Integrity Mortgage BC

Contact Us

Dominion Lending Centres Integrity Mortgage BC 4104 Wellesley Avenue Nanaimo, BC V9T 2B9 E-Mail: kims@telus.net Office: 250.729.3890 Fax: 866.298.2071 Apply Now
.

Down Payment

A minimum down payment of 5% is required for an insured purchase of $500,000 or less and an additional 10% is required for the portion of the house price above $500,000. Your down payment can be from your own resources such as savings, RRSPs, gifted funds from an immediate family member or from borrowed resources for qualified applicants.

Property Transfer Tax

The BC Provincial Government imposes a Property Transfer Tax when you purchase a home and transfer an interest in title. The Property Transfer Tax must be paid at the time the Land Title is registered. There are situations where you may be exempt from paying Property Transfer Tax which include but not limited to exemptions for first time home buyers and transfers between family members. If an exemption is not available the BC Property Transfer Tax is calculated at 1.00% of the First $200,000 and 2.00% of the remaining fair market value.

Mortgage Default Insurance

Otherwise known as High Ratio Insurance is an insurance that protects the lender if the borrower defaults on their mortgage payments. Typically if a borrower has less than a 20% down payment the borrower will be required to pay the insurance premium. This is not an expense paid out of pocket as it is added onto your mortgage.

Sales Tax on New Construction

Currently GST is charged on new homes in British Columbia. Rebates may be available and most lenders will finance net-GST. For more information please visit Canada Revenue Agency's web page on New Housing Rebates.

Home Inspection

A home inspecition is the best $300-$500 you will ever spend. We highly recommended that you have a home inspected whenever possible, so that you're completely informed about what you can't see behind the walls. A home inspection could save you a lot of money on future expenses

Property Appraisal

A Property Appraisals may be required to determine the fair market value or lending value of the property you are purchasing. This will determine the maximum loan-to-value of your mortgage. Generally all private sales, estate sales and Foreclosure purchases will require an appraisal. Appraisals for a typical single-family home range from $275 to $375.

Legal Fees & Disbursements

A Notary or a Lawyer will finalize the mortgage documents and register them on the Land Title for you. Your lawyer or notary will charge you a fee for drawing up the mortgage and conveyance of title. The amount of the fee will depend on the individual that you use and the complexity of the mortgage and disbursements.  The typical cost is $650 to $1,200. Most lenders will also require a Lenders Title Insurance Policy to be purchased at closing at your lawyer or notaries office. Title Insurance may protect both you and the lender from a number of items including fraud and forgery against fraudulently registered mortgages on your title,loss resulting from previous renovations without a permit, and many more items. Title Insurance typically costs between $150 to $300.

MORTGAGE CLOSING COSTS

 kims@telus.net | P 250-729-3890
250 729 3890
Integrity Mortgage BC

Down Payment

A minimum down payment of 5% is required for an insured purchase of $500,000 or less and an additional 10% is required for the portion of the house price above $500,000. Your down payment can be from your own resources such as savings, RRSPs, gifted funds from an immediate family member or from borrowed resources for qualified applicants.

Property Transfer Tax

The BC Provincial Government imposes a Property Transfer Tax when you purchase a home and transfer an interest in title. The Property Transfer Tax must be paid at the time the Land Title is registered. There are situations where you may be exempt from paying Property Transfer Tax which include but not limited to exemptions for first time home buyers and transfers between family members. If an exemption is not available the BC Property Transfer Tax is calculated at 1.00% of the First $200,000 and 2.00% of the remaining fair market value.

Mortgage Default

Insurance

Otherwise known as High Ratio Insurance is an insurance that protects the lender if the borrower defaults on their mortgage payments. Typically if a borrower has less than a 20% down payment the borrower will be required to pay the insurance premium. This is not an expense paid out of pocket as it is added onto your mortgage.

Sales Tax on New

Construction

Currently GST is charged on new homes in British Columbia. Rebates may be available and most lenders will finance net-GST. For more information please visit Canada Revenue Agency's web page on New Housing Rebates.

Home Inspection

A home inspecition is the best $300-$500 you will ever spend. We highly recommended that you have a home inspected whenever possible, so that you're completely informed about what you can't see behind the walls. A home inspection could save you a lot of money on future expenses

Property Appraisal

A Property Appraisals may be required to determine the fair market value or lending value of the property you are purchasing. This will determine the maximum loan-to-value of your mortgage. Generally all private sales, estate sales and Foreclosure purchases will require an appraisal. Appraisals for a typical single-family home range from $275 to $375.

Legal Fees &

Disbursements

A Notary or a Lawyer will finalize the mortgage documents and register them on the Land Title for you. Your lawyer or notary will charge you a fee for drawing up the mortgage and conveyance of title. The amount of the fee will depend on the individual that you use and the complexity of the mortgage and disbursements.  The typical cost is $650 to $1,200. Most lenders will also require a Lenders Title Insurance Policy to be purchased at closing at your lawyer or notaries office. Title Insurance may protect both you and the lender from a number of items including fraud and forgery against fraudulently registered mortgages on your title,loss resulting from previous renovations without a permit, and many more items. Title Insurance typically costs between $150 to $300.

MORTGAGE CLOSING COSTS

250 729 3890 Call Us Now
© Dominion Lending Centres Integrity Mortgage BC.