Buying a second home is a major undertaking and it is important to consider all of the tax implications when entering into such a significant transaction. What will you do with the property? Will it be exclusively for your family’s use or do you want to rent it out when you are not using it? […]
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But They Said It Was Portable
The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: … you would be well served to keep reading. The above question is incomplete. To be fair, you would […]
What documents are needed
What documents are required to APPROVE your mortgage? Being prepared with the RIGHT DOCUMENTS when you want to qualify your mortgage is HUGE; just like applying for a job or going for a job interview. Come prepared or don’t get hired (or in this case, declined). Why is this important? You can have a leg […]
Info from OSFI for Jan 1, 2018 changes
If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI’s new mortgage stress test could keep you from: That’s making hundreds of thousands of borrowers somewhat anxious. It’s why we’re seeing a small jump in mortgage and pre-approval applications as people try to lock in a lender commitment before the rules change. Tips and Timelines If […]
What The Latest CMHC Increases Have Done
CMHC increased the default insurance premiums on Canadian borrowers as of March 17, 2017. Effectively, anyone purchasing a home with less than 20% down will fork over up to 1.00%-point more in fees. If you’re down payment is: As an example, if you’re putting down 5% and paying $500,000 for a home (which is below average, believe it or not), […]