NDP Makes Buying A Home More Affordable

Families are worried about their jobs and paying for their mortgage," said Notley. "But Jim Prentice is barging ahead with his plan to hike the Mortgage Tax by 600 percent, putting a new hurdle in the path to homeownership. Jim Prentice's Mortgage Tax hike is the worst kind of housewarming gift for homebuyers."

The PC budget increases the variable Mortgage Tax and Land Transfer fees from $1 to $6 for every $5,000 of property value, as of July 1, 2015. It also increases the fixed fees for mortgages, land transfers, and land title registry searches.

Today, Notley announced that the NDP will cancel the PCs' tax hikes on mortgages and land titles, allowing new homebuyers to keep hundreds of dollars in their own pockets.

"Jim Prentice is protecting corporate tax giveaways for the PCs' wealthy friends while making it more expensive for families to buy a home. Clearly, the PCs have the wrong priorities," said Notley. "The NDP will stop Jim Prentice's tax hike on mortgages and land titles. Unlike the PCs, the NDP plan will make life more affordable for families and focus on protecting what matters most to Albertans."

Advantages And Disadvantages Of A Second Mortgage

What is a Second Mortgage? 

It’s simply another mortgage on your home. The term “second” means that the loan does not have priority on your home in case you default. Instead, your first mortgage (typically the loan used to purchase your home) has priority and that loan would be paid off before any funds go towards the second mortgage.

 So why would somebody risk their home with a second mortgage? These types of loans are appropriate for times when you need a lot of money. And it's not like most have us just have money lying around.

 Assuming you've paid off part of your home loan or your home's price has risen, second mortgages allow for bigger loans because the lender considers a loan against the home to be safer as the home serves as collateral.