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
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
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!
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?
This is a question that I hear a lot. The answer is simple really, A Mortgage Broker works for YOU. There are MANY reasons why you should use a Mortgage Broker, but to me that is the main one. A mortgage broker works for YOU, not the bank. Everyone wants the best rate they can … Continue reading Why Would You Use a Mortgage Broker Over Your Bank?