Blog
Canada’s New Mortgage Rules 2018
It’s been a year since the Minister of Finance made the previous rule changes (Oct 2016) to home purchases for down payments that were less than 20%. These purchases required stress testing and to be able to debt-service at the Bank of Canada benchmark rate (which is...
Purchasing A Second Home: What You Need To Know
Purchasing a second home is becoming more and more popular amongst Canadians. A second home could be anything from a cabin getaway to a rental property. Many people have dreams of…
How Does Marriage Affect Your Mortgage?
When applying for a mortgage, your relationship status plays a significant role in how you will go about the process. Getting a mortgage can either be made easier, or more difficult…
Tim Lacroix Celebrates 10 Years As A Calgary Mortgage Broker
To celebrate this exciting milestone, we’re doing 10 weeks of giveaways on Facebook! Visit Calgary Mortgages by Tim Lacroix on Facebook to enter this week’s draw! Due to Tim’s 10 years anniversary of being a mortgage broker in Calgary, each week there will be a winner…
A Guide To Organizing Your Finances
Have you thought about Financial Spring Cleaning? Take a minute to go through this guide and get your finances set up for the year. This guide is also great for any young adults just starting out on their own who need a hand…
Understanding Your Credit Score
One of the most important aspects of your financial well being is your credit. In order to make any major purchases in your lifetime, such as a home, you will need to have a good credit history…
On March 17, Mortgage Insurance Premiums Will Increase
Mortgage Insurance is designed as a safe guard for your mortgage in the event that you cannot make your payment. If you cannot provide a 20% down payment…
RRSP: Registered Retirement Savings Plan Season Is Here!
We are half was into the first 60 days of the year and it’s time to think about contributing to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund…
How To Get A Mortgage While Being Self-Employed in Canada
Being self-employed should not be a barrier to getting a mortgage. With mortgage rules being tightened at banks the last few years, getting a mortgage is a lot harder- especially self-employed mortgages…
How to Purchase a Home – from Mortgage to Possession
There are many steps involved in purchasing a home, which makes it a daunting experience. Whether you are purchasing your first home or you haven’t purchased a home in long while, you might be wondering where to start. This is why we have developed a step-by-step guide on how to purchase a home…
Calgary’s First-Time Home Buyers Need to Rethink their Strategy
First-time home buyers in Canada have been forced to rethink their plans with the new mortgage rules in place. With the new rules, it’s more difficult to qualify for a mortgage and get the home you want, which is why you need an experienced mortgage broker now more than ever. First-time buyers are heavily affected…
How Will the New Mortgage Rules Affect You?
It’s been about 2 months since the Department of Finance (DOF) announced some mortgage rule changes. Some of the rule changes I would agree as being prudent, but others just seem unnecessary in my view. I’m concerned for young families who may now have a harder time achieving their dream of home ownership. This is not a short…
Bank of Canada Leaves Key Interest Rate at 0.5 percent
Announced last week, the Bank of Canada (BoC) decided to leave its benchmark interest rate at 0.5% and according to economists, this is no surprise. Between the years of 1990 to 2015, the Canadian interest rate has fluctuated in the following way: Average Interest...
The Bank Of Canada Rate Drop
What Does It Really Mean? The economy is a bit crazy right now. The oil prices and shift in leadership has created an atmosphere of concern and uncertainty. People are differing key financial decisions in lieu of the unknown. I believe that with access to the right...
From Homeowner To Landlords CMHC Makes It Easier
The economy is in flux. Now, more than ever, lenders and insurers are being very careful with mortgage approvals. Concurrently, there is a growing need for young and low income families to have access to affordable housing. To qualify for home ownership, to make it...
Economic Slowdown Continues to Improve Housing Affordability in Calgary
The 2015, Civic Census reported that Calgary’s population has grown by 35,721, from 2014. That’s almost a 3% growth in population, which is surprising after our economic bruise. Now the question regarding housing for our growing population comes into play. Calgary...
Run your own business, self employed, but can’t get a mortgage?
Mortgage Broker Tim Lacroix can help Entrepreneurs are motivated, tenacious and smart individuals. So why are banks reluctant to provide mortgages for the self-employed? The reason is due to their different and various forms of income. Most salaried employees are able...
Top 10 Factors That Affect Your Mortgage Rate
60% of Canadian home owners have a mortgage. Yet few really understand the factors that are involved in deciding their mortgage rate. Getting the best rate is important. On a $500 000 mortgage a +/-0.0025% mortgage rate difference can result in a $20 000 cost/savings...