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  #1371  
Old 2019-08-19, 12:06 PM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default WOW, drop in 5 yr fixed mortgage rates...

5 yr fixed, Insured(less than 20% down payment), closing within 90 days
NOW 2.39%
5 yr fixed, Insurable(more than 20% down payment), closing within 90 days
NOW 2.49%
We are now almost back to the lowest 5 yr fixed rate in history(it was 2.34% a couple years back I think).
So great rates and possibly a great time to buy.
Thanks
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070

Last edited by MortgageGuy; 2019-08-19 at 12:07 PM. Reason: corrction in spelling
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  #1372  
Old 2019-08-22, 01:32 PM
Gronfors Gronfors is offline
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Join Date: May 2019
Location: Ottawa
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Default

Hi Dan,

You mentioned the new first time home buyers rules coming into effect September. Do you have more knowledge on it?

We have a deposit for a new build next year but together our household income is just past $120k, ($125k)... which from what I see will completely make us illegible for this new program? Is this replacing the existing program with the partial tax credits?

At this point I'm trying to determine if it's a tiered program of sorts or would $119 annual income get the same benefits? If so, would it not be worthwhile for us to take some leave without pay to lose $5k in income this year to reduce our total interest in the many years to come?

I feel like I must be missing something because it seems ridiculous that this would be a valid consideration.
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  #1373  
Old 2019-08-22, 06:10 PM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default First Time Time Home Buyers Incentiove Program

So you are correct on the qualifying income, it is max combined family income of $120,000(NO exceptions). Also limited to a mortgage no more than 4 times your salary.
The Government of Canada will offer up to 5% towards the purchase of an existing home and between 5 to 10% for a new build purchase.

The new First Time Home Buyers Incentive(FTHBI) program is coming into effect on Sept 2nd, for closings after Nov 1st, 2019.
MOST IMPORTANTLY, the program can only be used when the borrower qualifies normally. If you can’t be approved for a mortgage due to credit problems, or income issues, this program won’t fix those issues. It is meant to improve the opportunities of those that qualify for a mortgage.
I feel it works best for those on the border line of qualifying, allowing a mortgage only needed of 90% , when the client has only 5% from their own resources for an existing home purchase.
Anyhow read the link below for the highlights, to find out if you qualify and get the proper forms to begin the process, and more details.
This program may work for you….you can fill out the forms I believe on Sept 1st… must take possession AFTER Nov 1st.. see attached and link below.. just an option…

https://www.placetocallhome.ca/fthbi...uyer-incentive

But it is not for everyone in my opinion. The big downfall is you have to give back the 5% back in the future when you sell (5% of whatever the home is worth), so you risk giving away 5% of your gains in future property value.
Anyhow certainly worth a read,
Dan 613-222-2624

Quote:
Originally Posted by Gronfors View Post
Hi Dan,

You mentioned the new first time home buyers rules coming into effect September. Do you have more knowledge on it?

We have a deposit for a new build next year but together our household income is just past $120k, ($125k)... which from what I see will completely make us illegible for this new program? Is this replacing the existing program with the partial tax credits?

At this point I'm trying to determine if it's a tiered program of sorts or would $119 annual income get the same benefits? If so, would it not be worthwhile for us to take some leave without pay to lose $5k in income this year to reduce our total interest in the many years to come?

I feel like I must be missing something because it seems ridiculous that this would be a valid consideration.
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070

Last edited by MortgageGuy; 2019-08-22 at 06:11 PM. Reason: added
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  #1374  
Old 2019-09-04, 10:42 AM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default Bank of Canada Rate....

The Bank of Canada holds rate steady... again...
https://www.ctvnews.ca/business/bank...r&_gsc=Asq6j6K
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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