This article is from the Globe and Mail. I’ve edited a bit to make it to add a little of what I do for my clients as a guide. Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for […]
First Time Mortgage Tips
CMHC Increases Premiums 2014
Following the annual review of its insurance products and capital requirements, CMHC will increase its 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 apply […]
Transfer Tax Change
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) 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 […]
Importance of portability
Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home. Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better […]
Newspaper article that’s not so true
I was reading the 24hrs news paper today and came across this article in terms of what a variable mortgage product is. Where it’s some what true it doesn’t sit well with me as they are telling the public that this is the only option. Well it is the only option, with this one bank […]