Thursday, November 29, 2012

What Mortgage Agent Course Do You Take to Become a Licensed Mortgage Agent in Ontario?

An individual interested in becoming a Mortgage Agent in Ontario must complete a Mortgage Agent Course that meets the Mortgage Agent Qualifying Standards as defined by the Financial Services Commission of Ontario (FSCO). FSCO is the regulator of the Ontario mortgage industry and is responsible for regulating brokers, agents, brokerages, and administrators.

There are a number of Mortgage Agent Courses offered in Ontario that are approved by FSCO. The Canadian Association of Accredited Mortgage Professionals (CAAMP) offers the Ontario Mortgage Agent Course in online and in-class format. There are also a number of other courses offered through various community colleges.

The various Mortgage Agent Courses available are required to follow the same curriculum, feature a course of study, and be followed by an examination. The format, however, may vary depending on whether it is offered online, in-class, or a combination of both. Course providers set their own tuition fees.

Topics covered in CAAMP's Ontario Mortgage Agent Course include:
Introduction to the Canadian Mortgage Industry
Overview of the Industry; Regulatory Framework
Legal Overview; Mortgage Mathematics
Understanding the Mortgage Process
Completing the Mortgage Application
Qualifying the Borrower
Mortgage Products
Related Products and Submitting the Application
Valuing Property and the Decision to Lend
The Closing Process
Protecting Consumers and Increasing Industry Professionalism.

There are no admission requirements for enrolling in a Mortgage Agent Course. However, students will find it useful to have a general understanding of mathematics and will benefit from a background in financial services. Those who do not will likely require additional study time.


Individuals interested in becoming Mortgage Brokers in Ontario must meet a number of qualifications as defined by FSCO. All individuals interested in obtaining a Mortgage Broker license in Ontario must have successfully completed an approved Mortgage Agent Course; must have been working as a licensed Mortgage Agent for a minimum of two years within the three years prior to application; and must have successfully completed an approved Mortgage Broker Course within the three years prior to applying for a Mortgage Broker license.

In Ontario, the is offered in English by Seneca College of Applied Arts and Technology and in French by La Cit collgiale. The Mortgage Broker Course consists of 42 hours of online study which takes approximately 14 weeks to complete, followed by five consecutive days of in-class seminars. Participants are required to attend all of the in-class seminars to be eligible to write the mandatory final qualifying examination.


All currently-licensed Mortgage Agents and Mortgage Brokers (including Principal Brokers and Brokers employed by finance companies) who will be renewing their licenses in 2012 will first have to complete a five-hour FSCO-approved Re-licensing Course.

for Ontario Mortgage Agents and Mortgage Brokers will be available in November 2011 and will be offered by select education providers. An outline of the Mortgage Agent and Mortgage Broker Re-licensing Education Course, entitled MB Re-licensing Education 2012, is available on the FSCO website.

The objective of mandatory Re-licensing Education is to ensure that Mortgage Agents and Mortgage Brokers fully understand the requirements and regulations of the Mortgage Brokerages, Lenders, and Administrators Act (MBLAA).

Requirements for Mandatory Re-licensing Education following 2012 are yet to be determined.

Sunday, November 25, 2012

Shareholder Loans - treatment by Canada Revenue Agency

Shareholder Loans

It has been widely common for the business owners to use their sole manager/director status to simply take funds for living from the corporation. Or, make the corporation pay for their personal expenses like home renovation or visa bills. Not wishing to declare it as personal income, but rather say that it was a loan that will be paid back later. On the other hand, the employed person would have paid those same expenses from his/her personal salary. It is obvious that the difference between those two would be that the employee has paid personal taxes, pension and employment insurance contribution, before receiving his/her net pay. Therefore, on average, 100k annual salary will give you a 60k net pay. The business owner, taking money directly from the business bypasses the source deductions, and receives access to the whole 100k. By The CRA rules, simplistically stated, If the company earns 250k net, and then pays the salary 100k, has 150k net income and needs to pay tax on 150k (16.5% for small business in Ontario). Then the person receiving 100k salary needs to pay personal income tax.(40-45% or more), and that is precisely what the average business owner is reluctant to do. For the same reason the CRA has concentrated its attention and developed a sophisticated set of laws and regulations to help enforce tax law in that area.

