An Ipsos Reid Poll showed that in 2008 51% of people expected to be fully retired by age 66. In 2013 only 27% expected to be fully retired by 66. That’s almost a 50% decrease in only five years. That same poll showed that 32% of Canadians expect to work part-time at 66. An […]
Interest Rates
Mortgage Costs about to Rise?
The link below will take you to an article outlining how consumers can expect to see mortgage costs start to rise in the next few months. This is unrelated to changes in the prime rate. A must read for anyone that has a mortgage or hopes to have a mortgage. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/05/mortgage-costs-about-to-rise.html
Are You Ready for Retirement?
More and more Canadians are going into their retirement years without a lot of money saved in the bank. It is suggested that in order to live a financially comfortable retirement, couples should have saved 50-60% of their peak pre-retirement income, which equates to roughly $42,000 to $72,000 a year or $275,000 to $1,025,000. Singles […]
How to Get Rid of your Holiday Debt Hangover
Many people suffer from post New Year’s hangovers as their holiday spending account statements begin to arrive in their mail/inbox. This year, start the year off with a plan to minimize your monthly expense and your interest carrying costs by conducting a no-cost, no obligation financial check-up with your Dominion Lending Centres Mortgage Professional. As […]
Down Payment Changes Around the Corner
Down Payment Changes: February 14/16 will be the last day that applications will be accepted before the new down payment changes come into effect. If you’re planning on buying a home for $500,000 or more, don’t wait to get your financing in order. If you have questions about this, contact me today for more details. […]
Down Payment Changes Ahead
Effective February 15, 2016, Canada will have new down payment requirements for purchasing residential homes. For properties selling between $500,000 and $1 million, people getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, […]
Watch Out for an Extra Land Transfer Tax!
The Ontario Ministry of Municipal Affairs & Housing is seriously considering extending the Land Transfer Tax to municipalities. This would mean a double land transfer tax on the purchase of a property. This was implemented in Toronto in 2008. It works out to an extra $10000-15000 on a home priced about $450000. If the Liberals […]
Cash Back Mortgages, the Devil IS in the Details
You’re thinking of refinancing your home and your banker tells you about their awesome cash back mortgage that you can qualify for. You know you’ll get a higher rate with this mortgage, but you figure the trade-off is worth it. And sometimes it is, but you MUST read the conditions associated with the cash back. […]
Second Mortgages
Second mortgages can be very useful for a few reasons. If you need to take some equity out of your property (commercial or residential) but have a large penalty to break your first mortgage, you may want to consider a second mortgage to avoid the penalty. If you are self-employed and can’t verify your income… Read More…
All Mortgage Penalties are not Created Equal
03/14/2014 Here’s a great article from the Globe & Mail: The hidden trap of mortgage penalties at the big banks ROB CARRICK The Globe and Mail, Dec. 04 2013 It’s easy to get caught in the posted mortgage rate trap at the big banks. No, you won’t have to pay the posted rate on your… Read More…