Chris Morrow Mortgages

02/03/2025

The ongoing trade dispute between the U.S. and Canada has significant implications for both nations. Initially, Trump’s decision to impose tariffs on Canadian goods and energy raised concerns across industries, especially in Canada’s resource sectors. However, the decision to pause these tariffs for 30 days suggests a shift in negotiations, offering hope for a temporary resolution. The inclusion of a “fentanyl czar” as part of the agreement indicates that drug control and border security have become central topics in these discussions.

For Canadians, staying informed on these developments is vital. The imposition of tariffs could affect everything from grocery prices to fuel costs, and it’s crucial to understand how these changes may impact your financial landscape. Keeping a close eye on trade policy and its effects on inflation and the economy can help you make well-informed decisions that align with your goals.

At Vine Group, we understand that the economic environment is ever-changing, and I’m here to help guide you through the complexities of these issues. If you’re navigating mortgage decisions, now is the time to consult an expert to ensure your strategy fits your financial situation and long-term goals. Reach out to me for tailored advice and insights to make informed choices about your future.

09/17/2024

Finance Minister Chrystia Freeland announced Monday Canadians will be able to borrow for longer, while also increasing the maximum value for insured mortgages, potentially giving buyers more money in the housing market.

Effective Dec 15th, 2024

✔️ Cap on the maximum purchase price will increase from $1,000,000 to $1,500,000 for downpayments of less than 20%.
✔️ The maximum amortization period will increase to 30 years.

The last change to these rules was in 2012.

What This Means for Buyers.

✔️ Increased buying power of about 9%. Someone making $100,000 with a 10% downpayment would qualify for a purchase price of about $475,000 under the old rules (25 year amortization). Now they qualify for a purchase price of about $530,000 with a 30 year amortization.

✔️ Lower payments: on a $750,000 mortgage if a buyer elected a 30 year amortization the monthly payment would be $3,800. On a 25 year amortization it was $4,200, a difference of $400 per month.

While these changes are new and details will follow over the next few weeks, it is important to note that the current minimum downpayment is 5% on the first $500,000 of the purchase price and 10% on the remainder of the purchase price. We expect that to remain the same.

Reach out to us anytime to get more info.⁠
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𝟰𝗙𝗿𝗼𝗻𝘁𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀.𝗰𝗼𝗺⁠
(604) 728-6642
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4front, 4front mortgages, mortgage experts, mortgage tips, mortgage knowledge

07/17/2024

We are Renewal Specialists! We are often asked if we only do mortgages for purchases. Did you know a mortgage broker can explore options for your existing mortgage, including options for you at renewal, refinancing, renovations & debt consolidation. Rates are expected to come down in 2024, so don’t just renew your existing mortgage without talking to us first. A no-obligation review of your finances will save you thousands. ⁠
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Reach out to today and ⁠I will ensure that you receive the best advice along with the best mortgage to suit your needs and goals.⁠
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𝟰𝗙𝗿𝗼𝗻𝘁𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀.𝗰𝗼𝗺⁠
(604) 728-6642

04/02/2024

🏡 Ready to upgrade your mortgage game? Don’t just renew, renegotiate by speaking with me before you sign!📉 Here’s why:

1️⃣ Lower Interest Rates: Lock in a better rate and save big on your monthly payments.

2️⃣ Adjustment to Financial Situations: Life happens. A mortgage broker can help tailor your terms to fit your current needs.

3️⃣ Equity Access: Unlock the equity in your home for renovations, investments, or other expenses.

4️⃣ Changing Mortgage Features: Flexibility is key! Explore new features that align with your evolving lifestyle.

5️⃣ Cost Savings: Say goodbye to unnecessary fees and hello to more money in your pocket.

6️⃣ Market Advantage: Stay ahead in the game with a mortgage that’s optimized for today’s market conditions.

Don’t settle for status quo when it comes to your mortgage. Talk to a broker today and seize the opportunities waiting for you! 🌟💼

604-728-6642 | Chris Morrow

02/28/2024

B.C. Government unveiled major housing initiatives in 2024. The 2024 budget includes more than $6 billion in spending, with a new B.C. Hydro rebate and a tax on ‘flipping’ real estate.⁠
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1. First-Time Homebuyers’ Program⁠
The threshold for this program has been increased to reflect current market conditions. Qualifying first-time buyers can now benefit from a complete exemption on the first $500,000 of homes valued up to $835,000, potentially saving up to $8,000. ⁠This exemption for New Construction properties has increased to $1,100,000!
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2. Newly Built Homes⁠
Buyers of newly built homes valued up to $1.1 million will also see reduced costs through a newly implemented exemption. ⁠
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3. Purpose-Built Rental Buildings⁠
Eligible purpose-built rental buildings with four or more units will receive a property transfer tax exemption until 2030.⁠
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4. BC Home Flipping Tax⁠
Starting from January 1, 2025, the BC Government is introducing the BC Home Flipping Tax as part of the Homes for People plan. This tax aims to deter speculators from inflating property prices by taxing profits made from selling residential properties within two years of purchase. There will be specific exemptions. ⁠
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5. BC Builds⁠
Budget 2024 allocates $198 million in new funding for BC Builds, a program that supports the development of new housing suitable for middle-income individuals and families. By streamlining the development process and working closely with various stakeholders, BC Builds aims to deliver affordable housing within 12 to 18 months, significantly shorter than the current average timeframe of three to five years. ⁠
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Reach out to us anytime to get more info.⁠

𝟰𝗙𝗿𝗼𝗻𝘁𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀.𝗰𝗼𝗺⁠
(604) 728-6642

10/03/2023

If you're a first time home buyer and you're not sure on how to get started. Having the right team of professionals will help you achieve your real estate goals.

We're hosting an informative First Time Home Buyer's Event on October 15th from 3pm - 6pm at our beautiful office located at 2721 Clarke Street, Port Moody.

Come have some complimentary mouth watering 🍕 from & Port Moody's finest craft 🍺 from and learn how you can set yourself to successfully purchase your first home!

07/16/2023

05/16/2023

Thanks so much for the kind words Sam 🙏 So happy to help you and your family with your dream home 🏡

604-728-6642
www.4frontmortgages.com

05/03/2023

Are you looking to renew your mortgage in 2023? Here are some expert tips. If you have questions about your mortgage - I am here to help.
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𝟰𝗙𝗿𝗼𝗻𝘁𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀.𝗰𝗼𝗺⁠
(604) 728-6642
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04/19/2023

Tax-Free First Home Savings Account: what you need to know!
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𝟰𝗙𝗿𝗼𝗻𝘁𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀.𝗰𝗼𝗺⁠
(604) 728-6642
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04/14/2023

A little late on this one but very happy to be part of the 2022 Masters club, the top 20% of Mortgage Professionals across Canada in my first full calendar year as an Independent Mortgage Broker.

Thank you to all my valued clients and business partners for everything 🙂🙏🚀