RRSP LOANS AND HOME BUYERS PLAN

RRSP HOME BUYERS PLAN (Hbp)

The RRSP home buyers plan allows an individual who is a first time homebuyer to withdraw up to $25,000 from their RRSP on a tax free basis in order to purchase a home.   The definition of a 1st time homebuyer is: Continue reading RRSP LOANS AND HOME BUYERS PLAN

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CLOSING THE SALE OF YOUR EXISTING HOME & THE PURCHASE OF YOUR NEW HOME

Often times, as a homeowner, you may want to purchase a home and sell your existing residence for closing on the same day or within a few days.    There are factors to consider when simultaneously buying and selling or closing within a few days.

Manitoba land titles is not yet an electronic registry system therefore the registration of the mortgage can take up to 4 weeks.   Under normal closing procedures, lawyers will not disperse funds until after possession and the mortgage has been registered.   You will be required to have, at minimum, the following funds on or before closing date which include (but are not limited to): Continue reading CLOSING THE SALE OF YOUR EXISTING HOME & THE PURCHASE OF YOUR NEW HOME

How Mortgage Rates are Determined in Canada

Variable Rate Mortgages

The Bank of Canada influences the prime rate of Canadian financial institutions by adjusting its target overnight rate. The overnight rate is the average rate the bank would like to see in the marketplace in which the financial institutions borrow and lend amongst each other. If the Bank of Canada adjusts the target Continue reading How Mortgage Rates are Determined in Canada

Mortgage Term Analysis – What is Right for Me?

There is a decision that all consumers must make regarding the mortgage term that best suits their individual financial situation. The following points are considered when we are selecting your mortgage term:

1. Risk tolerance:
A five year variable rate mortgage poses the most risk as your rate fluctuates in the marketplace and may affect your monthly payment amount.
A ten year fixed rate mortgage provides the most security as you know your Continue reading Mortgage Term Analysis – What is Right for Me?

The 3 R’s of Prairie Summers: Repair, Replace, Renovate

The hot and sunny summers of the prairies are a welcome reprieve after the unforgiving months of cold. We on the prairies take full advantage of the warm weather and on any given day you will see numerous people in the streets, in Continue reading The 3 R’s of Prairie Summers: Repair, Replace, Renovate

Fixed or Variable Rate? What is right for ME?

Rate options are always an interesting discussion I have regularly with my clients. I hope this article will clarify the available choices. In order for you to make an informed mortgage decision based on your goals, time horizon and risk tolerance it is important to know the difference between available payment options.

First, we will tackle the most common mortgage rate – the fixed mortgage rate. Fixed mortgage rates are based on Government Continue reading Fixed or Variable Rate? What is right for ME?