In particular, Section 15 of the Income Tax Act (ITA) outlines the CRA's position on loans advanced to shareholders/directors. The idea is that any benefit provided by the company to the shareholder/director shall be included in his/her taxable income. S. 15(2) deals with "shareholder debt" saying that where the shareholder, or any person connected to the shareholder received a loan "amount of loan or indebtedness is included in computing the income for the year of a person";

There is, however, a gesture of goodwill on the part of the ministry, saying in 15(2.6), that the above does not apply when "loan or indebtedness repaid within one year after the end of the taxation year of the lender" if it can be seen that " the repayment was not a part of series of loans or other transactions and repayments"

Home Purchase Loan

There might have been a home purchase loan from your corporation, that is allowed by the CRA, for the term of 5 years, with the renewal option. Should be" acquired for the sole purpose of acquiring right to inhabit a dwelling where the dwelling is for the habitation of

(a) the individual by virtue of office or employment the loan is received or the debt is incurred

(b) specified shareholder of the corporation by virtue of whose services the loan is received or the debt is incurred, or

(c) a person related to a person described in (a) or (b)"

Saying therefore, that you must be an employee or a shareholder, providing actively services to the corporation.

The loan must bear interest, and its principal does not have to be included in income of an individual, for the amount not exceeding what was actually paid for residence purchase during the year. S. 80.4(1); 80.4(7). The loan must be taken for the term not exceeding 5 years, and the "prescribed" interest rate must be paid.

Automobile purchase loan option is also available, shall it be received for the reason of employment, as opposed to shareholdings.

Wednesday, November 21, 2012

How To Determine If A Deal Is Good For Real Estate Investing

Being able to recognize a good deal is crucial to the success of a in real estate investing business. While you may come across so many properties for sale, not all of them qualify as profitable real estate investments.

So how do you tell which deals to pursue and which ones to trash?

You must follow a simple business model to be a successful real estate investor. It is necessary to develop ball-park figures that help you analyze deals whether you wholesale properties, do lease options, fix and flip, keep as rentals, etc.
The following 3 steps apply when analyzing your deals:

1) Pre-screen your sellers
You must pre-screen all your motivated sellers to gather all the information necessary to analyze your deals. It is important that you invest in a real estate investor website that helps you pre-educate motivated sellers, pre-screen them and pre-negotiate with them.

The information you receive through your website is enough to know if you have a deal or not.

If you still have to pre-screen motivated sellers over the phone, then you must have a script with simple questions that provide all the numbers you need to make a quick calculation.

2) Run comparable sales
You then need to determine how much the house would cost TODAY if it was sold in perfect condition.

3) Analyze your offer
Armed with this information, you can then determine if you have a deal or not. Of course, the mortgage balance and the asking price are the main determining factors when making this determination.

a) Wholesale deals
If the house costs 70 cents on the dollar minus repairs or lower, it probably qualifies as a wholesale deal. You should aim for 65% minus repairs in a poor real estate market.

You must also calculate your profit in this calculation. So if you want to make 00, your buying price would be 65% minus repairs minus 00.

You have to remember that the lower your buying price, the lower you can flip it and the faster you can sell it.

b) Rentals and lease options
If the house needs no repairs and does not qualify as a wholesale deal, then it probably qualifies as a good deal for rentals and lease options.

You therefore need to know the rental rates in the area. Obviously, the monthly mortgage payment must lower than the rental rates for this to be a viable deal. For example if the mortgage payment is 50 and the rental rate is 00, you have at least 0 monthly cash flow.

It is a good idea to use the rental rates for lease options, though you can fetch a higher monthly payment with a lease option.

It is always important to have equity in the deal for this to work.

c) Short sales
A short sale is viable if none of the options above cannot work and the mortgage payments are late.

