Integrity Mortgage BC
 Mortgage options. Mortgage terms or the “fine print” varies by each lender and an independent Mortgage Broker will help ensure you are getting the best mortgage option for your circumstance. Dominion Lending Centres Integrity Mortgage BC will work on your behalf to help you determine which mortgage is right for you.   Down payment. A minimum down payment of 5% is required to purchase a home. Down payments can be from your own resources such as savings, RRSP’s or a gift from an immediate family member or from borrowed sources for qualified borrowers. As a first time home buyer you can withdraw up to $25,000 from your RRSP for the purchase of your home without paying income taxes. Certain restrictions apply under the Home Buyers’s Plan however this can be a strategic way to save for your down payment on your first home. Mortgage default insurance. If you have less than a 20% down payment, your lender will require that you obtain mortgage default insurance which can be rolled into your mortgage payments. The insurance rate varies and is based on your down payment amount and income source.   Property transfer tax. When a home changes hands in BC a property transfer tax applies. However, a first-time home buyer may qualify for an exemption under the First Time Home Buyers’ Program. If applicable the Property Transfer Tax is calculated at 1% of the first $100,000 of the purchase price and 2% of the remainder. Legal fees. A lawyer or notary will help protect your interests by reviewing your purchase agreement, searching the property title, and ensuring that all documents are completed properly. Legal fees start between $600 and $800, plus disbursements, with added services as needed.
Home Inspection & New Home Warranty. A newly constructed home in BC is required to have a New Home Warranty in place to be sold. The new home warranty home offers peace of mind as you will be covered for defects in material and labour for major systems such as heating, electrical and plumbing; the building envelope; and 1 major structural items for various lengths of times. On the other hand if you purchase an existing home it is recommended that you have a home inspection done by a qualified inspector. A home inspector will point out any concerns they may have with the home that could effect your bottom line.     GST on newly constructed homes. New homes in BC are also subject to 5% GST. GST is often included in your purchase price. A federal new housing rebate reduces the GST for homes valued at $350,000 or less and the net amount can be financed within your mortgage. Property taxes. Property taxes are due July 1st of each year for the calendar year and as an owner occupied home you may qualify for an annual discount off your property taxes under the Home Owner Grant. For closing costs on your purchase if the seller has paid property taxes for the year you will have to reimburse the taxes paid at closing for the period of the year you will occupy the home. Many lenders will also require that a property tax account be set-up to collect taxes monthly to ensure adequate funds are available on each July 1st due date. Be prepared at closing by having a full year’s property tax amount available. Home/fire insurance. Your lender will require proof that the property is insured in case of fire and other damage. Insurance costs vary, depending on the coverage needed, but budget for at least $900 a year. Moving-in costs. Before the big day, budget for all those last minute things: $100 or more to rent a van or a few hundred for professional movers, and cleaning supplies. Such incidentals can easily come to $500 or more.
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We are experts at helping you achieve your home ownership dreams. Please contact Dominion Lending Centres Integrity Mortgage BC at 250.729.3890 if you have any questions about buying your first home.

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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

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 kims@telus.net | P 250-729-3890
250 729 3890
Integrity Mortgage BC
 Mortgage options. Mortgage terms or the “fine print” varies by each lender and an independent Mortgage Broker will help ensure you are getting the best mortgage option for your circumstance. Dominion Lending Centres Integrity Mortgage BC will work on your behalf to help you determine which mortgage is right for you.   Down payment. A minimum down payment of 5% is required to purchase a home. Down payments can be from your own resources such as savings, RRSP’s or a gift from an immediate family member or from borrowed sources for qualified borrowers. As a first time home buyer you can withdraw up to $25,000 from your RRSP for the purchase of your home without paying income taxes. Certain restrictions apply under the Home Buyers’s Plan however this can be a strategic way to save for your down payment on your first home. Mortgage default insurance. If you have less than a 20% down payment, your lender will require that you obtain mortgage default insurance which can be rolled into your mortgage payments. The insurance rate varies and is based on your down payment amount and income source. Property transfer tax. When a home changes hands in BC a property transfer tax applies. However, a first-time home buyer may qualify for an exemption under the First Time Home Buyers’ Program. If applicable the Property Transfer Tax is calculated at 1% of the first $100,000 of the purchase price and 2% of the remainder. Legal fees. A lawyer or notary will help protect your interests by reviewing your purchase agreement, searching the property title, and ensuring that all documents are completed properly. Legal fees start between $600 and $800, plus disbursements, with added services as needed. Home Inspection & New Home Warranty. A newly constructed home in BC is required to have a New Home Warranty in place to be sold. The new home warranty home offers peace of mind as you will be covered for defects in material and labour for major systems such as heating, electrical and plumbing; the building envelope; and 1 major structural items for various lengths of times. On the other hand if you purchase an existing home it is recommended that you have a home inspection done by a qualified inspector. A home inspector will point out any concerns they may have with the home that could effect your bottom line.     GST on newly constructed homes. New homes in BC are also subject to 5% GST. GST is often included in your purchase price. A federal new housing rebate reduces the GST for homes valued at $350,000 or less and the net amount can be financed within your mortgage. Property taxes. Property taxes are due July 1st  of each year for the calendar year and as an owner occupied home you may qualify for an annual discount off your property taxes under the Home Owner Grant. For closing costs on your purchase if the seller has paid property taxes for the year you will have to reimburse the taxes paid at closing for the period of the year you will occupy the home. Many lenders will also require that a property tax account be set-up to collect taxes monthly to ensure adequate funds are available on each July 1st due date. Be prepared at closing by having a full year’s property tax amount available. Home/fire insurance. Your lender will require proof that the property is insured in case of fire and other damage. Insurance costs vary, depending on the coverage needed, but budget for at least $900 a year. Moving-in costs. Before the big day, budget for all those last minute things: $100 or more to rent a van or a few hundred for professional movers, and cleaning supplies. Such incidentals can easily come to $500 or more.
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