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
There is just over one week left until the new mortgage rules come into play. These new mortgage rules come into effect on March 18, 2011. I am sure everyone has heard about the new rules, but if you have not heard, there are 3 new mortgage rules coming. - The maximum amortization is being … Continue reading The New Mortgage Rules Are Coming But You Can Still Easily Own A Home
Do you fall into the category of the working family that works to pay the bills but also finds it hard to save up the $10,000 to $13,000 to use as a down payment on a home. Your not alone, but there is a way to buy that home! After rates sat at record lows … Continue reading Are You Still Renting? 0 Down Is Still Available