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?

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

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

The Mortgage Fingerprints

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

Being To Rate Focused Can Come Back To Bite You

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 makes changes effective May 30.

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.

Bank Of Canada Lowers Benchmark Rate

The Benchmark rate was lowered from 5.24% to 4.99% late last week.┬áThe 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

CHMC To Raise Mortgage Premiums May 1, 2014

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

Take Advantage of Your Mortgage Renewal

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