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

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

What is Purchase Plus Improvements?

Many people who are out house shopping are looking for the perfect place to call home. You may find that yard that is perfect but the kitchen does not work. Or, you find the kitchen works but the bathrooms or flooring are so outdated it makes you forget how good the rest of the house … Continue reading What is Purchase Plus Improvements?

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?

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