Wednesday, December 23, 2015

New Tax Rates and TFSA Changes for 2016

The Liberal government  is implement the tax changes as set out in their campaign. So are you wondering how this will affect your bottom line? 

Majority of Canadians actually will not be affected by the new tax bracket for income over $200,000 a year, however everyone will see their tax-free savings account contribution limit be reduced to $5,500.

To continue reading on with these changes, please click here for more.

Monday, December 14, 2015

Taking Control of Your Money in 2016



With talk about the climbing real estate prices, a recovering global economy keeping investment analysts cautious and the decline in oil prices, it is challenging for the average Canadian to know where to invest or even how to simply manage your personal funds.

The good news is 2016 is no different when it comes to the basic rules on sound personal financial planning.

The first rule has been and always will be; reviewing your personal and household debt. Reviewing how much debt exists, how it could be lowered and setting a time frame for repayment or eliminating it can help you to take control of your money and focus on your financial goals and priorities for the year.

Once your debt is under control and it is determined whether or not you are living within your means, cash flow can be considered. The traditional idea that monthly expenses are identified first and leftover savings second still applies.

Upon confirming cash flow, tax review comes next. Experts recommend families look at all tax incentives they can take advantage of. Although the anticipation for 2016 is the Tax Free Savings Account limit will be clawed back from $10,000 to $5,500, tax analysts report middle class families should watch for a tax break on the rate for the middle income tax bracket moving from 22 percent to 20.5 percent.

Discussing your financial situation with the whole family is another recommended step in your personal financial planning process. By involving family members, the final financial plan can better reflect everyone’s interests equally. Experts point out today’s family definition may extend beyond the conventional family unit and include siblings, aging parents or close acquaintances.

Finally, after the year’s plan has been established, experts recommend families look to resources for more detailed information about financial planning.

As a mortgage professional, I can be a crucial resource and tool to help you.  Ask me how you can reduce your overall mortgage costs so you can put more into your home equity or savings.

Attention First Time Home Buyers!

CALL AMY WILSON FOR CLARITY!
780-919-0475
AMY@YOURMORTGAGEGIRL.CA


GET ANSWERS TO ALL YOUR MORTGAGE QUESTIONS, START YOUR PRE APPROVAL PROCESS, FIND OUT IF YOU QUEALIFY FOR A MORTGAGE NOW OR GET THE STEP BY STEP INSTRCUTIONS SO YOU CAN OWN A HOME IN YOUR NEAR FUTURE!



Sunday, December 13, 2015

The most important charts for the Canadian economy in 2016

You may find this very interesting - Click on the link below and you will find various charts that will help you understand the economy in the upcoming year ahead.

If a picture is worth a thousand words, a good chart has just as much capacity to inform our understanding of the world. Which is why Maclean’s has once again asked dozens of economists, analysts, investors and financial writers to each share their pick for the most important chart for Canada in the year ahead. The charts cover the full range of factors impacting our economy, from trade and energy to demographics and employment. And next to each chart you’ll see a brief explanation from each person about why they believe the chart is so important.

Click here to go to the article and shed some light on the economy in the year ahead from Canada's brightest minds.

Saturday, December 12, 2015

Negative interest rates an option in Canada, Stephen Poloz says

Mr Stephen Poloz could follow in the steps of other countries and put the benchmark rate below zero. He has indicated the Canada's financial markets could possibly function in a negative interest rate environment. But while Poloz opened the door to the possibility of negative interest rates, he stressed — in English and French — that the bank has no current intention to do so.

Very interesting discussion on this strategy.  click here to read more on this subject.

Friday, December 11, 2015

New Mortgage Rules Coming in Feb 2016

The news is in - CMHC will be changing the down payment rules. Starting in February 2016, CMHC will require a 10% down payment on the portion of any mortgage over $500K. The 5% rule remains the same for the portion under $500K.

Click here to read more on this rule or contact me today for more information.

