24 Jan

Mortgages available for Americans interested in buying in Canada

General

Posted by: Karen Boies

Since the election of the United State’s 45th President Mr. Donald Trump, there has been a significant increase in Canadian real estate inquiries from our neighbours south of the border.  
Royal Lepage released stats indicating that searches on their websites had increased 329% a day after the election.  Other sources have released stats that interest in CAD Real Estate by Americans has increased by 70% in general since this time last year.  

What does this mean?

Banks, trust companies, and especially private lenders are soon going to be seeing more and more foreign buyer applications, and they need to be ready for it. Products catered specifically for Americans buying in Canada are available.

Due to the vast size of the American population, even a small portion of Americans interested in buying in Canada could result in a profound effect on our real estate market. 

We are ready for these new buyers and borrowers, and encourage you to reach out to us if you know someone looking to buy and may require mortgage financing.

We are happy to help and to answer your questions.  Give Karen a call, 604-726-9550 or email me at Karen@citywidemortgage.ca

20 Mar

First-Time Home Buyers’ Tax Credit…$750

General

Posted by: Karen Boies

Thank you for stopping by!

It is time to file your income tax, I wanted to remind everyone who was a First Time Home Buyer,  (since 2009) and has not claimed their FTHB rebate  of up to $750.00, that you might be entitled to some cash back $$$!

As a first time home buyer you are able to apply for a grant under the Government of Canada Action Plan. It is a rebate you get when you file your income tax, because you bought an owner occupied home and you were a first time home buyer.

The details can be found on the Government of Canada website, http://actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit      

To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.

An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition.

When you file your income tax, be sure to get your credit of up to $750.00

Additional Home Owners Grants and Rebates

You might want to check out this site for further home owner grants and rebates.

http://www.rebgv.org/cost-saving-programs-homeproperty-buyers-and-owners

Please feel comfortable sharing this message with your friends or co-workers who have bought since 2009 as a first time home buyer and might not have applied for their credit, or new people looking to buy and will find this information helpful.

Please let me know if you have any questions, I am happy to help, 604-726-9550

All the best,

Karen Boies

Mortgage Planner Karen@citywidemortgage.ca

4 Mar

Bank of Canada keeps key overnight rate steady at 0.75%

General

Posted by: Karen Boies

The Bank of Canada has opted against a second consecutive interest rate cut today, keeping the key overnight rate steady at 0.75%.

“Financial conditions in Canada have eased materially since January, in response to the bank’s recent monetary policy action and to global financial developments.  The Bank of Canada said, “this easing is reflected across the yield curve and in a wide range of asset prices, including the Canada dollar.

For the full Globe and Mail article click here:
http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-holds-lending-rate/article23278542/

Today, our best variable rate is 2.05% and best 5 year fixed is 2.64%.   (both mortgage products come with restrictions).

Please feel comfortable to contact me if you have any questions about the announcement, mortgage rates or getting qualified for a new mortgage.  

Have a great day, Karen 604-726-9550

21 Jan

Bank of Canada Shocks Markets by dropping Their Rate!

General

Posted by: Karen Boies

This morning the Bank of Canada reduced it’s overnight bank rate to 0.75%, from 1.0%, where it had been since September 2010.

The news caught most Analysts by surprise because they thought the Bank of Canada would wait a little longer to see what happens with the falling oil prices before making a rate announcement.

It is important to note that the Bond Markets (which determines how fixed rates are set) was already very low and thus this surprise announcement had an immediate impact on the bonds, pushing them down.  If this trend continues we anticipate that fixed rates for mortgage will drop in the near future.

The Prime rate, which affects Variable Rate Mortgage (VRMs or ARMs) and Lines of Credit (Loc) has not changed yet and remains at 3.00%.   Within the next few days it is possible that the Prime rate will be decreased by the 0.25% and the banks and mortgage companies will decrease their rate as well.

With today’s news, the likelihood of the Prime rate moving upwards in the third quarter of 2015 as once reported by most Analysts, is unlikely to happen.   All (100%) of Bloomberg’s Analysts went  on the record to predict another 0.25% rate cut in March 2015.

To learn more about how this announcement might have affected your mortgage or line of credit, please feel comfortable calling me.

 If you are considering buying a home or refinancing your current mortgage please contact me and I will be sure to help you create a strategy that saves you money.

Talk to you soon,

Karen Boies 604-726-9550 or karen@citywidemortgage.ca

21 Jan

At Your Service! Your Consultant, Negotiator, Overseer of Transactional Details

General

Posted by: Karen Boies

Hi, my name is Karen Boies I’m an expert liability coach working with the talented professionals at City Wide Mortgage Services.   For Six exceptional years I have, like clockwork, willingly made my progressive mortgage advice available to the homeowners who choose to use their mortgage as a way to create wealth and security.  I have focused on helping first time home buyers and Women, in particular Women going through a separation or divorce.

