What is a Reverse Mortgage?

Many retired Canadians have been where you are, and many of them were able to turn around their fortunes with the CHIP Reverse Mortgage. This unique financial tool allows you to access up to 55% of the equity in your home, tax-free. With that money you are able to increase your cash flow, eliminate debt, and even check a few items off your bucket list. If you would like to learn more about how a CHIP Reverse Mortgage can help you live a more comfortable retirement, please contact Brenda or Jessica at Advance Mortgage 403-347-0774    

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Property Tax Surprises

Property Tax Surprises There are two ways property taxes can surprise you on your closing date. 1) The seller may have already paid property taxes for the full year, and as such is entitled to a credit for their unused portion. We call these prepaid property taxes. Suppose your annual taxes are $7,200 and your seller prepaid the full year. With a closing date of August 13, you need to give back 140 days worth of taxes. That’s just over $2,760. 2) The other way property taxes can surprise you is when your mortgage lender is going to take a fixed amount for property taxes from your bank…

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Bank of Canada Rate Unchanged!

Today’s central bank announcement At 10am eastern, the Bank of Canada made its seventh interest rate decision of the year. Of equal importance, the Bank of Canada also shared somewhat encouraging thoughts about the revival of the Canadian economy. To provide insight First National summarized the Bank’s statements here for easy reference. While it’s necessary to be cautious about the future given the unpredictable nature of COVID-19, we take heart in the fact that the central bank indicated that global economic activity is picking up, financial conditions have improved and there has been an initial bounce-back in employment – a key driver of home purchasing activity.

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Sources of Down Payment

Down payment – if your source of down payment comes from your savings or investments please note that lenders need to see 90 days history from each account you have accumulated your funds in. Call Brenda or Jessica to explain further as this is very important to know as lenders will not deviate from this requirement

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Bank Of Canada Rate Announcment

Bank of Canada announced they were staying the interest rate and no changes made. That interest rate is connected to hone equity lies of credit and variable rate mortgages. Fixed rates are not affected with any Prime Rate Changes. Call us at Advance Mortgage to discuss in detail. It is important to know the difference and to be aware of what type of mortgage you have especially now in these uncertain times. Be in the know, we are and can help. Do you know what type of mortgage you have? #mortgage #realestate #primerate #bankofcanada

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What to expect from us during COVID-19

What to expect? As mortgage brokers and realtors have been determined an essential service we will be continuing to do our best to serve clients and help them accomplish their goals while we navigate the changes brought upon us as a result of COVID-19. Can you still buy a home? We are able to help our clients while still practising social distancing. Our applications can be completed through our website, email or over the phone. We have access to electronic signing programs. These measures ensure we are following the guidelines from the government to keep everyone safely at home as much as possible. Houses can still be bought…

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Changes to the Mortgage Stress Test

Mortgage Stress Test change The Canadian Department of Finance has announced that as of April 6th we will see a change to the current mortgage stress test. what does the upcoming change mean? Currently the mortgage stress test requires insured borrowers to qualify at a rate of 5.19% (Base on 5 year posted rate). The change will have borrowers qualifying at a rate based on the weekly median 5 year fixed rate plus 2%. At present this looks like it would mean qualifying at a lower rate. Waiting game Currently we do not have all the information to truly determine what this will mean for home buyers. At a…

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Build Your Nest Egg In Real Estate!

There is a real opportunity to build your nest egg now in real estate. House prices and interest rates are very low and that makes for a super time to buy.  We are always being advised to put our eggs in more than one basket.  We have our investments whatever they may be RRSP, TFSAs, Savings, Stocks, Bonds, Pensions and that is great.  However the other basket, and that is a very big one, is real estate.  In some cases the home we buy is the biggest and most important investment many of us will ever make however have you also thought of revenue properties?  Purchasing a revenue…

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Quick Mortgage Steps

Buying a home can be stressful. We try to keep the process as simple as possible. Here are some quick steps to getting your mortgage. Quick Mortgage Steps Step 1: Meet with a trusted mortgage broker, Mortgage Alliance Advance Mortgage would be a good place to start;). Step 2: We will go over all the information you need to know about the home buying process. What you can expect and how the process works. We will collect some preliminary documents from you. Most importantly these initial documents will include paperwork that shows your income. At this point we complete the pre-approval application. Once we have collected the information…

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Client Mortgage Success Story!

We are flashin’ back this Friday to share a mortgage story! We were referred a client in early December. They desperately wanted to be able to move into their new home before Christmas! Altogether we had about 12 days between accepted offer and move in day of Dec 23. This is no easy task especially around holidays as many offices are closed! We worked our butts off as did the realtor and our lender. All the hard work paid off and our clients were able to enjoy their first Christmas in their new home! While quick possessions can be stressful for buyers and challenging for professionals they are…

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