You can get better results with properties with more than one mortgage.

We have covered short sales in separate articles.

Saturday, November 17, 2012

Yucatan Real Estate

While the main focus of Yucatan real estate tends to be the charming colonial homes in the capital city of Merida, there are also excellent beachfront options available along the beaches stretching across the north of the Peninsula.

While the main focus of Yucatan real estate tends to be the charming colonial homes in the capital city of Merida, there are also excellent beachfront options available along the beaches stretching across the north of the Peninsula. Consider some of the benefits of this area.

Very Quiet Lifestyle - The north shore of the Yucatan Peninsula is relatively low in tourism compared to bustling centers around Cancun. This means that you can live quietly on the beach, really away from everything even away from other people who are trying to get away from it all! The beaches are beautiful, as is the nature. Those who choose an in-town Yucatan home for sale will also find that the villages are small, quiet and neighborly.

Prices are Low While this is especially true of Yucatan land for sale out along the coast in the small towns and between, it is also true in town, as well as home ready to use. Fixer-upper homes have become a favorite in some of the towns. In all cases, prices are SURPRISINGLY low. The cost of living is also very low, in everything from groceries, to property taxes, from health care to traveling.

Ecological Areas are Available Further to the east along this stretch of beachfront, actually, there are large protected areas, such as Rio Lagartos, which is a large nesting ground for flamingos. Ecological beachfront lots can be found directly within the protected areas, offering the possibility of living a life in close contact with nature, while still living comfortably. If the other areas offer a quiet lifestyle away from it all, these offer it that much more!

Close Access to Airports The north coast of the Yucatan Peninsula has close access to two major international airports Merida (between 30 minutes and 2 hours away) and Cancun (between 1 and 3 hours away.) This makes arrival easy and affordable. Since most real estate attention has been looking southward from Cancun, beachfront lots and homes fairly close to both can be found that are still quiet, undiscovered and affordable.

Close to Modern Services For this same reason, owners can find a full range of modern services close by, including large supermarkets, sports complexes, malls, movie theaters, state-of-the-art hospitals and golf courses. The communities along the beachfront offer the basics, such as groceries, a few stores and banks.

If you have been looking for your own corner of beachfront paradise on the Yucatan Peninsula, consider the northern coast area for a quiet lifestyle and lower prices.

Thursday, November 8, 2012

Different Types Of Wallets And Their Features- Info

Wallets are one of the accessories that we use for the most part in our day by day life. The parameters on which a person chooses a wallet are the style, size and brand. We forever carry a wallet with us. They are used to carry cash, debit and credit cards, keys and coins, personal identification cards and visiting cards. Cash in the form of notes are stored in a separate compartment, while coins are carried in a compartment which can be closed using a button or zip fastener. Visiting cards and credit cards are usually placed in the opening phase of the wallet. Some also have additional storage facility for check books and documents. Photos and personal id cards are kept in transparent compartments so that they can be seen without taking them out. But all these wallets have common function. Here we discuss some of the varieties of wallets and its features.
Mainly wallets are classified into:

*Secret wallets

*Pocket wallets

*Travel wallets

*Men's wallets

*Ladies wallets
Female wallets are generally bigger than men's. This is due to the additional accessories they carry with them. They protect your important documents and cash from getting soaked. There are travel wallets which have secret compartments. They are difficult to find out unless you are familiar with it. Here you can store cash and documents and prevent unauthorized access to them. Secret wallets are usually very small in size. There might be five or six separate compartments so that you can keep them organized. It also gives you easy access to them when you are in an emergency. Some of the wallets have water repellent compartments. They can be kept under trousers and small pockets inside the shirt or jacket. They might have only one or two compartments and are mainly intended to carry cash. The price of a wallet depends on the brand, the material used for manufacturing and the design. Some of the famous wallet manufacturers are Cartier, D&G, Dunhill, Louis Phillip and many more. The price can vary from 0 to as high as 00. Expensive machinery used in the manufacturing process hikes the price of these products. They are responsible for the unique finish and style of the wallets. Top brand wallets are made using high quality genuine leather or synthetic materials.

