HawthorneVillager.com

Andrew...just a few corrections on your post.

The two most competitive NoFrills/value mortgage (IA and Mcap) out there are both portable. Main limitation for the Nofrills is it's not portable in every Canadian province so that's one thing that is always very important to bring up. It's available in BC, Ab, ON, NS, NB.

As for the the value mortgage you can do a straight port, port and increase but no port and decrease. This is due to the fact that the value mortgage has no lump sum pre-payment privilege.

The Nofrills has a annual 5% pre-payment on the original mortgage balance as well as 5% on the regular payment. On a 300K mortgage that is an extra 15K per year, + you ca always reduce the amortization and go bi-weekly accelerated.

The value as no lump sum but you can increase payments by 10% and again reduce the amortization and do accelerated payments.

Are these mortgages a bit less flexible? Yes. Can someone wanting to pay off their mortgage quicker still use these products? 100%. You might have to adapt how you have been making those extra payments, but the end results can be the same.

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Mathieu Fugere
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Office: 416.945.9123
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Hi Andrew,

I've been reading your posts regularly and they are very informative.

I've sold my house back in Aug 2009 and currently renting. I've booked a house and closing date is in March 2013. I've few questions:

1. In 2013, will I be considered as first time home buyer? if so then am I eligible for land transfer tax refund?
2. May I use my RRSP for down payment in 2013?

Please advise.

Thank you in advance.

RB