VANCOUVER BUYERS GUIDE
Are you looking to upsize, downsize, or make a fresh start? Change in scenery, job location, or relationship status? We are here to guide you through the process and into your new home!
Purchasing your next home is an exciting and big decision, whether it is to purchase your next home, take the leap to becoming a landlord, or increase your existing investment property portfolio.
The mortgage rules vary depending on whether this new purchase will be one that you live in (a new primary residence, a 2nd home, or a home for a direct family member), or a rental property.
If you are purchasing for yourself or a direct family member, the minimum down payment is 5% on the portion $500K and under, and 10% for the portion of purchase price above $500K. For any purchase with less than 20% down, an insurance premium is added to the mortgage and spread over the length of the mortgage, or amortization.
For any property valued at $1M or higher (regardless of who will live there) and for any investment property, the minimum down payment is 20% and there is no insurance premium added to the mortgage.
If this will be an investment property purchase, please click here for more information and tax considerations.
The first thing we will do is help you determine how much of a mortgage you qualify for, and what monthly amount will work within your current budget and lifestyle.
To determine this, we will need to see the income and down payment documents that the lender will require. In general, this will consist of:
- Your income confirmation (employment letter and paystub if an employee, T1 Generals and Notices of Assessment if self-employed)
- Your down payment confirmation (90 day history of any account(s) the down payment will come from)
- If this will be an additional property, we will need to see your current mortgage statement, property tax statement, and if applicable, confirmation of your strata fee.
Once we have your purchase price and down payment determined, we will lock in a rate for 120 days for you while you start actively looking for your home. This guarantees a maximum rate should interest rates increase while you are still looking.
Once you have found your new home, we will research the best mortgage options and rates for you again at that time, and walk you through the pros and cons of each lender offering to help you make the decision that feels most right for you.
Our team will help you from first call through to following up with your lawyer at closing to ensure your homebuying experience is a smooth and a happy one!
Call NOW or email me for help on how to start down the path of home ownership!