Facts on moving

Did you know… that if you get pre-approved for a mortgage before looking at properties it gives you a more realistic expectation of what you can actually afford for a new home. But if your personal circumstances or the market conditions change it could mean that you do not qualify for your pre approval.

Did you know…there are different types of mortgages available to you.

  • Fixed Rate- means your interest rate is locked in for a specific period of time and your payment stays the same even if the interest rate changes
  • Variable Rate- means the interest rate you pay changes
  • Conventional- means you need to pay a higher down payment (20% or more) which means you do not need mortgage default ins
  • Closed- means if you pay the mortgage off early you have to pay an additional charge
  • Open- means the interest rate is higher but you have the option to pay the mortgage off early with no penalty

Did you know…the down payment portion of your mortgage is not financed by your lending institution and needs to be a minimum of 5% of the purchase price.

Did you know…there is a “First time home buyers tax credit”. For more information and to see if you qualify check www.cra-arc.gc.ca

Did you know…you can do a one time withdrawal of up to $25 000 from you RRSP if you are a first time home buyer. For additional details check www.cra-are.gc.ca

Did you know…you will need to present a deposit at the time of making your offer on your dream home. The amount varies so make sure to discuss this with your realtor.

Did you know…when buying or selling a home your realtor needs to record your name, address, date of birth and occupation for their files due to the federal Proceeds of Crime and Terrorist Financing Act. You can find out additional information at www.fintrac-canafe.gc.ca

Helpful links

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