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Category Archives: First time home buyers

Mortgage Monday – Gifting a Down Payment for a Family Member’s First Home

Mortgage Monday – Gifting a Down Payment for a Family Member’s First Home

Are you wondering how to gift a down payment for a home to a family member, perhaps as part of an early inheritance? Maybe a secure line of credit, or a reverse mortgage would work for you? Talk with a mortgage broker to see what your options are.

Do you have questions about mortgages in Guelph, Kitchener, Waterloo, Cambridge and surrounding areas? Contact us today for help!

Why use a local mortgage broker in Guelph instead of an on-line brokerage?

Why use a local mortgage broker in Guelph instead of an on-line brokerage?

  Why use a local mortgage broker in Guelph instead of an on-line brokerage? There are so many mortgage options available on-line, but why use a local mortgage broker in the Guelph, Kitchener/Waterloo/Cambridge instead of going on-line? That’s because they’ll understand the local housing market conditions which have a significant impact on your mortgage financing.… Read More

Things to know when buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge

Things to know when buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge

Things you’ll need to know when successfully buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge. Get pre-approval before you list your home – requalify your mortgage. Other considerations are: Job changes Credit history changes Calculate the equity you’ll have Budget to help you keep on track Do a Buy/Sell Calculation Contact us… Read More

Banking Regulator sees potential risks; Current home values are stabilizing in most regions

Banking Regulator sees potential risks; Current home values are stabilizing in most regions

    Banking regulator sees potential risks in high home prices, debt loads. The Office of the Superintendent of Financial Institutions (OSFI) is set to finalize changes to residential lending guidelines (B-20) by the end of this month. They are proposing changes that will see a ‘stress test’ applied to those borrowers buying a home… Read More

Economic Growth; The OECD has raised expectations for Canada. Should we expect interest rates to continue to rise?

Economic Growth; The OECD has raised expectations for Canada. Should we expect interest rates to continue to rise?

The Organization for Economic Co-operation and Development has raised its expectations for economic growth in Canada this year compared with a June forecast. The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7. That is up from its forecast in June… Read More

Changes to Canada’s Housing Rules

Changes to Canada’s Housing Rules

Over the last few days, I’ve fielded calls from concerned clients who are buying a house and want to know the impact of the recent regulatory changes to Canada’s Housing Rules that come in to effect in late October. I’m sharing a statement provided to me yesterday from our industry lobby group Mortgage Professionals Canada. Also,… Read More

What can we expect in the housing market for the rest of 2016?

What can we expect in the housing market for the rest of 2016?

Is Guelph and surrounding area in a housing bubble? The general definition we use to describe a housing bubble is two to three consecutive years of unsustainable price appreciation. Unsustainable price growth would include a 10% or more price increase year-over-year. According to The Guelph and District Realtor’s Association (GDAR) as of September 9, 2016… Read More

Should I buy a house now or wait until I have more money saved?

Should I buy a house now or wait until I have more money saved?

Canada Mortgage Housing Corporation (CMHC) has some interesting statistics available on home purchases. It normally takes people nine to fourteen months to decide to move. However, once someone has made the decision, they normally act promptly when they see a house they’d like to buy. For the first time in 2015 more first time home… Read More

Negotiating a better mortgage rate

Everyone who needs a mortgage wants the best rate. However a good rate is only one way to save money on a mortgage. Adjusting payment schedules, creating flexibility on the amortization or paying-out consumer debt are cost-saving strategies often overlooked by most people. Focusing only on the mortgage rate and finding a rate that’s “too-good-to-be-true”,… Read More