Reverse mortgages are gaining more ground these days and will continue to do so. They are a popular choice for many people in retirement needing a cash injection or wanting to give an early inheritance. Here’s a few reverse mortgage myths: –Firstly, a line of credit typically requires a certain credit score and income level […]
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Why I love what I do!
I’ve helped out a particular client a couple years ago on getting a quick cash injection while her property was listed for sale. No problem here. We actually ended up doing this twice as the property just wasn’t selling. Eventually it did and she moved on. She ended up buying her new property with cash […]
CAAMP: Major Job Losses From Amortization Change
Killing 30-year amortizations on high-ratio insured mortgages was a move that some criticized and some applauded. But few could measure the potential side effects when the decision was made last July. But now, Will Dunning, Chief Economist at the Canadian Association of Accredited Mortgage Professionals (CAAMP), has put out data that quantifies one of the […]
Bank of Canada softens stance, rate hike still on horizon
OTTAWA (Reuters) – The Bank of Canada softened its stance on the need for interest rate hikes on Wednesday, saying it will likely hold its benchmark rate steady for “a period of time” but that its next move would still probably be a hike rather than a cut. The central bank held its overnight lending […]
2 main advantages of being a First Time Home Buyer!
Two main advantages for buying a home as a first time buyer. -Exemption from the Property Transfer Tax as long as the purchase is under $425,000. Anything from $450,000 or higher you must pay the full amount. Between $425,000 and $450,000. The amount payable on a new home purchase is 1% on the first $200,000 […]