There are generally TWO ways to avoid paying Property Transfer Tax in BC As a First Time Home Buyer, purchasing a…
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Is 20% down required to buy an investment property?
If you are using rental income based off that investment property to qualify your application and immediately rent out that…
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Can I Buy A Home With Less Than 20% Down?
Yes! You can buy a property with as little as 5% down, as long as it is Owner Occupied OR Second Home **Must be under…
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Do I have to be a First Time Home Buyer to put less than 20% down?
No Subject to qualifying, anyone can qualify at 5% down Property must be an owner occupied or a 2nd home
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When Will I Be Required To Put 20% Down?
Purchase over 1Mil. 30-year amortization. Refinancing. Rentals. B Financing. Private Financing (25%).
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I’m swimming in High Interest Debt Payments – What do I do?
Consider consolidating that high interest debt into your mortgage. For every $350 in monthly debt payments, you can access $100,000 in…
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What Is Equity?
Equity is the difference between your homes current value and your remaining mortgage balance Value - Mortgage = Equity Lenders will allow…
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Is 20% required to buy an investment property?
Technically Yes… However, there is a way to put only 5% down By turning your current property into a rental, you can…
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Can I Get A Mortgage On Probation?
Yes There will be variables like your length of time in the industry, probation timeline, credit, income, & down payment
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Do I Put 5% Down Today Or Wait To Put 20% Down?
Let’s take a $500,000 home with the minimum 5% down ($25,000) After subtracting loan insurance of $19,000, your home will appreciate…
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Is A Deposit The Same As A Down Payment?
No A deposit is made by the buyer at the time of purchase to secure the property. That deposit is typically…
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What Are Potential Closing Costs?
Home Inspection Appraisal Fee Legal Fee’s Property Transfer Tax Title Insurance Tax Adjustments Deposit
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What is the 90-day rule?
This rule was implemented as the new anti-money laundering act in 2018 It implies that all banks will require proof of…
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What is the Home Buyers Plan?
This program allows all home buyers to pull up to $35,000 TAX FREE from their RRSP to use towards a…
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How do I get into a detached home?
HOUSE HACKING – Meaning you live in one part of the home while renting out the rest of the space BENEFITS Can…
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How does debt affect my mortgage application?
In today’s market, $350 in monthly debt payments will equate to a loss of about $100,000 on your mortgage Example: $25,000 car…
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How do I buy more homes with 5% down?
Step 1 - Buy a home with 5% down (this can be as little as $15k - $20k) Step 2 -…
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How do I pay off my mortgage faster?
Two main methods Accelerated Bi-Weekly Payments This will turn your 25-year mortgage into 21-years Pre-Payment Privileges This option allows you to pay a specified…
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What are the FOUR methods to making money in real estate?
Mortgage Pay Down - Think renters making those principal payments for you Appreciation - The Value in your home going up…
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Do I pick a variable or a fixed rate mortgage?
On average, the typical increase in payment, (given rates id rise), is about $12 - $13 for every $100 borrowed So,…