15 Oct

OPEN HOUSES – WINNIPEG – OCTOBER 15, 2023

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Posted by: Peter Paley

Visiting an open house is an excellent way to start viewing a home and getting a sense of which neighborhood you like and the features and floorplans that interest you.

Here is a list for all of Winnipeg & surrounding area for Sunday, October 15th

OPEN HOUSES – WINNIPEG AND SURROUNDING AREA – SUNDAY OCTOBER 15, 2023

 

Make sure you download our app for current mortgage rates and to get a pre-qualification.  You can also contact us using the form below or texting us at 431.482.2187

DOWNLOAD OUR MY MORTGAGE TOOLBOX APP

 

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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?

General

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

General

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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28 Sep

MORTGAGE MYTHS – BUSTED

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Posted by: Peter Paley

September 28, 2023

Mortgage Myth Busters:

Today our post we will be busting common mortgage myths.

Myth #1: Mortgage Brokers Cost Too Much Money – BUSTED

While there may be times when a mortgage broker needs to charge a fee, in most cases we are paid directly by the lender a commission or fee that is based on the size of the mortgage and the length of the mortgage term.

Myth #2: I Need 20% Down To Purchase My Next Home – BUSTED

Anytime a home buyer is purchasing their primary residence or secondary residence for their own use the minimum down payment rule applies of a minimum of 5%.

Myth #3: I Must Use My Bank For My Mortgage – BUSTED

A homebuyer can use whatever financial institution that fits their needs better. Whether it is a Bank, Credit Union, Monoline Mortgage Lender, or Trust Company, the borrower is free to do what is best for them.

Myth #4: The Lowest Rate Is Always The Best For Me – BUSTED

Everyone loves to get the lowest mortgage rate. However, in many cases, the lowest rates come with a lot of strings attached and fine print. The lowest rate today may mean higher costs if you want to break your mortgage, refinance, or even sell your home. It is usually best to have the best rate with the best terms for your own unique situation.

Myth #5: I Must Renew With My Current Lender – BUSTED

Upon the mortgage renewal date, you are free to shop around for the best rate and terms. In many cases, the new lender will pay for your legal and transfer fees. We recommend you start this process 4-6 months before your mortgage renewal.

Myth #6: My Credit Score Will Suffer If I Shop Around – PLAUSIBLE

In general, having your credit score checked many times isn’t a good thing. However, when you are shopping for a mortgage, multiple inquiries for the same purpose within a certain period of time are generally counted as one inquiry.

Myth #7: Borrowing My Down Payment Is Prohibited – BUSTED

While many lenders will not allow a borrowed down payment, Canada’s default mortgage insurers do have a program. You may borrow 100% of your down payment and closing costs, as long as the repayment of the borrowed funds still allows you to qualify.

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27 Sep

Purchase Plus Improvements

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Posted by: Peter Paley

September 27, 2023

https://peterpaley.com/purchase-plus-improvments-mortgages/

Purchase Plus Improvements is an excellent but underutilized program, especially in our Manitoba real estate market.

The program allows a homebuyer who is applying for an insured mortgage (usually less than 20% down) to include up to $40,000.00 of home renovations or improvements in the mortgage.

Typically the eligible types of improvements are cosmetic (kitchen, bathrooms, flooring, paint), mechanical (furnace, air conditioning, electrical), and exterior maintenance (windows, doors, roof). Ineligible improvements would typically be foundation repairs. The general rule is the renovation should add value to the home.

Why is the program underutilized? This could be stemming from a number of different factors;

1. The program is generally not well known.

2. The renovation quotes need to be provided upfront at the time the application is submitted for approval. This means that the homebuyer needs to have the quotes done even before writing an offer.

3. The real estate market over the last 10 years has not allowed for the required time to get quotes and due proper diligence on a home purchase. The market has heavily favored sellers, and multiple offers were almost always expected.

4. The purchase plus process adds more work for everyone. The REALTOR will need to spend more time helping arrange quotations, the mortgage broker will need to do more calculations and follow-ups with the clients post-funding, and the lawyer will also need to hold the renovation funds in trust until they are completed, inspected, and approved by the lender.

5. The homebuyer will need to have the financial means to cover the cost of the renovations to completion because the lender won’t allow the renovation funds to be released until they are completed, inspected, and approved.

It may be a bit of a hassle. However, in today’s changing market where interest rates and home prices remain higher, mortgage qualification policy remains stagnant and unhelpful, and the market balances itself and dare say moves to a buyer’s market, the Purchase Plus Improvements Program is an EXCELLENT way for a homebuyer to get an improved home they want in a location they want.

Contact us for more details!

#mainstreammortgages #purchaseplusimprovements #mortgagebroker #renovations #firsttimehomebuyer

27 Sep

FALL MARKET UPDATE

General

Posted by: Peter Paley

Fall Market Update.

As you may have heard, The Bank of Canada opted to maintain its policy rate at 5% as of September. The recent rate hikes over the spring and summer have slowed the housing and mortgage markets as potential buyers were unsurprisingly spooked by the rise in mortgage rates. More recently, fixed-rate loans have become more expensive because of the rise in longer-term interest rates. As a result, housing affordability became a bigger hurdle and led to a slight decrease in home prices by 6% in major markets over the summer.

With The Bank of Canada currently maintaining the 5% policy rate, many hope this will be the peak in overnight rate changes. If so, homeowners and potential buyers will be granted some breathing room. We will find out more with their upcoming announcement on October 25th.

As we turn the corner into Fall and start looking ahead to the coming year, analysts are forecasting stronger housing markets. The expectation is that The Bank of Canada will gradually cut interest rates by mid-year, allowing potential buyers to better navigate their affordability.

As the supply shortage continues, new listings are likely to rise and provide much-need inventory. As we move into 2024 and start to see interest rates decrease, motivated sellers will move off the sidelines and housing demand is expected to be resilient.

For anyone who is thinking about purchasing this season, it is important to get pre-approved to guarantee your interest rate for 90-120 days while you shop the market. This way, you will avoid being impacted by potential rate changes and can properly estimate your budget for mortgage costs. Plus, pre-approval will indicate to the seller that you will not have issues obtaining financing (assuming nothing changes between now and the purchase with your job, savings, etc.), which is key during the current economic landscape.

To help you make the best decision possible, download the My Mortgage Toolbox app to determine what you can afford, and what your mortgage would look like at various interest rate levels.

You can also reach out to us today for unbiased advice if you have any concerns, or questions or just want to get started on your pre-approval!

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