Steven Porter
14 Martin Street L9T 2P9 Milton, ON, Canada

RRSP Hack for Homebuyers https://portermortgages.com/blog/f/rrsp-hack-for-homebuyers

Commencing 2021 I'm rolling out my new series of Blog posts under the heading of Canadian Mortgage Hacks. Therein will contain little known insider tips and strategies for purchasing and refinancing a home. My first post of 2021 is entitled "RRSP Hack for Homebuyers" The key to taking advantage of this hack is timing and January/February mark the prime months for taking advantage of it. Are you saving for a home? How would you like to earn a 30% return on your down payment f...unds in just 30 days? Then be sure to read my post. You'll be glad you did. And while you're there, subscribe to receive my future posts. You can access the RRSP Hack for Homebuyers post directly here: https://portermortgages.com/blog/f/rrsp-hack-for-homebuyers . Be sure to share this post with your friends. Best regards, Steven Porter, Mortgage Agent, Mortgage Architects

Did you know it would take 20 years to payoff your credit card balance if you only paid the monthly minimum? At 19.99% interest!Did you know it would take 20 years to payoff your credit card balance if you only paid the monthly minimum? At 19.99% interest!

Consolidate your high interest, Christmas credit card bills into a low interest mortgage payment and SAVE. Call me, 905-875-2582

if you don’t have the proper insurance on your rental property, you could be open to law suets from your tenants. If you have 20+ units and two people living in each, that’s up to 40 people who can sue you. At Mortgage Architects we ensure you have the correct coverage.

Happy New Year 2021 to all my family, friends, clients and business associates! Wishing you health and prosperity in the coming year.

My Mortgage Broker Website and Mortgage Insider Blog just received a major facelift and a new name, PorterMortgages.com. Please tell me what you think of it?

Santa's coming to Town. Get the hot chocolate and chocolate chip cookies ready! 1 more sleep until Storytime with Santa. Join Santa on the City of Burlington’s YouTube page tomorrow, Dec. 19 at 6 p.m. youtube.com/cityburlington

After the whirlwind year of 2020, making your finances work for you is already top of mind for Canadians. Why not roll that into a brand-new resolution moving forward into 2021? Here are some ideas to make your finances work for YOU in the New Year!

Canadians who have stopped working, or have had their income reduced by at least 50% due to COVID-19, may be eligible for the Canada Recovery Benefit.

Talk to a Mortgage Broker well versed in investment property real estate. Steven Porter, always at your service.

The future of cities: The end of the rat race will reshape Canada's urban centres

Curious where house prices are going? Teranet reports that a strong rise of prices is consistent with the revival of home sales volume over the last several months reported by the Canadian Real Estate Association. The November 2020 composite index was up 9.0% from a year earlier, a fourth consecutive acceleration and the strongest 12-month gain since February 2018. It was led by five markets Ottawa-Gatineau (18.7%), Halifax (15.7%), Hamilton (14.7%), Montreal (14.5%) and T...oronto (10.3%). Lagging the countrywide average were Vancouver (6.3%), Victoria (6.2%), Quebec City (5.9%), Winnipeg (5.3%) and Edmonton (1.0%). Calgary was down 2.3% from a year earlier. Besides the Toronto and Hamilton other urban areas of the Golden Horseshoe Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough, 12-month gains ranged from 11.7% for Peterborough to 18.1% for Oshawa. BOTTOM LINE. interest rates aren’t going anywhere anytime soon. If you want to borrow money, now is the right time. Want to buy another property, do a reno, borrow to invest? This is the time. Borrow low. Reach out to a quality Mortgage Broker that can guide you properly. I'm here to help - Steven Porter, Mortgage Architects, 905-875-2582

3 Days on Global training event with like minded mortgage professionals learning to better my business and serve my clients. Wheres your bank rep. or mortgage person?

I acknowledge when a good article on a mortgage subject is written and I'm always happy to share and give credit where credit is due. Thank you to Kadance Gallant of Canadian Real Estate Wealth for your excellent article on Credit Scores. #CreditScores #Mortgage https://portermortgages.com//what-is-a-good-credit-score-i

November 2020's Mortgage MarketWatch Newsletter now available online - https://mailchi.mp//your-november-mortgage-marketwatch-ene

There is hardly anything in this world that some man cannot make a little worst, and sell little cheaper, and the people who consider price only are this man's lawful prey. - John Ruskin Being the best we can be demonstrates our value.

