This is what should happen in the ideal home buying process in British Columbia: You are thinking of buying a place. You contact a Mortgage Broker, and he gets you pre-approved. You speak to a Realtor and tell him you have been pre-approved for X dollars. You find the home of your dreams and the … Read more
BC Home Owner Grant: The basic grant can reduce your property tax by as much as $570. To be eligible for the grant, you must meet the following criteria: You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia. You are the registered owner or eligible occupant of the home. The home must be located within the province. … Read more
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. I’ve tried to cut out some of the extra content, but you can also view the government’s official Home Buyer’s … Read more
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% … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read 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 … Read more
