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
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
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?
The question of whether it’s better to lease or buy a vehicle is a common dilemma. And do you buy or lease a new or used vehicle? The answer depends on the specifics of your situation. It’s important to realize that many consumers overburden themselves with car leases or loans they simply can’t afford. … Continue reading Leasing or Buying a Vehicle Impacts Your Debt Ratios
We live in a society of instant gratification. Unlike our parents or grandparents – who saved up for larger purchases – we are often tempted to splurge on bigger-ticket items simply because we have a debit card in hand when we head out “window shopping”. And aside from overspending thanks to the advent of debit … Continue reading The Trouble With Debit Cards
In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago. Your best solution is to consult your mortgage professional to determine whether … Continue reading Advice for credit challenged clients
In light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late, keep in mind that now – more than ever – it’s important to be careful what you do between the time your mortgage is approved and when it funds. A few mortgage … Continue reading Tips to Keep in Mind Between Your Mortgage Approval and Funding Dates