13 Oct

FIRST TIME HOMEBUYERS TAX CREDIT – FTHBTC

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Posted by: Peter Paley

October 13, 2023
TAX CREDIT For First-Time Homebuyers
For 2022 and subsequent years, the Government of Canada proposes to increase the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers.
You can claim up to $10,000 ($5,000 for 2021 and prior years) for the purchase of a qualifying home if you meet the following conditions.
✅You (or your spouse or common-law partner) acquired a qualifying home.
✅You did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years.
A qualifying home must be your primary residence (within 1 year of acquisition) and include the following types.
👍Single-family houses
👍Semi-detached houses
👍Townhouses
👍Mobile Homes
👍Condos
👍Duplexes, triplexes, and fourplexes
When completing your tax return, enter $10,000 on line 31270 of the T1 General Tax Return if you aren’t splitting the amount with your spouse or common-law partner. You and your partner/spouse can split the claimed amount as long as the combined total of both returns does not exceed $10,000.
Disclaimer: This information is provided as a service only and is not to be considered or relied upon for tax or financial planning advice. For specific questions regarding your tax returns, tax planning, or financial planning, please refer to your accountant or financial planner.
If you have any mortgage questions or are ready to apply for your next mortgage, please contact us today

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12 Oct

FULLY UNDERWRITTEN PRE-APPROVALS

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Posted by: Peter Paley

October 12, 2023
We offer fully underwritten pre-approvals.
What’s the deal with pre-approvals these days? I’ve been in the industry for a long time. A pre-approval used to actually be a bonafide pre-approval that one could rely on to purchase a home with confidence.
This hasn’t been the case for quite a few years. We are finding that many Banks, Credit Unions, and other mortgage professionals are simply providing calculations to a would-be homebuyer based on a quick conversation or mobile app download. The pre-approval is then conditioned on the following items, proof of income, satisfactory credit bureau/history/score, satisfactory down payment, no material changes to the application, and more.
In my opinion, I’m unsure how this can even be called a pre-qualification let alone a pre-approval. I can understand from their perspective that it is a large cost and time investment without a guarantee that the pre-approved borrower will even buy a home or use the lender that pre-approved. It is a risk. However, I know that almost all homebuyers want to get the correct information and will reward the mortgage professional’s time investment with their business and loyalty. In fact, I’ve built my career on this principle of hard work and service to others.
What do we do differently?
✅Review your full mortgage application
✅Ask questions about your goals and the suitability of the mortgage products available.
✅Review your credit bureau and score
✅If there are any reporting errors on your credit bureau we will have them repaired/amended.
✅Review your income (employment, Canada child benefits, overtime, bonus, pension, disability, and any other form of eligible income)
✅Review your down payment to confirm eligibility (remember that simply having enough money isn’t enough any longer).
✅Project your total closing costs including land transfer tax, legal fees, title insurance, and other closing costs or applicable taxes.
✅Collect and review all of the required mortgage documents upfront (Letters of employment, pay stubs, T4s, etc).
✅We will communicate with your REALTOR and if you don’t have one be more than happy to recommend one of our amazing REALTOR partners.
✅We will lock in a mortgage rate for you that will expire in 120 days. This will protect you from any rate increases. If rates drop, you will always get the lower rate.
✅For self-employed individuals, we will review all of your business documentation to see if you can qualify for a special program.
✅We will see if our clients can qualify for any government grant programs like the First Time Homebuyer Incentive or the Manitoba Metis Federation – First Time Home Purchase Plan
✅We can recommend any other industry professionals (Home inspector, appraiser, home insurance agent, financial planner, or life insurance agent).
✅If selling a home, estimate the net sale proceeds after all expenses.
✅Have you confirmed your existing mortgage penalty if applicable to avoid any surprises.
The quality of your mortgage pre-approval matters and we are more than happy to invest the time to educate, review, and provide the best service to our clients.
Contact us today for your pre-approval!

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11 Oct

Manitoba Metis Federation – First Time Homebuyer Purchase Plan – Up To $20,500 In Forgivable Grants

