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CategoryMoney saving tips

Time to review your mortgage

How’s my rate?

Time to review your mortgageYou’re two years into your mortgage term. You’ve got a great rate, or so you thought? But now you aren’t sure. With so much talk about record low interest rates, you begin to question. Maybe there’s a better deal out there? Did you choose the right product and lender? Has your mortgage advisor or broker contacted you during those two years? Does this sound familiar?

We’ve all heard of buyer’s remorse. That’s when you make a purchase, only to regret spending the money days or weeks later. I’m seeing a lot of people second-guessing their mortgage decision recently. And I have news for you… RELAX! There is a way to check to and see if you made the right choice, and better still, there is a way to see if you can do better today.

Continue reading “How’s my rate?”

Consolidate debt pay less interest

Want to pay off debt? Pay less interest!

Consolidate debt pay less interest

It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.

January is usually a tough financial month for most of us.  Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment.  If December is the Holiday Season, then January feels like a hangover!

Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%.  Wait, before you get too depressed, there could be a better option.  There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”

New year new home - Learn About the Home Buyers Plan

Home Buying Goals? A New Year’s Resolution to Keep.

New year new home - Learn About the Home Buyers Plan

New year, new home? It’s a good time to take another look at the Home Buyers’ Plan (HBP).

If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.

But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).

You can withdraw up to $35,000 ($70,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.

Continue reading “Home Buying Goals? A New Year’s Resolution to Keep.”

Only two things in life are certain Death and Taxes

Death, taxes and interest payments. Part 2 of 2.

Only two things in life are certain Death and Taxes

Part 2 of 2….  In Part 1, we examined rental properties and how they can be a great way to reduce your taxes, build net worth and create an income stream.  Part 2 looks at Interest payments.  Interest payments are a big part of our personal expenses.  Here are a few suggestions on how to reduce your interest costs.

Continue reading “Death, taxes and interest payments. Part 2 of 2.”

Only two things in life are certain Death and Taxes

Death, taxes and interest payments! Part 1 of 2.

Only two things in life are certain Death and TaxesDeath and taxes, the only two things that are certain in life. You’ve heard this one before.  I think there is a third thing that can be just as stressful, ‘interest payments’ (before this article becomes too depressing, I’m going to share some things that will help to reduce our interest costs and minimize our taxes).  Continue reading “Death, taxes and interest payments! Part 1 of 2.”

Mortgage Rates are still trending Lower… Yes, in August!

Its Christmas! Home Sweet Home. Home Improvement And Time. Enjoy

A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.

The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!

Continue reading “Mortgage Rates are still trending Lower… Yes, in August!”

A Rate War on Canada Day?

Happy Canada Day Poster. 1st July. Illustration Greeting Card Wi

I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019!

Rates are under 3%!

On May 10th, a new jobs report was released by the federal government showing 106,000 new jobs created in the month of April. This blew away all expectations. And, the reaction was immediate, including higher mortgages being imminent and a bull stock market on the horizon… and yet, this didn’t happen. Continue reading “A Rate War on Canada Day?”

50+ with little or no Mortgage? You Need a Line of Credit!

Blog Image, Line of Credit, May 2019

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.

The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.

We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.

Continue reading “50+ with little or no Mortgage? You Need a Line of Credit!”

It’s war. Mortgage Rate Wars. You could win with Big Rate Cuts!

Blog Image, Rate Wars, May 2019

We’ve seen mortgage rates drop steadily over the past three months. At the beginning of this year, we saw fixed rates approaching 4%. And, today, we’re seeing them sit around 3%.

WARNING: These rate wars could come to an end as recent employment figures skyrocketed all estimates… stay tuned!

This is like the perfect storm. Fewer mortgage transactions across Canada + Declining investor confidence + Inverted bond yield curve. Put it all together and you get a rate war. And for a refreshing change, consumers aren’t the victims. The banks are settling for a smaller profit margin.

Continue reading “It’s war. Mortgage Rate Wars. You could win with Big Rate Cuts!”

Finance Your New Construction Home at Prime Minus 0.80%!

Blog Image, New Construction, May 2019

Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties come to market and disappear within weeks or even days. Multiple offers are also a reality, once again. Watch for encouraging sales stats to be reported next month.

Buying a resale home

Buying resale is great because you can see what you’re getting and you can have it now (average closing is 45 to 90 days). You can also set and hold your mortgage rate now.

But, there are also some negatives to buying a resale. For one, you’ll never get 100% of what you want. Maybe the kitchen, master bedroom or backyard could be bigger or perhaps you’d prefer a different floorplan. The truth is, you’re buying someone else’s home that wasn’t designed for you.

But, hey, that’s life and you can’t have everything you want. At least, not yet… or maybe you can?

Construction financing as low as prime minus 0.80% – 3.15% today!

Continue reading “Finance Your New Construction Home at Prime Minus 0.80%!”

BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!

Happy self-employed designer of clothes drawing model of trendy

This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals!

For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage.

Continue reading “BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!”

Beware of Mortgage Insurance Double Charges!

Blog Image, Mortgage Insurance, April 2019

We’ve all heard the saying ‘necessary evil’ – something that we need or must have but don’t necessary like. It’s kind of like taking cough syrup that doesn’t taste so good but you know you need it to feel better.

Default mortgage insurance is a necessary evil. Without it, we wouldn’t be able to buy a home with less than a 20% down payment with low interest rates.

But what if you bought a house, paid the CMHC, Genworth or Canada Guaranty insurance… and a few years later you bought a bigger home or refinanced your mortgage for some home renos or debt consolidation?

Do you have to pay mortgage insurance again? If so, how much will this cost?

Continue reading “Beware of Mortgage Insurance Double Charges!”

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