Thursday, December 3, 2015

5 simple ways to turn holiday madness into stress-free celebration



(NC) The kids are off school, family and work obligations are competing for your time, and the items on your to-do list are growing by the minute. So, while we might want to be singing, “'tis the season to be jolly,” what we might be better off singing is, “'tis the season to stay organized!”
“Being disorganized is a huge stressor that is only amplified by the increased demands put on us during the holidays,” says Tara Redmond, vice-president of plant engineering at UPS Canada. “Time is a valuable asset, and everybody needs more of it. You can actually maximize the amount of time you spend enjoying the season by staying organized and prepared for what's ahead.”
Beat the burnout this season, with these five tips from the experts at UPS for managing your time, conquering your to-do list, and remaining stress-free this year:
1. Plan in advance: Whether you're buying gifts for loved ones or cooking for the family, it's important to plan ahead. Make a to-do list and plan to tackle one thing per day to help ease the stress.
2. Mark important dates in your calendar: Highlight important dates, especially if tasks require multiple steps. If you're sending gifts to loved ones, make sure shipping cutoff dates are clearly marked to ensure they arrive on time.
3. Buy gifts online: Eliminate the hassle of finding a parking spot and shop from the couch in your cozies. Shipping packages directly to the doorstep of a loved one also takes the task of gift wrapping off your to-do list, as many online retailers offer to do this for you.
4. Manage shipments: Services such as UPS My Choice make it easier for you to direct packages to a location close to you, and can notify you via text, voice or email alerts as to incoming shipments. UPS Access Point locations are convenient places – such as The UPS Store, local grocery stores or other local businesses – that offer easy package drop-off or collection.
5. Stay within budget: Set a budget and stick to it. At the end of the season you'll be proud of yourself, and will feel confident when you receive your credit card bill.
6. Take a pause: In all the commotion that comes with the holidays, we sometimes forget to look after ourselves. Balance spending busy social time with friends and extended family with rest, relaxation and quiet time spent at home. Source: newscanada.com

Bank of Canada keeps benchmark rate at 0.5 per cent

OTTAWA -- The Bank of Canada left its trend-setting interest rate unchanged Wednesday, saying the economy is adjusting as expected to the bite of low commodity prices and weaker-than-anticipated U.S. demand.

Click here to read more on this decision.

Friday, November 20, 2015

Credit Bureau


 
Many are unaware of how their credit score is determined and of the impact it has on a mortgage. When obtaining a mortgage your credit score is a critical element used in approving you for the product and in determining your interest rate. When approving a mortgage the bank analyzes the amount of risk they are acquiring by lending you funds, and your credit history is a crucial element in doing so. The higher your credit score, the less risk they perceive and therefore they will offer you a lower interest rate. For this reason, understanding the components of your credit score is crucial.
There are five main factors used in calculating your score:
  • The primary determinant is your payment history which accounts for approximately 35% of your score. Making your debt payments in full, before the due date is the best way to optimize your payment history.
  • Approximately 30% of your credit score is established by outstanding credit balances. Here, the primary goal is to carry a low credit balance in relation to the available credit; preferably, under 10%.
  • Having established credit history, meaning you have had available credit for a significant length of time, accounts for 15% of your credit score.
  • Approximately 10% of the score is determined by the type of credit available. Having a variety of credit facilities, for example auto loans, mortgages and credit cards is more desirable than debt purely held in credit cards, for example.
  • The last element, making up around 10% of your credit score, is the number of inquiries submitted for your credit bureau. Each full inquiry on the credit bureau can reduce your score from between 2 and 50 points; it is therefore important to limit the number of inquiries.
I hope this credit information has been helpful and just wanted to remind you that should you have any questions or know anyone who is considering getting or refinancing a mortgage I would really like to hear from you.
 
Amy Wilson
Verico Brokers For Life
(p) 780-919-0475
(f) 780-640-1243



        

Thursday, November 19, 2015

Mortgage Pre-Approval

 
 
As you start looking for a new home, you want to ensure that when you find your dream home that you do not lose it due to complexities in obtaining a mortgage. Obtaining a mortgage pre-approval will provide you with peace of mind, flexibility and simplify the process of securing a home.

With a pre-approval you can go into your house hunt with a clear idea of what you can afford so that you don't waste time looking at homes out of your price range.  Further, when several parties enter an offer on a home, sellers are more likely to accept the offer of an individual with a pre-approval since they are viewed as more reliable, thereby increasing your negotiating power.

I know this is an exciting time for you and that you have a lot on your mind. Therefore, I want you to be assured that I am here to support you every step of the way. If you have any questions please do not hesitate to give me a call.

To apply for a pre-approval online, or to use my mortgage calculator visit my Website.  Contact me for a list of required paperwork to pre qualify for your home.
 
 

Tuesday, November 17, 2015

Your "Mortgage Plan!" More than rates, A PLAN!



There are many reasons why I enjoy helping people
with their mortgage needs. Perhaps the most obvious
one is the deep satisfaction that comes from
helping people to realize their homeownership goals,
as well as helping them
accomplish financial success.

Another reason is, mortgages are a real learning process,

and no two applications are the same. This is why I would
like to help you create Your Mortgage Plan. When it
comes to a mortgage, most people think they are in debt
for the rest of their lives. With a mortgage plan, we are able
to build a customized plan to suit your individual wants,
needs and goals. No two people have the same spending and saving habits, so you
need a customized plan that matches your personal situation.

