Bill Sandhu - Mobile Mortgage Specialist

Happy Father's Day!

The Property Tax Portion of a Mortgage Payment is the amount designated for property taxes which is included in your payment.

Contact me to learn more!

Happy Vicotria Day!

Say goodbye to endless leases and hello to homeownership! 🏠

Stop throwing away money on rent and start investing in your future.

With low mortgage rates and various financing options available, now is the perfect time to make your dream of owning a home a reality.

Don't wait any longer to take the next step towards home ownership.

Contact me today to explore your options and turn your renting woes into ownership wins!

Looking for a mortgage solution? 🤔
Remember, it's NOT a one-size-fits-all deal! Your dream home deserves a tailored approach that fits YOUR unique financial situation and goals.

Whether you're a first-time buyer, upgrading, or refinancing, let's chat about finding the perfect fit for YOU.

If you have any questions or need guidance, feel free to reach out!

Happy Mother's Day to all the amazing moms!

Consider this: Self-employment doesn't mean you have to put your home ownership dreams on hold! With the rise of entrepreneurship, lenders increasingly recognize the financial stability and potential of self-employed individuals.

💼Self-employment offers flexibility, creativity, and the chance to shape your future.
🏡Don't let traditional employment be the only path to mortgage approval!

Let's discuss how your entrepreneurial spirit can pave the way to your dream home.🏠

1️⃣What are Closing Costs?: They're the additional fees, beyond the home price, to finalize the real estate transaction. Think of it as the cost of crossing the home
ownership finish line!
2️⃣What's Included?: Closing costs encompass a variety of expenses, such as finance fees, appraisal costs, title transfer tax, and more.
3️⃣Budgeting Wisdom: As a rule of thumb, estimate closing costs to be around 2-5% of the home's purchase price.

Remember, I'm here to guide you through every step, including understanding and managing closing costs.

Let's get closer to unlocking the door to your new home.

Call me today!

Just like a fingerprint, your credit score is a unique financial identity shaped by your decisions. It's the trust currency for lenders, influencing rates and unlocking various opportunities.

Your credit score shapes your financial journey, impacting mortgage rates, credit cards, and more. Nurture and protect it, regularly checking ensures a strong financial fingerprint.

Ready to sculpt your perfect financial masterpiece?

Give me a call!

Let's break down the process timeline to demystify your journey to homeownership!

1️⃣Pre-Approval Stage (Week 1-2): Kickstart your journey with a pre-approval!
2️⃣Home Search (Weeks 2-8): Explore properties, attend open houses, and find your dream home.
3️⃣Offer and Acceptance (Weeks 8-10): Work with your real estate agent to craft a compelling offer.
4️⃣Loan Application (Weeks 10-12): Submit your formal loan application.
5️⃣Underwriting (Weeks 12-14): The behind-the-scenes action! Our team scrutinizes your application to ensure everything aligns.
6️⃣Closing (Weeks 14-16): The finish line! Sign those papers and the keys to your new home are officially yours!

Got questions or ready to start your mortgage adventure? Drop a comment or call me!

Let's turn your home ownership dreams into reality! 🚀

Ever wondered about the invisible thread tying the economy to your mortgage rates?
📉 Economic Pulse: The economy's heartbeat directly influences mortgage rates.
💡 Bank Whispers: The Bank of Canada plays maestro, conducting interest rates to keep the economy harmonious.
🌐 Global Impact: Believe it or not, global events also sway the mortgage rate tides.
🤝 Navigating Your Path: As your trusted Mortgage Broker, I'm here to guide you through the twists and turns of this intricate connection.

Drop a comment or call me with your questions!

Looking to supercharge your mortgage savings? Here are two more game-changing strategies:

💡 Strategy #3: Maximize Lump-Sum Payments
Don't let those annual bonuses or tax refunds slip away! Most banks offer the option for lump-sum payments on your mortgage. Just a 2% annual lump sum can propel you years ahead on your mortgage payoff journey. Seize the opportunity and watch your mortgage vanish ahead of schedule!

💡 Strategy #4: Opt for a Shorter Amortization
Think beyond the standard 25 years! Some savvy mortgage holders choose shorter amortization periods—10, 15, or 20 years. Yes, it means slightly higher monthly payments, but the interest savings over time are jaw-dropping. Slash years off your mortgage and keep more money in your pocket.

Stay tuned for more mortgage mastery tips! 🚀

Got questions or eager to discuss? Let's chat!

Join us at the Spring Shredding event this Saturday... Bring everything you would like to shred.