September's Mortgage MarketWatch eNewsletter is now available online - https://mailchi.mp/2d78/your-september-mortgage-marketwatch

Going Through a Divorce or Separation? Whether you are going through a divorce or ending a common law relationship, separation is never easy especially when most individuals feel as though they have no choice but to sell their home and split the equity. Fortunately, with the "Spousal Buyout Program" there is. https://portermortgages.com//going-through-a-divorce-or-se

Second homes and the principal residence tax exemption From what I have read, the demand for cottage properties has soared during COVID-19. City folk are eager to get out of the city for a change of scenery, especially since many people are still working from home. And if you are on the selling side, you likely have benefitted from the high demand for properties. A question I get from both purchasers and sellers is whether the principal residence exemption can be used to shelter the capital gain on a cottage property. The short answer is yes, its possible.

Did you know that a $400.00 per month car payment cancels out $100,000 of mortgage money you would otherwise have qualified for?Did you know that a $400.00 per month car payment cancels out $100,000 of mortgage money you would otherwise have qualified for?

Suspect we may see a hike in fixed rates as soon as next week.

NEWS - Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing https://www.bankofcanada.ca//09/fad-press-release-2020-09/

Still undecided on a Fixed or Variable Rate mortgage?

Need mortgage financing? I can help.

Canadian banks are going to make it a little more difficult to get a break from your mortgage. If you're struggling with your mortgage payments, call me. 905-875-2582 https://betterdwelling.com/canadas-banking-regulator-begi/

Survey says: 39% of Canadians have no financial plan once pandemic supports end. We have private mortgage funds available to bridge the gap. Call, Message or Email me to discuss your options. ... https://toronto.citynews.ca//39-per-cent-of-canadians-hav/

Steven Porter - Mortgage Architects IMHO, Rent to Own is a sound real estate investment strategy for investors and a terrific option for homebuyers to get into the market.

It's time for non-resident real estate investors to pay their fair share IN CANADA.

Hey Ontario Government ! Isnt it time you dropped the PST on Mortgage Insurance too. Enough lip service to making homes affordable for young Canadians. Manitoba to Eliminate 7% Retail Sales Tax (RST) on Mortgage Default Insurance Premiums | Effective July 1, 2020... (Download Update) In April, the Manitoba government announced changes to the provincial Retail Sales Tax (RST). Effective July 1, 2020, Manitoba will eliminate its 7% RST on certain residential and commercial property insurance contracts. This new RST exemption will apply to mortgage default insurance premiums on new or renewed insurance contracts that come into effect after June 30, 2020.

Mortgage experts say the Bank of Canada will reduce the benchmark qualifying ratea.k.a. stress test ratefrom 4.94% to 4.79% this week. https://www.canadianmortgagetrends.com//stress-test-rate-/

Good news for new home buyers and owners. The Bank of Canada announced it will maintain it's prime lending rate and reinforced it's commitment to maintain rates into 2023.

Canada is now home to a sub-1% mortgage rate. On Friday afternoon, HSBC began advertising a new five-year variable mortgage with an interest rate of 0.99%, but is HSBC’s new product worth the hype? First, mortgages eligible for the 0.99% rate are high-ratio, meaning a down payment of less than 20%, which will inevitably be followed by the added cost of mortgage default insurance. Currently, insurance premiums offered by CMHC range between 2.8% and 4% of the mortgage amount fo...r high ratio mortgages. Remember too, this is for home Purchases Only. Second, because the rate is variable and based on HSBC’s own prime rate, not the Bank of Canada’s, borrowers enticed by the initial savings could find themselves paying more over the term of the loan, especially if Canada’s economic rebound from COVID-19 is hastened by the roll-out of an effective vaccine.

August Mortgage MarketWatch eNews now available to view online - https://mailchi.mp/0d59e9/august-mortgage-marketwatch-enews

My December Mortgage MarketWatch eNews is now live - https://mailchi.mp//your-december-mortgage-marketwatch-ene

CMHC says claim it is researching federal home equity tax is "misleading" An article in Blacklocks Reporter claimed that the federal government is eying a home equity tax and that CMHC is spending $250,000 to research the initiative. https://www.mortgagebrokernews.ca//cmhc-says-claim-it-is-r

Renewing your mortgage? Start treating your mortgage for what it really is, an investment, and as with any investment, proper planning leads to higher returns. Get expert advise from a Mortgage Expert. I'm at your service.

The Bank of Canada today maintained its target for the overnight rate. While economies are re-opening, the global and Canadian outlook is extremely uncertain, given the unpredictability of the course of the COVID-19 pandemic. Reflecting this, the Banks July Monetary Policy Report (MPR) presents a central scenario for global and Canadian growth rather than the usual economic projections.

