Divorce Among other things, divorces and separations can often leave deep financial wounds. In the case of mortgages, they can be messy and complicated. If you are undergoing a separation, it’s important to know that you have options that can help make this ordeal easier. One tool you may want to consider is our spousal buyout program. Who is this program for?  Our spousal buyout program is intended for those instances where two people, whose names are on a single mortgage, have decided to separate and one of them wishes to stay in the home. Perhaps this is so that any children involved won’t have to move, but the reason why one person wishes to remain in the home is irrelevant. In most cases, this program is used in situations of divorce, but it is also applicable for siblings or even friends who jointly owned a home and now want to go their separate ways. How does this program work?  Through this program, it is possible to finance up to 95% of the home’s purchase price in a private sale in order for the other party to be bought out. These proceeds can only

Bank Canada Rate Review 2018 Bank of Canada will be reviewing interest rates  in 2018 to determine if the bank rate needs to increase or decrease.  If you are in a variable or a HELOC product this is an important time for you.  The following at the review dates for 2018: January 17 - Interest rate announcement and Monetary Policy Report March 7 - Interest rate announcement April 18 - Interest rate announcement and Monetary Policy Report May 30 - Interest rate announcement July 11 - Interest rate announcement and Monetary Policy Report September 5 - Interest rate announcement October 24 - Interest rate announcement and Monetary Policy Report December 5 - Interest rate announcement If you would like to discuss the impacts of this wit your mortgage please call 403.875.2969 Patricia McKean

Ensure Educated Mortgage Product It is so important to make sure you are being educated on the mortgage product you are being offered. We have a situation now where a home seller has an XXX mortgage. The home is in the starting stages of foreclosure but their realtor has found a buyer. Financing complete on our end for the new buyer and the deals goes to the lawyer. The seller has to pay $11,000 out of pocket to make up the difference from the sale to what she owes XXX. The seller confirms she has this and ready to close. Meanwhile our client has gave notice to the rental, packed all his contents and is ready for moving day. Lawyer goes to request funds and finds out that the seller has a collateral mortgage with XXX which gives them to power to call all debts owned by this client. Down to the final hours and now the seller must come up with $9500.00 to pay off a visa. This could potentially kill the whole deal. The seller was not aware that having a collateral charge mortgage would give the bank this power and now may lose the house to foreclosure.