If you're looking to save money with your mortgage, here are a few strategies I always recommend:

💡 Strategy 1: Increase the Frequency of Your Payments
Change from monthly to weekly, biweekly, or semi-monthly mortgage payments. Make more payments yearly without feeling the pinch, and watch those interest savings grow!

💡 Strategy 2: Take Advantage of Increased Payment Options
Take control of your mortgage by increasing payments up to 100% at any point during the term. Flexibility equals faster payoff and reduced interest!

Stay tuned for part two of these strategies!

Questions? Let's chat.

Happy Easter!

Contemplating between a variable-rate or fixed-rate mortgage?

🔄 Variable-Rate Mortgage: Embrace flexibility! With a variable-rate mortgage, your interest rate can fluctuate based on market conditions. This means your monthly payments may change, offering potential savings or adjustments.

💡 Advantages of Variable-Rates: Potential for lower initial rates, opportunity for savings if interest rates decrease, adaptability to market changes.

There is much more to discuss! Let's have a conversation and discover the mortgage solution that aligns with your needs!

Trying to decide between a fixed-rate or variable-rate mortgage? Here's something to help you make an informed choice:

🔒 Fixed-Rate Mortgage: Lock in stability! With a fixed-rate mortgage, your interest rate remains constant throughout the loan term. This means your monthly payments stay consistent, providing stability and predictability.

💡 Advantages of Fixed-Rates: Protection against rising interest rates, easier budgeting with consistent payments, ideal for long-term homeownership plans.

Let's chat about your goals and find the mortgage that fits your needs! Watch for information on variable rate mortgages!

Curious about what influences mortgage rates? Here are some more facts about them!

1️⃣Credit Score & Financial Health: Your credit score and financial history heavily influence the interest rate you're offered.
2️⃣Loan Type & Term: Different mortgage types (fixed-rate, variable-rate) and terms (25-year or 30-year) come with varying interest rates.
3️⃣ Market Demand: The demand for mortgages impacts rates. In a high-demand market, rates may rise, while lower demand might lead to reduced rates.

If you have any questions or need guidance, feel free to reach out!

Curious about what influences mortgage rates? Here are some facts about them!

1️⃣ Economic Conditions: Factors like inflation, unemployment rates, and economic growth play a significant role.
2️⃣ Bank of Canada Policies: The decisions made by interest rates can cause fluctuations in mortgage rates.

Stay tuned for next three facts!

If you have any questions or need guidance, feel free to reach out!

Navigating the home buying journey involves crucial steps like pre-approval and pre-qualification. But what sets them apart?

🔍 Pre-Qualification: By filling in some quick info and homebuyers can get a live estimate of how much they might qualify for a mortgage.

🛠️ Pre-Approval: By submitting detailed financial information, the homebuyer can obtain a formal commitment for a mortgage loan amount.

💡 Importance: While pre-qualification offers insights, a pre-approval holds more weight.

Let's discuss your options and ensure you're on the right path to homeownership!

BC Budget, Home Flipping Tax and a Land Act Reversal
Source: Tony Spagnuolo from Spagnuolo and Company LLP

The BC NDP Government has been active to start 2024. Last week, the provincial budget was tabled, and a couple big changes are coming to the real estate market.

Updates to the Property Transfer Tax (PTT) Framework

The 2024 provincial budget the BC Government is making three significant changes to the PTT Framework

1. Increase the Fair Market Value Threshold for the First Time Home Buyer (FTHB) Exemption:

Currently, the FTHB full exemption applies to properties with a fair market value (FMV) of less than $500,000, with a partial exemption for properties with a FMV of $500,000 to $525,000.

As of April 1st, 2024, the FTHB exemption will apply to properties in a different way. For properties with a FMV of less than $835,000, PTT is not payable on the first $500,000, but payable on the difference between the FMV and $500,000. For example, if the FMV of the property is $700,000, PTT paid would be 2% of $200,000 ($700,000 less $500,000). Not paying PTT on the first $500,000 saves the purchaser a total of $8,000.

If the property has a FMV between $835,000 and $860,000, then a partial exemption applies, the details of which are not yet confirmed by the BC government.

If the FMV of the property is over $860,000, then there is no FTHB PTT exemption.

2. Increase the FMV Threshold for the Newly Built Home Exemption

Effective April 1, 2024, the FMV threshold to claim the Newly Built Home Exemption will be increased from $750,000 to $1,100,000. A partial exemption is also available for properties with a FMV just above the threshold. The phase out range is $50,000 above the threshold, so properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption.

