Rental Property Purchases

In the last couple of years, CHMC and other insurers have stopped insuring rental properties meaning that to buy an investment property you will need 20% - 25% down payment. When considering the purchase of a rental property there is one key factor that must be in line. Cash flow! If you are out of pocket every month on a property, it is not a good investment. You need to ensure you are bringing in enough rent to cover the mortgage, taxes, strata fees and insurance. For more information about buying or refinancing a mortgage, call me today!

Feels like the first time

We are nearly half way through 2014 and there is no doubt that the market is stronger than years past. A big difference is the increase of first time how buyers who are entering the market and buying up condos and townhomes. With prices remaining stable and interest rates at all-time lows, now is a wonderful for first time home buyers. A pre-approval can be held at 2.99% for a 5 year term. Meaning that you can buy a condo for $250,000 with just $12,500 down payment and have monthly payments of just $1160. That is lower than most rents! If you have a little money saved and want to explore buying a home, I can get you pre-approved in a day. And remember, my services are free to you so please call me today!

Ever changing

It has been another week of changes in the land of mortgages. CMHC announced last Friday that it would no longer be offering insurance for home valued over $1 million. It will also eliminate insurance for the financing on construction mortgages for multi-unit condominiums. This will certainly impact larger cities like Vancouver, Toronto and even Calgary. In an ever changing market, it is important to know how regulatory changes will affect you if you are considering buying a home or refinancing. Please contact me any time to review your situation and make sure your mortgage is in line with you financial goals. And remember, my services are free to you so please call me today!

Part-time income

Do you have a part-time job and wish to buy a home? If you have been working for the same company for 2 years, lenders will allow you to use your part-time income by way of a 2 year average. This means that we average your gross income from your T4s for the past 2 years and use that income to qualify you to buy a home. For more information about buying or refinancing a mortgage, call me today!

Home Owners Grant - How to get $570 off your property taxes

If you are a current home owner, you will be receiving your property tax bill shortly. You may have to pay this bill yourself or, your lender may be collecting the taxes on your behalf. Either way, if you live in the home you are eligible for the Home Owners Grant allowing you to deduct $570 off your tax bill. You must claim this grant by mailing in the ticket at the bottom of your property tax bill or claiming it on your municipality's website. Please contact me with any questions. For more information about buying or refinancing a mortgage, call me today!

Bank of Canada did not raise prime

The Bank of Canada met this morning and, to no one's surprise, the prime rate has remained unchanged. Although the economy is looking promising, it has not recovered enough to merit an increase in the prime rate. There are concerns about the Canadian dollar as well as the trade deficit from the Spring. We are not expecting any change to the prime rate for about another year. No change in the rate means that if you have a variable rate mortgage or a line of credit, your rate will not be changing. I suggest paying more than the minimum payment on variable rate mortgages because every extra dollar goes straight to the principal. This means you pay your mortgage off faster and, when rates do go up, if you wish to lock in a fixed rate, the mortgage balance will be lower. Ask me how to arrange extra payments today and I will be happy to help! If you are looking for advise about a new or current mortgage, please call me today!