Kevin Byworth
50 Gordon Way L3T5A2 Thornhill, ON, Canada

If you were a first-time buyer in 2020 you can take advantage of the Federal Home Buyers Tax Credit when you file your taxes for 2020. Use the link below to find out more, but it’s actually quite simple so don’t forget this when you’re working on your taxes. https://www.canada.ca//de/line-369-home-buyers-amount.html The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.

What's wrong with buying & flipping new construction condos now? There are a couple of issues. First, values for existing condo apartment units in the GTA are were falling in 2020 due to oversupply (new units coming on-stream) and decreasing demand (fewer people now working and living downtown due to the pandemic). This means that today's pre-construction units might be over-priced, compared to predicted values in 2-4 years.... However, as of Feb 2021, the condo market in the GTA is picking up (I talk to several realtors every week). There is more interest from potential buyers, and this higher demand is leading to higher prices. Time will tell whether this is a "blip" or a trend, but it looks like a trend. What do you think? Your circumstances are very specific to you, and you can benefit from the guidance of a very experienced, professional mortgage broker. Reach out, I'll be there! . Office 905-731-1767 Cell 416-319-2457 [email protected] www.kevinbyworth.ca . . . #KevinByworthMortgage #KevinByworthMortgages #ChoosePremiere #PremiereMortgageCentre #mortgagebroker #mortgagebrokerCA #canadianrealestate #canada #mortgage #refinancing #mortgagerefinance

"People who excel have one thing in common: an absolute sense of mission." This is not my phrase, but actually a paraphrase from Zig Ziglar, the famous sales trainer and personal development guru. His phrase is (probably) more accurately quoted as "Outstanding people have one thing in common: An absolute sense of mission". Whether we're talking about outstanding people or people who excel, it's important they have a sense of mission. What is a sense of mission? ... A sense of mission is an emotional commitment felt by people towards the goals of the company or individual. If the goal is to satisfy clients perfectly, that's the mission. If the goal is to efficiently and effectively use every minute of the day productively, that's the mission. Create a mission and then go for it - I do! . Office 905-731-1767 Cell 416-319-2457 [email protected] www.kevinbyworth.ca . . . . #KevinByworthMortgage #KevinByworthMortgages #ChoosePremiere #PremiereMortgageCentre #mortgagebroker #mortgagebrokerCA #canadianrealestate #canada #mortgage #refinancing #mortgagerefinance

Today, the Bank of Canada leaders met for one of their scheduled sessions. They held the Prime Rate at 0.25%, which means mortgage lenders’ Prime Rates stay at 2.45% (except for TD, which is at 2.60%). According to Mortgage Professionals Canada, some of the information coming from the BoC is:... Canadian economic activity is picking up, the spread of Covid-19 has slowed, and financial conditions have improved. "The Canadian economy is starting to recover. With economic activity in Q2 estimated to have been 15% below its level at end of 2019, this is the deepest decline in economic activity since the Great Depression, but considerably less severe than worst scenarios presented in April." Consumer Price Index inflation is almost zero, pulled down by sharp declines in components such as gasoline and travel services. However, despite progress as a result of government financial stimuli, the BoC stated that The Canadian Economy "will continue to require extraordinary monetary policy support. What about future changes to the Prime Rate? It’s highly unlikely that Prime will increase in 2020 or 2021, unless Covid-19 disappears and the economy picks up steam. Likely the earliest Prime will increase is 2022.

#creditscores Q. I have an auto lease (or purchase) payment to make every month. If I have to make a late payment and the lease/finance company is agreeable to it, will my credit score be protected? A. Hopefully it is, but you run the risk of the finance company Front Office giving you permission (so they don’t try and repossess the vehicle), but the Back Office still reporting the late payment. It doesn’t happen in every case, but I’ve had clients suffer this, so please ...beware. Q. If I use a Debit Card instead of a Credit Card, does that affect my credit score? A. No. Debit cards are not a form of credit, so the banks don’t report them and therefore your credit score is not affected. Finally, do you have specific questions about your financial situation? If so, please contact me for a free phone consultation. After 17 years as a mortgage broker (and 12 years as an insurance advisor) I understand how to resolve many difficult financial situations. Also, I don’t judge I’m here to support you and help you get back on track. Don’t be timid. Reach out, it will work in your favour.

#creditscores A couple more questions..... Q. I have one credit card I use, and I pay it off every month, but I often charge it right up to the limit every month. Is this a problem? A. It might be. The fact you pay off the balance is great, but if you are close to maxing out your limit every month this may bring down your credit score. How can this be? The CC company will report to Equifax/Trans Union every month, but we don’t know which day they report and you have no ...choice in the matter. If they tend to report just before your balance is paid off, you will consistently show a balance that is close to the limit, and this implies some sort of credit risk, which Equifax/Trans Union has to show prospective lenders. How do they do this? They decrease your credit score. One way to resolve this get the credit card company to increase your limit by several thousand $, and try not to max it out every month. Q. My sister/boyfriend/Best Bud at Work can’t lease/finance their vehicle because their credit score is low. They want me to co-sign for them. Should I? A. As Shakespeare might say Nay, nay and thrice nay!, which roughly translates as Not on your life. By agreeing to this, you’re doing them a favour, but you’re putting your financial security at risk. If they miss a payment or make late payments, it is reflected in your credit score, and a low credit score leads to more expensive finance options for you. It does not matter what the reason is, even though it’s not your fault. The lease/finance company correctly report the missing/late payment and you cannot change it.

#creditscores A couple more questions..... Q. My credit card accounts are nearly maxed out, but I pay the minimum every month. Will my credit score increase? A. No, it will decrease. Paying the minimum every month is really important, but if you have balances close to the limits it shows that you’re running into financial issues. This is a factor in the calculation that sets your credit score. On this basis, your credit score will drop.... Q. If I can make the minimum payments on all my cards, but there’s still some cash I can use to pay a bit more, which one should I choose? A. Great question. Typically, we advise paying extra on the one with the highest interest rate. However, if that card has a relatively low balance you may be wiser to pay down the one with the highest balance, so your balances are not close to each card’s limit. There’s an element of personal preference here, so choose whichever option you like.

#creditscores Q. If I can’t make the minimum credit card payment this month, but I can make double the minimum payment next month, is that OK? A. No. If you don’t make at least the minimum payment every month, the credit card company may mail you nasty letters or send your account to the internal collections dept. Even if they don’t contact you (and you kid yourself that maybe they didn’t notice), rest assured they will report the missed payment to Equifax/TransUnion and your credit score will start moving down quickly.

#creditscores So, Equifax (the major credit reporting agency in Canada) have changed the format of their credit report recently. It's a big deal for mortgage brokers, but clients will be much less affected. However, it has prompted some questions from my clients so I'll be posting these over the next few days. Hopefully, they'll help someone. First, a simple one... Q. If I can pay off my credit card balance every month, should I?... A. Yes. You will continue to increase your credit score, and you’ll probably sleep better at nights.