DAVE LACUSTA

Simplifying the mortgage process.

Understanding mortgage financing can be difficult, but it doesn't have to be.

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The best place to start is to connect with me directly. The mortgage process is personal. I'm committed to listen to all your needs, assess your financial situation, and provide you with a clear plan forward.

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Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming. Let me cut through the noise, I'll outline the best mortgage products available with your needs in mind.

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When it's time for arranging your mortgage, trust that I will make it happen. I'll make sure you know exactly where you stand at all times. No surprises. I've got you covered.

Everything you need, all in one place

As a trusted mortgage provider, I can help you with the following:

Home Purchase
Mortgage Refinance
Mortgage Renewals
First Time Home Buyers

CONTACT

Dave Lacusta

Mortgage Consultant

dave@davelacusta.com

When it comes to choosing the right mortgage financing, I’m committed to enhancing your overall experience. I have been working as a mortgage professional since 2006 and have helped many families achieve the goal of homeownership. My understanding of, and expertise in handling mortgage financing allows me to provide clients with the knowledge and tools necessary to make educated decisions to determine the best mortgage solution to fit the specific needs of each client.

I’m an accredited mortgage professional working with Xeva Mortgage, a brokerage who is proudly affiliated with the Verico Broker Network. This means that I have access to the very best mortgage products with all the Canadian broker channel lenders. Rather than dealing with a single institution, when you work with me, I provide you with access to an incredible range of mortgage products. This ensures we will find the mortgage that best suits your needs.

The majority of my business is either working with repeat clients, or making new relationships with referrals from my existing clients. If we have worked together in the past, or someone you know has told you to contact me for mortgage financing, please contact me anytime!

If you're ready to get started, go ahead

and begin with an application.

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I first met Dave in 2007, and have worked with him several times as I bought and sold several properties in an attempt to climb the property ladder in the lower mainland. I have found Dave to be an incredible asset and resource as I have made decisions about which mortgage product was best suited for my particular situation. It may sound cliche, but Dave really is an out of the box thinker, he found solutions for problems I didn’t know I had. His guidance has made a huge difference in my life.

I have recommended Dave to several of my colleagues, and he has not disappointed. I have all the confidence in the world in Dave and his ability to arrange mortgage financing.

JP

As we were buying our first home, we really had no idea what to expect with getting a mortgage, we are so happy our friend told us to give Dave a call. He did a great job explaining all our options, helped us to figure out what we could afford, and when the time came to do all the paperwork, he was very responsive and got everything done, just like he said he would.

Thanks for everything Dave, we really appreciate all your hard work, and we loved that we could always reach you when we called, that was really awesome! We will be sure to let all our friends know that you are the best!

Robert and Amy

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Mortgage Articles

Bridge Financing and Deposit Lending

By Dave Lacusta • 24 Apr, 2024

Let’s say you have a home that you’ve outgrown; it’s time to make a move to something better suited to your needs and lifestyle. You have no desire to keep two properties, so selling your existing home and moving into something new (to you) is the best idea. Ideally, when planning out how that looks, most people want to take possession of the new house before moving out of the old one. Not only does this make moving your stuff more manageable, but it also allows you to make the new home a little more “you” by painting or completing some minor renovations before moving in. But what if you need the money from the sale of your existing home to come up with the downpayment for your next home? This situation is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property and use it for the downpayment on the property you are buying. So now let’s also say that it’s a very competitive housing market where you’re looking to buy. Chances are you’ll want to make the best offer you can and include a significant deposit. If you don’t have immediate access to the cash in your bank account, but you do have equity in your home, a deposit loan allows you to make a very strong offer when negotiating the terms of purchasing your new home. Now, to secure bridge financing and/or a deposit loan, you must have a firm sale on your existing home. If you don’t have a firm sale on your home, you won’t get the bridge financing or deposit loan because there is no concrete way for a lender to calculate how much equity you have available. A firm sale is the key to securing bridge financing and a deposit loan. So if you’d like to know more about bridge financing, deposit loans, or anything else mortgage-related, please connect anytime! It would be a pleasure to work with you.

A First Home Savings Account (FHSA)

By Dave Lacusta • 19 Apr, 2024

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.

Understanding the Recent Housing Affordability Measures in Canada

By Dave Lacusta • 19 Apr, 2024

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.