Over the last week there have been many announcements from the government, banks and lenders, some speculating about possible changes and other promising helpful programs but not offering specifics. One thing that has particularly caught many people’s attention is the announcement from banks and mortgage lenders that they are willing to work with their clients in arranging mortgage payment deferrals.… Read More »
Post 2019 Election – Liberal Minority and Mortgage Rate Outlook
Well, the Election was interesting, wasn’t it? With new Liberal minority government the future for mortgage rates is still a bit up in the air. Today, as expected, the Bank of Canada (BOC) decided to hold their prime lending rate at 1.75%, which means most banks and credit unions will keep their consumer Prime Rates at 3.95% (so no immediate… Read More »
Offering CHIP Reverse Mortgages
We recently had a client come in to discuss options for his parents, who were still happily living in the house that he grew up in here in the Comox Valley. They were both retired and living on CPP and OAS pensions, and while they were covering their basic monthly expenses, they didn’t have much in the way of savings. … Read More »
Big Mortgage Rule Changes Coming October 17th, 2016
In 2 weeks time, many Canadians are going to find it much more difficult to buy the home they want. New mortgage rules are coming into effect at CMHC which will require all high-ratio mortgages to qualify for 5 year mortgages using the Bank of Canada qualifying rate (currently 4.64%) instead of at the actual mortgage rate (currently about 2.44%). High… Read More »
Subject-free purchase offers are stressful
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 »