Credit Mortgages and Finance

How can you master your credit score and ways to improve it.

Found 135 blog entries about Credit Mortgages and Finance.

Kelowna AirbnbCanadian Airbnb hosts and the Canada Revenue Agency

Contrary to popular belief, Airbnb hosting is not “free money”. In the eyes of the taxman, it’s rental income. That status, however, depends on a number of factors I’ll describe in this section.

Of primary importance is that hosts are documenting expenses and retaining receipts to reduce the impact of tax assessments, come CRA filing time. Credit card receipts don’t cut it with the Agency, as these don’t identify specific items purchased. You need to present the CRA with an actual receipt. This includes receipts for all the little things that make your property special – bathing products, toothbrushes, a selection of special teas, or coffee. That means that hosts are on the hook for every single

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Owner financing in Kelowna

Owner Financing good or bad?

It would seem a bit counter intuitive for someone to allow a buyer to pay over time for their property. After all, wouldn’t it be better to get all the money in one go thereby requiring the buyer to get financing from a bank? Well, sometimes it’s more lucrative for the seller if they can make it work to offer financing. As always TAKE ADVICE when it comes to anything to do with finance and assets. This is a huge undertaking for anyone to make and without the proper fiscal and legal mechanisms in place could be a risk that you would not want to take. There are obviously good reasons to offer owner financing as detailed below.

1. Better Selling Price

In a buyer’s market, it can take a while for a property to sell,

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Canada Real EstateCanadian homeowners carried an average of $190,000 in mortgage debt in 2015

This according to a Manulife Bank of Canada survey. That’s a lot of money to owe a lender and thousands of dollars in interest to pay over the life of a mortgage.

One way to limit the amount of interest you pay is to pay off your mortgage faster than your agreed upon amortization schedule. Quickly paying down your mortgage will reduce the principal and thus reduce your interest charges. More money for you, less money for your lender.

Fortunately, there are several ways to pay your mortgage off quickly that require almost no effort. Let’s take a look at them below.

Choose Accelerated Mortgage Payments

Accelerated mortgage payments are the oldest trick in the book and

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Government of CanadaHave the recent government changes effected your home buying choices?

Call it the gap between what you have to pay and what you can afford to pay — it’s going to be considerable when you qualify for your next mortgage. Now the question is what should you do with that money?

Ottawa tightened mortgage rules in October and the one requirement that has disrupted the lending world is the stipulation that consumers qualify based on the Bank of Canada posted rate for a five-year fixed-rate mortgage.Canada Bank Stress Test

That rate — it’s based on the most common posted rate of the big six banks for a five-year fixed rate mortgage — has been stuck at 4.64 per cent since the government announced the new measures in October 2016. Qualifying with that rate is a heavy burden and

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Kelowna BankHere's what you should – and shouldn’t – buy

by Rob Carrick -Personal Finance Columnist - The Globe and Mail

The downside of bank upselling is that customers get talked into buying junk products they don’t need.

According to the bank tellers pouring their hearts out to CBC in a series of recent reports, upselling is rampant because of pressure to meet sales targets. A customer’s best defence is to know which sales pitches are worth listening to, and which to shut down. To help promote more informed banking, the Personal Finance column presents this guide to bank products.

Buy this

  • Overdraft protection: Essential for households where money is constantly flying in and out of chequing Bank Products in Canada accounts to cover automatic payments, mortgages,
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20 percent deposit on your Kelowna homeTaking current economic and fiscal realities into account, it would be far more sensible to pay the initial 20 per cent down payment for a home purchase in full instead of saving the money for later, according to a veteran industry analyst.

In a March 10 piece for The Globe and Mail, markets observer Rob Carrick argued that the mortgage environment of today does not favor those who carefully save and spend their hard-earned funds.

“Home buyers who put less than 20 per cent down are seen as risky enough to require that they pay the cost of default insurance for their lender. But the best mortgage rates are in some cases going to people with small down payments,” Carrick wrote.

“The indignities for diligent savers are piling up. You’ll earn next to no

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Us vs Canadian dollarThe U.S. Federal Reserve raised its key interest rate from 0.75 per cent to 1 per cent today, in a move widely anticipated by economists and investors.

The hike is the second increase since December and reflects growing confidence at the central bank that the U.S. economy is now on solid footing.

Meanwhile, Canada’s key interest rate has remained at 0.5 per cent since July of 2015. What does this mean for Canadians and their finances?

1. The spread between fixed-rate and variable-rate mortgages could grow wider

The Fed’s move could lead to higher interest rates for fixed-rates mortgages in Canada, but it won’t have an effect on variable-rate mortgages.

Traditionally, a hike in the U.S. benchmark interest rate will also push up long-term

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Kelowna mortgage FAQFAQ Sheet on Getting a Mortgage

Getting a mortgage is a big thing. For first time buyers this can be a tough and complicated process. Here are some common questions that get asked and some answers that may help with your mortgage application process.

Q: What is the minimum down payment on a home in BC?

A: A minimum down payment for someone who is fully income qualified is five per cent. However, if the purchase price of a property is over $500K, a minimum down payment of five per cent on the first $500K is required. After that, you will be required to come up with 10 per cent on the remaining amount. For example: The down payment for a property valued at $600K would be five per cent of $500K ($25K) plus 10 per cent of the additional $100K ($10K).

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British Columbia Real Estate NewsFinance Minister Mike de Jong repeated in his Tuesday budget speech a by-now-familiar message from Victoria: It’s through increased housing starts that the affordability crisis that has gripped urban centres around the province will be eased.

And while he had much to say on the file, he offered little by way of new spending announcements to reduce the high costs of housing.

“I’ve cautioned before and I’ll say it again,” de Jong said, “we can’t just focus on getting more people into the market. On its own, without adding to the supply, that’s just going to drive prices higher.”

De Jong’s words appeared to be aimed in part at local governments, which share a role in pushing forward new construction. He said the province intended to “help ensure

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Want to buy an acreage? Need more information?

Kelowna AcreageFinding the right acreage for you will provide years of enjoyment. Make sure that pretty piece of land will support your vision. Read on or click below to jump to the subjects:

  • Financing for acreage
  • Consider the services
  • Maintenance and insurance
  • Covenants and Zoning
  • Tips
  • Develop it yourself

More and more people are leaving the suburbs to live a country life, but buying an acreage is a little different than buying a house in the burbs. Buyers should investigate a number of things on the property, assuring them that the land they purchase is going to support the lifestyle they have envisioned.

Danielle lives on an acreage in Kelowna BC, give her a call to let her guide you on

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