Click Your Mortgage Blog
TFSA Annual Contribution Limit Increasing to $5500
The Canadian government announced today that the annual limit on what one can contribute to their Tax Free Savings Account will increase by $500 starting in 2013. This is the first year since its introduction in 2009 that the government has raised the contribution...
A Shorter Amortization Will Save You Thousands
With today's historically low interest rates, it makes sense to shorten the number of years your mortgage is amortized over. Doing this will not only pay off your mortgage years earlier, but it will also save yourself thousands of dollars over the life of your...
BoC eases broker concerns
Here is an interesting article from Mortgagebrokernews.ca: Brokers may be more scared by new consumer debt numbers than the Bank of Canada, with Mark Carney suggesting the slowing real estate market cancels any immediate need for a rate hike. We are watching...
Getting Your Home Ready for Fall
If you couldn't tell by the cooler weather and that it's dark by 8pm, Fall has graced us with its presence. The arrival of Fall makes us want to curl up with a blanket by the fire and read a good book. But before that can be done, there are important checks to be done...
A Rent-to-Own Agreement May Not Necessarily Be Your Best/Only Option
We recommend reading this article from the Toronto Star if you're considering a Rent-to-Own option. Rent-to-own a home: Beware the risks Renting to own can be an expensive way to get into the real estate market. By Krystal Yee | Mon Sep 10 2012 Last...
What’s Your Number?
You've most likely heard the term "credit score" in conversations about debt or borrowing and understand that it has an effect on our ability to take out loans and get a mortgage and that it's important to maintain good credit. Do you know how your credit score is...
Bank of Canada Maintains Overnight Rate Target at 1 per cent
The Bank of Canada left its key overnight lending rate unchanged Tuesday, where it’s been sitting for almost two years. The last time it rose was September 8, 2010, when it was increased from .75 per cent up to 1 per cent. The overnight rate, which banks use to help...
Mortgages Rules are Changing Again!
Here we go again. The Office of the Superintendent of Financial Institutions had proposed new guidelines for mortgage underwriting back in March and final Residential Mortgage Underwriting Practices and Procedures were released to financial institutions today. Along...
Mortgage Clients from 2007 are Renewing with Big Smiles on their Faces
Back in 2007, many clients were happy locking in to 5 year mortgage terms at rates around the 6.25% mark. 5 years later, those same clients whose mortgages are coming due are feeling pretty good about renewing at a sweet 3.19% for the next 5 years. A client who...
Don’t Wait until April 30 to File Your Income Tax Return
The deadline for individual's income tax return filing is quickly approaching. Like all years, it seems to sneak up on us and sometimes knock us in the head. Filing your income taxes early will avoid you making unnecessary mistakes because you're in a rush, it will...
RRSP Contribution Deadline: February 29th
With the end-of-the-month deadline looming for RRSP contributions for the 2011 tax year, many Canadians will do the easy thing: ignore it. Don’t do the easy thing. Especially if you’re in your 50s and 60s. Because, like it or not, you’re running out of time. And you...
Common Mistakes First Time Homebuyers Make
For most people, a house is the largest investment they ever make. That being said, it’s necessary to do some research and understand what home-ownership is all about before jumping into anything. When considering purchasing your first home, getting pre-approved for a...
What’s the best way to save for a house: RRSPs or TFSAs?
Taken from the Globe and Mail By: ROB CARRICK Add RRSPs versus TFSAs to the list of decisions you have to make as a prospective home buyer. Some serious saving is going to be required to meet the minimum 5-per-cent down payment for buying a home, not to mention the...
Locking In Has Never Looked Better
Long-term mortgage rates have dropped to the lowest point in Canadian history. It is expected that many more people will be locking in their mortgage at this time. The Bank of Montreal became the first major Canadian financial institution to bust through 3%, with its...
Lowering Canadian Debt
If you ever watch HGTV Canada, you’ve most likely seen shows like “Til Debt Do Us Part” or Slice channel’s “Princess” – shows that bring in a professional to help people come to their senses and manage their debt. Everywhere you turn these days, you’ll hear people...
What is a home inspection and should I have one done?
A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.)...
How Much Can I Afford to Pay for a Home?
To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage...
Fixed or Variable? Which to Choose
How Do You Choose Which One is Better - Fixed or Variable? I thought we would do an overview of fixed versus variable rates, as this is a constant water cooler topic. As predicated, lenders have made significant changes to variable rate products. Most of the leading...