Edith Bedard - Mortgage Agent

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Edith Bedard - Mortgage Agent

As your mortgage agent I will work on your behalf to achieve your real estate investment goals

19/02/2023

Family day !

18/02/2023

Reverse Mortgage, Line of Credit or Home Equity Loan, which one is best?

17/02/2023

Random Acts of Kindness

16/02/2023

Struggling with debt - you are not alone

14/02/2023

Express how you care for others

11/02/2023

Let's prevent crime instead of fighting it ...

09/02/2023

Let's go back to the basics - reviewing your budget and how the money is spent can be liberating. It can be an eye opener which may require some adjustments and self-discipline however very rewarding in the end. Let's work together to get you back on track.

07/02/2023

Many clients appreciated the analysis I did for them. It prepares them for their mortgage renewal and provide them with tips and guidance to minimize their concerns and stress during these uncertain times. Contact me for your analysis.

25/01/2023

The First Time Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit that can be claimed by first-time homebuyers on their federal income tax and benefit return. The credit is intended to help make the purchase of a first home more affordable by reducing the amount of federal income tax that first-time homebuyers have to pay.

To qualify for the credit, you must meet certain criteria. For example, you must be a first-time homebuyer, which means that you or your spouse or common-law partner must not have owned and lived in another home as a principal residence in the four-year period before the current home was purchased. You must also be purchasing a qualifying home, which is defined as a home that is located in Canada and is eligible for the GST/HST new housing rebate.

The amount of the credit is $5,000, and it can be claimed in the tax year in which the home was purchased. The credit can be claimed by either the individual who is purchasing the home or their spouse or common-law partner, but it cannot be split between them. It is important to note that the credit is non-refundable, which means that it can only be used to reduce the amount of federal income tax owing. It cannot result in a refund or be carried forward to future years.

For more information on what a First Time Home Buyers' Tax Credit is, don't hesitate to get in touch with us! 😁

19/01/2023

A collateral mortgage and a standard charge mortgage are both types of mortgages, but they differ in the way that they are secured.

A standard charge mortgage is a type of mortgage in which the lender holds a legal claim or charge on the borrower's property. This means that if the borrower defaults on their mortgage payments and the lender needs to foreclose on the property, they can sell the property to recover the outstanding loan balance. Standard charge mortgages are the most common type of mortgage in Canada, this the standard type of mortgage that you'll find when you're looking for a mortgage for your home.

A collateral mortgage, on the other hand, is a type of mortgage in which the lender takes possession of some other asset, such as a savings account or a bond, as collateral for the loan. This means that if the borrower defaults on their mortgage payments, the lender can take possession of the collateral in order to recover the outstanding loan balance. Collateral mortgages are not as common as standard charge mortgages.

The main difference between the two types of mortgages is in the way they are secured. A standard charge mortgage is secured by the property itself, while a collateral mortgage is secured by some other asset. As a result, borrowers with standard charge mortgages are typically required to have a higher credit score and a larger down payment, whereas borrowers with collateral mortgages may be able to qualify for a mortgage with a lower credit score or a smaller down payment.

It is important to note that the terms of the mortgage, such as interest rate and fees, are also important factors to consider, and it is always a good idea to shop around and compare offers from different lenders before deciding which type of mortgage is right for you.

For more information on what a Collateral Mortgage and a Standard Charge Mortgage are, don't hesitate to get in touch with us! 😁

16/01/2023

An interest adjustment date refers to the date on which the interest rate for an adjustable-rate mortgage (ARM) is recalculated. An adjustable-rate mortgage is a type of home loan in which the interest rate can change over time, typically in response to changes in a benchmark interest rate such as the prime rate. The interest adjustment date is the date on which the lender reviews the benchmark rate and calculates the new interest rate for the loan, which will then be in effect for a set period of time (such as one month or one year).

Interest adjustment date is a date that is chosen by the lender and it can vary based on the loan product. The adjustment date is usually specified in the loan agreement and can be annual, semi-annual, or even quarterly. It is important for borrower to be aware of their adjustment date and also what benchmark rate is used in their adjustable rate mortgage so they can prepare for any potential increase in interest rate.
An adjustable rate mortgage may have an initial fixed rate period, often 5 years and after that, the interest rate will adjust on the chosen interest adjustment date based on the benchmark rate. This may cause the monthly payments to change, which can make budgeting for the mortgage more challenging for the borrower

For more information on what an Interest Adjustment Date is, don't hesitate to get in touch with us! 😁

Address

3410 South Service Rd,

L7N 3T2

Website

http://www.edithbedard.com/

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