First Home Savings Account

By  Leann Scarlett |   | Posted in " #First Time Home Buyers Savings Plan, Alberta Proud, Broker Red Deer, Down Payment, First Time Home Buyer, Mortgage, Mortgage broker, Mortgage Broker Alberta, Mortgage Broker Red Deer, Ponoka Mortgage Broker, Red Deer Mortgage Broker, Rocky Mountain House Mortgage Broker, Universal Mortgage Solutions, Working with Realtors "

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The deadline is approaching to contribute to the First Home Savings Account for 2023 tax year. If you are considering buying a home in 2024 or beyond this may be a great way to start saving for that home.    I will refer to this progarm as "FHSA" as we go forward.   The FHSA is a combination between an RRSP and a TFSA account (I wrote a blog in September bout this that can be found under blogs on my website)   This post is just a quick "Hey, Don't miss the window to contribute for 2023" (it's December 31, 2023)   Call me if you have……


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What A Ride 2023

By  Leann Scarlett |   | Posted in " #First Time Home Buyers Savings Plan, Alberta Prosperity, Alberta Proud, Alternative Mortgages, Broker Red Deer, Consolidation, Down Payment, First Time Home Buyer, First Time Home Buyers, FTHB, HOME BUYING, Home Buying 101, Home Equity Line of credit, Investment Mortgages, Metis Down Payment Assistance Program, Mortgage, Mortgage boker, Mortgage broker, Mortgage Broker Alberta, Mortgage Broker Red Deer, Mortgage Renewal, Ponoka Mortgage Broker, RE-FINANCING, Red Deer Mortgage Broker, Refinance, RENEWING, REVERSE MORTGAGES, Rocky Mountain House Mortgage Broker, Universal Mortgage Solutions, Working with Realtors "

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Wow the 12th Month of the Year… (how did that happen) 😊 2023 had some ups and downs. Higher interest rates, lack of inventory in the real estate market, uncertainty of where interest rates may go, the scare of a housing shortage, on and on. Interest rates have spooked some buyers, and honestly the interest rate really isn’t that high. Did you know that the average 5 year fixed rate over the past 10 years is 4.17% (twenty five year average 5.26%). We aren’t to far off that right now. At this writing, we are currently in the mid 5’s (this……


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First Home Savings Account (FHSA)

By  Leann Scarlett |   | Posted in " #First Time Home Buyers Savings Plan, Alberta Prosperity, Alberta Proud, Alternative Mortgages, Broker Red Deer, Consolidation, Down Payment, First Time Home Buyer, First Time Home Buyers, FTHB, HOME BUYING, Home Buying 101, Home Equity Line of credit, Investment Mortgages, Metis Down Payment Assistance Program, Mortgage, Mortgage boker, Mortgage broker, Mortgage Broker Alberta, Mortgage Broker Red Deer, Mortgage Renewal, Ponoka Mortgage Broker, RE-FINANCING, Red Deer Mortgage Broker, Refinance, RENEWING, REVERSE MORTGAGES, Rocky Mountain House Mortgage Broker, Universal Mortgage Solutions, Working with Realtors "

Here is a fantastic savings plan that the government has created. It's a hybrid of an RRSP and a TFSA, for the purpose of home ownership. What is it... here are the details... -As of April 1, 2023, financial institutions have the ability to offer the new First Time Home Buyers Tax Free Savings Account -Under the new plan, prospective first-time home buyers have the ability to save $40,000.00 on a tax-free basis -Similar to a Registered Retirement Savings Plan (RRSP), any contributions will be tax deductible -Withdrawals' from the FHSA to purchase a home are non-taxable, similar to a TFSA -The Plan includes an $8,000.00……


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