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

Bank Of Canada Lowers Benchmark Rate

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

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

10 Most Common Mortgage Q&A’s

1. What’s the best rate I can get? Your credit score plays a big part in the interest rate for which you will qualify, as the riskier you appear as a borrower, the higher your rate will be. Rate is definitely not the most important aspect of a mortgage, however, as many rock-bottom rates often come from no frills … Continue reading 10 Most Common Mortgage Q&A’s

How Great It Is To Have A Mortgage Renew Right Now!

5 years ago today, the 5 year  the Posted rate was sitting at 6.65%. The best discounted rate on the market was a 5.19% quick close. At the time this was a great rate. Here we sit in 2012 the 5 year posted rate is 5.29% and the best 5 year rate is 3.29%. Wow … Continue reading How Great It Is To Have A Mortgage Renew Right Now!

Make Sure You Teach Your Kids, Siblings, and Yourself About Credit

You go through years of schooling, educating yourself to be ready for the real world when the time comes. You learn everything from tying your shoes to the history of countries nowhere near Canada. But the one thing they never teach you is about your credit and how it works. It's amazing that something as … Continue reading Make Sure You Teach Your Kids, Siblings, and Yourself About Credit

Thinking of Getting a Mortgage? How’s Your Credit?

One of the biggest concerns home buyers have, especially first time home buyers, is their credit. I have a lot of people come in not knowing what their credit is like or how the credit score even works. Although the credit score is based on a formula that is a mystery to everyone, we do … Continue reading Thinking of Getting a Mortgage? How’s Your Credit?

What Do I Do When My Mortgage Is Coming Up For Renewal?

When your mortgage comes up for renewal this will usually have most banks licking their chops. Your bank will send you your renewal letter asking you to pick your new term sign it and return it. Sounds Easy, and it is.  What most banks are doing is sending their posted rates (the highest rates) and hoping … Continue reading What Do I Do When My Mortgage Is Coming Up For Renewal?