Monthly Newsletter - August

Hi , Hope you're having a great summer! Here's your August 2020 newsletter, keeping you updated on all things mortgages and GTA real estate. This past month has been super crazy with historically low rates and a busy real estate market! I am thankful for your ongoing support & referrals! I hope you continue to find this information valuable - all feedback is greatly appreciated!

AUGUST FAST FIVE

FIVE UPDATES YOU NEED TO KNOW

1. The minimum qualifying rate for a mortgage aka "the stress test" has been lowered to 4.79%. This increases your mortgage qualification by approx. 1.2%.2. We're dealing with historically low mortgage rates. If you have a mortgage rate higher than 3%, reach out directly to me! I'd be happy to provide you with rate options and whether paying a penalty will make sense for you. 3. Check out here for REMAX 2020 Hot Pocket Communities Report. This report is based on single-detached properties. 4. 7 quick & easy ways to refresh your home on a budget. - Check it out here.5. Did you know you can purchase a cottage (vacation) property with as little as 5% down? This is the case for existing homeowners! Reach out if you'd like to learn more regarding this.

Home Owner Tip of the Month.

Tax Breaks for those Working from Home.If you've been working from home this year, you'll be able to find a new tax-savings opportunity you would not have qualified for in the past. Any items that you needed to buy to set up your workspace at home such a desk, chair, monitor, keyboard and mouse can all be deducted from your income. In addition to this, a reasonable portion of utilities (water, heat & electricity) based on the sq ft of your home can be deducted as well.Unfortunately, you won't be able to deduct any portion of your mortgage payment in this situation.The CRA has limits to what you can deduct for your home office, for example, if your office space takes up 20% of your home, you can claim 20% of the utility costs. Please speak with your accountant to verify what a "reasonable" amount would be to claim as home expenses as this has always been a grey area with the CRA.In the meantime, start organizing your receipts when it comes to filing your 2020 taxes next year. Hopefully, this puts some money back in your pockets!

OVER 66 CLIENT FIVE STAR REVIEWS

As always, if you have any questions or need guidance, feel free to reply to this email or reach me directly via phone.If you know of anyone else that could use this same type of ongoing advice and support, your recommendation is greatly appreciated as I would love to help them as well. Best regards, Varshan ThavarajahMortgage Broker & Partner | MBL # M1600275Banyan Mortgage Group | FSRA #10530647-404-8812[email protected]Your Success Lies In Our Roots

Reach out if you are THINKING about Buying or Refinancing.Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year. How to Reach ME!Call or Text @ 647-404-8812 or EmailBook a call - https://calendly.com/mortgage_nerd