Posted on October 18, 2009 by Christine Chien
Accelerated mortgage payments have two significant benefits.
First, you will pay less in interest – you will save money! As the example above demonstrates – you will pay the equivalent of an extra monthly payment every year. The extra payment is taken directly off of the principal. This will save you money in [...]
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Posted on October 17, 2009 by Christine Chien
Basic Home Owner Grant (BC)
The basic grant can reduce your property tax by as much as $570. The minimum tax payable ($350) ensures that all homeowners (or eligible occupants, which includes an eligible occupant of an eligible apartment, housing unit, land cooperative or multi-dwelling leased parcel) contribute towards the funding of local services such [...]
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Posted on October 4, 2009 by Christine Chien
Property Purchase Tax – BC Summary Closing Costs
Property Purchase (Transfer)Tax
Property Purchase Tax – The British Columbia Provincial Government imposes a property purchase tax which must be paid before any property can be legally transferred to a new owner. The tax is 1% on the first $200,000 of the property value and 2% on any [...]
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Posted on September 21, 2009 by Christine Chien
With Mortgage Rates Dropping, It’s Strategy Time
It was a little less than a year ago that the global financial crisis began to hit home, which is to say that mortgage rates spiked higher. Now, the cost of mortgages is coming down. If you’re buying a home or renewing a mortgage, it’s time to review your [...]
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Posted on September 12, 2009 by Christine Chien
HELOCs vs. Mortgages
“What is the difference between a HELOC (home equity line of credit) and a variable-rate mortgage? Why would someone want a HELOC instead of a mortgage?”
HELOCS
MORTGAGES
Allow you to continuously borrow and re-borrow up to your available limit (i.e., they are “revolving”).
Can only be paid down (unless they’re re-advancible)
Have rates that are [...]
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Posted on August 20, 2009 by Christine Chien
1. What is the Home Buyers’ Plan?
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability.
2. What is the current maximum amount that can be withdrawn [...]
Filed under: FAQ, First Time Home Buyers | 1 Comment »
Posted on July 26, 2009 by Christine Chien
Some lenders try to get away from ‘grow-op’ properties. Some lenders will consider lending on such property providing the property is strong and has been fully remedied. In addition to the district or city re-issuing an occupancy permit, the credit union requires an inspection report prepared by Pacific Environmental confirming that the house is [...]
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Posted on July 23, 2009 by Christine Chien
Following Are the Five Ways:
1) Pay down your credit cards. The number one way to increase your score is to pay down your cards to 30% of their limits. Revolving credit like credit cards seems to have a more significant impact on your score than car loans, lines of credit, and so on. If you [...]
Filed under: Credit Score, FAQ | Tagged: credit repair, credit score repair, increase credit score canada | Leave a Comment »
Posted on July 14, 2009 by Christine Chien
CMHC GUIDELINES
-CMHC will allow a full rental property to be registered in a company name for fully qualified deals only.-CMHC BFS simplified program is not eligible.-When submitting a rental application with a Corporate borrower, the corporation’s full legal name is entered in the guarantor field and the individuals providing their personal loan guarantees in the [...]
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Posted on June 29, 2009 by Christine Chien
CMHC GUIDELINES
-CMHC will allow a full rental property to be registered in a company name for fully qualified deals only.
-CMHC BFS simplified program is not eligible.
-When submitting a rental application with a Corporate borrower, the corporation’s full legal name is entered in the guarantor field and the individuals providing their personal loan guarantees in the [...]
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