CORY VANCE
Partner & Mortgage Broker at A Better Way Mortgages
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Relationships matter, I demonstrate this daily by assuring every step of your journey is clearly understood and that the solutions we arrive at fit your unique needs. As a licensed Mortgage Broker I offer unbiased advice via access and understanding of several top banks, credit unions, and national mortgage lender policies and programs. I distill the dozens of options available into a shortlist of the very best for you to decide upon. Twelve of my twenty years of financial services experience were spent working on the inside of one of our country’s largest banks which gives me a unique perspective on what the market offers
As Managing Partner of A Better Way Mortgages, I’ve developed my expertise in financial services working with hundreds of clients. A Better Way Mortgages is a top Dominion Lending Centres franchise with more than 80 Mortgage Brokers serving Alberta, British Columbia, and Ontario.
Born and raised in Regina and a long time Riders fan, our family moved to Calgary in 2000 and we’ve never looked back…except to cheer for the Riders. When I’m not in my office building spreadsheets and analyzing ways to make finances fun (for real), I’m spending time with my wife and our two active kids.
I can also be found working with Between Friends an organization providing social and self-development opportunities for people with disabilities to connect, grow and feel a greater sense of belonging.
My passion is in tailoring a strategy that meets your needs. If you are looking to buy, build, renew, refinance or simply want an unbiased second opinion please give me a call.
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I believe that in order for clients to feel confident about the mortgage process they need to be educated on all available options. My goal is to guide you through the process so you can make an informed decision.
HOME PURCHASE
If you are looking to buy or build a property, chances are you will need to get a mortgage. With so many options and mortgage products available it is hard to know where to start. I am here to guide you through the process. Why be tied to a single lender when you can have options from several at no cost to you?
RENEWAL OR REFINANCE
If you’re looking to access some of the equity in your home or you have a mortgage that is up for renewal in the next six months, you have options. Often a quick phone call can result in huge savings.
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In recent years, housing affordability has become a significant concern for many Canadians, particularly for first-time homebuyers facing soaring prices and strict mortgage qualification criteria. To address these challenges, the Canadian government has introduced several housing affordability measures. In this blog post, we'll examine these measures and their potential implications for homebuyers. Increased Home Buyer's Plan (HBP) Withdrawal Limit Effective April 16, the Home Buyer's Plan (HBP) withdrawal limit will be raised from $35,000 to $60,000. The HBP allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to use towards a down payment on a home. By increasing the withdrawal limit, the government aims to provide young Canadians with more flexibility in saving for their down payments, recognizing the growing challenges of entering the housing market. Extended Repayment Period for HBP Withdrawals In addition to increasing the withdrawal limit, the government has extended the repayment period for HBP withdrawals. Individuals who made withdrawals between January 1, 2022, and December 31, 2025, will now have five years instead of two to begin repayment. This extension provides borrowers with more time to manage their finances and repay the withdrawn amounts, alleviating some of the immediate financial pressures associated with using RRSP funds for a down payment. 30-Year Mortgage Amortizations for Newly Built Homes Starting August 1, 2024, first-time homebuyers purchasing newly built homes will be eligible for 30-year mortgage amortizations. This change extends the maximum mortgage repayment period from 25 years to 30 years, resulting in lower monthly mortgage payments. By offering longer amortization periods, the government aims to increase affordability and assist homebuyers in managing their housing expenses more effectively. Changes to the Canadian Mortgage Charter The government has also introduced changes to the Canadian Mortgage Charter to provide relief to homeowners facing financial challenges. These changes include early mortgage renewal notifications and permanent amortization relief for eligible homeowners. By implementing these measures, the government seeks to support homeowners in maintaining affordable mortgage payments and mitigating the risk of default during times of financial hardship. The recent housing affordability measures announced by the Canadian government are aimed at addressing the challenges faced by homebuyers in today's market. These measures include increasing withdrawal limits, extending repayment periods, and offering longer mortgage amortizations. The goal is to make homeownership more accessible and affordable for Canadians across the country. As these measures come into effect, it's crucial for homebuyers to stay informed about the changes and their implications. Consulting with a mortgage professional can help individuals explore their options and make informed decisions about their housing finances. If you're interested in learning more about these changes and how they may affect you, please don't hesitate to connect with us. We're here to walk you through the process and help you consider all your options and find the one that makes the most sense for you.
Dreaming of owning your first home? A First Home Savings Account (FHSA) could be your key to turning that dream into a reality. Let's dive into what an FHSA is, how it works, and why it's a smart investment for first-time homebuyers. What is an FHSA? An FHSA is a registered plan designed to help you save for your first home taxfree. If you're at least 18 years old, have a Social Insurance Number (SIN), and have not owned a home where you lived for the past four calendar years, you may be eligible to open an FHSA. Reasons to Invest in an FHSA: Save up to $40,000 for your first home. Contribute tax-free for up to 15 years. Carry over unused contribution room to the next year, up to a maximum of $8,000. Potentially reduce your tax bill and carry forward undeducted contributions indefinitely. Pay no taxes on investment earnings. Complements the Home Buyers’ Plan (HBP). How Does an FHSA Work? Open Your FHSA: Start investing tax-free by opening your FHSA. Contribute Often: Make tax-deductible contributions of up to $8,000 annually to help your money grow faster. Withdraw for Your Home: Make a tax-free withdrawal at any time to purchase your first home. Benefits of an FHSA: Tax-Deductible Contributions: Contribute up to $8,000 annually, reducing your taxable income. Tax-Free Earnings: Enjoy tax-free growth on your investments within the FHSA. No Taxes on Withdrawals: Pay $0 in taxes on withdrawals used to buy a qualifying home. Numbers to Know: $8,000: Annual tax-deductible FHSA contribution limit. $40,000: Lifetime FHSA contribution limit. $0: Taxes on FHSA earnings when used for a qualifying home purchase. In Conclusion A First Home Savings Account (FHSA) is a powerful tool for first-time homebuyers, offering tax benefits and a structured approach to saving for homeownership. By taking advantage of an FHSA, you can accelerate your journey towards owning your first home and make your dream a reality sooner than you think.
