Edmonton Blog

What Is The Home Buyers Plan?

April 2, 2018

The Home Buyers Plan (HBP) allows first-time home buyers to borrow from their RRSPs for a down payment. It allows first-time home buyers to borrow $25,000 from their RRSP tax-free. The only catch is that this $25,000 must be paid back over 15 years following the withdrawal. Don’t think of the HBP as free money; it’s more like a loan to yourself. Why Bother With The Home Buyer's Plan? You...

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What You Should Consider Before Buying A Condo In Edmonton

April 2, 2018

There are many reasons why you’d pick a condo over a duplex, townhome, or detached house, but there are also a few reasons why a condo might not be the right choice for you. When considering a condo purchase, you need to ask yourself, is a condo lifestyle something you want? The Advantages of Condo Ownership Condos are relatively low maintenance Condos still need to be maintained, but ...

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Tax Season Is Here – How Does Your Mortgage Fit In?

April 2, 2018

We have good news and bad news. The good news is that you don’t have to file anything for your mortgage on your income taxes. The bad news is that most of us do not get to claim mortgages / mortgage interest as a deduction. While our neighbours down south get to claim interest on their mortgages as tax deductions, the Canadian tax system does not allow it. There are exceptions, however, so c...

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What will a Mortgage Broker do for you?

February 20, 2018

Mortgage brokers take the formidable task of finding the right mortgage to suit your unique needs financial situation and make it manageable. They can help you navigate the uncharted waters of the mortgage world, and will make sure you have the right tools and knowledge to make the decision that will best serve you. There are unique aspects to mortgage brokers that differ from going to big banks, ...

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What to look for when buying your first home

February 20, 2018

If you are reading this blog, chances are you are thinking about buying your first home. Let us be the first to congratulate you on your decision, we know how big of a milestone it is for people when they buy a home, let alone their first! That’s why we are here to help ease the stress that comes with looking for and ultimately buying your first home. The process of buying a home really is a ...

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Why is it better to pay large down payment?

February 20, 2018

When deciding to enter into the world of home ownership there is an incredible amount of factors that need to be taken into consideration. One of the most important, and the one that will affect you the most down the road, is how much of a down payment you should put on your home. While it is not always possible to make a larger down payment, taking that extra bit of time to save or going with a h...

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How do Second or even Third Mortgages work?

January 4, 2018

In Canada, many people take out mortgages in order to help them out financially, and this includes first, second, and sometimes even third mortgages. We all know how a first mortgage works; you contact your bank, work out the details, and begin the process of paying the mortgage back. But what about a second mortgage? How does a second mortgage work and how does it differ from a first mortgage? An...

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Pros and Cons of Mortgage Refinancing

January 4, 2018

You find out that mortgage interest rates are pretty low, but you’ve committed to a fixed rate mortgage. With that in mind, the question of whether or not you should refinance your mortgage comes up. Refinancing a mortgage means that you get a new mortgage – you finance it again, with an altered payment plan. Here are the basics of how a mortgage works. When you make a payment, some percent...

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Why a Borrowed Down Payment Will Be Right for You

January 4, 2018

If you are having trouble trying to save for a down payment, not to worry, it’s been announced that home buyers now have a greater choice in what they can use for a down payment. Now down payment sources can include lender incentives and borrowed funds. What this essentially means is that you can buy a house with no money down. A borrowed down payment is also called “Flex Down” and is ava...

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How Do You Refinance a Mortgage?

November 23, 2017

A mortgage pre-approval shows you what value of home you can afford, and the mortgage payments associated with it at various purchasing prices. It will guarantee a mortgage rate for a period of time, which will protect you against any potential rate increases. Reasons to Refinance Your Mortgage Take advantage of low interest rates Don’t let the penalties of breaking your contract dete...

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