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  1.  

    Down Payment Changes Coming

    Down Payment Changes Coming

    Late last year Finance Minister Bill Morneau announced that there will be new down payment requirements coming into effect on February 16, 2016. But is it really as bad as some people think? Rampant speculation around the proposed change pointed to an increase in the minimum down payment required from 5% to 10%. The truth is that the actual change going into effect is much less painful. Here is how the change will really shake out and who it will effect: The first $500,000 in a…

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  2.  

    What is happening to Mortgage Rates?

    What is happening to Mortgage Rates?

    Over the past couple of months we have seen some shifts in some of the most popular mortgage products in the market. We have seen a modest increase of about 0. 20% to the most popular and heavily utilized 5yr fixed rate. While the 5yr rate has started to sneak up, especially with some of the major banks, there are still a few specials available on some of the shorter terms. On to the popular variable rate products. We have seen the discounts off Prime Rate get almost eliminated completely…

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  3.  

    Increased Fees...Not So Fast!

    Increased Fees...Not So Fast!

    Just a couple of months ago the former Alberta Conservative government unveiled their plan for the province which was highlighted by a staggering 600% increase to fees related to buying a property and registering a mortgage to the title. Here is a breakdown of how the increases were to effect the purchase of a typical detached home:     Current Fees Let’s say you’re buying a house in Calgary for $500,000. You put 20% down ($100,000) and mortgage the…

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  4.  

    Higher Fees on the Way!

    Higher Fees on the Way!

    People considering buying a house this summer should be aware of some changes to the fees associated with being a land owner, and with getting a mortgage.     Here are the big changes. Let’s say you’re buying a house in Calgary for $500,000. You put 20% down ($100,000) and mortgage the other $400,000. Currently your land title fee is $150. And the mortgage registration fee is $140. Total fees are $290.   When the fees go…

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  5.  

    LOWER MORTGAGE RATES LEAD TO QUICKER AMORTIZATION? NOT NECESSARILY

    LOWER MORTGAGE RATES LEAD TO QUICKER AMORTIZATION? NOT NECESSARILY

    Overview:  A recent study by CIBC suggests that despite enjoying lower mortgage rates, less Canadians are paying off their mortgages quicker. Instead, it appears that the extra money saved by the lower interest rates is going towards other personal interests, such as home renovations and vacations. Are you spending your interest rate savings on your mortgage or on yourself? For more information, along with the facts and figures, check out the full article…

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  6.  

    2013 Red Kettle Campaign

    2013 Red Kettle Campaign

    I had the extreme pleasure of kicking off this year's holiday season at the launch of the Salvation Army's 2013 Red Kettle Campaign. This is an exciting time of year for the Salvation Army as the familiar sounds of bells draw onlookers and Calgarians dig deep to help families in need. Donations generated from The Salvation Army Christmas Kettle campaign go directly toward supporting programs and services for children and families at Christmas and throughout the year. This…

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  7.  

    3 Ways to Become Mortgage-Free Faster

    3 Ways to Become Mortgage-Free Faster

    Owning a home is one of the cornerstones of  a solid financial plan. However, one of the highest financial priorities of Canadian homeowners is to pay off their mortgage as quickly as possible. Most are aware that paying down extra principal in the early years by whatever means possible can shorten the life of their mortgage — and dramatically lower the interest that they pay over the long haul.     A $300,000 mortgage at 3. 29 per cent,  amortized over 30…

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  8.  

    Bait and Switch

    Bait and Switch

    The 'ol Bait and Switch has been around since the beginning of time and remains one of the most common sales tricks in the book. I'm sure if you think hard, you have likely come across the tactic and have maybe been a victim of it. For instance, have you ever called or visited a car dealership about a vehicle you found online only to find out that the vehicle you are interested in was already sold . . . . but "We have lot's of other vehicles that I am sure you will…

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  9.  

    Calgary 2014 Property and Business Assessment

    Calgary 2014 Property and Business Assessment

    A little late to the party...but  the City of Calgary mailed 2014 Property and Business Assessment Notices on January 03, 2014. Your Notice contains your unique Access Code required to use Assessment Search Secure Login. The Public Access area of the site contains property addresses and 2014 assessed values - no login required. To view your 2014 Assessment, click here.

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  10.  

    Don't call it a comeback...

    Don't call it a comeback...

    . . . . ok, go ahead and call it a comeback. Unlike LL Cool J the Variable Rate has not "been here for years". Back in 2010 we started to see bond yields plummett resulting in fixed rate mortgages following suit. At the same time we saw a drastic cut in Variable Rate discounts which was a heavily favoured product for many borrowers in previous years with discounts dipping as low as 1% below prime. With 5yr discounted fixed rates dropping below 3% and Variable trading at Prime Even it is…

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  11.  

    10 Products That Have Ridiculous Markups

    10 Products That Have Ridiculous Markups

    You could probably list a few products off the top of your head without having to put too much thought into it, but here they are.           1) Popcorn 2) Prescription drugs 3) Diamonds 4) Bottled water 5) Eyeglass frames 6) Alcoholic beverage 7) Coffee 8) Designer jeans 9) Cosmetics 10) College textbooks   Full article here 10 Products That Have Ridiculous Markups   Do any of the products on the list…

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  12.  

    Don't Wait to Renovate!

    Don't Wait to Renovate!

    Don't you just love these home renovation shows that magically turn those run-down, out dated houses into unbelievable show homes? The renovations take place in a blink of an eye and every homeowner just happens to have an extra 50K on hand to facilitate the renovations. The one missing piece of the puzzle that they do not address is how can anyone actually afford to complete these renovations? In the past, many people would buy "fixer uppers" with the plan to complete…

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  13.  

    Current Mortgage Rates

    Current Mortgage Rates

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  14.  

    My Penalty is What??!!

    My Penalty is What??!!

    Rising interest rates are imminent, so many are rushing to lock down their current low rates (which is a good idea). For some people, that could mean getting out of your existing mortage early, and while avoiding mortgage penalties may not be possible all together, you can do something to limit them. Common practice has banks comparing your interest rate to their current interest rate for the term closest to the amount of time left on your mortgage. Since there’s no rule about…

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Call Jim Henheffer today!

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Calgary, Alberta, T2G 0T1
Phone : 403–837–7542
Fax : 1–888–837–9133
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  1. Recent Blogs

  2.  

    28 Jan

    Late last year Finance Minister Bill Morneau announced that there will be new down payment requirements coming into effect on February 16,…

  3.  

    07 Mar

    Over the past couple of months we have seen some shifts in some of the most popular mortgage products in the market. We have seen a modest increase…

  4.  

    28 Jan

    Just a couple of months ago the former Alberta Conservative government unveiled their plan for the province which was highlighted by a staggering…

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Canada Mortgage Direct Jim Henheffer

VERICO Canada Mortgage Direct Inc. Each Verico Broker is an independent owner operator.