Even with the small increase to mortgage interest rates this week, rates are still at near historical lows. There has never been a better time to consider a move or refinancing to pay out higher interest debt, complete home renovations or make investments. visit www.darick.ca to see today’s great low interest rates and to apply online in our easy online application.
Did you know you can receive 100% mortgage financing for as low as 4.98% for 5 years? Call 705-797-8811 for more details or email dbattaglia@dominionlending.ca
More excitement is building up as the Great Mortgage Giveaway gets ready to draw another winner for Free Mortgage Payments for a Year on April 20th 2011. On April 20th 2011, one lucky winner will be drawn to receive their mortgage payments free for a year (up to $1000 per month).
Canadian Forces/DND members are eligible to win free mortgage payments for a year if their posting is in Ontario.
Additional prizes include, iPod Nano’s, iPod Touch, gift cards and many other prizes still to be won.
You can still enter a future draw by visiting www.greatmortgagegiveaway.ca for more information.
Good luck to all that entered!
Did you know that we have a fantastic referral program in effect. If you refer someone to our office and the referral turns into a funded mortgage transaction you will receive a $50 Gift Card! So make sure anyone you refer tells us who referred them to us. We look forward to helping others achieve their goals!
HOME BUYERS’ PLAN
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. For more information: www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box.
GST REBATE ON NEW HOMES
New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. For more information: Canada Revenue Agency www.cra-arc. gc.ca. Enter ‘RC4028′ in the search box
FIRST-TIME HOME BUYERS’ TAX CREDIT (HBTC)
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. For more information: www.cra.gc.ca/hbtc
CANADA MORTGAGE AND HOUSING (CMHC) RESIDENTIAL REHABILITATION ASSISTANCE PROGRAM (RRAP) GRANTS.
This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. For more information: www.cmhc-schl.gc.ca/en/co/prfinas/ prfinas_001.cfm
CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations. For more information: www.cmhc.ca/en/co/ moloin/moloin_008.cfm#reno
After you find a home that is aesthetically appealing, the next step is to ensure the house is in top condition with a home inspection. Once the buyer and seller have settled on price, it’s the last safeguard for the buyer to know that the soon-to-be-purchased home is really worth the money inside and out. But a home inspection is never a guarantee that your new home is going to be in perfect working order.
1. Heating, Ventilation and Air Conditioning
2. Roof Leaks
3. Faulty Appliances
4. Damaged Siding and Windows
5. Under the Carpet
To read the full article click here.
Finding the right home is an exciting time. Let us help you with your home buying experience. With more than 75 agents in Ontario, Dominion Lending Centres Bankfighter agents assist clients with mortgages, refinancing and home equity lines of credit – ranging from first-time homebuyer programs or financing for the self-employed, to financing for those with credit blemishes. Visit www.bankfighter.ca for more information.
On January 17th, Finance Minister Jim Flaherty announced adjustments to the rules for government-backed insured mortgages that will come into force March 18th, 2011.
So, if you’re looking to refinance your mortgage after this date, you will only be able to access 85% of the value of your home (instead of the current 90%). As well, the maximum amortization will be lowered from 35 years to 30 years – resulting in increased mortgage payments for those who would typically opt for longer amortizations.
Additionally, on April 18th, 2011, the government will withdraw its insurance backing on lines of credit secured by homes, such as home equity lines of credit (HELOCs).
Did you know interest rates are now at their lowest level in history? One thing I can tell you for certain is that rates will definitely be going up soon – and some industry professionals think they’ll rise substantially.
Today, Canadians are carrying more personal debt than ever before. It may be really worthwhile to have a quick look at your existing mortgage to see if it makes sense to refinance. We’re finding that even when there’s a penalty for paying out early, you can lower your payments and save thousands of dollars of interest over your mortgage term.
Most consumer debt is at a much higher interest rate, so we have the opportunity to consolidate into a single payment, and save you several hundred dollars per month – while, at the same time, saving you thousands of dollars in interest. Why make several different payments each month and throw away tons of money in unnecessary interest when rates are so good? The money you save in interest can be used for savings such as RRSPs or RESPs for your family’s future. And with the timing of the new changes, it makes sense to act now.
If this has got you thinking, I’d love to speak to you more about it. It’s a really simple process for me to conduct a confidential mortgage review. You may gain complete certainty you’re already receiving the best rate and mortgage available! Otherwise, we can save you some money and make life a little easier. Please let me know if you have any questions.
Darick Battaglia
dbattaglia@bankfighter.com
T: 705-797-8811
TF: 877-797-8811
C: 705-623-8658
F: 705-797-8812
The big announcement is coming….when the WINNER of Free Mortgage Payments for a Year will be announced!
One winner every month! Will you be the next winner? Visit www.greatmortgagegiveaway.com for more details and to enter for your chance to WIN your mortgage payments!
You have a chance to WIN your mortgage payments for a year if you are posted within the Province of Ontario. We have a great understanding of your funding envelopes when being posted to a new base and are able to negotiate great rates and buydowns for your individual needs. It’s always worth the time to talk to an experienced broker that is familiar with your posting allowances and how to best utilize them to make sure you are getting the absolute best deal your allowances can afford you!
We have been helping Canadian Forces members move all over the country for 10+ years. We are very familiar with how your Core, Customized, and Personalized funding envelopes work and how to best utilize them when it comes to mortgage financing. We are located close to CFB Borden in Barrie Ontario and have helped many members on base move to and from CFB Borden to their new postings. Give a member of our team a call at 877-797-8811 and we would be happy to answer any of your housing and financing questions.