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
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
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
CMHC announced today that effective May 30th they are discontinuing 2 of their products they offer. They will no longer be insuring Second Homes or Self Employed Verified by 3rd Party (Stated Income). CMHC really has not been doing much stated income for the last couple years so this was no big surprise. If you … Continue reading CMHC makes changes effective May 30.
CMHC has just announced that they will be raising their mortgage premiums effective May 1st. The increase was not from the Department of Finance, this was a business decision from CMHC. This increase will see the 5% down payment premium increase from 2.75% it is now to 3.15%. This is not a huge increase and … Continue reading CHMC To Raise Mortgage Premiums May 1, 2014
Right now there are a lot of mortgages coming up for renewal from 5 years ago. These mortgages are coming up with past mortgages of rates over 5% and with 35 and sometimes even 40 year amortizations. Mortgage rates have never been as low as they are right now. Sure we have said that time … Continue reading Take Advantage of Your Mortgage Renewal
1. What’s the best rate I can get? Your credit score plays a big part in the interest rate for which you will qualify, as the riskier you appear as a borrower, the higher your rate will be. Rate is definitely not the most important aspect of a mortgage, however, as many rock-bottom rates often come from no frills … Continue reading 10 Most Common Mortgage Q&A’s
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!
Make sure you support a great cause and purchase a ticket for the Red Deer Kinsmen Dream Home. Tickets are 1 for $100 and 3 for $250. Other great Prizes include a 2012 Dodge Challenger, 2011 Sea-Doo, Trip for 2 to Hawaii, 2 Massage Chairs and the Early Bird prize of an All Inclusive Trip for … Continue reading Red Deer Kinsmen Dream Home