By: Alexa Grant

Buying Your First Home

Tags: first time buyer, buying a home,

Buying Your First Home- What You Need to Know 1. Save a Down Payment Before Getting a First Home Mortgage While Home Mortgage Ontario can offer a first home mortgage with a cash-back mortgage product for up to 5% of the value of the home, the best practice would be to save up a minimum of 5% for your first home mortgage downpayment. Cash back mortgages require high credit scor...Read More

RRSP Home Buyer's Plan

By: Alexa Grant

RRSP Home Buyer's Plan

Tags: first time buyers, rrsp, down payment, loan, buying a home

Thinking of buying a home? Here is a smart way to start investing.  RRSP's: Normally, any amount you withdraw from your RRSP is considered taxable income However, the government allows you to borrow up to $25,000 from your RRSP to help pay for your home as long as you qualify as a first-time buyer. In order to meet this requirement, you must not have purchased a home within the last four ...Read More

Interest Rates Rise and One of the Biggest Rule Changes May Come Into Affect

By: Alexa Grant

Interest Rates Rise and One of the Biggest Rule Changes May Come Into Affect

Tags: mortgage, rates, house prices, napanee, kingston, belleville, cmhc

  CHMC High Ratio Mortgages will now give you a better rate then mortgages with 20% down or more. For example a 5 year with 5% down is around 2.99% and that same 5 year with 20% would be 3.19% and 20% down for a refinance would be 3.29%. Every mortgage now has to qualify at 4.84 regardless of the term and rate sellected.  What will this mean for our local market? I believe this wi...Read More