Property Transfer Tax Calculation Tool – Vancouver, BC
Property Transfer Tax (PTT) Calculation Tool – Vancouver, BC I have put together a spreadsheet where you can enter the purchase price of the home you are buying and it will calculate the corresponding property transfer tax amount you will need to pay at closing. The worksheet also indicates when full or partial exemption of [...]
Mortgage Changes Part 1 – Qualifying Rate
New rate to be used when qualifying for a mortgage. Could reduce how much you can be approved for. Link: New mortgage rules for investment properties Link: New mortgage rules for self employed individuals By or before April 19, 2010, when qualifying for an insured (e.g. CMHC) mortgage and determining how much you can be [...]
Documentation For Mortgage Approvals
This is a brief introduction to understanding the documents that will be required in order to confirm your mortgage approval. Banks need to verify all information that is part of the mortgage application via 3rd party documentation. Categories of documentation include: Income (e.g. letter of employment and recent pay stubs for employed people; 2 years [...]
Property Transfer Tax Partial Exemption Up To 450K – First Time Buyer Vancouver
Property Transfer Tax – First Time Home Buyers I have done a post previously on property transfer tax in BC for first time buyers. First time home buyers may be eligible to be exempt from this tax totally when the purchase price is equal to or less than $425,000, a savings of $6,500. However, what [...]
Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, [...]