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  • How to Avoid Paying Property Transfer Tax?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    There are generally TWO ways to avoid paying Property Transfer Tax in BC As a First Time Home Buyer, purchasing a resale home under $500,000 Purchasing a pre-build home under $750,000 Partial rebates As a First Time Home Buyer, purchasing a resale home between $500,001 - $525,000 Purchasing a pre-build home between $750,001 - $800,000

    Click Here To Read The Full Article


  • Is 20% down required to buy an investment property?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    If you are using rental income based off that investment property to qualify your application and immediately rent out that property, then yes you would require 20% down. However, there is a way to put only 5% down. While there is no time restraint at which you can move into the home and then eventually move out and rent the property, simply purchasing the property with the intention of moving in, you can qualify with as little as 5% in certain circumstances

    Click Here To Read The Full Article


  • Can I Buy A Home With Less Than 20% Down?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Yes! You can buy a property with as little as 5% down, as long as it is Owner Occupied OR Second Home **Must be under 1 Mil

    Click Here To Read The Full Article


  • Do I have to be a First Time Home Buyer to put less than 20% down?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    No Subject to qualifying, anyone can qualify at 5% down Property must be an owner occupied or a 2nd home

    Click Here To Read The Full Article


  • When Will I Be Required To Put 20% Down?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Purchase over 1Mil. 30-year amortization. Refinancing. Rentals. B Financing. Private Financing (25%).

    Click Here To Read The Full Article


  • I’m swimming in High Interest Debt Payments – What do I do?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Consider consolidating that high interest debt into your mortgage. For every $350 in monthly debt payments, you can access $100,000 in mortgage financing PLUS save interest

    Click Here To Read The Full Article


  • What Is Equity?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Equity is the difference between your homes current value and your remaining mortgage balance Value - Mortgage = Equity Lenders will allow you to access up to 80% of that built up equity in your home How To Increase Your Equity? Home Appreciation Home Appreciation Sweat Equity

    Click Here To Read The Full Article


  • Is 20% required to buy an investment property?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Technically Yes… However, there is a way to put only 5% down By turning your current property into a rental, you can buy your next home with as little as 5% down

    Click Here To Read The Full Article


  • Can I Get A Mortgage On Probation?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Yes There will be variables like your length of time in the industry, probation timeline, credit, income, & down payment

    Click Here To Read The Full Article


  • Do I Put 5% Down Today Or Wait To Put 20% Down?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Let’s take a $500,000 home with the minimum 5% down ($25,000) After subtracting loan insurance of $19,000, your home will appreciate a very modest $52,000 & have a balance of $414,000 after only 5 years That’s a total of $139,000 in YOUR POCKET Know your options - time in the market often sees a faster return than waiting & saving

    Click Here To Read The Full Article


  • Is A Deposit The Same As A Down Payment?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    No A deposit is made by the buyer at the time of purchase to secure the property. That deposit is typically 5% & is held in your realtor’s trust account. This deposit will then go towards your total down payment at closing

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  • What Are Potential Closing Costs?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Home Inspection Appraisal Fee Legal Fee’s Property Transfer Tax Title Insurance Tax Adjustments Deposit

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  • What is the 90-day rule?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    This rule was implemented as the new anti-money laundering act in 2018 It implies that all banks will require proof of down payment via a 90-day bank statement history on any purchase This means all transactions will be reviewed

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  • What is the Home Buyers Plan?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    This program allows all home buyers to pull up to $35,000 TAX FREE from their RRSP to use towards a down payment on a home You will have up to 15 years to pay back the loan tax free

    Click Here To Read The Full Article


  • How do I get into a detached home?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    HOUSE HACKING – Meaning you live in one part of the home while renting out the rest of the space BENEFITS Can use the rental income to qualify If done right, your rental income may offset your mortgage payment Eliminates strata fee’s & increases your ability to borrow Remember a $350 monthly debt today equates to about $100,000 in borrowing power!

    Click Here To Read The Full Article


  • How does debt affect my mortgage application?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    In today’s market, $350 in monthly debt payments will equate to a loss of about $100,000 on your mortgage Example: $25,000 car loan $750 monthly payments By consolidating this into your mortgage, that’s a savings of $75,000 & $400 in monthly payments

    Click Here To Read The Full Article


  • How do I buy more homes with 5% down?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Step 1 - Buy a home with 5% down (this can be as little as $15k - $20k) Step 2 - Eventually, convert that property to a rental Step 3 - Purchase your next home, again with as little as 5% down Rinse & Repeat **You can even use the rental income to help qualify**

    Click Here To Read The Full Article


  • How do I pay off my mortgage faster?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Two main methods Accelerated Bi-Weekly Payments This will turn your 25-year mortgage into 21-years Pre-Payment Privileges This option allows you to pay a specified amount towards your mortgage each year without penalty. Usually 15% - 20% of the mortgage balance Also, consider the Sweet 16 Method - Increase your mortgage payment by 5% year over year (x 1.05) & you’ll be mortgage FREE in 16 years instead of 25

    Click Here To Read The Full Article


  • What are the FOUR methods to making money in real estate?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    Mortgage Pay Down - Think renters making those principal payments for you Appreciation - The Value in your home going up over time Cash Flow – Cash Flow is KING - That’s making income on your investment after expenses Sweat Equity – Adding value through renovations

    Click Here To Read The Full Article


  • Do I pick a variable or a fixed rate mortgage?

    Author: Boychuk Mortgage Group | Sep 13, 2021

    On average, the typical increase in payment, (given rates id rise), is about $12 - $13 for every $100 borrowed So, if your mortgage is in the $400,000 range, you should only see your payment fluctuate by about $48. Also remember, that variable mortgages offer more flexibility, cheaper penalties, & allow you to switch to a fixed product should you decide

    Click Here To Read The Full Article


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Recent Posts

  • How to Avoid Paying Property Transfer Tax?
  • Is 20% down required to buy an investment property?
  • Can I Buy A Home With Less Than 20% Down?
  • Do I have to be a First Time Home Buyer to put less than 20% down?
  • When Will I Be Required To Put 20% Down?
  • I’m swimming in High Interest Debt Payments – What do I do?
  • What Is Equity?
  • Is 20% required to buy an investment property?
  • Can I Get A Mortgage On Probation?
  • Do I Put 5% Down Today Or Wait To Put 20% Down?
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  • Non-Resident & Foreign Income Mortgages
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  • Steps To Buying Your Next Home
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  • Home
  • About
    • About
    • Why Boychuk Mortgage Group
    • FAQ
    • Blog
    • Articles
    • Trigger Rates Explained
    • Interest Rate Update – Everything You Need To Know!
    • Mortgage Glossary Terms
  • Services
    • Services
    • Bridge Financing
    • Co-Sign Mortgages
    • First Time Home Buyer Mortgages
    • Fixed Rate vs Variable Rate Mortgages
    • Home Equity Lines Of Credit
    • Investment Property Mortgages
    • New To Canada Mortgages
    • Non-Resident & Foreign Income Mortgages
    • Pre-Approval Mortgage
    • Real Estate Investing
    • Refinance To Consolidate Mortgages
    • Self Employed Mortgages
    • Separation Mortgages
    • Steps To Buying Your Next Home
    • Variable Rate Mortgages
  • Mortgage Calculator
    • Mortgage Calculator
    • Cash Flow Calculator – Rental Properties
    • Fixed vs Variable Calculator
    • Cash Flow Analysis – Monthly Budget
    • Purchase Calculator
    • Closing Cost Calculator
    • Land Transfer Calculator
  • Testimonials
  • Resources
  • Contact Us