Part of the plan is my ongoing commitment to first class 
service; we become your
partner and help you achieve your goals. A mortgage plan can be tailored to anyone
who is buying a home for the first time, buying your fifth home, have a mortgage
coming up for renewal or even looking for debt consolidation.

If you or anyone you know has a mortgage and wants to save tens of thousands of

dollars, I am here to help and take pride in teaching people how to save money
and put it back into your own pocket.

If you have any mortgage related questions or concerns, or if you have any family,

friends and neighbours that do, please have them contact me, because I love
what I do and I love helping people take control of the financial future.

Thanks,
Amy Wilson
Mortgage Options... Not Restrictions.
Verico Brokers For Life


Friday, November 13, 2015

Home Buyer's Plan

What is the Home Buyer's Plan?
 
 
 
 
Your home purchase is likely the most financially significant decision you will ever make. It is therefore crucial that you understand the different opportunities and programs available to help you save money on your mortgage.
Under the Home Buyer's Plan, The Government of Canada provides tax benefits to qualified individuals when they choose to use their RRSPs to fund their home purchase, or that of a related individual with a disability. Through this program you may withdraw up to $25,000 from your RRSPs without incurring any tax penalties, granted the funds have been in your RRSP for a minimum of 90 days. Since this withdrawal is considered a loan, the balance must be repaid to your RRSP within 15 years, with the first payment due within two years of the withdrawal. Your annual Notice of Assessment will indicate the total amount required for repayment each year. To obtain further information regarding the benefits, conditions, and qualifying criteria please contact me directly or refer to the Canada Revenue Agency Website.
 
 
Sincerely,
Amy Wilson
Verico Brokers For Life

Monday, November 9, 2015

Niche Mortgage Products! - Doctors, Mitlitary, Engineers!


TOP NICHE MORTGAGE PRODUCTS

 

As a mortgage broker I have the flexibility to offer a number of Niche mortgage products with a number of different lenders in order to represent your specific mortgage needs.  I will only pull your credit bureau once and doing all the mortgage shopping on your behalf, free of charge!  See below for some great niche products.

 

1. Most lenders and banks will only allow up to five acres of land, but I have a lender that will allow you to get a mortgage on a home with up to 150 acres!

2. Have you been Discharged from Bankruptcy?   If you have 2 years discharge with two new trade lines of credit on your bureau and 10% down I have options for you.

3. I offer a Doctor's approval program - If you are still in residency or have been in Canada less than one year with 20% of the purchase price down, I can get you mortgage using your projected income.

4.No Down payment, but you have a lone of credit, Credit Card or can get a loan - I can get you a mortgage with as little as 5% down and that can be borrowed - I even have someone who can get you the loan:)

5. Do you need some cash back when you move into your home - we can work the cash back into the mortgage rate so you can cover expenses once you move in.

6. Special Home Equity Line for Engineers

7.  Military - Special low docs programs and rates to get you into your own home.

Contact Amy Wilson today for any mortgage inquiries.
Phone: 780-919-0475
Email: amy@yourmortgagegirl.ca
FAX: 780-640-1243
Web: http://m.mortgageweb.ca/AMYYMG

 




 
 

Thursday, October 29, 2015

Mortgage Market: What we may expect from Trudeau's new government

The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be affected.
Here’s some of what the mortgage market can expect from Mr. Trudeau’s new government:
  1. Higher bond yields: Balancing the budget is not a priority for the Liberals until 2019. Trudeau is expected to go on a spending spree and bond traders aren’t keen about it. It suggests a greater supply of government debt and potentially higher long-term yields to come. That, of course, could mean at least slightly higher fixed mortgage rates than we’d otherwise see.
  2. A More Hawkish Poloz: The odds just dropped for a cut in prime rate. More spending by Ottawa puts less pressure on governor Stephen Poloz to stimulate the economy with rate cuts. The implied probability of a rate hike by next October has almost doubled, from 8% yesterday to 15% as we speak.
  3. Wider RRSP Access: The Liberals say they’ll open access to the RRSP Home Buyer’s Plan, particularly for homebuyers coping with significant life changes (divorce, death of a spouse, a sick or elderly family member, etc.). More access to down payment funds will prop up housing sales and home ownership slightly, and support home prices.
  4. More “Affordability”: The Liberal platform includes a review of housing policy in high-priced markets. The new government will “consider all policy tools that could keep home ownership within reach.” What that means, we’ll have to wait and see. It could definitely be positive for renters and income property investors, given the Liberals have promised to “direct CMHC…to provide financing to support the construction” of new rental housing.
  5. First-timer Support: Trudeau’s government will add more flexible programs for first-time homebuyers. This could mean any number of things, potentially even higher amortization limits for new buyers.
  6. New Blood at the DoF: The Liberals will be installing a new Minister of Finance, who has enormous power over housing regulation. Will he or she be as hands-off on mortgage policy as the outgoing Joe Oliver? We’re guessing not. We’ll likely have an answer by the time the Liberals release their first budget next spring.
(Source: Canadianmortgagetrends)

