BC First Home Buyer Mortgages

We make dreams of Home Ownership a reality with BC FIrst Home Buyer Mortgages.

What are some of the benefits I get by being a First Time Home Buyer in Canada?

As a First Time Home Buyer in British Columbia – you are entitled to some perks! These perks include the following: You are exempt from the Property Purchase Transfer Tax which is a tax that is calculated at 1% of the first $200k and 2% of the remainder of the purchase price, only as long as the property purchase price is below $425K. A second benefit that is availabe to First Time Home Buyers in British Columbia is that they are able to withdraw up to $25,000 of their RRSP through the Home Buyer Plan to be used towards the purchase of their first home. This amount will have to be repaid in 15 annual installments after a 1 year grace period from the date of purchase or withdrawal.

What is the minimum amount of money need to buy a home in British Columbia?

In most locations, you only require 5% of the purchase price as your down payment. In some instances, you may qualify to purchase a home with no money down! This helps to ensure you are dedicated to making your mortgage payments and keeping your home. Don’t forget there are also closing costs which include Property Purchase Transfer Tax, Legal Fees, Property Tax Adjustments, GST, Utility Adjustments, Property Inspections, Appraisal fees and more. A general rule of thumb is to allocate approximately an additional 1.5% of the purchase price to cover these closing costs.

Can I qualify for a BC First Home Buyer Mortgage?

Depending on the credit history, if you have been previously discharged from a bankruptcy or have been behind on some bills or payments, Mortgage Financing may still be available to you. Income, downpayment & employment stability are also considered when applying for a Mortgage in BC. Contact us today to find out more.

How can you determine how much of a mortgage you qualify for in Canada?

Several factors are involved in determining your purchase potential or how much you Qualify for. These include: Income, Credit, Job Stablity, Downpayment, and other debts outstanding etc. The best way to find out what you qualify for is to contact our office directly.

How can a Cash back Mortgage assist with a BC First Home Buyer Mortgage?

Institutions have developed a product called the “Cash back Mortgage” so a buyer with the down payment but no cash to cover closing costs can still purchase a home. As long as you have the minimum down payment required, institutions are now giving you a cash reward to assist you in paying for your closing costs. You can also use this money to purchase furniture or appliances or in some cases, use towards the down-payment.

Should you get a pre-approved for a mortgage when looking to buy a home in Canada?

Definitely. Obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This gives a clear picture of your financial parameters and an idea of your purchase price range. Realtors prefer working with buyers who are pre-qualified buyers so that they know that they are showing homes to only qualified prospective buyers. Our typical pre-approvals and rate holds are guaranteed for 90 to 120 days, if rates increase – you’re protected and if rates decrease – we protect you again by making our lenders adjust your rate hold accordingly. We work in your best interest!

How can you strengthen your bargaining with the vendor of the home you wish to buy?

Obtain a pre-approved mortgage. There are three people who will benefit from your pre-approval: YOU, YOUR REAL ESTATE AGENT, and THE SELLER OF THE HOME YOU WANT TO BUY. Do you want to strengthen your bargaining position with the seller? Get pre-approved. Do you want your offer to stand out in a case of multiple offers for the same house. Get approved. Look at it from the sellers perspective. If you had 2 offers on the table for your home, one form a fully approved buyer and the other from a buyer that hasn’t made any effort to get pre-approved – to which offer would you devote the most attention?

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