Came across an interesting article on the Globe and Mail about the risk of making a purchase offer with no subjects (link below). From our perspective, being responsible for arranging the purchase financing, these are the most stressful types of deals. Even if you know the client’s income and credit are great, there’s always the chance that the lender won’t… Read More »
Will the new mortgage down payment rules affect my purchase plan?
In December the Finance Minister announced a small change to the down payment requirement for CMHC insured purchases between $500,000 and $1,000,000. Currently the minimum required down payment is 5% of the purchase price for any owner occupied property or second home, but starting February 15th, the minimum down payment will be 5% on the first $500,000 and then 10%… Read More »
Finding it hard to prepay your mortgage?
We like mortgage products that allow our clients to pay their mortgage down faster (prepayment). After investing (wisely) into your RRSP, we believe paying your mortgage down is one of the best financial decisions you can make. We also know it’s one of those things that can easily ‘slip your mind’. You’re busy enjoying your summer vacation; you’re planning for… Read More »
My New Year’s resolution: stop renting and become a home owner. Any advice?
Buying a property isn’t a simple process, but with some planning and forethought it does not have to be a stressful one! Most often, home buying stress come from the unknown (“I missed the deadline? What deadline? How much money do I need for a down payment? When should I take it out of my RRSP?”). To make your home… Read More »
The difference between bank and broker mortgages
Great article here on the Globe and Mail about key differences between bank mortgages and those arranged through mortgage brokers. Explains how the big banks use ‘discretionary pricing’ to get you paying higher interest rates, and how they charge much higher penalties if you need to break your mortgage early. //www.theglobeandmail.com/…/dont-judg…/article23526054/
Federal Budget 2015
The Federal budget 2015 was released today. If you’re curious about the highlights, you can find a great round-up of articles discussing the details here: //www.moneysense.ca/tag/budget-2015