Don’t buy that…. yet!

Don’t buy that…. yet! While a “0% Financing” or “No payments for 12 months!” sale might seem like perfect timing, it could destroy any hopes of buying a home soon. Your maximum mortgage is affected by all debts, including unpaid credit cards, car loans, even deferred payments. A $100 monthly debt can reduce your buying Read more about Don’t buy that…. yet![…]

“No Stress Test” option still available!

Don’t Stress about the Stress Test Borrowers presenting with 20%+ downpayment are frustrated after new stress test rules resulted in approximately 20% reduction in borrowing power. However, there’s good news (for now)!    The stress test does not apply to provincially regulated lenders; while some have voluntarily implemented it, a few are still qualifying under Read more about “No Stress Test” option still available![…]

Last chance for down payment assistance!

The BC government announced a program late 2016 that would match a first time buyer’s down payment contribution up to 5% of the home purchase price. No payments are required on the loan for the first 5 years. This program will be discontinued, but applications received by March 31, 2018 will be honoured for 6 Read more about Last chance for down payment assistance![…]

The Long and Short of Mortgage Amortization

Mortgage Amortization – is short or long better? You’ve found your dream home and financing has been approved at a great rate, but how long should you amortize your payments? Amortization is the length of time if takes you to pay off your entire mortgage and affects how much interest you will pay over the life Read more about The Long and Short of Mortgage Amortization[…]

RRSP Power for First Time Home Buyers

RRSP (Registered Retirement Savings Plan) season is here! Use the first 60 days of the year to contribute to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. Additionally, you can withdraw tax-free funds from your RRSP for qualifying home purchases. The Home Buyers’ Plan (HBP) Read more about RRSP Power for First Time Home Buyers[…]

Down Payment Assistance Helps First Time Buyers in BC

B.C. Home Owner Mortgage and Equity partnership From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future. For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Read more about Down Payment Assistance Helps First Time Buyers in BC[…]

Rates Going Up. What does it Mean?

Rates are going up. What does it mean for you? If you are currently locked in a fixed rate mortgage, there is no change. If you have a variable rate mortgage or are actively in the process of securing a new mortgage (buy, renew, refinance) then here is what you need to know.   Impact Read more about Rates Going Up. What does it Mean?[…]