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The majority of Canadian citizens have a credit score.  Scores can range from 300 to 900.  Anything above 680 is considered good credit and you can usually receive a full range of borrowing options.  Once you get below 600, your options will become more limited.   Your score is composed of a few different elements … Read more

Although you don’t need to provide documents during the pre-approval process, you will eventually need to confirm the information on your application. The exact documents required vary from lender to lender, but there are a few that you can expect to provide each time.   Mortgage Commitment: The mortgage commitment is the contract that the … Read more

The Home Buyers’ Plan (HBP) is a first time home buyer program that allows you to withdraw up to $25,000 from your RRSP for a down payment. Conditions for participating in the HBP Only the individual who is entitled to receive payments from the RRSP can withdraw funds from an RRSP. You can make withdrawals from … Read more

Home Owner Grant: The basic grant can reduce your property tax by as much as $570 per year. To be eligible for the grant, you must meet the following criteria: 1. You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia. 2. You are the registered owner or eligible occupant of the … Read more

This is a big benefit for first time home buyers. When purchasing real estate in BC, you must pay a property transfer tax of 1% of the 1st $200,000 plus 2% of the remaining amount. This Provincial Tax is due every time a property in B.C. changes hands. The Lawyer will collect the tax on closing … Read more

When you are buying a house, you will need to have additional funds set aside for closing costs. These costs can add up to a substantial amount. The following is a list of the most common costs, with an indication of their price.   APPRAISAL $150 – $250 Lending institutions usually require an appraisal to … Read more

Depending on the lender, you will have a variety of prepayment options available to you.  Using these options is a great way to reduce the principal on your mortgage and save money.  Check with your mortgage broker to see which ones are available to you. Here are some of the standard prepayment options: Anniversary Lump … Read more