3. Purpose-Built Rental Exemption

The 2023 Budget included a limited exemption for purpose built rental buildings, that may limit the tax payable on values over $3,000,000. Budget 2024 builds on this exemption and provides an exemption from the PTT on purchases of new qualifying purpose-built rental buildings.

New “Flipping Tax”

A new tax targeting home flipping activity and short-term speculation will officially begin on January 1, 2025. This tax will apply on the sale of residential property held by an owner for less than two years, with the seller being taxed up to 20% of the income from the sales. To specify, properties sold within 1 year are taxed at 20%, and will decline to zero between 366 and 730 days. Exemptions may apply in certain circumstances.

As with most legislation, other conditions may apply and there is some nuance to the above summary. Please do not hesitate to contact our lawyers if you have any questions on the above.

As always, thank you for your support.
Tony Spagnuolo

Sharing the Moment!
January 23, 2024 - Icon 2023 Celebrations

Icon Awards Celebration at the Beverly Hills Hilton at the International Ballroom (Golden Globes Awards are held here!)

Celebrating the award with other colleagues across Canada.

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

• With the current RRSP Home Buyers' Plan, Canadians can withdraw up to
$35,000 from their RRSP, subject to eligibility and conditions.
• Customers have 15 years to pay back the funds to their RRSP.
• Any savings not used to purchase a qualifying home will remain in the RRSP
account.

• Annual contributions are capped at $8,000, up to a $40,000 lifetime contribution limit.
• If withdrawn, the funds do not need to be paid back.
• Any savings not used to purchase a qualifying home could be transferred to an RRSP (Registered Retirement Savings Plan) or RRIF(Registered Retirement Income Fund) on a nontaxable transfer basis, subject to applicable rules and conditions. The funds transferred to an RRSP or RRIF will be taxed upon withdrawal.
• If not transferred to a RRSP or RRIF but instead withdrawn as a non-qualifying
withdrawal, FHSA funds would be subject to tax. Withholding tax will apply.

Let’s talk!

The Tax-Free First Home Savings Account (FHSA) is designed to help Canadians save for a down payment for their first home, and help reach the goal of home ownership.

Annual contributions are capped at $8,000, up to a $40,000 lifetime contribution limi. Unused contribution room can carry forward to the following year up to a maximum of $8,000.

Let’s talk!

Your credit score is your financial report card, and it's crucial for your financial future. Here is part V of tips to keep it in tip-top shape.

Be mindful of new credit applications: Each time you apply for new credit, whether it's a credit card, loan, or mortgage, a hard inquiry is made on your credit report. These inquiries have the potential to slightly lower your credit score. Therefore, it's crucial to be mindful of how frequently you apply for new credit.

Stay tuned for more valuable insights and tips to boost and maintain a stellar credit score.

Let’s connect and talk!

*All information provided by Equifax: https://www.equifax.com/personal/education/credit/score/articles/-/learn/how-to-improve-credit-score/

Your credit score is your financial report card, and it's crucial for your financial future. Here is part IV of tips to keep it in tip-top shape.

Monitor your credit report: Being proactive about monitoring your credit report is a cornerstone of responsible financial management. Your credit report is a detailed record of your credit history and financial activities, making it crucial to review it regularly. Make it a habit to obtain free annual credit reports from major credit bureaus and analyze them meticulously.

Stay tuned for more valuable insights and tips to boost and maintain a stellar credit score.

Let’s connect and talk!

*All information provided by Equifax: https://www.equifax.com/personal/education/credit/score/articles/-/learn/how-to-improve-credit-score/

Your credit score is your financial report card, and it's crucial for your financial future. Here is part III of tips to keep it in tip-top shape.

Don't close old accounts: When it comes to managing your credit, remember that longevity matters. The length of your credit history plays a crucial role in determining your creditworthiness. It's tempting to close old or unused credit accounts, but doing so may not be in your best interest.

Stay tuned for more valuable insights and tips to boost and maintain a stellar credit score.

Let’s connect and talk!

*All information provided by Equifax: https://www.equifax.com/personal/education/credit/score/articles/-/learn/how-to-improve-credit-score/

Your credit score is your financial report card, and it's crucial for your financial future. Here is part II of tips to keep it in tip-top shape.

Keep credit card balances low: It's not just about having a credit card; it's about how you use it wisely. Maintaining low credit card balances is essential for a healthy credit score. Aim to utilize no more than 30% of your available credit limit.

Stay tuned for more valuable insights and tips to boost and maintain a stellar credit score.

Let’s connect and talk!

*All information provided by Equifax: https://www.equifax.com/personal/education/credit/score/articles/-/learn/how-to-improve-credit-score/