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Comox Valley Team
West Coast Team
1
Aug
Today’s Fixed Rates are Gifts!
We have been treated to historically low fixed mortgage rates for a while now and it is easy to forget that they can reverse to higher at any point in time. The run up can be fast also. On Friday the 5 year government yield increased by 12 basis points, the biggest one-day increase in almost a year. When that sort
23
Jul
Is your mortgage with Firstline Mortgages?
Important information about the closure of FirstLine Mortgages. On July 31, 2012 FirstLine Mortgages, the wholesale mortgage division of CIBC, ceased operations. Over the years, FirstLine provided excellent mortgage rates and service to our clients without soliciting for other banking business. By closing FirstLine, CIBC will now focus on more profitable “tied” retail clients, where only CIBC mortgages are sold
17
Jul
More Mortgage Guideline changes coming Oct 31/12
You have no doubt heard of the recent changes that the federal government has come out with regarding mortgage guidelines. They are specifically, maximum 25 year amortization on all mortgages with less than 20% down payment, tightening of debt service ratio’s, a cap of $1 million on insured high ratio mortgages and maximum refinances to 80% of the value of
22
Jun
New Mortgage Rules
New mortgage rules have Canadians scrambling to get in under the wire. The surprise announcement that mortgage rules will change again on July 9 has many homebuyers scrambling to get in under the wire with the old rules. These latest new rules – amortization limit of 25 years and refinance limits of 80 per cent – are designed to lower
15
Jun
Smart Debt Management Gives First Time Homebuyers an Edge
Warning bells that Canadians are too overextended on debt might be keeping some potential buyers up at night. Although home debt is ‘smart’ debt, it’s a huge financial decision and there is a lot to think about. That’s why professional advice is recommended when making one of the most important financial decisions that most Canadians will make in their lifetime.
17
May
Renovating but not sure how to finance it?
Reno & Roll Do you want to increase the comfort and enjoyment of your home because you’re planning to be there for the foreseeable future? If your dream home is one renovation away, we’ve got a smart-money tip: Reno & Roll. If you’ve owned your home for a few years, chances are you’ve been building up some nice equity. And
9
May
Spring Cleaning!
Spring cleaning your debt could save you thousands! Wouldn’t spring cleaning be so much more gratifying if – somewhere under dusty barbecue parts and outgrown hockey skates – you found an envelope with, say, $5,000 in cash? Wouldn’t that make spring cleaning worthwhile? Of course it would! Well, you may not uncover a financial windfall when you’re cleaning
18
Apr
What is Payment Shock & how do I deal with it?
With all the recent talk about interest rates, it is appropriate to talk about payment shock. Payment shock is when you renew your mortgage from a low interest rate to a higher rate. This is what contributed to a lot of the problems in the U.S. People were in low teaser rate mortgages and when they came due they had
1
Apr
First Time Homebuyer Bonus Clarified
There has been sone confusion regarding the recent announcement from the Provincial Government about the First Time Home Buyer’s Tax Credit. There are 2 programs in effect. Here is a summary clarifying both programs: New Home Buyer’s Bonus: – Only applies in British Columbia -5% of the purchase price to a maximum of $10,000 bonus payable -Applies only to purchase
23
Mar
Should you take a 5 yr or 10 yr term mortgage?
There are not a lot of times when 10 year term mortgages are in the discussion, but in today’s low rate environment, this is one of those times. Here are 2 scenerio’s which might help in your decision making. In today’s market a 5 year fixed mortgage is priced at 2.99% (at some lenders) whereas a 10 year is priced
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