Mortgages and Steaks, How can this be linked?
The Department of Finance just hit us with a mortgage rule change this morning. http://www.fin.gc.ca/n16/data/16-117_1-eng.asp Effective October 17, 2016 insured mortgages will now have to qualify using the benchmark interest rates. Currently only mortgages in a variable or for a term less than 5 years need to be qualified using the benchmark rate. So effective … Continue reading New mortgage rules coming effective Oct 17, 2016
Right now in Alberta we have seen better days both on employment and the housing side of things. Why? Well that is a whole new conversation or debate that we don't need to get into in this blog. For some first time home buyers they are still looking at purchasing their first home. But of … Continue reading Should I buy now or wait for home prices to come down?
If you were a first time home buyer in 2015 you may qualify for a tax credit when you do your taxes. Talk to your accountant or watch this short 3 minute video from the Canada Revenue Agency to see if you qualify. CRA-HBTC Don't just get a mortgage, Know your mortgage! Scott Bourke, AMP … Continue reading First Time Home Buyers Tax Credit
Rule changes that come into effect starting Feb 15, 2016 and the dates that everything gets effected. Minimum Down Payment Policy Changes for all CMHC and Genworth Applications As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion … Continue reading New Down Payment Rules for Mortgages Over $500,000
A mortgage is similar to a fingerprint, They all look and sound the same. But as you really get into the mortgage, that is where you will find, no mortgage is alike. There are the obvious mortgage differences like a 1 year mortgage compared to a 5 year mortgage. There is Fixed and Variable … Continue reading The Mortgage Fingerprints
Everyone loves a low rate mortgage. The less the rate the less you're paying the lenders, The less you pay the lenders the more that goes into your pocket. You do have to remember that not all mortgages are created equal. Some deep discounted mortgages have restrictions on your pre-payment or pay out abilities. Some … Continue reading Being To Rate Focused Can Come Back To Bite You
5 years ago today, the 5 year the Posted rate was sitting at 6.65%. The best discounted rate on the market was a 5.19% quick close. At the time this was a great rate. Here we sit in 2012 the 5 year posted rate is 5.29% and the best 5 year rate is 3.29%. Wow … Continue reading How Great It Is To Have A Mortgage Renew Right Now!
Some Major Banks are trying to scare people out of using a Mortgage Broker. They will tell you we only deal with banks out of Toronto and our clients will not have access to anyone face to face. They try to scare you on the fact that you will be talking to automated phone lines trying to … Continue reading What The Banks Will Tell You To Try And Get Your Mortgage
It’s easy to get caught up in the idea that comparing mortgage rates will guarantee you get the best bang for your mortgage buck. While this may be true for particular situations, there are many scenarios where this strategy is not effective. Following are three reasons why it doesn’t always pay to make a decision … Continue reading Look Beyond Mortgage Rates