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Posted by: Peter Paley

October 11, 2023
The Manitoba Metis Federation – First Time Home Purchase Plan up to $20,500 forgivable grant available.
The Manitoba Metis Federation has an excellent grant program for Metis Citizens. The program will provide 5% of the purchase price up to $18,000.00 plus closing costs of up to $2,500.00 for a total maximum grant of $20,500.00. The grant is forgivable, if the applicants remain in their home as their principal residence for 10 (ten) years after which time the FTHPP will be forgiven and discharged from the title.
Eligibility:
✅Proof of Metis Citizenship
✅Be 18 years of age or older
✅Must meet and qualify for a mortgage using lender and default mortgage insurer lending guidelines – contact us today to start your application or follow this link https://velocity-client.newton.ca/en/client/journey…
✅The purchased home must be the applicant’s primary residence.
✅Applicants must not have ownership in any real estate (including land) with a market value of more than $30,000.00
✅Family/Household taxable income as stated in the CRA notice of Assessments must be below $100,000.00
✅Applicants must have current combined liquid assets of less than $60,000.00
✅Maximum home purchase price of $600,000.00
Application Process:
Visit our website by following the link at the top of the post to find the MMF- FTHPP application link.
Conditions:
➡️All funds advanced will be sent to the lawyer in trust and will be applied towards the purchase of the home and related closing costs
➡️A ten (10) year 2nd mortgage charge will be registered by LRCC – Louis Riel Capital Corporation against the property behind the principal mortgagee to ensure long-term residency.
➡️The Metis applicants must remain in the home as their principal residence for 10 years after which time the FTHPP mortgage will be forgiven and discharged.
➡️The applicant may put up to $60,000.00 of their own funds toward the purchase of the home.
➡️The applicant may use the MMF-FTHPP in conjunction with the Government of Canada’s FTHBI – First Time Homebuyer Incentive
➡️The applicant will need to have enough of their own funds to make a deposit on a home.
➡️Co-signors are permitted if they will be living in the home and be co-applicants on the mortgage.
➡️If you want to move to a new home within the 10-year period the mortgage may be transferred.
➡️Exceptions for divorce or separation may be made to keep the grant in place.
Contact us for more information and to apply for your mortgage!
10 Oct

Why Use A Mortgage Professional?

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Posted by: Peter Paley

October 10, 2023

https://peterpaley.com/mortgages/benefits-of-using-a-mortgage-professional/

Why Use A Mortgage Broker?

When people are asked this question, the most common answers are;

– Lowest Rate! – Most of the time this is true.
– Better Terms! – Almost always this is true.
– Better Service! – Almost always this is true.
– MORE CHOICE – Always true!

Here are some of the programs and services that we offer and have access to and use on a daily basis;

– Fully Underwritten Pre-approvals
– Self-employed (less than 2 years)
– Business For Self-Stated Income
– Borrowed Down Payment/Flex-Down
– First Time Home Buyer Incentive
– First-Time Home Purchase Program (Manitoba Metis Federation)
– Purchase + Improvements
– 2nd Home/Vacation Home (5% Down Minimum)
– Hobby Farm Financing
– Commercial Mortgages including CMHC High Ratio Refinance
– Conventional Stated Income
– Conventional Bruised Credit
– Home Equity Lines Of Credit
– Hybrid Equity Mortgages
– 2nd Mortgages
– No fee/Low Fee Mortgage Transfers and switches
– Mortgage Life & Disability Insurance
– New To Canada
– Rental Property Financing
– Converting Existing Home To Rental & Buy New
– Business Loan Financing
– Business Equipment Leasing
– Vehicle/Boat/RV Refinancing
– 12-Month Rate Holds For Construction/Home Builds (completion)
– Private Mortgage Financing

If you are planning on financing a property in the near future contact us today!

If you are a REALTOR in Manitoba or Alberta and need to connect with a mortgage professional for your clients or just have some questions, we would be happy to help.

#mainstreammortgages #MortgageApproval #MortgagePreApproval #mortgagerates #mortgagebroker #mortgagespecialist

6 Oct

Refinancing Your Mortgage At Renewal

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Posted by: Peter Paley

October 6, 2023 – Happy Thanksgiving!

https://peterpaley.com/refinance/

Refinancing At Renewal

Interest rates are stubbornly high. As we have been posting for the last few weeks renewals were going to be tough on some households.

Fixed mortgage rates have been steadily increasing and many renewal agreements that we are seeing are well north of 6%. In some cases, this is a doubling of a borrower’s mortgage interest rate.

The important thing to remember is to stay calm. If your interest rate is doubling, that doesn’t mean that your mortgage payment is going to double, but it will increase and the increase may be uncomfortable.

One strategy is to refinance at renewal. If there is enough equity in your home, you may be able to improve your household cash flow by taking out the equity in your home and paying off debts like credit cards, lines of credit, and vehicle/student loans. Payment affordability is going to be a hot topic in the coming months.

Even if you are comfortable with the higher rates and payments on renewal, it can really pay to get a 2nd opinion. We are able to offer you even better rates if you have a lot of equity built into your home (25%, 35%, or more). Even if we are unable to better your mortgage rate and terms, you will have the peace of mind that you made the wisest decision you could make at the time!

Contact us about your mortgage renewal or to see if refinancing is right for you!

 

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#mainstreammortgages #mortgagerenewal #mortgagerefinance #mortgagebroker #mortgagerates

1 Oct

Open Houses – Sunday October 1, 2023

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Posted by: Peter Paley

Happy Sunday!

There are 185 Open Houses scheduled for today ranging in price from $164,900 to $1,074,000 in Winnipeg and the surrounding areas.  Click the link below to be redirected to Realtor.ca where all of the open houses have been prepared for you to view.

CLICK HERE TO SEE ALL THE OPEN HOUSES LISTED ON REALTOR.CA

If you’re in the market for a new home, you can download our amazing My Mortgage Tool Box App!  Find Mortgage Rates, get pre-qualified and use our set of unique calculators.
CLICK HERE TO DOWNLOAD OUR MY MORTGAGE TOOLBOX APP

If you found your dream home today, please contact us with any questions you have and we can send you our introductory e-mail with our application process.

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