Mortgage Rules Tighten

Insured Mortgage Rules Change

Mortgage rules are changing, effective July 1, 2020, making it harder to qualify for a CMHC insured mortgage. CMHC just announced that they’re tightening the qualifying rules substantially, reducing buying power once again on mortgages with less than 20% down payment. -Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to the standard 35/42 (currently 39/44) -A […]

Property Taxes and COVID-19

Propety Taxes and COVID-19

In response to the impact COVID-19 is having on the economy, municipalities are providing taxpayers with payment deferral options for their 2020 property taxes. The City of Spruce Grove is providing taxpayers with the ability to apply to have penalties on tax balances deferred until September 30, 2020. For more information click here>> The City of […]

Beware of Title Fraud

Title Fraud

Title fraud is something you need to be aware of as a homeowner. In a time where identity theft is on the rise, the last thing you want to worry about is another way to lose your hard-earned money. Here’s how real estate title fraud works and ways you can protect yourself against the damage […]

Deferred Mortgage Payments

Deferred Mortgage Payments

The temporary suspension of mortgage payments is known as a mortgage deferral. Deferred mortgage payments provide short-term relief when experiencing financial hardship. Your lender needs to approve the request to defer mortgage payments. Once approved, you’re permitted to stop making payments on your mortgage temporarily. Do not worry about late charges (in most cases) or […]

Mortgages and COVID-19

Mortgages and COVID-19

It’s a confusing time for everyone and starting to feel a bit like the twilight zone. Here’s an update on the impact COVID-19 is having on mortgage rates, qualification guidelines and mortgage payment difficulties. We saw mortgage rates at the lowest they had ever been last week. Now banks are starting to increase their rates […]

Benchmark Rate More Dynamic

Benchmark Rate

Finance Minister, Bill Morneau, announced changes to the benchmark rate that will come into effect on April 6, 2020. This is the rate a consumer has to qualify at for an insured mortgage, also known as the “Mortgage Stress Test.” The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from […]

Home Maintenance Checklist

Maintenance Checklist

Here’s a Home Maintenance Checklist to stay on top of simple home maintenance tasks (like changing your furnace filter or testing your garage door opener.) Every homeowner should get to these tasks regularly (some may surprise you!) The quickest fix is not to have the problem in the first place.   □ Test your garage […]

Create a Positive Community

Build a Positive Community

Do you want to live in a neighbourhood where kids play together in front yards, adults hang out on front porches, and everyone watches out for each other? Build a positive community with these helpful tips. Create a Neighbourhood Facebook Group Neighborhood Facebook groups allow any member to post and have unmoderated discussions. If you […]

FTHBI Tools

First-Time Home Buyer Incentive Tools

What is the FTHBI? The First-Time Home Buyer Incentive (FTHBI) is a program that’s sponsored by the Government of Canada. It allows first-time home buyers to finance a portion of a home purchase through a shared equity mortgage. If a first-time home buyer meets the criteria, they can apply for a 5% shared equity mortgage […]

Lower Your Mortgage Payment

Mortgage Payment

𝐌𝐔𝐒𝐓-𝐑𝐄𝐀𝐃 𝐢𝐟 𝐲𝐨𝐮𝐫 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐫𝐚𝐭𝐞 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝟑%. What if breaking your current mortgage will save you money (𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘮𝘰𝘯𝘦𝘺)? Even when you include the pre-payment penalty. When interest rates fall, breaking your existing mortgage and renegotiating a new one at a lower interest rate can save you thousands of dollars. 𝐇𝐞𝐫𝐞’𝐬 […]

Categories

Archives

Let us simplify the whole process of getting the mortgage that's right for you!

ContactRodney Biggar
Licensed Mortgage Associate
 
Phone 780-960-5897
(no texting capability)
Text 587-417-2494
(texting only, no phone)
Fax 780-960-5898
info@theBIGGARteam.ca
Hillside Centre
#204 636 King St.
Spruce Grove, AB
T7X 4K5

DOWNLOAD YOUR FREE MORTGAGE APP TODAY

Questions? Have one of our team members call you when it is most convenient.Request