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Welcome to the Synergy Solutions Centre!
Just click on the one of the questions below and you'll get a simple answer. If the question you have doesn't appear on this list, feel free to ask us and we'll be happy to help you in any way we can.
You can "search" through the questions and answers by entering keyword(s) into our search box. Or you can categorize the questions listed by a category name, such as borrowing or wealth services, by selecting one of the categories from the drop-down menu from our main page. You can also comment on each of these questions by providing a comment on our answer, where we could provide additional answers.
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There is certainly nothing more consistent in life than change. And gathering all the facts is a great first step in any decision-making process.
You are right, there are many variables in your situation... What if the house doesn't sell for what is owed? What down payment would you have for t... more...
A division of the Government of Canada - the Canadian Mortgage Housing Corporation (commonly referred to as CMHC) - acts as Canada's national housing agency. The CMHC's mandate is to help Canadians access a variety of affordable housing options. It also researches housing and real estate trends i... more...
Financial security is often the top reason people cite for buying a house. Yet a recent poll cited in the media suggested that more than one in three homeowners don t have any coverage beyond home insurance to help cover liabilities and protect this financial asset in case of illness or death.
W... more...
Almost half of the first-time buyers polled in a recent national survey used the RRSP Home Buyers Plan (HBP). Here s a plain-language explanation of the basics.
How much you can withdraw. A qualifying home buyer can withdraw, tax-free, up to $25,000 from his or her RRSP. That s $50,000 for a... more...
Canadians now have an opportunity to take advantage of a few new financial incentives on the home front, for improvements to an existing home or a first-time purchase of a new one.
Did you purchase a fixer-upper or does your current home need a refresh? Renovations can possibly be an investme... more...
Did you know that you can recycle almost every part of an old printer or photocopier? Or that you can send a computer back to the company you bought it from for recycling? There are myriad ways to make your business gentler on the environment, and save money too. Here are some ideas.
Start with... more...
If you have retired or are approaching retirement, your home may be taking on more importance than ever.
You have time now to research and undertake renovations that will make your home environmentally friendly and your living space healthier and greener by reducing energy needs. Start with an ... more...
Spring is normally a busy time for house hunting, which makes it a busy time for starting and renewing mortgages. Here are four ways to save money on what s likely to be your biggest lifetime purchase.
1. Use your tax refund. Most lenders allow homeowners to make a penalty-free prepayment of u... more...
You can claim tax deductions for a wide range of expenses if you move at least 40 kilometres closer to your place of work. (Home-based self-employed people get the same break if they move at least 40 km.) For example, you may be able to deduct up to $5,000 of the cost of maintaining a vacant home w... more...
Group Mortgage Protection Insurance coverage can be applied for via Synergy Credit Union through the CUMIS Life Insurance Company by individuals from ages 16 to 64 (coverage terminates on the member s 80 th birthday). This insurance provides coverage on the outstanding balance of the loan at the t... more...
There are a couple of questions you need to ask yourself and the strategy you choose will hinge on how you answer.
Are you planning to stay in your current home for an extended period of time? If so, then locking in to guarantee a lower rate is a good strategic move on your part. Locking in w... more...
Yes, you may qualify to get a mortgage, even if you do not have a cash down payment.
Generally, with Canadian Mortgage Housing Corporation (CHMC), a 5% down payment is required. CMHC is an independent agent which allows banks or credit unions to issue mortgages with a lower down payment than ... more...
The property tax account is not like our usual deposit accounts which can be viewed, the property tax portion of your mortgage payment is stored on a separate balance sheet within your mortgage loan account. On an annul basis, once your property taxes have been paid, a loan payment notice reminder ... more...
No, you don t have to wait! At Synergy, you have 3 options that you can choose from.
Option one is to pay a pre-payment penalty and amendment fee which will buy-down your interest rate to the current rate. Option 2 is if you need to add to your mortgage to payout other debts or home renovations... more...
No, you shouldn t wait until you pay off your mortgage to invest in your retirement. You need to establish a regular savings plan and invest in your Registered Retirement Savings Plan (RRSP) as early in life as possible to take advantage of time and compounding interest. There is a major upside t... more...
Yes, you may qualify to get a mortgage, even if you do not have a cash down payment, or money to pay for the inspection fees, appraisal costs or even legal fees.
