CONVENTIONAL MORTGAGE In British Columbia, if you have at least 20% of the purchase price (or appraised value if this is lower than the purchase price) as a down payment, you can apply for a conventional mortgage. Some lenders will require CMHC insurance because of the property's location or type, even though you have 20% or more equity. HIGH-RATIO MORTGAGE If you…
Adjustment Date: Date agreed to by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items. Affidavit: A written statement of facts, the contents of which are sworn under oath to be true by the person making the statement. An affidavit is sometimes used in court proceedings as evidence in place of oral testimony. Agreement for Sale:…
From www.canadianmortgagetrends.ca: "The odds are fair that prime rate is heading 25 basis points higher in one of the next two Bank of Canada meetings. (See this Reuters’ poll) After that increase, many analysts foresee a pause of at least six months before rates resume higher. Rates are then expected to climb modestly until prime rate gets closer to its 4.65% ten-year average. This scenario has some people thinking…
When you are considering 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 in British Columbia, with an indication of prices. APPLIANCES $0 to $ thousands APPRAISAL $150 - $250 BUILDING INSPECTION $300 GST (Goods & Services Tax) $0 to…
I am always actively looking at our competition, and we can usually beat the rates available in British Columbia. The reason this is possible is because TMG does so much volume that the lenders offer us exclusive discounts. Right now, our best 5 year fixed rate is 3.65% and it looks like it could go down even more.
Fixed rates continue to drop because of the low bond rates. We currently have a 3.69% 5 year and it's quite possible it could go even lower. Variable remains steady at prime - .65%
When buying a home or other property, you will have to rely on a range of professionals to guide you through the process. For first time home buyers in particular, it helps to be acquainted with these specialists and their roles. Mortgage Broker – A mortgage expert who introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off…
We have a 5 year fixed at 3.95% but that rate could get even lower. Our best closed variable rate is P-.70% (translation= 2.05% until next prime change in September).
1. Pre-Approval Getting a pre-approval is the first step to start a mortgage. A pre-approval will guarantee that you keep a certain rate for up to 120 days. Once a Broker finds out about your income and debts, an estimate can be made on how much you can afford to pay. In other words, you will know your maximum house price. It is recommended that you…
Buying a home in British Columbia can be virtually impossible for some people in certain markets. Thus, many homebuyers unknowingly make offers on homes they cannot afford. Before beginning the bidding war on a potential property, it helps to have an indication of an affordable monthly mortgage payment. Some home buyers do not fully understand a pre-approval. Even if you obtain a pre-approval, it does…