I believe that even when clients are aware of various mortgage products, they are often unaware of the nature and magnitude of benefits they can realize by creatively structuring mortgage financing.

I believe that one size does not fit all when it comes to mortgages. I believe that my clients deserve personal mortgage banking services.

I believe that even sophisticated clients require expert assistance to select the mortgage(s) that best fits what’s important to them.

My three roles are:

I am Your Consultant.

I am Your Negotiator.

I am Your Overseer of the Transactional Details.

One of the things you’re really going to love about my approach to consulting is that I will invest the time necessary discovering what is important to you, which means you will make decisions based on the goals you want to achieve and the problems you want to solve.

You have many choices when it comes to choosing the right mortgage.  I believe that my clients deserve to have the most skilled consultant, negotiator, and overseer of the details representing them at all times.

It’s important that you know my purpose is for you to be so outrageously happy with the help I provide that you’ll gladly introduce me to at least two people you really care about before your transaction closes.  Not because you feel obligated, but because you truly believe they’ll benefit from my help.

Please contact me for a free report on “Making the Move Easy on the Kids”

You can reach me by calling me at 604-726-9550 or emailing me at Karen@citywidemortgage.ca.    Read my blogs at www.karenboies.ca  or follow me on facebook, Intuitive Mortgage Guide – Karen Boies

I look forward to helping you make your dreams come true!

14 Jan

Extra Mortgage Payments that Make Sense

General

Posted by: Karen Boies

Dear Friend,

                Here’s a quick note to let you know how I can help you—or anyone you feel comfortable introducing me to. 

A homeowner can significantly reduce the amount they pay for their home in the long run, if they make small extra payments on their mortgage. However, paying even more on top of a high mortgage can be challenging. Here are 5 ways to take the sting out of making extra payments:

  • Make an extra house payment each quarter to pay off a mortgage 11 years earlier.
  • Divide a single payment by 12 and add that amount to each monthly payment.
  • Pay half of your payment every two weeks, also known as bi-weekly payments.
  • Round up your payments so you’re paying at least a few extra dollars a month.
  • Increase your payment when you get a raise or bonus.
  • Take half of your income tax refund and pay it on your mortgage

If you or someone you know wants to discuss mortgage terms, contact me at 604-726-9550 or Karen@citywidemortgage.         

Also ask for a copy of my free report: Credit Card Secrets.

KAREN BOIES Your Mortgage Consultant For Life

DLC City Wide Mortgage Service

P.S. Is someone in your life considering getting a new mortgage or refinancing? Please introduce us, so that I can help them get the right terms for them.

8 Jan

How to instantly eliminate all of your high interest debts…fresh start for the New Year

General

Posted by: Karen Boies

CMHC reported that 71% of all mortgage consumers refinanced before their mortgage term was up. Of those who refinanced, 29% did so to consolidate debt. It’s easy to see why. While credit card interest rates currently range from 10-20%, consolidating that debt into your mortgage can cut your interest costs in half!

To explore the benefits of debt consolidation, talk to me today. I will do a free analysis of your mortgage to see how much equity is available. Then we’ll examine the fine print to determine if any early pay-out fees apply. Obviously, the most attractive time to refinance is when your mortgage is coming due or you’re selling one house and buying another. Depending on your situation, your interest savings can more than pay for any fees involved.

I will do the calculations and present a plan that shows what your bottom line benefit is. In many cases, debt consolidation not only reduces interest costs, it can also help put you back on the road to achieving your financial goals. Many clients’ newly consolidated monthly payments are so much lower, they’re able to start an investment plan for retirement or children’s education. Talk to me  today at 604-726-9550 for full details!

I also have a free report, Escape the debt rate race.  Please email me for your free copy….karen@citywidemortgage.ca 

All the best to you for 2015!

Karen Boies 

21 Oct

Registered Disability Savings Plan = Money in your pocket

General

Posted by: Karen Boies

Registered Disability Savings Plan =

Thousands of dollars in government grants

Have you ever wondered how children with disabilities will survive financially when their parents are no longer here to look after them?

Registered Disability Savings Plan

A registered disability savings plan (RDSP) is a savings program to help Canadians with Disabilities and their families save for the long-term financial security of a person with disabilities. Individuals up to the age of 59 can benefit from this program. It can include a wide range of disabilities from learning disabilities to very severe physical disabilities.

