Dufferin County Homeownership

Dufferin County HomeownershipThe Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.

The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.

 To be eligible for down payment assistance you must be a renter household and meet the following criteria:

  • Combined gross household income at or below $88,000
  • Must not currently own a home or have a legal interest in a property
  • Must be buying a sole and principal residence within the County of Dufferin
  • Have assets of no more than $20,000.00
  • Must not owe any social housing arrears, including damages
  • Be a minimum 18 years of age
  • Be able to secure financing on the property

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Downpayment from RRSP’s

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down-payment from RRSP’s

DownPayment From RRSPIf you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you.

One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are fabulous; opportunities like this should be seized, especially by those whose finances have been tight before, not allowing enough savings being allocate towards the down payment of that home that is most needed now in order to stop renting, and contributing to the payments of someone else’s mortgage. Why not contribute to the payments of your own mortgage instead?….Before it gets harder!

The Government of Canada recently announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500,000 but less than $1 million on insured mortgages. This change will take effect on February 15, 2016

Getting the down payment from your RRSP’s is a very smart strategy that makes way to a greater downpayment, it requires a careful planning and commitment but it works beautifully, the greater your down payment is, the better the mortgage is for you, try it!

Do you want me to help you with your mortgage?

 

The next is just an intro on how it could work for you:

  • Read your T4’s just received by your employer, or your last week of December’s pay stub find out how much taxes you have been already deducted, and that you possibly consider now gone.
  • Calculate here what you have earned, the taxes that you have already paid and see  enter an amount that you are eligible to contribute towards your RRSP’s (see your last’s year notice of assessment from Revenue Canada), you may still add more than what you are eligible for.
  • If your tax return increases then this plan should work wonders for you.
  • Submit your online mortgage assessment application and start your process that will start sharpening numbers to give you clarity as of when you can afford to buy your home, how much you can afford, how much taxes you can save and how much returns you can also get in the following year.

You are on time to recuperate those taxes that you were already deducted from your paycheck, do not procrastinate and sieze the opportunity now!

Once we practice your mortgage assessment you will be in a better position to decide is this strategy works for you, you will also have a greater knowledge to visualize when you will finally be able to purchase your home. Not every family’s financial situation are the same, your situation is unique, that is why your mortgage assessment should be unique as well

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RRSP deadline approaching

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RRSP dead line

RRSP dead line

RRSP deadline is approaching and with that the opportunity to receive a higher tax return after filing your taxes, return that you can use towards the down payment to purchase your home when you are a first-time homebuyer. Don’t miss this opportunity.

If you are currently employed and renting you should pay special interest in this article, so take the time to read it and to follow along. Since you are employed, you have been deducted the corresponding from every paycheck, this is money that you haven’t received, however, you could still receive a good amount of them and be a winner in every way.  When you contribute to your RRSP’s savings you will be technically sheltering that amount from paying taxes this year by deferring its payment to when you reach retirement age. But this year, you will receive a higher tax return. Don’t miss it!

May I help you?

 

There are a number of calculators that can help you estimate the extra amount you will receive as a tax return after filing your taxes this year, click here to use one.

In case you don’t know it, just after 90 days of your savings being in your RRSP account, you can borrow them and use them towards your down payment.

In summary, you will add to your down payment savings:

  • Your RRSP’s savings (after 90 days)
  • Your extra tax return received after your taxes being filed.

Don’t miss it this year!

A financial advisor is the best person to guide you into details, but you need to have your savings registered by the end of February or you will miss the higher tax return this year.

If you are planning on buying your house anytime this year, you should start your mortgage assessment now and get a clear idea as of when you will be able to purchase your home or if you need anything else to be ready for that purchase.

Contact me if you have any additional questions

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35,000 home buyers plan

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35K Home Buyers Plan35,000 home buyers plan

Raising the amount allowed to be borrowed from your RRSP’s savings account from 25,000 to 35,000 to be used as a home down payment is a “Plan” that one of the candidates for the prime minister’s office is looking to champion

So far this is only a “Plan”, but how interesting is that to you as a borrower?

How does contributing to your RRSP savings account helps you?

  • Saving for your retirement
  • Gaining generous dividends from your savings
  • Tax shelter (Differing paying taxes until you reach retirement age)
  • Borrow from your RRSP savings towards the down payment of your home

May I help you with your mortgage?

 

Tax sheltering works in the following way:

If an employed person makes 50,000 a year, he/she will be deducted about 8,000, (check your T4 at the end of the year) if that person is able to contribute 10,000, before the end of the year or March 1 or Feb 29 on leap years, then after filing taxes, the return for this contributions should be around 1,800+

(These values are not guaranteed to be accurate. For informational purposes only)

Repeat this operation for a couple of years more and you’ll have saved a substantial home down payment, and don’t forget that this are amounts per person, if you area couple, you can add to the equation the correspondent amounts of the second person.

Your RRSP’s contributions plus their gains can be borrowed towards the home down payment after they have been in your account for at least 90 days

Does the “Plan” motivates you to increase your RRP’s contributions with the intention of using them later as your down payment to purchase a home?

Below you’ll find a quick poll that will help us all get a more general perspective, the more people participates, the greater perspective of the choice we all may have, so feel free to share this link with those you know

 [socialpoll id=”2290157″]

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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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Cash Back Mortgage

Cadh Back MortgageCash back mortgage is a convenient mortgage loan use to purchase a home and get additional financing for other purposes at low mortgage rates, that are generally lower than the rates on the credit cards

Different percentages of cash back (1%, 2%, 3%, 4%, 5%) are offered by different lenders, some mortgage lenders allow you to use your cash back to purchase new furniture for your new home, home remodeling or restorations, some for legal fees and some even for down payment.

With a cash back mortgage, you extend the repayments through your mortgage amortization period making it easy to repay

Cash-Back MortgageIn a cash back mortgage, the mortgage rates may not be as low as in a conventional mortgage where at least a 20% of the purchase price of the property has to be invested upfront by the borrower, however, the rates are much lower than other financing channels like credit cards or personal loans.

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Zero down payment mortgage

Zero down paymentZero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.

It helps realize the dream of home ownership even before the down payment has been saved.

If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now

To qualify for a Zero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase

These mortgage loans are not available for borrowers that:

  • Are prior bankrupts, consumer proposals, collections or repossession
  • Have high credit cards or other consumer loan debt with no assets and no evidence that they can save
  • Have no assets to show for the length of their working career

 Visit also low credit score mortgage 

* Subject to availability

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments, if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
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