Tips and Advice

Should you pay down your mortgage or use the funds to contribute to your RSP? An interesting opinion in this current investment environment.

Tuesday, August 10th, 2010

This is a question I receive from my clients quite often “Should I use my extra funds to pay down my mortgage or put the funds towards an RSP?”. Many times it may make sense to make the RSP contribution, wait for the tax refund and then place the refund onto the principal of the mortgage as a prepayment. However, it all depends as they say…especially in this market when…

Kim Gibbons quoted in National Post re: Immediate family gifting a down payment + Guarantors and Co-signers of mortgages

Thursday, August 5th, 2010

Buying a first home can be pretty stressful and will likely impose a fairly hefty financial burden on the purchaser.

Many parents and grandparents may be tempted to lend or give money for a deposit or even act as a guarantor or co-signer for a mortgage in order to try to ease the financial pressure on their offspring. Financial advisors urge them to look at the bigger picture before…

Kim Gibbons quoted in National Post article – Hybrid Mortgages

Tuesday, June 29th, 2010

There are many things to consider when looking at making a choice to have a hybrid or split mortgage. The below noted article article touches on a few items only but there are other pros and cons as well.

Although on the upside it may reduce your overall rate risk depending on the product you are in, it may be difficult to easily transfer your mortgage at the time…

What Type of Mortgage Borrower are you?

Monday, June 21st, 2010

When getting a mortgage – or when reviewing your current mortgage strategy – it is helpful to begin thinking about the mortgage options with which you would feel most comfortable. By having an understanding of your priorities and preferences the mortgage process will become more efficient and your satisfaction over the term of your mortgage is likely to be higher.

Here are some questions that you should consider and…

Understanding the Trends Behind Mortgage Interest Rates

Friday, April 23rd, 2010

The Bank of Canada is expected by many economists to raise short-term interest rates in June or July, prompting many homebuyers and mortgage holders to ask whether a variable-rate mortgage or a fixed-rate mortgage is best for them.

How, exactly, are mortgage rates offered by lenders determined? Many Canadian mortgage holders are surprised to learn that the pricing for variable-rate and fixed-rate mortgages are determined by two different means…

New Mortgage Rules Start Today

Monday, April 19th, 2010

The new mortgage rules that the Federal Government has imposed take effect today. Here are the new rules and how they may affect you:

1. Qualifying rates have changed for variable rates and fixed rates with terms of 1-4 years for mortgages that are insured via CMHC and other insurers. This means for purchasers that are putting less than 20% as a down payment. This new rule does NOT…

Kim Gibbons quoted in CBC article – Should you break your mortgage?

Thursday, April 1st, 2010

Here is an article I was quoted in regarding mortgage rates, refinances and prepayment penalties:

Click here to read…

An overview of the HST in Ontario – coming into effect July 1, 2010.

Wednesday, February 24th, 2010

After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits. While the impact of the tax will…

Good and Bad Debt – Is There a Difference?

Tuesday, February 23rd, 2010

Not all debt is created equally. Let’s face it, debt is not something we desire to have but there is a difference between the good and bad and it lies in how it can hurt or help you reach your financial goals.

Some debt can be seen as an investment in one’s future such as:

8 Super Tips for Paying off your Mortgage Faster

Monday, February 8th, 2010

For many Canadian homeowners, paying off their mortgage as quickly as possible is a top priority. Paying down extra principal in the years by whatever means possible can shorten the life of your mortgage and dramatically lower the interest you’ll pay over the long haul. Here are a few “super” tips on how to make this happen:

1. …

Let’s talk 7 and 10 year fixed mortgage rates…

Monday, February 1st, 2010

…and why they may not be the best choice for your mortgage.

There has been a lot of talk in the news the last 2 weeks about extended fixed terms, namely 7 and 10 year fixed mortgages. It’s true that rates are historically at their lowest right now and a 10 year mortgage at let’s say 5.25% looks very…

Latest version of the “Homebuyer’s Guide” now available

Monday, January 25th, 2010

Please find my latest version of the very popular “Home Buyer’s Guide”. This comprehensive guide offers a wealth of information – perfect for a first time home buyer but also a great reference for anyone who is in the home buying process.

Home Buyer’s Guide – PDF