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?
A reverse mortgage is a loan secured against the value of the home. It allows the homeowner, 55 or older, to qualify for some of their home value and convert it into cash to pay off debt, renovate their home or create an income without having to move or sell. 60% of retired Canadians say … Continue reading What is a Reverse (CHIP) Mortgage?
Being a Mortgage Broker we have access to over 40 lenders at any given time. No mortgage is ever created equal so having this variety of lenders works best for the person looking for a mortgage. Most often, the mortgage that ends up being the best mortgage is from a lender that the average person … Continue reading Is A Mortgage Company I have Never Heard Of Safe?
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
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.
The Benchmark rate was lowered from 5.24% to 4.99% late last week. The Benchmark rate is used for qualifying on a mortgage on a variable term or a fixed term less than 5 years. With the rates as low as they are the Benchmark rate was introduced in April of 2010 to make sure those on … Continue reading Bank Of Canada Lowers Benchmark Rate