Principal Pay Down Unlike your rent payment, mortgage payments include a principal component that otherwise brings your total monthly mortgage balance owing down and resulting in an increase of your equity. Appreciation Appreciation refers to the increase in your home’s value over time. Your value may increase for a number of reasons, including interest rate fluctuations, supply and demand, inflationary periods, and even due to emotional house shoppers. Cash Flow Whether you’ve purchased a stand-alone rental property or have a rental component to your home, this secondary source of income, ideally above and beyond your total monthly bills, provides great value. For Example Rent = $2,500 Mortgage…

A true pre-approval is not one that is done on an online pre-approval app or calculator. These options though are a great general tool, they do not address many of the underlining components that ensure accuracy when securing mortgage financing. A true pre-approval requires submitting an application, pulling your credit, & submitting supporting documentation to your trusted mortgage advisor. At Boychuk Mortgage Group, your pre-approval includes a one-on-one success planning session to help educate you & to create a long-term mortgage & wealth strategy! We consider our pre-approvals a guaranteed stamp of approval as we have done the proper due diligence to protect…

Yes Typically, a 25 – 50% down payment is required There are options at 25% down payment with plans to build

Bridge financing is a short term, temporary loan that is designed to help homeowners like you, “bridge” the gap between the sale of your existing property and the purchase of your new home. This allows you to access your equity for your down payment on your new purchase, while you wait for the sale of your existing home to complete. Read More

Land Transfer Tax In the province of BC, when ownership transfer title, buyers are faced with a land transfer tax – AKA, property transfer tax + 1% on first $200,000 + 2% on balance up to $2,000,000 + 3% on the balance over $2,000,000 + 2% on balance over $3,000,000 **If Residential** Appraisal Fees Your lender may ask you to order a home appraisal as part of your conditions. This cost varies depending on property value but are typically between $300 & $500. Legal Fees As the final stage of your home buying process, your legal team (lawyer or notary), are responsible for legalizing your transaction, including registering your…

There are generally TWO ways to avoid paying Property Transfer Tax in B.C. 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

HOUSE HACKING! This strategy refers to living in one part of the home while renting out the rest of the space. House Hacking is designed to help you improve what you can qualify for while also bringing down your total monthly costs via the rental income generated. When comparing a detached home to a strata unit, you will also save on monthly strata fees. When done right, you may even find yourself cash flow positive month over month. Remember a $400 monthly debt today equates to about $100,000 in lost borrowing power. When considering the elimination of a $400 monthly strata fee, that…

Common home ownership costs include: Mortgage Payment Property Taxes Home Insurance Strata Fees (If applicable) Utilities – Heat, Water, Gas Internet & Cable