Wednesday, October 28, 2015

What You May Want To Know About The Alberta Budget

If you had missed the Alberta Budget announcement yesterday, you can read below an overview of 5 ways the budget may affect you.

  1. Sin tax hike – The province is planning to increase taxes on tobacco and liquor for the second time this year starting at midnight Tuesday
  2. Corporate tax hike and end of flat income tax – While Alberta will continue to have no provincial sales tax, the province affirmed the abolition of the flat income tax model — which is slightly different than what was proposed by the PCs in March. A small increase started for those who make over $125,000 this October, but will increase again starting on Jan. 1, 2016.
  3. Business tax credits – In the months leading up to today’s budget, the province said it would focus on job creation, which was reinforced last week when Premier Rachel Notley announced the new portfolio of Economic Development and Trade — with roughly $279 million in operating costs next year and slight increases over the next two years.
  4. Funding for families and seniors – There will be $120 million over two years starting in 2016-2017 for new long-term care spaces, and also $90 million over the same period to expand public home care.
  5. Increased infrastructure spending – The province says a 15 per cent increase to the capital plan will put $4.5 billion more towards fixing roads, building schools and expanding hospitals over the next five years.

Click here to read more about the Alberta budget.

Monday, October 26, 2015

New to Canda Mortgage Programs for Permanent or Temporary residents


WELCOME TO CANADA!
 

There are many programs offered by the numerous lenders in Canada and backed by our three mortgage Insurers: CMHC, Genworth and Canada Guaranty. If you contact me, I am happy to get you pre-qualified for a mortgage and set up a plan and a timeline for you to purchase your first home in Canada.

Borrower Qualifications:
 1. Mortgage application must be within 5 years of the date the applicant arrived in Canada
 2. Borrower must have established residence in Canada and obtained permanent resident status or have work permit.
 3. Not available to diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.
     4. A minimum of 3 months full time employment in Canada is required with no probation.
     5. Verification of 12 months of payments with no late or missed payments and must be in good current standing, no exceptions.  We would need this verification from two different sources, example:  cell phone bill, power bill, rent payments.  Call me to discuss your specific situation and get properly pre-qualified with a plan that is tailored to your current credit and job status.  Everyone's situation is different and a well thought out plan is the best way to get you into your first home.
     6. Minimum 5% of the purchase price down payment is required, possibly up to 10% for temporary residence.

CMHC has an excellent website with a wealth of information for New to Canada Mortgage programs, click the link below:

http://www.cmhc-schl.gc.ca/newcomers/english/

For all you mortgage needs, Contact Amy Wilson
amy@yourmortgagegirl.ca
Phone: 780-919-0475
Fax: 780-640-1243
Verico Brokers For Life

 

Tuesday, October 20, 2015

LOVE YOUR HOME, BUT IT NEEDS UPDATING?

" Amy, we love our home, it is where our children have been growing up, the trees in the yard are just now looking the way we imagined and the layout is perfect, but we need more space!  We look at these new homes and are thinking that maybe we should give up this home so we can have something new and fresh, Can you help us?"

The statement above or variations of this are brought to my attention all the time and I always tell my clients I have two options for them to consider:

Option 1. Yes you can sell your home, take the equity out and purchase a new home

OR

Option 2. If you love you home so much, let's just make it New!  We can use the equity you have in your home to fund the renovations. 


How does this work:  I can arrange a refinance plus improvements mortgage on your behalf to pay for your renovations, with one manageable mortgage, and we can use the equity in your home up to 80% of the appraised value.

Option 1 - We get your home appraised and if you have sufficient equity in the home to cover the cost of renovations ( must have 20% equity or greater) we complete the mortgage and you get the additional funds and start your job - there is nothing more to be done with the lender.

Option 2 - We obtain an appraised value based on the completion of the renovations and can then get you funds up to 80% of the improved vale of the home.  Once you have competed the work, we have the property inspected and as long as you met the initial quote for the renovations, the remaining money is released to you.


 " TURNING your home into your DREAM HOME"

Contact Amy Wilson to learn more or to start the process. 
I work direct with many clients and also work with my realtors for value added service!