Wednesday, November 7, 2012

Business Ideas For Obtaining Finance To Achieve Business Growth During The Recession

Business owners and entrepreneurs who want to achieve business growth during the recession need reliable expert business advice and fresh ideas on how to obtain finance to fund future business development.

Finding finance to support your business ideas and business growth during the recession can be difficult. Fortunately, many top business experts have powerful business ideas to offer on ways to access finance in this retracting market.

One tip given by experts is to act quickly when there is finance available. In a quickly declining market the options for finance will continue to decrease, so when finance is offered businesses need to have their plan in place to make the most of it.

In today's market there will always be other businesses that a lender can finance, however for those wanting to borrow, another lender will be difficult to find. Once you have put the effort in to finding a lender it is important you secure them, as it is difficult to know when or if another lender will come around.

Another business idea from the experts is to think of different ways to obtain finance. Look to sources you wouldn't usually consider, such as friends, family, colleagues, and sometimes even customers. All of these people could provide you with finance you need to boost your business growth.

When approaching any source for finance it is important that you can explain the use of the funding and your current, short term, and long term business plans persuasively. Giving the lender a clear picture of your business ideas and predicted business growth will allow them to assess whether you are worthy of finance. A poorly organised pitch will never lead to success.

Many new business ideas and fresh advice from leading business experts are available in business TV shows from online network yourBusinessChannel.

Saturday, November 3, 2012

Auto Car Loans: It is Possible Whether or Not You've Got Good or Poor Credit Score

Finding a automobile is like finding a shoe that would fit you, except that you can not find your ideal automobile in a department store. Getting through the obstacles of purchasing your own automobile is now possible and simpler, due to different online direct lending businesses. Folks from all walks of life can now apply for auto car loans online and get accepted of the loan within a matter of days, hours, or even minutes.

Choosing a automobile loan appropriate for you needs consideration of a number of factors. You need to know how much you may pay to get a automobile each month, whether you have excellent or bad credit standing, or whether you currently have an automobile loan but want refinancing. You also need to use a software called auto finance calculator to assist you make much better financing decisions. Read on to help you find the proper kind of financing to suit your needs.

When you have good credit scores, then go with new or used auto loans

They say individuals with good credit standing usually get approved of car financing. They may apply loans from standard lending sources for example banking institutions and credit unions with out having much difficulty. Although it's an advantage, individuals with good credit standing can go for online lending sources that offer new or used auto loans for less expensive charges.

New automobile loans are ideal for people who have had credit score problems in the past. New auto car loans are suitable for individuals who are investing in a new automobile with enough spending capabilities, whilst used auto loans are for individuals who are practical and reasonable about buying a vehicle they want at the minute.

When you have bad credit scores, then apply for bad credit automobile loans Some individuals have difficulty in regaining their good credit standing. In the event you currently have bad credit and that you are in need of a automobile, then you may lookup online for businesses which can offer you bad credit automobile loans. Some businesses can work with direct financing businesses in order to get you an automobile loan for your automobile you need.

Applying online puts you on an equal playing field with individuals of good credit standing applying for automobile loans. You will not be judged due to your bad credit. You simply have to fill out a secure online form which they will assess and you may get accepted in a few minutes. If you would like to decrease your monthly fees, then search for businesses providing refinance auto loans.

Some individuals are charged with incredibly high interest rates for their automobiles. To solve this, you may search for automobile loan companies that offer refinancing auto loans. This will help decrease the interest rates you're spending and enable you to conserve a lot more cash throughout the period of time of one's loan. To assist you examine the future savings you'll be able to get from having your loan refinanced, use auto finance calculators that are obtainable in many online automobile loan businesses.

There are lots of car financing businesses obtainable on the internet which can assist you to get the automobile you need based on your capabilities and requirements. Thanks to the net, you are able to get approved for your loan in minutes without being judged due to your excellent or bad credit.