As the name implies, a cashback mortgage is similar to a standard mortgage, except that you receive a lump sum of cash upon closing. This lump sum will either be a fixed amount of money or a percentage of the mortgage amount, usually between 1-7%, depending on the mortgage term selected. How you use the cash is entirely up to you. Some of the most common reasons to secure a cashback mortgage are to: Cover closing costs. Buy new furniture. Renovate your property. Supplement cashflow. Consolidate higher-interest debt. Really, you can use the cash for anything you like. It’s tax-free and paid to you directly once the mortgage closes. Understanding the cost of a cashback mortgage. Now, while it might appear like a cashback mortgage is a great way to get some free money, it’s not. Banks aren’t altruistic; they’re in the business of making money by lending money. Securing a mortgage that provides you with cash back at closing will cost you a higher interest rate over your mortgage term. A cashback mortgage is like getting a fixed loan rolled into your mortgage. Your interest rate is increased to cover the additional funds being lent. Now, with so many different cashback options available and with interest rates constantly changing, it's nearly impossible to run through specific calculations on a simple article to outline how much more you’d pay over the term. So, if you'd like to identify the true cost of securing a cashback mortgage, the best place to start is to discuss your financial situation with an independent mortgage professional. When you work with an independent mortgage professional instead of a single bank, you receive unbiased advice, more financing options, and a clear picture of the cost associated with securing a mortgage. Getting cashback at closing is a mortgage feature that makes the bank more money at your expense. This isn’t necessarily a bad thing; the key is to be informed of the costs involved so you can make a good decision. Eligibility for a cashback mortgage. Simply put, a cashback mortgage isn’t for everyone. This is a mortgage product that has tougher qualifications than standard mortgage financing. Any lender willing to offer a cashback mortgage will want to see that you have stable employment, a fabulous credit score, and healthy debt service ratios. If your mortgage application is in any way “unique,” the chances of qualifying for a cashback mortgage are pretty slim. Breaking your mortgage term early. In addition to paying a higher interest rate to cover the cost of receiving the cashback at closing, a cashback mortgage also limits your options down the line. If your life circumstances change and you need to break your mortgage mid-term, depending on the conditions set out in your mortgage contract, you’ll most likely be required to either pay all of the cashback received or at least a portion, depending on how long you’ve had the mortgage. As all cashback mortgages are tied to fixed-rate terms, so in addition to repaying the cashback, you’d also be required to pay the interest rate differential penalty; or 3 months interest, whichever is greater for breaking your mortgage term early. Sufficed to say, should you need to pay out your mortgage early, breaking your cashback mortgage will be costly. Certainly, this is something to consider when assessing the suitability of this mortgage product. Get independent mortgage advice. Understanding the intricacies of mortgage financing can be difficult at the best of times. With all the different terms, rates, and mortgage products available, it’s hard to know which mortgage is best for you. So while a mortgage that offers a cash incentive upon closing might initially seem like an attractive offer, make sure you seek out the guidance of an independent mortgage professional to help you navigate the costs associated with a cashback mortgage. While it might be a great option for you, there might be other mortgage options that better suit your needs. It's worth a conversation for sure! If you’d like to discuss what a cashback mortgage or any other mortgage product would look like for you, please get in touch. It would be a pleasure to work with you.
Cory has been providing mortgage advice to me and my family as well as my clients for many years. What has always impressed me is his prompt personal service, “get it done attitude”, and he not only meets but often exceeds tight timelines facilitating a worry-free experience.
Cory is a well-respected industry leader and demonstrates this when providing valuable knowledge from his long background in financial services. He takes a personal interest in every client and is a great communicator with all parties involved creating a smooth transaction for all.
Cory is a well-respected industry leader and demonstrates this when providing valuable knowledge from his long background in financial services. He takes a personal interest in every client and is a great communicator with all parties involved creating a smooth transaction for all.
ROD B (REALTOR)
In a word, our experience with Cory was outstanding. Considerations were explained clearly with progress communicated consistently and honestly right through to closing. We were extremely pleased with the end result and would not hesitate to recommend both Cory and his team at Dominion Lending Centres – A Better Way.
ANDREW G
We have worked with Cory Vance and Nicole deBoer for four mortgages that have included primary residences, as well as, rental properties. Cory and Nicole’s advice is excellent, they have many contacts with different banks and credit unions and have consistently secured interest rates from lenders that were lower than we were able to ourselves. When you are a client of Cory and Nicole’s, the process of applying for and obtaining a mortgage is very straightforward. They know exactly what documents you need and the right questions to ask to make sure you obtain the best mortgage product for your needs. They are also super helpful in the application process making sure forms are filled out correctly and advocating if necessary.
We expected Cory and Nicole to be excellent and they surpassed that expectation. We are grateful for both the mortgages and the properties they have secured us and we cannot recommend them enough and know we will be working with them again in the future.
We expected Cory and Nicole to be excellent and they surpassed that expectation. We are grateful for both the mortgages and the properties they have secured us and we cannot recommend them enough and know we will be working with them again in the future.
