Contact Information
Monthly Mortgage Matters-June 5, 2024
We over here at Your Mortgage Needs have made a commitment to continue to provide you with pertinent updates on all things mortgage. That means that we will continue to show up in your inbox on a regular basis!
Market Insights
Holy smokes it actually happened! The Bank of Canada finally lowered Prime lending rate! This affects you if you are in a variable rate mortgage or have a variable rate loan product.
I've recorded a video sharing my thoughts. Please feel free to take a look!
Real Estate and Income Taxes
As you may know, the Federal Government has made changes on how the profit on the sale of a non-primary residence is treated. It used to be that you paid a capital gains tax on 50% of the profit. It is now treated as business income, which, if you are in a higher tax bracket, can affect how much income tax you pay.
If this affects you, you are going to want to reach out to your accountant to ensure that income is minimized.
One way do help increases expenses on your rental property and thus reduce the profit is to carry a mortgage of home equity line of credit on your income producing properties and reduce the debt on your primary residence, which, in most cases, does not have any tax benefits.
If you are looking to start your journey of owning a rental property, one of the best and easiest ways to do that is to purchase a new primary residence with as little as 5% down and convert your existing residence into a rental.
We would love to discuss this further with you if this is something that applies to you now or in the future!
Our Mission
At Your Mortgage Needs, our mission is to transform the home buying process by providing unparalleled personal service, expert guidance and a seamless experience with every client that works with us. We are dedicated to building lasting relationships with our clients, treating each one as part of our extended family.
We are 100% committed to ensuring that every single person that works with any mortgage broker at Your Mortgage Needs is treated with kindness, respect and compassion.
I was important for us to communicate this with you, our dear client so that you know what to expect from us. If you refer a friend, coworker or family member to us we need to ensure that we deliver on our promise.
I hold everyone in our organization to this standard and want you to know that. If we don't deliver I want to know. We are humans and are not perfect, but that doesn't mean we can't improve.
We Love Referrals and Reviews from Happy Clients!
The greatest gift we can receive is a referral from a happy client. If someone in your circle is talking about a mortgage, please pass on our name! And if you can take a couple of minutes to leave a review we would love that?
Subscribe to our Newsletter