Generally, with Canadian Mortgage Housing Corporation (CHMC), a 5% down payment is required. CMHC is an independent agent which all... more...
Absolutely not. At 37, you have plenty of time to purchase a home. It is a matter of lifestyle choice, and simply a desire to be a home-owner.
However, when looking a purchasing a home later in life, you need to consider that the repayment period may need to be limited based on your planned y... more...
Your question is not specific as to the type of equity you are referring to, Synergy s ProfitShares program or equity in your home? The following will briefly discuss both scenarios.
ProfitShares, Synergy s member equity program, pays shareholder dividends to its member/owners for conducting the... more...
Yes, Synergy Credit Union can borrow money to members to purchase properties in other provinces. In fact, we are licensed to do business all across Canada.
To qualify, you must have the necessary cash flow to maintain both your rental and personal mortgage payments. Your payments need to be with... more...
You can save a lot. The best advice is to pay off your mortgage as fast as you can. Monthly payments are based on the length of time it will take you to pay off your house (amortization period). The advantage of a longer amortization is that the monthly payments are smaller and more manageable. The... more...
Both mortgages have their cost-effective advantages. More than anything else, your personal situation will determine which mortgage gives you more of an advantage. So let s have a closer look, and then you can decide.
If you think you ll be taking out a loan in the future, such as a car, RV or ... more...
Interest rates rise and fall. A fixed rate mortgage provides stability because the rate is locked in for a period of time. If interest rates are rising, you may want to lock your mortgage in so you know exactly what your monthly costs are going to be.
If, however, you think interest rates will g... more...
Fortunately, this isn t a question of either or . You can in fact do both. Here s how.
The first step is to check your RRSP situation and your contribution room (the amount you can still put into your RRSP without going over your limit). You are allowed to contribute up to 18% of your gross ann... more...
When you receive pre-approval for a mortgage, the value you are quoted is simply the highest amount that you can mortgage. And a mortgage, as per lending rules, is based on the value of the home itself. Obviously, you demonstrated you could qualify for and make payments on a home valued up to $250,... more...
Are you or someone in your family thinking about buying a house or condo? Have you looked into how much of your income should be allocated to cover the mortgage, property taxes, and heating?
Nearly half the Canadians asked about that in a national survey guessed either too high or too low. Thos... more...
The eroWorks Retail Banking system offers a unique escrow functionality where the taxes are collected and remain on a separate balance sheet within the mortgage loan. This account is then debited to pay the municipality the appropriate tax amount.
more...
Interest rates rise and fall. A fixed rate mortgage provides stability because the rate is locked in for a period of time. If interest rates are rising, you may want to lock your mortgage in so you know exactly what your monthly costs are going to be.
If, however, you think interest rates will g... more...
You are correct, you can withdraw from your RRSP to buy a home. The program is called the Home Buyers Plan.
The Home Buyers Plan allows you to withdraw up to $20,000 from your RRSPs to buy or build a home for yourself. Your spouse can also withdraw up to $20,000. This program is for first-time ... more...
Yes and with today s low mortgage rates that can be a good financial strategy. Under the current CMHC guidelines, you can increase your mortgage to 90% of the current appraised value of your home. So for starters, you will need to have an appraisal done to tell you how much your home is now wo... more...
You are correct, you can withdraw from your RRSP to buy a home (the "Home Buyers Plan"), where this program is not exclusive to first home buyers. This program is commonly used by first-time homeowners; however, you do not have to be a first time home buyer to utilize this program. On the other han... more...
The minimum down payment is 5% for a Canada Mortgage Housing Corporation (CMHC) insured mortgage. However, if you qualify and your income supports both loans, you may be able to borrow the 5% with other security pledged.
It would be time well spent if you talk to your lender, and together, wor... more...
The current low interest rates are making rental properties very popular for people who can afford them. CMHC will allow rental properties to be financed up to 95% for the first two properties and normal qualifications do apply.
Policies differ among lending institutions regarding the percentag... more...
Yes, there is a way to hold the mortgage to avoid penalties. The time frame at Synergy Credit Union is 60 days. The only cost may be if you need an increased mortgage, then we blend the rates from the existing mortgage rate to current rates. For example, if your current mortgage is $330,000 and ... more...
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