It’s A New Year, Time For A Check-In
Marci • January 31, 2020
I wanted to take a moment to check-in and remind everyone of what I do. As a Mortgage Professional, I am happy to have the opportunity to help Canadians secure the financing for their biggest investment, their home. My profession is misunderstood and many are under the impression that I only work with people who have bruised credit or are in business for themselves. The vast majority of my business is in fact lowest rate, Prime Mortgage business .
I realize how important it is for me to educate and remind my network of exactly what I do, and when someone might want to use my services.
Here is some information that may help you understand a little better how I help my clients:
- I work with Canada’s leading Financial Institutions including major Banks, Trust Companies, and Credit Unions. They include Scotiabank, TD, First National, MCAP, Home Equity Bank, and many others. You can find a complete list of all my lending partners on my website at; www.askmarci.ca.
- My company, Mortgage Architects and our Parent Company DLC, sends more than 40 billion dollars in mortgage volume annually. Because we are the biggest in the country, our lenders provide us with a variety of mortgage products, exceptional rates, fast turnaround times and flexibility with approvals.
- When you use me to find you the very best mortgage for your needs, and negotiate on your behalf, typically there is no cost to you. The lender pays me a fee for finding and bringing them the business, I only earn a fee if I arrange the mortgage for you.
- The Fee is the same regardless of what lender you choose and it is not built into your mortgage rate.
- Some of our lenders specialize in providing mortgages for clients who are self employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. I have seen all situations and am experienced in getting unconventional mortgages approved.
- Many consumers think their bank will automatically give them the best rates because they have been a loyal customer for many years, have multiple accounts, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.
- I am a fully licensed mortgage professional and am governed by the regulator in British Columbia. The safety and security of your personal information is of utmost importance and all discussions, documentation and file management are completely confidential at all times.
- Often clients make the time-consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rates. Each time a Financial Institution pulls your credit report, your credit score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage disqualifies you from qualifying. At Ask Marci About Mortgages – Mortgage Architects, we forward your credit report electronically to our lenders so that it isn’t pulled over and over.
- The interest rates today are at an all time low. If you, like so many other Canadians, have high interest credit card debt, department store debt, line of credit debt or other outstanding payments, now might be the ideal time to refinance your existing mortgage and consolidate it all into one simple payment. Consolidation can sometimes reduce your monthly payments by more than a thousand dollars per month. I would be happy to calculate the saving for your specific situation.
In summary, I am your trusted mortgage advisor and I work for you, not the banks. It’s my job to provide you with timely, expert advice and make certain my clients have the very best mortgage products for their specific situation. Your business is very important to me!
Contact me to schedule a complete mortgage review at your convenience, but remember the lowest rates won’t last long.
I am never too busy for your introductions and will take amazing care of anyone you think may find my services valuable.
All the best in 2020!
Marci Deane
Mortgage Broker
604-816-8950
marci@askmarci.ca
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When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.