Be cautious about getting caught up in the buying frenzy of over paying for a home. It could cost YOU more cash out of YOUR own pocket. "Canada’s Largest Bank Says It’s Putting 'Greater Weight' On Home Price Declines" https://betterdwelling.com/canadas-largest-bank-says-its-p/

July 2020 edition of Mortgage MarketWatch eNews is now available online at - https://mailchi.mp/9be/your-july-mortgage-marketwatch-enews

Life is Variable . . . Your Mortgage Should be Too American who sold home in Toronto shocked by $47,000 mortgage penalty https://toronto.ctvnews.ca/american-who-sold-home-in-toront... Bank charges mom $30,000 mortgage penalty after being forced to sell home because of pandemic https://toronto.ctvnews.ca/bank-charges-mom-30-000-mortgage Woman shocked to learn she owed $15,000 after breaking mortgage agreement https://toronto.ctvnews.ca/woman-shocked-to-learn-she-owed- Mississauga, Ont. homeowner told to pay $22K penalty for breaking mortgage https://toronto.ctvnews.ca/mississauga-ont-homeowner-told-t

WHERE ARE MORTGAGE RATES HEADED? Canadas core inflation is likely to continue falling to record lows, in turn affecting potential mortgage rates, according to a RateSpy analysis. The Bank of Canada wants average core inflation at/near 2%, but its currently 1.67% and diving, industry expert states. Thats noteworthy for borrowers given inflation expectations are a primary determinant of mortgage rates.... Need expert mortgage advice? Call or message me.

Some good news from one of CMHC's main competitors for mortgage default insurance.

Your June 2020 Mortgage MarketWatch - https://mailchi.mp/1d5c/your-june-2020-mortgage-marketwatch

Is the Liberal government's plans over the next year, to tax foreign homeowners who live outside of Canada as part of a plan to lower housing prices, Good or Bad?

https://www.1800mortgages.ca/cmhc-changes-the-rules-for-ho/

Good News. In an opening statement before the House of Commons Standing Committee on Finance, Governor Tiff Macklem states "We want to be very clearCanadians can be confident that borrowing costs are going to remain very low for a long time." Although a bit dry, the following article provides a good account of the current and future financial Monetary Policies of the Government of Canada.

Mortgage News Update Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria. Effective July 1, the following changes will apply for new mortgage applications for homeowner transactional and portfolio mortgage insurance.... https://mailchi.mp//important-breaking-mortgage-qualifying

November is Financial Literacy Month in Canada. Learning how to manage money and navigate the banking system is a crucial element of sound financial management. Learn how to get financially healthy with one of our Lender Partners . . .

Premier Ford issues strong warning for "Greedy" commercial landlords

Self Employed, Bankruptcy, Consumer Proposal, Foreclosure Protection, Student Rentals, Quick Closings. We have a Private Mortgage Solution for your individual needs. Steven Porter, Mortgage Agent - Mortgage Architects

Get mortgage advice from a mortgage professional. As Mortgage brokers, our job is to know mortgages. https://www.countyweeklynews.ca//c6d129fe-51ac-4d9d-a248-a

The Bank of Canada's, June rate decision At 10 am eastern, Wednesday, June 3, 2020 the Bank of Canada made its sixth interest rate decision of the year and the first under its newly appointed Governor Tiff Macklem. The decision itself no change is unsurprising as the Bank has repeatedly stated that it has no intention of reducing the rate below its current 0.25%.... However, the Bank did have some new things to say about the impact of the COVID-19 pandemic on the global economy that it appears to have peaked due to massive policy responses by governments and that financial conditions have improved. This is the first sign of good news since the pandemic was declared in March and should help to engender confidence for Canadians who are contemplating real estate purchases this summer.

Some clarity (from watch dogs) on falling house prices.

Every little bit helps! Effective Monday May 25, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate for mortgages is 4.94%.

Here's a great post by my colleague, April Dunn from Kelowna, B.C. about this year's tax filing for the self-employed.

Now is not the time to cut support for Canadians, Jessica Eritou, spokesperson for the Office of the Minister of Families, Children and Social Development

May 2020 Mortgage MarketWatch eNewsletter is now available - https://mailchi.mp//your-may-2020-mortgage-marketwatch-ene

Mortgages don’t have to be scary. Reach out to an MA broker to discuss your options! From everyone at Mortgage Architects, Happy Halloween!

Looks like cheap mortgage money is here to stay a while longer.

