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 […]

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 […]

If you are a home buyer with less than 5% in cash for a down payment you may want to consider some other options.  Is a cash back mortgage a good deal? There are some financial institutions offering cash back towards your down payment as incentive for a home buyers business.  At first glance the […]

With tax returns due for filing in April just a friendly reminder on the documents to keep at tax time.  Delays on approval for mortgage applications in most cases occur for the same reason, lack of documents for mortgage approval. For those who are paid hourly or with fluctuating hours each pay period or on […]

Following the annual review of its insurance products and capital requirements, CMHC will increase mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not […]

Effective February 19, 2014, under the Property Transfer Tax First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.   The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers […]

So you have worked hard and saved up a down payment of $25,000.  What do you buy a condo or a house with a suite?  Sometimes the decision is an easy one while for some it may not be as obvious. If you have a specific neighborhood in mind which is high density condo living […]

Bridge Financing or a bridge loan is a short term, temporary loan, to cover a borrower’s down payment  when closing dates between two real estate transactions don’t match. The bridge financing will be paid upon the closing of the last real estate transaction. In the event the date of the sale of a home doesn’t […]

Earlier this month, Finance Minister Jim Flaherty gave his interest rate forecast, stating Canada will face global pressure to raise interest rates in 2014, as the United States begins to step back from its policy of extraordinary economic stimulus through intervention in bond markets. For full details visit: http://www.theglobeandmail.com/report-on-business/economy/budget-surplus-could-be-bigger-than-forecast-in-2015-flaherty-tells-ctv/article16196939/ However, this week at the Bank […]

Happy New Year— I wish you all the best in your health, relationships and in business.  As we move into the second week of the year we really have to get going on those goals we set for our self and one I would suggest is your financial/mortgage check up for 2014! I hope you […]