Elizabeth Biderman-Mortgage Specialist at Dominion Lending FCF Inc.

09/19/2023

The real estate reacts exactly as it should to Bank of Canada's effort to cool it off. Prices however are still mostly resilient as the inventory is pretty limited. Most Canadians are still locked into the very low rates and it doesn't make sense for them to break the contract to get into current much higher mortgage rates.

Canadian home sales decline for the second month in a row, but prices remain steady. Find out why this trend has experts puzzled.

01/29/2023

Another Month, Another Dip in Housing Statistics released today by the Canadian Real Estate Association (CREA) show home sales edged down in November. National home sales fell 3.3% between October and November, continuing the moderating sales trend that began last February on the precipice of unprec...

10/03/2022

DON'T GET SPOOKED! FIRST TIME HOME BUYERS TIPS!!!
(All you need to know before you start your home search)

Whether you’re currently in the process of looking for your first home, or have just started to think about it, I have some first-time homebuyer tips to help make your journey as easy as possible!

Some of these you may already know about, and some you might not, but they are sure to make your first home buying experience that much easier!

GET PRE-APPROVED

Having your mortgage pre-approved is an important step in the process and benefits you in three ways:

Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!). Make sure to ask exactly how long your pre-approval is good for!
Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!
Keep in mind, this is not the same as final mortgage financing approval, but it can be a very helpful step in the process towards getting your final approval by helping you work within your budget.

Using the My Mortgage Toolbox app can help you get pre-qualified as part of your pre-approval – right from your mobile phone! In addition, this incredible tool can help you calculate your closing costs and even your potential monthly mortgage payments.

MAINTAIN YOUR CREDIT

If you are currently looking at homes or thinking about looking at homes, it is vital to maintain your credit throughout the entire mortgage process. Be sure to continue to pay your bills on time, refrain from applying for new credit, closing off credit accounts or committing to any other large purchases (i.e. new car), and also avoid pulling additional credit reports once you have been pre-approved. Another helpful tip is to keep any credit card balances below 70% of the limit to help skyrocket your score!

UTILIZE YOUR RRSP'S

Did you know? The Home Buyer's Plan allows you to utilize up to $35,000 from your RRSP and put it towards a down payment on a new home, which you can repay over a 15-year period. You must be a first-time home buyer to qualify.

TAKE ADVANTAGE OF GOVERNMENT PROGRAMS

There are various government programs in place that provide some financial relief in the form of rebates and tax refunds, including:

First-Time Home Buyer (FTHB) Tax Credit: First-time home owners would get a credit of $1,500 if you qualify. Learn more.
First Time Home Buyer Incentive: The government will cover 5% of the purchase price on a resale home or up to 10% on a newly constructed home, if you qualify. Learn more.
GST/HST New Housing Rebate: You may qualify for a rebate for some of the GST or HST paid on the purchase price or cost of building your new house. Learn more.
There are also additional programs and support available depending on your province that are worth looking into, including land transfer and property transfer rebates, first-time homebuyer tax credits, homeownership support programs and more.

Contact Me for Expert Advice!

Before you get started on your home buying journey, make sure to reach out to me for expert advice on choosing the right mortgage options, determining your budget, getting your pre-approval, and more!

07/28/2022

This is a an interesting newsletter that will help you to orientate yourself in the growing rates environment. It also has some useful tips for people who are planning building their own home.

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07/13/2022

A steeper than expected rate hike is bad news for anybody renewing the mortgage in the next years or so or planning on buying/moving up.

The Bank of Canada today increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½%.

11/01/2021

A prominent Bay Street economist said if the market is correct in its “aggressive” expectation that the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022, then homebuyers should start preparing sooner rather than later.

11/01/2021

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is around 3 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options.

Most standard mortgages are on a 5-year-term, meaning the market rates could be very different from the time you initially began your term to today! Despite this, lenders tend to provide higher rates on renewals versus new clients as typically the ease of renewal will prevent you from seeking out new rates. But, with my help, finding a better rate is not as difficult as it sounds - and it could end up saving you a couple hundred dollars a month!

It may turn out that your bank is offering a great rate, in which case you can simply submit the renewal! However, I urge you to take this opportunity to contact me about finding a lower rate to ensure you aren’t missing out. As your trusted mortgage advisor, I have access to dozens of lenders and hundreds of rates allowing me to narrow down the best options for you.

If your mortgage is coming up for renewal in the next four to six months, and you want to find out what lower rates may await you, contact me today! I can help you find the best option for where you are at in your life now and help you to ensure future financial success. I promise you will thank yourself for reaching out!