Are you looking at buying a new home? Whether this is your first buying experience or you are have done it all before, sit back, relax and let me do the financing leg work! With electronic access to over 40 different lenders, It makes it easy for me to find the right product and lowest rate for you.

Pre Approval

One of the first steps to buying a new home is getting pre approved. With a pre approved mortgage you will

• Know what price range you can afford and what your payments will be.
• Lock in today?s interest rate (or lower if rates drop), guaranteed for up to 180 days.
• Demonstrate that you are a serious buyer, which strengthens your position when negotiating the purchase price of your home.

Approximate Costs associated with buying your new home:

• Legal fees - $850 - $1000
• Survey - $ 275 - $300 (ask your lawyer or notary about title insurance if survey is required)
• Appraisal fee - $200 - $300 (if applicable)
• Inspection cost - $300 - $350
• Property Purchase Tax ? as follows

Property Purchase Tax

The Property Transfer Tax is applicable to all property transfers in B.C. This tax can not be added to the purchase price, it is a cost paid at the time of completion.   First-Time Home Buyers are exempt from paying this tax if they meet the following criteria

• The purchaser has never owned a property anywhere
• The purchase price is not greater than $425,000
• The amount borrowed to finance the purchase must be greater than 70% or greater and can not      include amounts borrowed from related individuals
• The term of the mortgage must be closed and at least 1 year.  If the term is less than 1 year or a floating charge with no set term (line of credit) then the applicable PTT must be paid at the time of purchase and a claim for the refund can be made once the mortgage is renewed to extend the term or after the first anniversary of the date of registration to the full year. This request for refund must take place within 18 months of the purchase.
  The purchaser must be a Canadian citizen or permanent resident of Canada and must have resided in the Province for at least 1 year immediately prior to the transfer date or have filed at least 2 years of income taxes in the last 6 years.
• If the purchase price is greater than $425,000 the purchaser will have to pay 1% of the first $200,000 and 2% on the balance.
• If the fair market value of the principal residence is greater than the $425,000 but less than $450,000 a proportionate exemption is available
• Calculation:  Amount of PPT x ($450,000 - $ Purchase Price) / $25,000

RRSP Home Buyers Plan for First Time Buyers

Participants are eligible to withdraw a maximum $25,000 tax-free his/her own RRSP for a down payment.  If there are two borrowers this could be up to $50,000.  You must be a First-Time Homebuyer.  The qualifications are as follows:

• Not owned a home that has been used for a principal residence for the last 5 years.
• You must occupy the home as a principal residence for at least 1 year
• The RRSP funds have to be invested for a minimum of 90 days
• The minimum repayment is 15 equal installments over 15 years starting the year following the year of the purchase
  Check website for more information at:  www.ccra-adrc.gc.ca/tax/individuals