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Natalie Wellings: Edmonton Mortgage Broker/Compass Mortgage Group
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Guiding you the way home! Call me to apply.
Guiding you the way home! Call me to apply.

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Did you know you can pay down your mortgage using your RRSP and then earn interest back to your RRSP account? If you have just made a large contribution and are wondering what to do with the funds this could be a strategy!

Learn more: https://www.youredmontonmortgage.com/index.php/blog/post/190/how-to-use-your-rrsp-to-pay-your-mortgage
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On January 1st all conventional mortgages will be subject to a stress test. This affects all buyers who are putting 20%, or more, down and are getting an uninsured mortgage. If you are confused about these changes and how they will or will not affect you please drop me a line @ 780-722-6287!
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On January 1st all conventional mortgages will be subject to a stress test. This affects all buyers who are putting 20%, or more, down and are getting an uninsured mortgage. If you are confused about these changes and how they will or will not affect you please drop me a line @ 780-722-6287!
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I am so glad to hear that Marketplace is doing a story on car dealerships pushing longer term loans for consumers. I have always thought that any car loan longer than 5 years is too long. If you cannot reasonably afford the payments within a 60 month term then you simply cannot afford the car you want to buy and should look at other options, to live within your means. Dealerships use these longer term loans to make the vehicle appear to be more affordable than it is. This article is well worth a read!
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Why you should not panic about the recent rate increase...
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Product Spotlight: Reverse Mortgages offered by CHIP

Do you know a senior who is feeling anxious about their financial future? I offer CHIP Mortgages, through Home Equity Bank. Home Equity Bank has been providing quality financial solutions for seniors for more than 25 years.
How does a CHIP Mortgage work?

• You can access up to 55% of the value of your home: the amount of equity you can withdraw depends primarily on your age as well as other factors such as the type of home you own (condo, single family) and where the property is located.
• You always maintain ownership of your home and never have to move or sell: you DO NOT sign your title over to CHIP. CHIP will register a mortgage on the title to your house (same as with a regular mortgage) but you retain ownership of the home. CHIP will never force you to sell or move. You stay in your house, for as long as you want (as long as your property taxes and insurance are up-to-date).
• There are no payments required: this is the beauty of the CHIP solution. You never have to make a payment or sell your home. The interest costs will be added into the mortgage balance, over time.
• You can receive your tax-free cash over time or one lump sum: you can receive a monthly payment or a one time lump sum amount.
• NO tax implications: One of the major benefits of a CHIP reverse mortgage is that utilizing the equity in your home has no tax implications so it can often be more advantageous to use your home equity before withdrawing funds from your investments or RRSP.

It is a sad reality that there are many seniors in Canada who own their home and are struggling because they do not know about this product or do not fully understand the benefits.

This product allows the borrower to stay in the home they love, while being able to access the equity in their home without having to make any payments.

There are many misconceptions about reverse mortgages. Often this comes from the US, where this type of financing can be quite different. If you would like more information or clarification on the process of obtaining a CHIP mortgage please reach out to me. I would be happy to provide you with more information.
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No change to key interest rate- Bank of Canada

Once again, the Bank of Canada announced that it is maintaining its target for the overnight rate at ½ percent, despite stronger-than-expected global and domestic economies.

While the global economy is exceeding the Bank's January expectations-and the US is similarly experiencing solid growth-the Bank believes there is still an element of uncertainty around the global outlook. Similarly, Canada's economic growth has been faster than predicted back in January, something the Bank attributes to a boost in spending in the oil and gas sector as will as increased consumer spending resulting from the Canada Child Benefit. While the Bank finds this increase in GDP "encouraging", it isn't prepared to declare the country on a "sustainable growth path".

With CPI inflation currently at the Bank's target of 2 percent, the Bank expects it to dip in the months ahead before returning back to 2 percent later in the year.

Because of all this-and the fact much of this good news could be "temporary"-the Bank has opted to maintain its current rate. If you have any questions regarding interest rates-or any questions regarding your mortgage at all-please feel free to drop me a line at 780-722-6287.
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