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

New mortgage rules coming effective Oct 17, 2016

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

Should I buy now or wait for home prices to come down?

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?

First Time Home Buyers Tax Credit

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

New Down Payment Rules for Mortgages Over $500,000

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