Yvonne Thomson Mortgage Solutions Niagara

03/30/2022

Effective March 30, 2022, the Non-Resident Speculation Tax (NRST) rate was increased to 20 per cent and expanded provincewide. As a result, the NRST may apply on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals (individuals who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees.

Greater Golden Horseshoe Region Data Summary: Land Transfer Tax Additional Information

03/08/2022

If you have not heard yet, as of March 4, 2022, your Capital One Costco account will transfer to CIBC. You should receive your shiny new card before August 31, 2022. Here is what will stay the same and what will change.

What will stay the same:
- Your 16-digit credit card number
- Expiry date
- Balance
- CVV (3 numbers on the back of your card)
- Pin
- Authorized users
- Bills you automatically paid with your Capital One
- Paper statements will continue to be sent out by mail

What will be different:
Payments must be made to CIBC as of March 4, 2022. If not, it will report as a late payment (because it went to Capital One Costco instead of CIBC) and will really lower your score.

- You must register (cibc.com/register) to see your online statements after March 7, 2022.
- Your due date may change. MAKE SURE YOU KNOW WHEN IT IS!
- Past statements will not be accessible through Capital One after March 4, 2022.

Don’t regret, double check:
In a perfect world, everything will transition smoothly. However, here is what I suggest you do to protect your credit:

In March, make sure that all your pre-authorized payments have gone through on your new CIBC credit card properly.

Double check to make sure your credit card payments are received by CIBC. You can confirm this by reviewing your paper statements, calling the number on the back of your card, or by signing up for CIBC Online account (cibc.com/register).

Will it affect your credit?
This is not the first time that one bank has bought the credit card business of another. I don’t know if it will hurt your credit because I’ve seen it happen a couple of different ways in the past.

One Way
The Credit Card name is updated on your Equifax and TransUnion report to CIBC Costco and everything else stays the same. This would be ideal because the open date would not change, and your credit history stays intact.

Other Way
Capital One Costco is reported as closed and CIBC Costco shows up on Equifax and TransUnion as a brand-new account. If this happens, your score will go down. How much depends on how old the Capital One card was and how many other well-established, active cards you have.

Unfortunately, there is nothing you can do about how CIBC Costco will report your account to Equifax and TransUnion. This is just a heads up in case you see a drop in your score or applying for financing in the next couple of months.

Please let me know if you have any questions, I’m always here to assist.

09/01/2021

I have assisted clients, achieve their homeownership goals through the Welcome Home Niagara Program. I would love to assist you achieve this goal also. Please contact me today to discuss how this program can assist you.

Thinking about buying a house? 🏡

The Welcome Home Niagara homeownership program offers down payment assistance for low to moderate-income residents who rent in Niagara and want to buy a home. To be eligible:

• Your gross annual household income must be below $85,900
• The purchase price of the home cannot be more than $468,166

Learn more: nrh.ca/homeowners/default.shtml

04/09/2021

Mortgage rates are currently at an all time low, but did you know that when you apply for a mortgage, you need to qualify at a “stressed rate” that is considerably higher than the rate you are being offered. Currently that stressed rate is 4.79%. OFSI is currently reviewing that rate and proposing to increase it to 5.25% which would mean you would qualify for a lower mortgage amount. Call me today if you are currently thinking about buying a home. Let’s discuss how this impacts your preapproval.

Canada's top banking regulator is proposing to raise the mortgage stress test level to 5.25 per cent or two percentage points above the market rate, whichever is higher, making it harder to qualify for a home loan, shrinking the pool of qualified borrowers and ultimately bringing down house prices.

03/18/2020

For those clients who are looking for mortgage payment assistance. Please reach out directly to your Lender. Please keep in mind that call volumes are extremely high, and therefore so are wait times.

For those clients who have a First Ontario CU or Meridian CU mortgage, please contact your local branch or the Member Solutions Contact Centre number provided in list below. Please call them first so we can limit in branch visits.

I am also available to answer any questions that you have.

B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
First National 1-888-488-0794
First Ontario 1-800-616-8878
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Meridian 1-866-592-2226
Merix 1-877-637-4911
Marathon 1-855-503-6060
RBC 1-866-809-5800
RFA rfa.ca/customerservice for RFA customer service contact information. Your client will need to contact their specific customer service centre depending on their mortgage number as described at that link.
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456