RRSPs

The deadline to contribute to your RRSPs is March 3rd this year. If you have considered buying a home, saving your down payment in an RRSP is a wonderful way to do it. Each first time home buyer can use up to $25,000 of their RRSP on a down payment for their first home tax free. You must repay the funds within 15 years. If you would like to speak with one of my financial advisor partners about contributing to an RRSP, contact me today!

Being Fancy

Interest rates continue to be rock bottom and it is prompting tons of first time home buyers to make the leap and jump into a home of their own. While prime remains low, a new report from the Canadian Association of Accredited Mortgage Professionals shows that in 2013, 82% of new mortgage borrowers opted for fixed rates. It's not much of much of a surprise since just a few short years ago 5 year fixed rates were close to 6%. If you are considering buying a home or refinancing your current mortgage, let's talk about options. Ensuring your mortgage is set up to meet your goals is key to your financial success.

Bite the Bullet

February is upon us and Spring is right around the corner, at least the real estate market thinks so. It was a great January for the Jamie Moi Mortgage Team. In fact, based on mortgage volume, we had our largest January in 4 years! 2014 is looking good! I often have clients ask me about whether or not they should make the leap from a condo to a house or, take the in between step of buying a town home. There are new articles out, such as the one below, that suggested that making the leap is the safer thing to do. Several factors such as employment stability, low interest rates, a stable real estate market and the high costs of real estate fees and property transfer tax are considered. It is concluded that making one move is cheaper than making 2. Because interest rates are so low, it makes it easier to pay down a larger mortgage faster than jumping from a mid-sized mortgage to a larger mortgage mid-stream. Are you ready to buy a house? Ask me!

Renovating to sell?

If you are planning to sell your home and thinking of doing renovation to increase salability, consider talking to a real estate agent before you start flinging paint brushes and ripping out carpets. While some renovations have excellent returns on investment, others are not worth making. Also, some buyers are looking to put their personal touches on their new home. Knowing you home's market value before and after a renovation could save you thousands of dollars. If you would like a free consultation with one of my most recommended realtors, call me today! Call me today!