New First Time Home Buyers Program

On September 2nd, 2019 the Government of Canada is introducing a new program to help first time home buyers save on their monthly mortgage payments. This new equity sharing program is designed for first time home buyers across Canada. There is still more information that needs to be released but this is what we know … Continue reading New First Time Home Buyers Program

What’s the difference between biweekly and rapid (accelerated) biweekly?

To make this easy let’s use a mortgage is $300,000. If we amortize this over 25 years (maximum) and sign a 5 year term at 3.44%. This would make our monthly payment $1,488.33. Lets also say the rate does not change over the amortization. So, would a regular bi-weekly payment pay off your mortgage sooner … Continue reading What’s the difference between biweekly and rapid (accelerated) biweekly?

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

What Do I Need To Get A Mortgage?

To some the word mortgage is intimidating. Mortgages are not always difficult to get and in some cases can be cheaper than paying rent. In most cases when you are paying rent all you are doing is paying someone else's mortgage and putting a little extra in their pocket, so why not do this for … Continue reading What Do I Need To Get A Mortgage?

Have you considered refinancing to pay off debt?

With the high cost of holiday gift-buying and entertaining now behind you, this may be the perfect time to get the New Year off to a fresh start by refinancing your mortgage and freeing up some money to pay off that high-interest credit card debt. By talking to mortgage professional, you may find that taking … Continue reading Have you considered refinancing to pay off debt?

Be Prepared For The New Rate When Your Mortgage Renews!

Rates are cheap right now, there is no question about that. One should definitely be taking advantage of these low rates, as they will not be here forever. The 10 year average for a posted 5 year fixed term is 6.54% with the highest being in November of 2000 at 8.25%. The lowest rate was earlier … Continue reading Be Prepared For The New Rate When Your Mortgage Renews!

Take Advantage of the Energy-Efficient Home Rebate!

When ever there is a rebate offered you never hear it advertised to often. It is like a secret that they only want a few people to know about. Well, I want everyone to know!  CMHC has a rebate for homes that are build energy-efficient or if your renovation was made to make your current home energy-efficient. … Continue reading Take Advantage of the Energy-Efficient Home Rebate!

Is a Home Equity Line of Credit Right For You?

A Home Equity Line of Credit (HELOC) can be a great tool for a person looking at investing, Flipping homes, or just to be used as an open mortgage. But on the other hand, a HELOC can be a very dangerous mortgage. Lets look at some of the HELOC's features. A HELOC is fully open … Continue reading Is a Home Equity Line of Credit Right For You?