Let's get started today,
Amy Wilson
Verico Brokers For Life,
Phone - 780-919-0475
Fax - 780-640-1243
amy@yourmortgagegirl.ca

Monday, October 19, 2015

BUYING A HOME, BUT THE KITCHEN NEEDS A FACELIFT


 



In today's market more and more people are looking to purchase a home due to location, maturity of the yard, neighbourhood and many more reasons. 

The Problem they face:  The home needs updating, for one reason or another.

The solution:  I can arrange a purchase plus improvements mortgage on your behalf to help my  home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down!

What does this mean? 

1. Your find the home that could be perfect once it has had some improvements:)
2. Write an offer on it subject to a contractor getting access to the home to do a quote for improvements and anything else it is subject to.
3. Get a Contractor to quote in writing on the job and the time it will take to complete the work. Most lenders will allow up to 10% of the purchase price to a maximum amount of  $40000.00 possibly more.
4. We get the improved value approved
5. You move in and start construction right away and the funds for the renovation get issued to you once the work is verified by an inspector as being complete.
 
" TURNING DREAM HOMES INTO A REALITY "

Contact Amy Wilson to learn more or to start the process. 
I work direct with many clients and also work with my realtors for value added service!

Let's get started today,
Amy Wilson
Verico Brokers For Life,
Phone - 780-919-0475
Fax - 780-640-1243
amy@yourmortgagegirl.ca

 

Thursday, October 15, 2015

My Commitment to YOU!


 








    
There are many reasons why I enjoy helping people with their mortgage needs. Perhaps the most obvious is the deep satisfaction that comes from helping people to realize their dreams, as well as helping them accomplish financial success.

Another reason is that mortgages are a real learning process. No two clients are the same, no two mortgages are the same and no two dreams are the same. Each has its own characteristics and challenges. However, it is particularly through overcoming the challenges that I learn the lessons that enable me to improve my quality of service.

It is this ongoing commitment to first-class service that enables me to confidently say that if I can't answer a specific mortgage question you have, I'm a phone call or email away from an expert in my professional network who can.

So if you have any mortgage related questions or concerns, or if you have any family, friends and neighbours that do, I hope you'll contact me.


Sincerely,

    
       

Amy Wilson
Verico Brokers For Life
Amy@yourmortgagegirl.ca
Tel: 780-919-0475

Wednesday, October 14, 2015

DON'T SIGN THAT MORTGAGE RENEWAL!

Many Canadians simply sign their mortgage renewal papers. A 2011 Manulife survey found that almost two out of three Canadians surveyed stayed with their current mortgage provider and didn't negotiate.
"Why?"  My short answer: People are busy, their lives are busy, mortgages aren't on their mind, the maturity date comes and goes and they just sign back whatever is offered."
If you are renewing your mortgage, here are four things to keep in mind before you sign that document.
The posted rate isn't the best rate: Think of the posted rate as the opening offer in a negotiation, Banks use the posted rate to provide a value proposition to their clients. They often start with the posted rate and then offer discounts to preferred clients. I want to educate you, my client, and help you shop around for the best rate.  I have access to a number of online lenders and banks to get you the best rate upfront and do all the shopping on your behalf, saving you precious time at no cost to you.  In most cases I get the lender to cover all your fees to move the mortgage as well.
Shop around: Do your research before you sign an auto renewal with your current lender:  Don't have time - no problem, call or email me and I will do it all for you. Once you know the rates offered for your preferred mortgage term (fixed or variable), then I can shop around for a competitive offer.  If the offer you have is the best, I will let you know and you have the peace of mind continuing with your current lender; or if we find you something better we will make the change to a new one.
Bank or Monoline (online only, no branch to go into)
Did you know: The general belief is that brokers can offer a better rate than banks due to their access to multiple lenders.  The Bank of Canada survey found that using a broker can result in getting a lower rate. Part of that is due to them getting multiple quotes from various institutions.  I always tell you, my client, that being loyal to your bank does not get you a better rate.  I will compare with banks and monoline lenders and this is how we get you the best renewal rate!
Check the terms before you sign: The cheapest rate may not be the best rate so always read the small print before you sign. Make sure the rate you choose offers other options; such as the ability to pay extra on your mortgage and clearly defines any penalties should you decide to break your mortgage early. We have "no frill" rates on the market now that have a very low rate but cheat you in mortgage options and other rates that may not be the lowest but have more mortgage options. I will tailor the mortgage to you based on your needs and find a rate that fits.
"Mortgage Options. . . NOT . . . Restrictions!

        
AMY WILSON
780-919-0475
VERICO BROKERS FOR LIFE