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23

Jan 2013

Chapter 14 – Extra Costs to Consider

by Iain in Vancouver Mortgage Blog

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 be done to confirm the property value, and to make…

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23

Jan 2013

Chapter 15 – Prepayment Options

by Iain in Vancouver Mortgage Blog

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 Sum: Every year, on the anniversary of your mortgage, you…

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07

Aug 2012

July 2012 Mortgage Rule Changes in BC

by Iain in Vancouver Mortgage Blog

The new mortgage rules came into effect in early July. Basically the government is taking extra precautions on mortgage financing to make sure Canadian borrowers are not over extending. Now that the dust has settled, let's take a look at some of the changes. They are fairly straight forward, but here are the main differences. New Mortgage Rules 2012 1. Borrowers will only be able…

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19

Mar 2012

BC First Time Home Buyer $10,000 Tax Credit

by Iain in Vancouver Mortgage Blog

UPDATE: This credit is no longer available effective April 1 2013 The government is in the process of introducing a new incentive for first time home buyers. This is a major benefit that's only available on new properties (or properties where HST is charged) . THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable…

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31

Aug 2011

Fixed Rate vs Variable Rate: Go Fixed

by Iain in Vancouver Mortgage Blog

One of the questions I get asked frequently is whether to choose a fixed product or a variable product.  Which route to take ultimately depends on the borrower's preferences.  The widely quoted number is that 77% of the time, variable borrowers end up paying less.  But that means that 23% of the time, they pay more.  And based on today’s circumstances, that could definitely be…

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19

Feb 2011

Reasons to buy a place before March 18

by Iain in Vancouver Mortgage Blog

On March 18, there are some new mortgage rules coming into effect that will have a direct impact on your buying power. You can afford more: Before March 18, you will be able to qualify for a mortgage 8% larger. As an example, if you qualified for a $500,000 mortgage before the new rules, you would get $40,000 less after March 18. Lower monthly payments:…

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20

Jan 2011

New Mortgage Rules: March 18

by Iain in Vancouver Mortgage Blog

I've received a lot of questions about the new mortgage rules that will be taking place on March 18th. Basically, there are three main things:   1. Maximum high-ratio mortgage amortization is reduced from 35 years to 30 years. Ok, Cool. What does this mean? A high-ratio mortgage is anything with less than 20% down payment. So if you have 20% down, you can still…

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11

Dec 2010

Lowest Rates in BC

by Iain in Vancouver Mortgage Blog

By using me as your mortgage broker, you will have access to some of the lowest rates in BC.  I pool my deals with several other Vancouver mortgage brokers in order to get maximum discounts from the banks.  

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