New First Time Home Buyers Program

On September 2nd, 2019 the Government of Canada is introducing a new program to help first time home buyers save on their monthly mortgage payments. This new equity sharing program is designed for first time home buyers across Canada. There is still more information that needs to be released but this is what we know … Continue reading New First Time Home Buyers Program

Pre-Approved and Pre-Qualified – Know the Difference

When you start looking for a mortgage, you will hear the terms pre-approved or pre-qualified. Although these terms are similar, there is one big difference. I recently had a client (lets call him Sam) come to me saying he was pre-approved with the bank for up to $300,000 but wanted to use me because my … Continue reading Pre-Approved and Pre-Qualified – Know the Difference

Is Paying Your Mortgage Off Fast The Best Option?

Everyone that has a mortgage is looking at that finish line so they can live mortgage free. The thought of not paying a mortgage is quite appealing for sure. But is paying your mortgage down fast the best thing to do? The easiest way to pay your mortgage quicker without even knowing you are paying … Continue reading Is Paying Your Mortgage Off Fast The Best Option?

Variable Rate Mortgages & How They Work

Variable rate mortgages are getting lots of attention lately as the bank are offering some specials. You will see the variable rates being offered anywhere from prime minus 0.90% to prime minus 1.15%. Prime rate is currently 3.45%. One major bank has their prime rate at 3.60% to make their variable offer seem more attractive. … Continue reading Variable Rate Mortgages & How They Work

Bank of Canada Raises its Benchmark Rate

Last week the major banks all raised their posted rates which initiated an increase by the Bank of Canada on its Benchmark Rate. Effective today, the Bank of Canada has increased its Benchmark Rate from 5.14% to 5.34%. This rate is used as a 'Stress Test' on your mortgage application, it will not have any … Continue reading Bank of Canada Raises its Benchmark Rate

The Four Types of Insurance in a Home Purchase

When purchasing a home you are going to hear the word insurance a few times through your conversations with the people who are going to help you get into your home. It would be nice if we just had one insurance and that covered everything but that is not the case. There are four different … Continue reading The Four Types of Insurance in a Home Purchase

You Could Win $100,000 Off Your Mortgage

Earlier today, Mortgage Alliance awarded a lucky winner the buy down of their mortgage of $100,000. This could be you next year. With every funded mortgage your name gets entered in to win up to $100,000 off your mortgage. Call me for your next purchase, Refinance, or mortgage renewal and let's try and knock your … Continue reading You Could Win $100,000 Off Your Mortgage

What is Purchase Plus Improvements?

Many people who are out house shopping are looking for the perfect place to call home. You may find that yard that is perfect but the kitchen does not work. Or, you find the kitchen works but the bathrooms or flooring are so outdated it makes you forget how good the rest of the house … Continue reading What is Purchase Plus Improvements?

What’s the difference between biweekly and rapid (accelerated) biweekly?

To make this easy let’s use a mortgage is $300,000. If we amortize this over 25 years (maximum) and sign a 5 year term at 3.44%. This would make our monthly payment $1,488.33. Lets also say the rate does not change over the amortization. So, would a regular bi-weekly payment pay off your mortgage sooner … Continue reading What’s the difference between biweekly and rapid (accelerated) biweekly?