What you need to know about filing your income tax return this year

Today's central bank announcement At 10 am eastern, the Bank of Canada made its ninth interest rate decision of the year. While the overnight rate did not change it remains at just 0.25 percent, which is great news for borrowers the Bank’s commentary about the outlook for Canada’s economy did. In particular, the Bank announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. In its current projection, the B...ank does not expect this to happen until into 2023. Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.

Understanding CERB, EI and the feds wage subsidy That includes wage earners, contract workers, or self-employed individuals; those whove had to stay home without pay to self-isolate or care for loved ones; and anyone else who hasnt been permanently laid off, but has stopped receiving paycheques. Any Canadian who has stopped working for a 14-day period due to Covid-19 can qualify for the new benefit, which cover a period of up to 16 weeks. Applications opened online and by ...phone on Monday, April 6, with payments to arrive within five days for direct deposits and within 10 days for cheques by mail. More information is available at www.canada.ca/coronavirus-CERB See more

October 2020 Mortgage MarketWatch eNews now available online. - https://mailchi.mp//your-october-mortgage-marketwatch-enews

COVID-19 Creating Legal Issues for Sellers of Rental Properties https://www.mortgagebrokernews.ca//covid19-creating-legal-

When you make an FIRM offer to purchase a home. It means FIRM with NO escape. Be enlightened through this article on a specific case that went to Court.

Credit Card payments coming due? Some relief available as well for deferring your credit card payments during the COVID-19 Crisis

Beware the Banker Who Gives You His Shirt

A good perspective to have on your own business.

What to choose, a fixed or variable rate mortgage? An age old dilema. President of Mortgage Architects, Dustan Woodhouse offers his learned opinion on the subject. Even in the current environment. Thanks Dustan Woodhouse

Has media, social media, fake news and hype got your confused? Get the facts and the programs available to assist you if you own a home and have a mortgage. My colleague, Steve Garganis, Mortgage Architects shares an excellent post on what's truly available to you for HELP.

ATTENTION LANDLORDS/REAL ESTATE INVESTORS Keep yourself updated by visiting reliable sources such as your provinces landlord and tenant board and the official websites of your local and provincial governments. It is also important to note that the below relates to Ontario, as other provinces such British Columbia have halted all evictions and rent increases.

Canadian mortgage rates are the lowest in history. Can they go any lower? Not by much, but yes, several analysts say . . . . Heare's an interesting article by the Financial Post:... https://financialpost.com//canadian-mortgage-rates-are-the

WHAT YOUR BANKER WON'T TELL YOU Here are a few things to keep in mind while doing business with your bank from opening chequing and savings accounts to personal loans and mortgages, we’ve got you covered! https://www.stevenporter.ca//What-Your-Banker-Wont-Tell-You

Are you shopping for a mortgage during the COVID-19 Crisis? Use a Mortgage Broker to assist you in navigating the current mortgage lending landscape. Call me. I'm here to help.... #refinance, #renewal #mortgage #homebuyer See more

HELP (Financial Assistance) is available during the COVID-19 Crisis. This article explains some of the "How to's"

Many people requesting deferrals are still under the false impression that the bank is actually forgiving a few months worth of payments, which is definitely not the case. This article looks at the numbers if it's right for you or not.

Hey Ontario Government ! Isn’t it time you dropped the PST on Mortgage Insurance too. Enough lip service to making homes affordable for young Canadians. Manitoba to Eliminate 7% Retail Sales Tax (RST) on Mortgage Default Insurance Premiums | Effective July 1, 2020... (Download Update) In April, the Manitoba government announced changes to the provincial Retail Sales Tax (RST). Effective July 1, 2020, Manitoba will eliminate its 7% RST on certain residential and commercial property insurance contracts. This new RST exemption will apply to mortgage default insurance premiums on new or renewed insurance contracts that come into effect after June 30, 2020.

CMHC says claim it is researching federal home equity tax is "misleading" An article in Blacklock’s Reporter claimed that the federal government is eying a home equity tax and that CMHC is spending $250,000 to research the initiative. https://www.mortgagebrokernews.ca//cmhc-says-claim-it-is-r

WHERE ARE MORTGAGE RATES HEADED? Canada’s core inflation is likely to continue falling to record lows, in turn affecting potential mortgage rates, according to a RateSpy analysis. The Bank of Canada wants average core inflation at/near 2%, but it’s currently 1.67% and diving, industry expert states. That’s noteworthy for borrowers given inflation expectations are a primary determinant of mortgage rates.... Need expert mortgage advice? Call or message me.