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first time home buyer's programs, mortgage rates, canadian goverment rebates

Mortgage Calculator

Mortgage loan calculator will allow you to figure out your estimated payment for different loan amounts, interest rates, and terms. Just put years, amount of loan, tax, insurance and interest rate - calculator will calculate your payments

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mortgage

Understanding the process of renewing your mortgage can save you money!

When your mortgage comes up for renewal your current financial institution will simply send out a renewal form a few months before your renewal date. Interestingly enough more than 50% will circle their option and send it back satisfied with the fact they are getting the best rate, why not – they’ve been your financial institution for several years and you are happy with them.

Lenders are counting on the fact that homeowners are too busy to do any additional research.

Knowing what is out there can save you money on interest; shop around! Did you know that switching financial institutions during this time isn’t such a hassle and there are no hidden fee’s or charges? Financial institutions will pay for legal expenses and for appraisal reports if they are required.

Shopping around is easy and doesn’t need to take up so much of your time.

There are several ways you can go about looking for your next term, the best rate and your next mortgage provider. The most efficient way is to enlist the assistance of a mortgage broker who has built solid relationships with the banks and mortgage lenders across Canada. Mortgage brokers have up to date information regarding interest rates and rate promotions being offered which saves you time and could save thousands of dollars in interest charges over the term of your mortgage.

Finally, it is very possible your financial situation has changed during the years you have had your mortgage in place, now would be a perfect time to revisit your plans and tailor your mortgage to your current needs.



gst new housing rebate

Resale homes are exempt from the GST.

New homes are subject to the GST. New home buyers can apply for a 36% rebate of the GST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less before GST.

For new homes priced between $350,000 and $450,000 before GST, the GST rebate would be reduced proportionately.

New homes priced $450,000 before GST or higher would not receive a rebate. Read more ...

 


ontario real estate forms explained

Standard Forms explained in plain language

The commonly-used real estate forms available for download below offer clause-by-clause plain language explanations of the legal terminology used throughout them. Understanding what you are signing is essential to having a successful transaction.

Gabor Sallai - Broker & Rita Garami - Sales Representative


Home Renovation Tax Credit

On Jan. 27, 2009 The federal government revealed the Home Renovation Tax Credit in its budget. You can recieve a tax credit of 15% to a maximum of $1,350. Expires: January 31, 2010. Below are some eligible expenditures examples.

  • Renovating a kitchen, bathroom or basement

  • New carpet or hardwood floors

  • Building an addition, deck, fence

  • Purchasing a new furnace

  • A new driveway

  • Painting of interior or exterior of a house

Read more ...


ontario home energy savings program

The Goverments of Ontario and Canada will help pay for the retrofit your home needs. Following is a list of the total amount each upgrade is eligible for. You have 18 months from the date of your audit to complete some or all of these upgrades. Each upgrade you complete in this time is eligible for a rebate. You may apply for the rebate only after the work is done and you have had your post-retrofit audit. This program provides homeowners with up to $150 towards the cost of a home energy audit and rebates of up to $10,000 (50 per cent paid by the province and 50 per cent paid by the federal government ecoENERGY Retrofit – Homes Program) for retrofits that address the energy issues identified in the audit. Read more ...

first time home buyer's program

The Home Buyer’s Plan (HBP) is a Canada Revenue Agency program that allows you, if you’re a first-time home buyer or haven’t owned a home for the last 5 years, to withdraw up to $25,000 ($50,000 for a couple), tax free, from your registered retirement savings plan (RRSP) to buy or
build your home. It’s the perfect opportunity to increase your down payment. Read more ...

Land Transfer Tax Refunds For First-Time Homebuyers. The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review. The government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes. How Do I Apply? Read more ...


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