Helping Your Children Buy Their First Home

With the high cost of buying real estate in the lower mainland of BC what is the best approach in helping your children buy their first home.  One of the first questions may be “Should I help my kids buy their first home?” A recent article in the Financial Post looks at how you may […]

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How to get best rates before your closing date

When talking to your mortgage broker ask about how to get best rates before your closing date. Each lender policy may differ and it is important to know what you can expect so you don’t get caught short. When you are approved for your mortgage at a specific rate if the rates drop before your […]

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Your Financial Future as a Post Secondary Student

So you’ve graduated from high school and off to university or college.  Before you start, take the time to set down some goals and a budget for your financial future as a post secondary student. Your parents have probably been telling you to put aside some money from your part time job into savings.  However, […]

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How compound interest can work for you.

I remember the first time I learned about how compound interest can work for you.  I was introduced by a friend to someone in the financial services industry and he explained a simple technique to easily calculate how compound interest can work for you – the Rule of 72.  I was so excited and started […]

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Getting strict on documentation

With an increase in fraud, lending institutions are getting strict on documentation for mortgage approval. As part of the mortgage approval process your mortgage broker will ask for documents to show proof of your income, down payment and possibly other items such as proof of permanent residency and other identification.  Since most of that paperwork […]

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Buying a Second Home or Vacation Property

Buying a second home or a vacation property requires special consideration when trying to access mortgage financing. First you need to understand the difference between the two types of properties. A second home is purchased for families wanting a home in or outside the city to avoid long commutes for work or as a home […]

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How to Pay Property Taxes

One of the most common questions I get from first time home buyers is how to pay property taxes. Property taxes are payable the first week of July every year to each municipality. This may vary by city so always check the city website to confirm. For example taxes in Vancouver are payable twice each […]

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CMHC Completes Review of Mortgage Insurance Business

Courtesy of  Canada Mortgage and Housing Corporation (CMHC) Canada Mortgage and Housing Corporation (CMHC) announced today two additional changes as it has completed the review of its homeowner and multi-unit mortgage loan insurance business. These are:   CMHC mortgage loan insurance for the financing of multi-unit condominium construction will be discontinued effective immediately. CMHC’s mortgage […]

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Down Payment Do's and Don'ts

One of the main requirements to secure mortgage financing is the down payment.  Here are some down payment do’s and don’ts. DO Source 5% for a down payment Consider your own savings or RRSP account Look at a 2.5 percent cash back Gifted from a family member   DO Show proof of your savings in […]

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CMHC Rule Changes for Second Homes

Effective May 30,2014 CMHC rule changes for second homes take effect.  CMHC introduced the second home product in 2005 to offer borrowers more financing options when purchasing an owner-occupied second home located anywhere in Canada.  The recent changes will limit the availability of homeowner mortgage loan insurance to only one property (1-4) units per borrower […]

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