How to choose between selling your home and taking out a reverse mortgage

[Financial Post - September 23, 2021] Homeowners who need funds should weigh their options before tapping a home for income Just because you’re house-rich doesn’t mean you can’t go broke. Many homeowners who lack sufficient retirement income can find themselves faced with a difficult choice: sell a beloved home or turn it into an emergency income source. One option is to take out a reverse mortgage, which can let them maintain their lifestyles while staying put. But it’s a big decision. While a conventional [...]

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Banking on mom and dad

[Toronto Sun - July 24, 2021] As housing prices hit an all-time high and continue to rise across the country, homeownership is out of reach for about three-quarters of Canadians, leaving many new homebuyers counting on the Bank of Mom and Dad. “With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” says Manulife Bank president and CEO Rick Lunny. If you’re thinking of helping your child purchase [...]

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New stress test rate makes it more difficult for home buyers to qualify for mortgage

[Toronto Sun - July 3, 2021] Home buyers have contended with a series of costly hurdles in this ongoing, high-octane housing market — supply shortages, growing and pent-up demand, red hot prices and bidding wars just to name a few. It’s been a great time for sellers, but not so great for those looking to get into the market or upsize. Now the federal government is effectively putting another significant hurdle on the path to home ownership that will especially impact first-time [...]

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Recent Mortgage Rule Changes

[Synergy Mortgage Inc. / Invis - April 21, 2021] There had been speculation that the government would act to cool the hot housing market, but the industry saw only modest measures in the April 19 federal budget. A national annual tax on foreign-owned properties that are left vacant or under-occupied was announced, which will take effect in 2022. This will only apply to "non-residents" to discourage offshore buyers. New stress test The budget also referenced the recent announcement by the Office [...]

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LAND OWNER TRANSPARENCY REGISTRY (LOTR)

[Land Owner Transparency Registry - January 15, 2021] B.C. Real Estate Beneficial Ownership Disclosure Law Takes Effect November 30, 2020 The Land Title and Survey Authority of British Columbia (LTSA) operates the Land Owner Transparency Registry (LOTR), a first-of-its- kind registry to improve transparency of land ownership in BC. What is LOTR? A searchable registry that maintains information about “interest holders” under the Land Owner Transparency Act. These are individuals who do not have direct ownership of land but are considered to have [...]

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Buying a home this year | Mortgage qualification 101

[Synergy Mortgage - January 1, 2021] If you have decided to buy a home this year, we are here to help! While we certainly do all the heavy lifting to ensure your mortgage experience is as easy and seamless as possible, it’s important that you’re fully up-to-speed on all the mortgage basics. Especially given today’s fast-paced real estate market. Whether you’re a first time homebuyer or returning client, stay tuned for our “Buying a home this year” educational series. We will continue to provide you [...]

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5 reasons to get a second opinion on your mortgage renewal

[Invis Synergy Mortgage - December 2020] Given the large financial commitment of a mortgage, it's surprising that so many homeowners sleepwalk through the mortgage renewal process and don't look at all their options in the marketplace. Many accept whatever their lender offers or just have a short negotiation to shave a few points off. While it's tempting to choose what is easiest, it's so important to have a mortgage expert give you a second opinion and start working for you as [...]

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Mortgage Qualification – 6 C’s of Credit

MORTGAGE QUALIFICATIONS 6 C’s of Credit When you apply for a mortgage you have to undergo a process of evaluation before you will be given an approval. The process called credit evaluation can take time and always involves an end, either an approval for the mortgage or a decline. If you are declined, you may be given alternative options such as private loans or a plan to help you to qualify in the future. The lender’s credit evaluation involves 6 main areas: Capacity [...]

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Important Credit Score Tips

[Invis - October 7, 2020] There's a virtual credit file with your name on it! When it comes time to take out a mortgage, that file gets opened and the result is a credit score.  This is one of the determining factors for qualification and can also impact your mortgage rate. The good news is that you are entirely in control of your own credit score. Even if your past credit history has been bumpy, there are steps you can take [...]

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Which mortgage product is right for you?

[Synergy Mortgage - September 15, 2020] When it comes to which is better – Fixed, Floating or Line of Credit – there is no wrong answer. They all have pros and cons, and the truth is, we can’t predict what mortgage rates will be in the future, or how the economy will affect the rates over time. The key decision making factor depends on you, your personality, and your personal and financial situation and goals. What we can absolutely commit to [...]

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