The Wealth Effect

CMP interviewed Taurus Mortgage Capital CEO George Hugh on how he built his business and why he makes sure that customer satisfaction is always a priority.

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First Time Home Buyer Incentive Program

Recently, the Government of Canada has launched a program, designed to help first time home buyers get into the real estate market. The purpose of the First Time Home Buyer Incentive Program (FTHBI) is to help Canadians who have the minimum down payment for an insured mortgage to increase this amount  with help through a government subsidy.

Shared equity financing means that the government will participate in the appreciation of the house, and lose in the depreciation of the house, equal to the percentage amount they contribute towards the house. Essentially, they become part owners of your home.

This program may be an attractive option to some, because it effectively reduces your monthly mortgage payment.

Under this incentive program, first time home buyers are eligible for:

• 5% for a first-time home buyer’s purchase of a re-sale home

• 5% for a first-time home buyer’s purchase of a new or re-sale mobile/manufactured home

• 5% or 10% for a first-time home buyer’s purchase of a new construction

While this incentive will help many Canadians purchase their first homes, it does include some limitations:

• In order to enroll in this program, your mortgage must be insured, meaning that your down payment cannot exceed 20%

• The incentive must be repaid at the earlier of 25 years from the purchase date, or the sale of the home

• The incentive is classified as a second mortgage

• This incentive is non-interest bearing, with no regular principal payment and is repayable in full at any time.

What do we think?

The first time home buyer’s incentive program can provide great benefit to those looking to buy their first home, but can’t borrow the full amount they need from traditional lenders. This program will turn some of those people who are unable to get into the real estate market, into homeowners. We love to see the government actively helping Canadians with the increasing affordability problem in the real estate market, and we support the initiative.

The equity financing portion will reduce your gain when your house appreciates, however, so although it does help get first time home buyers into the housing market, it does limit the upside. While it is helpful to some Canadians, we still think that it’s a better idea, if possible, to purchase your first home without the assistance of the Buyer Incentive Program.

Interested in learning more about mortgage financing? You can always give us a call at: 905-209-7200, send us an email at: info@taurusmortgages.com, or book a meeting.           

Top Choice Award 2019 - Winners of Best Mortgage Brokerage in Markham

It is with great excitement and honour to accept the Top Choice Award for the Best Mortgage Brokerage in Markham.  Since inception, we have always made it a priority to provide a customer experience that was second to none.  This meant going the extra mile with each and every client, lender and business partner.  This award is confirmation that we have been doing what we set out to do.  Thank you to all our Clients, Friends and Business Partners who took the time to vote for us and shared your positive experiences.   We look forward to working with you all and continuing to do what we do best!

Top Independent Mortgage Brokerage in Canada

Taurus Mortgage Capital was recognized by CMP Magazine as one of the Top Independent Mortgage Brokerages in Canada. CMP conducted an interview featuring George Hugh. Click on the link below to learn more about the interview.

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Real Estate Investment - Build Wealth through Real Estate

Taurus Mortgage Capital is welcoming everyone who are interested in Real Estate Investing to join us for our presentation on Building Wealth through Real Estate. In this presentation, we will go over the current Market Conditions, understand Real Estate and How to create an effective Real Estate Portfolio.

Current Housing Market - Where is it going?

Taurus Mortgage Capital is welcoming all Realtors to join us for a presentation regarding the current Housing Market. In this presentation, we will go over the current housing market conditions, how to increase sales in these challenging times and better understand the new world.