CMHC Rule Changes – Item 1 Shorter Amortization Periods

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Today we’re going to talk about the CMHC mortgage rule changes which were announced yesterday.

The first item on the list was amortization periods.  For higher ratio mortgages the maximum amortization you use to be able to get 35 years mortgages, and now they are going to limit down to 30 year mortgages.

So we thought we’d break this down for you guys and let you know what does this difference really added up to.  If you think about a $275,000 mortgage, just a nice small mortgage amount, the difference between a 30 and a 35 year amortization is almost $100 dollars more per month on your mortgage payments. Continue reading →

What Grade is Your Credit Score?

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Today we’re going to chat about credit scores and what letter grade we would assign to each range of credit scores.  This will help you gauge if you are in a good range or a poor range or somewhere in-between with your credit score.

A – Credit Score 726 +: You’re doing everything well you have no problem applying or getting approved for credit so keep doing what you’re doing!

B – Credit Score 700 – 725:  This is good, but not excellent.  You’ve probably had no issue applying for credit, but there’s just something keeping you from being a Grade A credit score, so you might want to take the time to figure out what that is. Continue reading →

How to Pay Off Your Mortgage Quicker Part II


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Today we have part 2 in our series of how to pay off your mortgage faster. If you caught us last time we were chatting about how to use your mortgage as a savings account. Today we’re going to chat about a graduated approach in case you’re worried about saving a huge lump sum of money and paying it into your mortgage. We’ve got a better option for you that will help you chip away at your mortgage without having to put too much effort into it. Continue reading →

How to Pay Off Your Mortgage Quicker

Theresa’s Soap Box – How to Pay Off Your Mortgage Quicker

Today I’ve got a reminder for those of you with variable rate mortgages which is don’t forget to make your prepayments!

Currently interest rates on the variable mortgage are still ultra-low – the Prime rate is only 3% – and you’re probably seeing the lowest monthly payments that you ever will see for the next little while.

So don’t spend that money, the savings that you’ve got put back into the mortgage! And I’ll give you two reasons why that is a good thing. Continue reading →

Difference Between a Notary and a Lawyer

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Today we want to tackle a very common question that we get asked all the time. What is the difference between using a lawyer or a notary public in a real estate transaction?

Most real estate deals are fairly straightforward and both a lawyer and notary will prepare the documents for you.  If you are buying a home, they will:

  • conduct a title search
  • obtain tax information and
  • any additional info to prepare a Statement of Adjustments. Continue reading →

Things You Should Know About HST

Theresa’s Soap Box | SMP Online

HST has caused quite the disturbance recently.  A lot of people are really worried and very concerned about this issue.   Since HST has been around for a while now, we thought we’d take the time to address some popular concerns that we’ve come across regarding the HST.

We’re going to begin by clearing up some concerns of HST without going into too many details, like how the HST rebate is assigned.  What we are discussing will be very basic.

12% on your entire purchase price? Continue reading →

How Employment History Affects Your Mortgage

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You might be thinking, I’ve got a job & I can make my mortgage payments so who cares beyond that?

Well that’s not true, there are things about employment you should be looking out for that could affect your mortgage application.

Here are a couple of things you should be looking at:

1.  Employment History

The longer you’re working at one place of employment the better it looks on your mortgage application. Continue reading →

Refinancing to Renovate. Is it a Good Idea?

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A common reason why people refinance their homes is to renovate, but is it always a good idea?

We’ve found many instances where people are refinancing to upgrade their homes, add more features in, or fix the roof that’s falling in.  It seems like a NO BRAINER – you take money out of the house to put value back in your home.  You can’t really go wrong right? Continue reading →

Myth ? Bargaining for Mortgage Rates

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Quite often we’re asked are these rates the best rates you have?

A lot of people are under the impression that they can bargain for a better mortgage rate, but this is a myth!

So why are people under the impression that they can bargain for a better rate? Continue reading →

Establishing a Good Credit History

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Why is it important to establish a good credit history?

Obvious answer is to get mortgages, car loans, or any types of loans

Some people may not know that if you don’t have good credit, it can deter you from getting things like:

  • Cell phone contracts
  • A lease on an apartment
  • Or even a job

If you don’t have credit history, lenders will not know if you can pay your debt on time.

No credit history does not equal good credit! Continue reading →