As a Canadian Mortgage Professional, I specialize in the following areas to help you get the best mortgage. Please feel free to contact me anytime to discuss your unique requirements.
Mortgage Broker in BC specializing in Penticton and the Okanagan
Residential and Comercial Mortgages available.
The government has available various programs to assist in your first home buying experience.
The First-Time Home Buyer Incentive
The Government of Canada will secure up to a 5 � 10% equity in your home.� There are no payments required for their portion of the equity.� The equity is paid back upon sale of the home or after 25 years, whichever comes first.
The Incentive does not assist towards your downpayment.� The Incentive will assist in reducing the monthly mortgage payment which will make it more manageable for first time homebuyers.
Current guidelines can be reviewed at the�Canadian Housing and Mortgage Corporation.
The Homebuyers Plan allows the First Time Home-buyer to borrow up to $25,000 from your RRSP for your down payment.� This is tax-free and must be paid back within a specific period of time to avoid paying the taxes.� Furthermore, if you are purchasing with another individual who is also a First Time Home-buyer, both parties can borrow from their RRSPs for a grand total of $50,000.
Property Transfer Tax Exemption
In BC,� property transfer tax is payable upon the purchase of a home. First Time Homebuyers are eligible for an exemption up to a purchase price of $525,000.� Property Transfer Tax is calculated as follows:� 1% on the first $200,000, 2% of the amount over $200,000 and 3%� over $2,000,000.
Current guidelines can be reviewed at�Government of Canada Taxation Department.�
Refinance your existing mortgage to debt consolidate or for a better rate on your mortgage