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billsAre you looking for payment relief?

Do you want to start an investment for retirement?

Although, Canadians today face many reason for refinancing their mortgage, most people fit into one (or more) of the basic four categories:

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taxFor US homeowners, mortgage interest is automatically tax deductible. But for Canadians, the write-off is not so straightforward. In order to make your mortgage interest tax deductible, homeowners must be able to prove that the money is being reinvested and is not being used for personal expenses.

A properly structured mortgage-centric tax strategy has several key elements – the most important of which is a multi-component, readvanceable mortgage or line of credit.

It's best to have a single collateral charge with at least two components – usually a fixed-term mortgage and an open line of credit – that can track and report interest independently. This is absolutely essential under Canada Revenue Agency (CRA) rules and guidelines.

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couple shoppingIn light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late, keep in mind that now – more than ever – it's important to be careful what you do between the time your mortgage is approved and when it funds.

A few mortgage lenders and insurers have been doing something lately that they have not done in a long time – pulling new credit bureaus prior to funding, especially if there is a long period between the time of your approval and when the mortgage actually funds.

 

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another numberAre you wondering if your bank is giving you their lowest rate?Are you wondering if they have your best interests at heart? Do they see you as an individual or are you just another account number?

There are over 90 lenders in the mortgage market, each with a variety of mortgage programs and unique features. With such a wide variety of products and lenders on the market it is becoming increasingly difficult for the banks to compete for mortgages.

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home inspectorThe purchase of a home is likely the largest financial expenditure you'll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back.

The best way to ensure you use a professional home inspector is to seek referrals from your mortgage professional, real estate agent or friends. Since you want to be able to trust your home inspector's judgement, you have to ensure they're not part-time home inspectors just trying to make some extra cash on the side, or they aren't only home inspecting so they can also offer to complete any work for you that you need done on the home.To ensure the job's done right, after all, the home inspection must not be biased.

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