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Lyle Hamilton in The Globe and Mail

My Clients Say...

Lyle Hamilton is an executive level real estate consultant. If you have a challenging sales or purchase project, Lyle will coordinate every aspect to make it happen – and it will – with a smile! I have engaged Lyle on three projects, none of them easy:

  1. sale of a 2000 sq ft condo in downtown Toronto suited to a buyer looking for a large entertainment space with outdoor amenities.
  2. purchase of a 1100 sq ft condo suitable to accommodate two home offices.
  3. negotiation of a commercial lease for a 1500 sq ft office suite with complex requirements. Lyle continued to be involved after the lease was signed, ironing out difficulties that were interfering with us getting settled in our new offices.

Lyle is cheerful, responsive, professional, dependable, punctual and trustworthy. Moreover, he is skilled negotiator when the deal could easily depend on the recommendation of the other agent to their client; persistent; well-connected to other agents, including international; and he has at his finger tips, trades and other services that may be needed to smooth the path to completion of a deal.

Lyle, puts meaning back into “full-service representative.”

Yours truly,


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Helpful tips

Bi-Weekly and Weekly Payments
Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. First of all, it can save you money as you can expect to pay off your mortgage sooner. This can save you a lot of money over the life of your mortgage. Secondly, if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with your pay cheque.

Making Extra Payments
Paying extra amounts on your mortgage can result in big interest savings over time. When we select a mortgage company, privilege payment options are something that we look for. A 20% privilege payment for example will allow you to pay off up to $20,000 per year on a $100,000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage as often as you wish. An extra $1,000 periodically paid on a mortgage can help you become mortgage free faster.

Reducing the CMHC Fees on Your Purchase
When you require a mortgage for more than 75% of the purchase price of a property, your mortgage must be insured by Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage insurance. The premium charged by these companies decreases as the down payment increases. When you finance your property at 95%, a premium of 2.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price, the premium can be reduced to 2.5%. If you can put down 25% of the purchase price, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.

Advantages of Bigger Down Payments
As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.

Short Term Rates vs. Long Term Rates
The options for mortgages can be very confusing for many mortgage shoppers. Mortgages can have a variable or a fixed % rate, and can range from a 6-month term to a 10 year term. Taking a variable or floating rate mortgage can produce savings depending on what happens with interest rate adjustments. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen as it depends on the marketplace and what is happening in the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee so if interest rates are adjusted upwards, your rate will go up as well.  If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with any potential increase in payment amount. Consideration of future interest rate projections can also be important in this decision. Make sure you talk to a financial expert when you are making this decision.