Effective Jan. 2023 the Government has introduced an "anti-flipping tax" to reduce the speculative demand and to help cool the housing market. To avoid paying tax on the profit, you will have to live in the home for a minimum of 365 days, before being able to sell. There are some exceptions to this new … Continue reading New Anti Flipping Tax
Author: Mortgage Sisters West
Firstly, we will not ever suggest you give up coffee! EVER. But maybe you might consider these numbers, because sometimes small budget changes can make the biggest impact. Instead of picking up your daily $6.00 shot of caffeine luxury, put it toward your mortgage. $6 x 365 = $2,190.00 annually If you take that $2,190 … Continue reading Small Budget Tweaks to Save Big
With inflation comes higher interest rates, and with higher interest rates your purchasing power decreases. So when looking to purchase at your maximum purchase price, a rate hold in place can make a huge impact! June of 2021- Significant changes to Stress Test Creating Huge Implications Today In June of 2021, The Bank of Canada … Continue reading Purchasing Power Impacted By Rising Rates
There 4 main areas that lenders evaluate, while also considering the 5 C's of credit. These are income, down payment, active and historical credit, and the property itself. 5 Steps to Get a Mortgage Income and Employment. You monthly income is what will be paying the mortgage. There is a maximum percentage of your taxable … Continue reading How To Get A Mortgage
In the past year we have seen fixed mortgage rates jump by 3% from the record low rates we had during the pandemic. At the same time variable rate holders have also seen substantial changes to their mortgage interest rates with the Bank of Canada increasing rates over 2% since its first increase back in … Continue reading Fixed Rates and Bond Yields
It would appear that qualifying for mortgages when you have 20% down or more is going to get a bit more "stressful" on June 1st, 2021. This the date that OSFI has planned for its proposal for a tougher minimum qualifying rate for uninsured mortgages to be in force. As planned, homebuyers/owners will need to … Continue reading Stress Test Increase
When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property's current value. Your home is one of your largest assets so of course you want it to appraise high within your current market. … Continue reading Preparing Your Home For A Successful Appraisal
Many mortgage lenders have re-introduced the cash back mortgage, to help buyers and current home owners at a time when people need it the most.
Its times like these that we depend on the people we trust. Mortgage Sisters West are here to help you with your mortgage challenges and options during these uncertain times.
Here are 3 things you can do to give you some financial reprieve during these uncertain times. 1. Reduce your monthly mortgage payment. There are two ways to do this. a) If you are making accelerated bi weekly payments, change it to biweekly. Accelerated essentially pays an additional month of mortgage payments per year., by … Continue reading How to alter your mortgage to give yourself some financial reprieve