Category: Uncategorized
From not having a down payment to buying a rental in 18 months
In May 2020, I had the pleasure of helping two clients purchase their first home just outside of Hamilton. At the time, getting a down payment was the only challenge with their mortgage application. We were able to overcome this...
Read MoreFirst Time Home Buyer Plan
What is the Home Buyers’ Plan? The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 (per individual) from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself...
Read MoreHow to pay -2.58% after tax interest rate on your mortgage
When Boris and Bonnie’s mortgage came up for renewal late this year, we discussed using some of their home equity to catch up on unused RRSP contribution room. The RRSP catch up strategy will help them diversify home equity into...
Read MorePrivate Mortgages
Clients come to us inquiring about private mortgages for many reasons. Often, I find they are paying too much interest compared to what our lenders can offer. We have access to all institutional lenders in Canada, in addition to over...
Read MoreRRSP Catch Up
Life has moved quickly since Jeremy and Tina bought their house five years ago. In 5 years, Jeremy and Tina have seen the value of their home increase from $500,000 to $700,000, despite recent weakness in the housing market they...
Read MoreDo you ever feel like you could spend your whole life saving money for a down payment?
Do you ever feel like you could spend your whole life saving money for a down payment? When I first spoke with Tina and Jeremy early last year, they felt like they would never be able to save $25,000 for...
Read MoreThe Upside of Alternative and/or Unregulated Lenders
A recent report from the Bank of Canada reviewed the impact of the government's policy changes on the mortgage market. It found that overall market activity had slowed -- something we knew would happen. The bank also found a correlation...
Read MoreTypes of Mortgages
Getting the best mortgage rate in Canada now depends on the type of mortgage. With the recent regulatory changes in the Canadian mortgage market, there are now 3 types of mortgages. Insured Insurable Uninsurable The absolute best rates are for mortgages that...
Read MoreDown payment FAQ
FAQ: Down Payments How much money do I need for a down payment? The down payment is the portion of the purchase price that is paid by you and is due on your closing date. In Canada, your down payment...
Read MoreInterest Only Mortgage
Recently some lenders have started to offer interest only mortgages in Canada. Many clients can benefit from lower monthly payments and the increased financial flexibility of using an interest only mortgage. The Interest-Only mortgage is suitable for homeowners and investors...
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