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Renewing your mortgage? Doing your homework could save you thousands of dollars
Refinancing your mortgage has become a lot more complicated and expensive, but experts say there are things you can do to save yourself some pain.
A surge in mortgage renewals, rising interest rates and new stress testing rules will are conspiring to make refinancing your mortgage more complicated and more expensive.
Mortgage broker Kelly Wilson, co-owner of the Wilson Team mortgage brokerage in Ottawa, says a majority of Canadians renew with their same lender, but it’s still important to check out your options.
“If you can save yourself 30, 40, 50 basis points, it’s going to save you thousands of dollars over the next five-year term,” Wilson says.
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Despite new details, First-Time Home Buyer Incentive’s a dud
While more details about the First-Time Home Buyer Incentive were released this week, there remains a glaring problem.
“They confirmed that they take an ownership stake in the property whereby they will participate in both the appreciation or depreciation of the property,” said James Laird, president of CanWise Financial, “but the key issue with the programming continues to be affordability.”
Buyers who use the program only qualify for four times their household income whereas non-participants qualify for 4.5 times their household income. In effect, the First-Time Home Buyer Incentive will handcuff buyers who use it.
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