You should consider opening an RDSP if you have a long-term disability and are:

  • eligible for the Disability Tax Credit (disability amount);
  • under the age of 60 (if you are 59, you must apply before the end of the calendar year in which you turned 59);
  • a Canadian resident with a Social Insurance Number (SIN); and
  • looking for a long-term savings plan.

Canada Disability Savings Grant

The Canada Disability Savings Grant is a matching Grant the Government will deposit into your RDSP to help you save. The Government provides matching grants of up to 300 percent, depending on the amount contributed and the beneficiary’s family income.   The maximum Grant is $3,500 each year, with a limit of $70,000 over your lifetime. Grants are paid into the RDSP until the end of the calendar year in which you turn 49 years of age.

Get your Grant now!

Cathy Derksen is a Financial Consultant and Insurance Specialist with Investors Group and will help you through the process to determine if you qualify for the disability tax credit and the registered disability savings plan (RDSP). Then she will help you through the application process and get you started on your Registered Disability Savings Plan!

To learn more and to get the process started contact Cathy Derksen:

Cathy Derksen 778 788 1244

 cathy.derksen@investorsgroup.com

 I am committed to helping my clients with getting into your first home, your dream home and saving the most amount of money on your mortgage. If you have any mortgage related questions or wanting a mortgage plan, call, text or email me. 

 All the best,

Karen

604-726-9550

Karen@citywidemortgage.ca

29 Aug

Mortgage Renewal, I want to help you avoid being over charged

General

Posted by: Karen Boies

Is your mortgage coming up for renewal? Don’t be too quick to sign that mortgage renewal letter.

Over 70% of Canadian mortgage holders do just that, and what is the usual result? — a higher rate and a mortgage product that might not be best suited to their needs. Experience has shown that the “Big Banks” send their mortgage renewals out at a posted rate. Lenders are counting on the fact that most homeowners are too busy to ask questions or to inquire about getting a better rate, but don’t let this happen to you!

You should recognize that you are now negotiating from a position of strength as your mortgage principal has dropped and in most cases your home value has increased. Lenders see you as a lower risk borrower and consequently you should be getting the best rates available. That may not happen if you simply sign the renewal document provided by your existing lender.

Why not let lenders compete for your business, so you get the best mortgage possible? For my FREE Guide titled, “13 things you need to know before you renew your mortgage”, call me or email me!

Let me help you get the best rate and terms available. I can even guarantee future interest rates up to 120 days before your renewal date! My purpose is Helping You save your hard earned money so you get mortgage free sooner!

Karen Boies Mortgage Planner Dominion Lending Centres – City Wide Mortgage Services 604-726-9550 Karen@citywidemortgage.ca

16 Oct

TIPS for paying off your mortgage earlier

General

Posted by: Karen Boies

 Mortgages in Canada are generally amortized between 25 and 35 year terms. While this seems a long time, it does not have to take anyone that long to pay off their mortgage if they choose to do so in a shorter period of time.

With a little bit of thinking ahead, and a small bit of sacrifice, most people can manage to pay off their mortgage in a much shorter period of time by taking positive steps such as:

  • Making mortgage payments      each week, or even every other week. Both options lower your interest paid      over the term of your mortgage and can result in the equivalent of an      extra month’s mortgage payment each year. Paying your mortgage in this way      can take your mortgage from 25 years down to 21.
  • When your income increases,      increase the amount of your mortgage payments. Let’s say you get a 5%      raise each year at work. If you put that extra 5% of your income into your      mortgage, your mortgage balance will drop much faster without feeling like      you are changing your spending habits.
  • Mortgage lenders will also      allow you to make extra payments on your mortgage balance each year.  Just about everyone finds themselves with      money they were not expecting at some point or another. Maybe you      inherited some money from a distant relative or you received a nice      holiday bonus at work.  Apply this      money to your mortgage lender as a lump-sum payment towards your mortgage      and watch the results.
  • Make your RRSP      contribution.  Then determine how      much of a tax refund would you have received if you did not make the RRSP      contribution.   Then apply the      increased income tax refund that you get, as a result of your RRSP      contribution, to your mortgage

By applying these strategies consistently over time, you will save money, pay less interest and pay off your mortgage years earlier!

If you have a mortgage with your local bank and they are not sitting down and creating a strategy that helps you save your money and pay your mortgage off earlier, please contact me for a complimentary “annual review”   I will review your mortgage and help you create a strategy that allows you to achieve your wants and needs. 

Enjoy your day!  Call or email me and we will schedule your annual review.

Karen Boies  604-726-9550

Karen@citywidemortgage.ca