Click Your Mortgage Blog
We are feeling the January 1st Mortgage Rule Changes
Late 2017, the government announced that they would be enforcing stricter mortgage rules across the board for Canadians. Until this time, only borrowers with less than 20% down were subject to this tighter qualification process. The new rule goes as such: All...
8 Things to Avoid After a Mortgage Preapproval
You have word from your agent letting you know you are pre-approved for a mortgage. This is an exciting time as you are well on your way to purchasing a new home. A preapproval is usually good for 60 to 120 days depending on the lender. If you do not purchase a home...
Qualifying for a Mortgage Just Got Tighter
Yesterday, Finance Minister, Bill Morneau, announced new rules that serve as another attempt to slow the housing market. At this point it has only addressed buyers looking to purchase with less than a 20% down payment. Here are the details: As of October 17th, all...
Barrie Home Sales at a Record High in March 2016
Barrie, Ontario is breaking records when it comes to home sales both by unit and price. Barrie and are residential property sales recorded 553 units in March 2016- the highest March sales recorded to date, and a 22.6 per cent from March 2015. The second highest sales...
Purchasing a Home over $500,000? 5% Down Doesn’t Cut it Anymore
Starting February 15, 2016, homes purchased for greater than $500,000 will require a little more down payment than the current 5% requirement. Under the new rules, 10% down is required on the purchase amount in excess of $500,000, while you would still only be...
Mortgage Default Insurance Premium Rising June 1, 2015
In the market to purchase? Have less than 10% to put down? You will want to have that offer on the home accepted in the next couple weeks. Earlier this year, CMHC announced its premiums would be increasing by approximately 15% as of June 1. This is the second time...
Is Your New Years Resolution to Pay Down Debt?
The first week of 2015 has come and gone. Statistically, 25% of people who made a New Years Resolution have now given up on it. If you're one of many people who made the resolution to pay down your debt- you're not alone. If you currently own your home, refinancing...
Bank of Canada Qualifying Rate Drops to All Time Low
Qualifying for a variable, or 1-4 year fixed rate mortgage has become easier this week. The qualifying rate has dropped to its lowest ever: 4.79% This decrease gives borrowers who may have not previously qualfiied for a variable rate mortgage, or a term of less than 5...
Become Debt Free in 2014
Is it your goal to pay off your debt this year? Or save for a down payment on a home? Here are some tips to help you do just that. 1. Set goals. Make sure they are specific. For example, you may say, "my goal is to pay down my VISA by $10,000 this year." or,...
June’s Quiz Question
Q: Accelerated Bi-Weekly Payments will pay off your mortgage how many months quicker than if you were to pay your mortgage Monthly? (based on a 25 year amortization) Add your answer below! All correct answers will be entered into a draw for a $20 Tim Card! Good...
The First Time Home Buyer’s Tax Credit
Flashback to 1969… Is housing really more unaffordable today?
We keep hearing it on the news, from government, economists and banks... housing is more unaffordable today than it was for previous generations. Is it really as much as people claim? We thought we would take a look and see at what the differences are. In 1969 the...
Don’t Lose Out on the Home You Love Over a Couple Coffees
I have seen purchases of homes fall apart over a couple thousand dollars, and with today's rates that amounts to just a few dollars a month- or, as I like to put it: a couple of coffees. Here's an example: Mr. and Mrs. X put an offer of $270,000 on a home that was...
Homeownership Education Week: April 8-12, 2013
April 8-12, 2013 is HOMEOWNERSHIP EDUCATION WEEK. Click here to watch a video from Genworth Canada on The Canadian Housing Market.
Stop Paying Rent!
Are you still renting? If so, reading this may change your mind. According to the October 2012 Rental Market Report, the average rent for a single detached home in Barrie is $1281/month. In comparison, a mortgage on a $240,000 home with 5% down will cost you...
3 Impactful 2013 Resolutions for Your Home
Whether it's most important for you and your family to shrink your bills or reduce your carbon footprint, these resolutions are commendable. Here are some useful tips that can benefit ecological conservation, make more time for family, and lead to home harmonization....
Forget RRSPs and Pay Down Your Mortgage
This video from The Globe and Mail gives you something to consider this RRSP season: http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/video-forget-rrsps-and-pay-down-your-mortgage/article7044992/
Why an RRSP Loan is Not a Bad Idea
Maximizing your annual RRSP contribution is a good way to build a secure retirement. But what's more appealing is the benefit you see right now. Your contributions to your RRSP reduce your taxable income, and in turn, can save you from paying more income tax than you...