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Getting Pre Approved – 101

February 27, 2017
Andy Young

Getting Pre Approved – 101

Getting Pre Approved 101 As we in Saskatchewan get closer to finally being able to put away the snow brush in our vehicle for the season, we inevitably start thinking about improving our homes.  For a few, that could be finally moving out of Mom and Dad’s basement, others may have the desire to own a home and to stop renting, while for some it might just be time to move into a bigger / newer home … [Read more...]

Filed Under: Popular Mortgage Questions

New Housing Rules and the First Time Buyer

January 26, 2017
Andy Young

New Housing Rules and the First Time Buyer

2017 - The  Year First Time Home Buyers Hold Off From Buying? The mortgage world has definitely changed over the last year with what seemed like new mortgage rules coming out monthly.  As an experienced Mortgage Broker, even I have been overwhelmed with the constant changes.  I can only imagine how a First Time Buyer would feel! Last week, Canadian Mortgage and Housing Corporation (CMHC) … [Read more...]

Filed Under: Popular Mortgage Questions

Equipment Leasing – Flexible Financing for Business Owners

November 30, 2016
Andy Young

Equipment Leasing – Flexible Financing for Business Owners

Equipment Leasing - Flexible Financing for Business Owners As a Mortgage Broker, it is my job to look in every nook and cranny to find the best Lenders and financing solutions for my clients.  More and more these days, Canadians are working for themselves.  Obtaining financing now for their homes or businesses are becoming increasingly difficult.  Because of this, I am seeing a shift in my … [Read more...]

Filed Under: Industry News

Mortgage Qualifying Requirements

October 25, 2016
Andy Young

Mortgage Qualifying Requirements

Qualifying Requirements It’s been a week since the new rule changes have taken effect and it seems the biggest concern for Canadians revolves around the new qualifying requirements for new insured mortgages (less than 20% down payment). Borrowers will have to qualify based on the Bank of Canada posted 5 year rate which is currently 4.64%. This means that most borrowers will have approximately 20% … [Read more...]

Filed Under: Popular Mortgage Questions

New Mortgage Rules

October 5, 2016
Andy Young

New Mortgage Rules

New Mortgage Rules Anticipated changes have been announced and released by the Finance Minister, Bill Morneau, regarding new Mortgage rules... Starting October 17th, 2016 Borrowers who take out a mortgage with a fixed-rate of five years or longer will be subject to a more stringent “stress test”. Currently, borrowers who take a five year insured mortgage (less than 20 percent down payment) … [Read more...]

Filed Under: Popular Mortgage Questions

Down Payment Options – What You Need to Know

September 30, 2016
Christian Wilde

Down Payment Options – What You Need to Know

When purchasing a home, one of the most frequent questions I get is, “What are my down payment options?”  Especially true for first time buyers. Knowing how much you will need to have, and where it can come from is the first step. How much do I need for a down payment? Canada's new down payment rules require a minimum 5% down payment on all mortgages of $500,000 or less. For mortgages over … [Read more...]

Filed Under: Industry News, Popular Mortgage Questions

Managing Debt the Smart Way

September 22, 2016
Andy Young

Managing Debt the Smart Way

TransUnion, a credit-monitoring firm, reported that 26 million Canadians have some form of debt, including mortgages, lines of credit, and credit card debt.  As per their analysis, roughly 718,000 of those people wouldn’t be able to keep their heads above water financially if their interest rate went up by as little as 0.25 percentage points. Overall, most Canadians are good at managing debt like … [Read more...]

Filed Under: Mortgage Tips, Popular Mortgage Questions

Graduate Retention Program – What You Need to Know!

July 27, 2016
Andy Young

Graduate Retention Program – What You Need to Know!

How Does it Work These days, it’s not often the Government lends you a helping hand.  But in this case, the Graduate Retention Program is a winner when it comes to giving these new home buyers the chance to set roots here in Saskatchewan instead of somewhere else.  It is a Provincial Government initiative brought in to help new graduates by providing an interest free, repayable loan of up to … [Read more...]

Filed Under: Industry News, Popular Mortgage Questions

40 Second Read : Using your RRSP for Down Payment

July 5, 2016
Andy Young

40 Second Read : Using your RRSP for Down Payment

Undoubtedly, the questions I have heard the most this Spring have surrounded using your RRSP for Down Payment and who qualifies as a First Time Home Buyer.  Here are a few points regarding Canada’s Home Buyer’s Plan (HBP) that should help clear things up. RRSP for Down Payment - Who Qualifies? According to CRA, you are considered a First Time Buyer if, in the four year period, you did not … [Read more...]

Filed Under: Mortgage Tips

Improvements that Add Value – The 5 Best Home Reno’s

May 23, 2016
Andy Young

Improvements that Add Value – The 5 Best Home Reno’s

We all want our Homes to look great You know about regular maintenance but does it really help when it comes time to sell?  Should you renovate that tired bathroom or that dated kitchen?   What about creating more living space or just adding a new coat of paint?  Worry no more, here are the consensus home improvements that add value. Five Home Reno Improvements that Add Value: Revamp the … [Read more...]

Filed Under: Popular Mortgage Questions

Down Payment Rules when Buying a Home

April 26, 2016
Andy Young

Down Payment Rules when Buying a Home

The topic that I field the most questions from clients these days surrounds Down Payment Rules. Questions like, “What is the minimum amount I need to have to buy a house?”  “Can I still use gifted money from my parents?”  Another is, “Do I need to account for the Legal fees in addition to the Down Payment amount?”, and, “What other costs am I likely to incur to buy a home?” To answer these … [Read more...]

Filed Under: Popular Mortgage Questions

Self-Employed and Need a Mortgage? Sure!

April 8, 2016
Andy Young

Self-Employed and Need a Mortgage? Sure!

Things have change from the old days of looking for a salaried job with benefits and a pension straight out of school.  It is even less common to have the same employer for an entire career.  These days more and more Canadians are taking it upon themselves to be their own boss, make their own hours, work from home and have a direct impact on their earning potential.  Typically, most BFS (Business … [Read more...]

Filed Under: Popular Mortgage Questions

Benefits of a Variable Rate Mortgage

November 9, 2015
Andy Young

Benefits of a Variable Rate Mortgage

Variable Rate Mortgages Have Many Benefits I often hear the question, "What is the better way to go with my mortgage rate Andy, fixed or variable?"  To this, the usual reply is, "Well, it depends on your financial situation as well as your risk tolerance.  But if it's a fit for you, there sure are some benefits of a variable rate mortgage!" You see, over the course of a 25 year amortization, the … [Read more...]

Filed Under: Popular Mortgage Questions

The Advantage of Renewing Your Mortgage Early

September 14, 2015
Andy Young

The Advantage of Renewing Your Mortgage Early

A recent survey by the Canadian Mortgage and Housing Corporation (CMHC) found that 60% of Canadian mortgages were renewed before their scheduled maturity date. Here are three good reasons why you should consider renewing your mortgage early and/or be open to it being with a different bank or lender: Lower your mortgage rate – realize those savings now. Get ahead of any rate increases.  … [Read more...]

Filed Under: Mortgage Tips

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