Helpful Mortgage Resources and Information

Refinance and take advantage of the current historically low interest rates

Why pay more? Reduce your payment amounts or pay off your mortgage faster. You can also pull some of the equity for debt consolidation, kid’s education, travel, home improvements, etc.

Improve your Credit Score
If your current Credit Score does not qualify you for much, don’t worry, our advisors will work with you to improve your Credit Score and help you obtain the mortgage you need.

Conventional Mortgage

Mortgages with a loan to value ratio of 80% or less are called Conventional Mortgages. Up to 75% of the property’s value is the maximum a lender can advance with this type of mortgage. If the applicant requires more financing they will have to purchase mortgage insurance.

High Ratio Mortgage

High Ratio Mortgages have a loan to value ratio of above 80%. Up to 100% of the property’s value can be advanced by the lender. This type of mortgage is suitable for buyers with little or no down payments. Mortgage lenders will require the applicant to insure the mortgage through one of Canada's mortgage insurers and the insurance amount can be added to the mortgage.

The following links will offer you more on Mortgages and Financial information.

Other Helpful Mortgage Information:

A First Time Home Buyer is any Canadian who has not owned and occupied a as a principle place of residence for five years.

The Federal Home Buyers Plan allows First Time Home Buyers to withdraw up to $20,000 from their RRSP for the purpose of buying or building a home. The primary benefit is that the RRSP issuer will not withhold tax on the amount nor will you have to claim the amount as income. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn.

Paying GST on New Homes

When you buy a newly constructed property, the purchase price is taxable. If the property is to be rented to tenants, the full 7% GST is charged on the purchase price. However, if the home is going to be your primary place of residence, it may qualify for a partial GST rebate, depending upon the sale price. Your real estate lawyer and your personal accountant should be able to provide you with more details.

Land Transfer Taxes

Along with the GST there are also other taxes that a purchaser must pay. Included are the Ontario Land Transfer Tax and the BC Property Transfer Tax. These are Provincial taxes levied on the purchase of property. Your real estate lawyer should be able to provide you with more details.