in which the sellers do not have to make any monthly payments and only repay the loan upon the closing date of the sold property! 

If you are planning to sell your home this summer or know anyone that is, reach out to Tembo Financial to see how you can qualify for a quick and easy deposit loan!