12 Sep

Canada’s First Time Homebuyer Incentive Program


Posted by: Matt Robinson

The First Time Home Buyers Incentive officially came into effect last week and will start providing interest-free shared-equity loans to interested buyers in the form of down payment assistance.

To recap how the program works, participants must put down at least 5% of the home’s value with their own money, while the government (through the Canada Mortgage and Housing Corporation) would contribute an additional 5% of the down payment if the purchase is an existing home, or 10% if it is a new build.

The buyers don’t need to make any monthly payments, though the loan must be repaid after 25 years or when the home is sold.

CMHC also shares proportionately in any future gains or losses in home value. ie. they put in 5% now, they get 5% of whatever the value is when the loan is being repaid.



2 Aug

Top 3 Budgeting Apps To Help You Save For Your First Down-Payment


Posted by: Matt Robinson

First Down-Payment

In today’s society, people turn to their phones for many things such as research, entertainment, communication, and direction. So why not use your phone for financial purposes? There are multiple phone applications available on the market that can assist you in staying organized with your finances and help you achieve specific goals. These goals can range from paying for your Chilliwack mortgage on time or even saving for your first down-payment.

You need to be sure and have a lot of money saved up to pay for your down payment, which is a set percentage of your home’s purchase price. To help you get started, your Chilliwack mortgage broker, Matt Robinson with Dominion Lending Centres, has listed the top 3 budgeting apps to help you save for your first down payment.

#1: Mint

Mint is a free application that can help you manage your finances easily. This app has multiple features that include tracking bills, accurately budgeting, free credit checks, reminders on when your bills are due, payment categorization, and investment tracking all in one secure location. This app is personalized to you, it allows you to pay bills online, and it gives advice on ways to cut back on spending and increase your savings.

#2:  Debt Minder

Debt Minder on Go is an inexpensive app that can help you pay off debt and manage your finances. This app will strategically map out how you can reduce your balance by using a “Debt Snowball” method and customise each plan to your financial situation. You are able to select any type of currency you want, and this app will also show you your daily and monthly interest accrual rate in an easy to understand graph.

#3: iXpenselt

At a low monthly fee, iXpenselt is a daily and monthly expense tracking application that can help you save for your first down payment. This app’s features allow you to input your expenses and store photo receipts on the go. With this simple tool, you can consolidate all your debt and expenses into one area to help you easily track how much you are spending versus how much you are saving. You can then export this information from your phone into an excel file. For more information, please click HERE.

Contact Us

Contact your Chilliwack mortgage lender today for more information on these three budgeting apps. Or if you would like to get started on your mortgage application, please call 604-852-1703.

12 Mar

The Difference Between Fixed and Variable Rate Mortgages


Posted by: Matt Robinson

The Difference Between Fixed and Variable Rate Mortgages

Matt Robinson | Dominion Lending Centres

info@matthewrobinson.ca   – 604-852-1703

Are you in the market for an Chilliwack mortgage, or are looking for an Abbotsford mortgage broker, well look no further because Matthew Robinson is here to help you!

When deciding which home loan is your best option, it is important you evaluate your finances. Be aware and honest about your income, the specific lifestyle you lead, and your personality. Some mortgage rates are riskier than others so it is important you recognise whether or not you can handle the inconsistency and potential risks that are associated with those loans.

So what loan is right for you? There are two main types of loans: fixed rate mortgages and variable rate mortgages.

Fixed Rate Mortgages

A fixed rate mortgage is a loan where the rates are consistent throughout the term of the loan. No risk is associated with this loan in terms of interest rates going up unexpectedly. Your monthly payments will not fluctuate, and instead stay consistent. This is a great option if you do not like to take risks. With this loan, you know exactly how long it will take you to pay off because the rate never changes. It allows you to accurately budget, however, higher interest rates are usually associated with fixed mortgages.

Variable Rate Mortgages

A variable rate mortgage is a loan where the interest rates are a lot lower than a fixed mortgage. This mortgage is associated with a lot more risk. Without a heads up, the interest rates could increase or decrease. This inconsistency can cause people a lot of stress, so it is important to understand if you can handle the risk or not. Assessing your financial situation and seeing if you can afford at least a 2% increase in your variable rate, is a good way to know if this option works for you.

Get Started Today!

Regardless of which loan you would like to go with, your local Abbotsford and Chilliwack mortgage broker can work with you and advise you on your best option. So don’t wait, contact Matt Robinson today at 604-852-1703 or info@matthewrobinson.ca.