Now Is The Time To Get Aggressive

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The great majority of us are in mortgage contracts that contain a prepayment privilege of some sort. “Privilege” being the key word here. Not all mortgage contracts contain such privileges, but that’s a story for another day. Those mortgages who do allow prepayment privileges, usually allow at least 15% of your mortgage to be paid… Read more »

Down Payment Rule Change – Dec. 2015

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Finance Minister, Bill Morneau, announced changes to the minimum down payment required on owner occupied homes this morning. Effective February 15th, 2016, homes between $500,000 and $1 Million will have a sliding scale utilized for the minimum down payment required. On the first $500,000 of purchase price, 5% down is still the minimum. On any… Read more »

“Accelerated” vs “Non-Accelerated” Bi-Weekly Payments

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The difference between regular, or ‘non-accelerated’, bi-weekly payments and accelerated bi-weekly payments is that the accelerated payments give you an extra FULL payment each year that goes straight towards your principle balance. Here’s the breakdown: There are 12 months in a year, but not every month has exactly 4 weeks, so there are actually 26 bi-weekly… Read more »

Mortgage vs HELOC – Do You Know The Difference?

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Today, with the Internet, we all have an abundance of information literally at our fingertips. Despite the information available many homeowners have limited knowledge about the mortgage process and products. Their lack of knowledge can turn out to be costly. Homeowners should know the difference between a conventional mortgage and a Home Equity Line Of… Read more »

Qualifying Purchase Price – Why I’m Now Giving My Clients Two Price Points

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Back in June 2012 OSFI (Office of the Superintendent of Financial Institutions) rolled out their B-20 Residential Mortgage Underwriting Practices and Procedures, in an effort to force banks and lenders to follow more prudent underwriting guidelines. One of the most impactful changes was imposed on borrowers who want to take a Variable rate, or a… Read more »

Do You #Smallenfreuden?

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Many of you have likely seen the Smallenfreuden campaign that Visa has been running for the past few weeks. The premise behind it is to entice Visa cardholders to use their credit card for even the small, every day purchases, that one would normally make. The advantages, as they say, are that you earn reward… Read more »

You Get What You Pay For

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Recently I helped a couple out who were refinancing their townhouse (they were unable to sell it) and using the equity to buy a new principal residence, while keeping the townhouse with a renter in it. They did not contact me until one week prior to completion on both the refi and the purchase. They… Read more »

The Value Of A Rate Hold

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Securing a rate hold is like having insurance on your mortgage rate – you no longer have to worry about mortgage rates increasing while you find your new home over the next 90-120 days. And if rates drop within that same period, so too will your preapproved rate. For instance, if you obtain a 3.00%… Read more »