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First Time Home Buyers
Welcome to First Time Home Buyer Resource Page. Here you can find all relevant information you need to know when buying your first home in Pitt Meadows, Maple Ridge and Tri-Cities. This web page is updated daily with relevant information and resources to help you guide through your first home buying experience. It's an exciting and stressful process which can be much easier and enjoyable with a help of a professional REALTOR®. And I'm here to help you! Among the various services I offer for first time home buyers are: - Free REALTOR® Services (for buyers buying a home or condo on the MLS)
- Advanced MLS access
- Automated home and condo listings emailed daily
- Mortgage assistance - Stress-free, friendly advice for first-time condo and home buyers - Like most of you I have a young family, so I understand your needs better than anybody else - I've been a first time home buyer myself not long ago, so I understand how you feel better than anybody else The next step you need to take after researching all valuable information on this website is to send me an email (with your phone number and mailing address) or call me directly at 778.991.3293 to receive my First Time Home Buyers Guide. I designed this package with you and your needs in mind and it outlines the home buying process from start to finish. My goal is to educate you about the home buying process, help you make an informative decision and make the overall experience as stress free as possible. Below you can find the answers to questions most first time home buyers are concerned with the most. Other useful information for buyers you can find at my Buying page including CMHC's Step by Step Home Buying Guide (I believe it's the best one available so far and there is no need to "reinvent the wheel"), 10 Costly Mistakes Buyers Make, Typical Expenses When Buying a Home, Moving Checklist, Mortgage Info etc. What can I use as a down payment? The down payment can be the most difficult and challenging part of buying a new home. If you are having trouble raising money for a large down payment you can still qualify with as little as ZERO down. In this instance, your mortgage will have to be insured by CMHC (Canada Mortgage and Housing Corporation) or by GE Capital. If you have less then 20% to put down then your mortgage is considered to be high ratio. High ratio mortgages insured by CMHC or GE are charged a one time insurance premium of between 1.25% and 3.10% of the total mortgage amount, depending on the size of your down payment. This amount can be paid in full at the time or added to the total cost of you mortgage. Home Buyers Plan You may be able to withdraw up to $25,000 tax-free from your Registered Retirement Savings Plan (RRSP) under Canada Customs and Revenue Agency’s Home Buyer’s Plan to add to your down payment or to cover other real estate related purchasing costs. Your spouse or partner can do the same for a combined total of $50,000. To avoid paying tax on your withdrawal, you must repay the funds to your RRSP within 15 years. You must meet the following conditions in order to qualify for this program: 1. You have to make your withdrawal request in the same year you wish to participate in the Home Buyer’s Plan 2. You have not participated or owned a home within the last 5 years 3. You are a resident of Canada 4. You have to enter into a valid written agreement to purchase or build a qualifying home. For more information visit http://www.cmhc-schl.gc.ca First Time Home Buyer Tax Credit If you are a first time home buyer you are eligible for up to $750 tax credit towards closing costs such as land transfer taxes and legal fees. Property Transfer Tax Exempt Whenever you purchase real estate in British Columbia you are required to pay 2% on first $100,000 and 1% on the balance Property Transfer Tax at the time of transfer of title. First-time homebuyers may qualify for an exempt if they meet certain criteria. Who qualifies for the exemption: 1. a Canadian citizen or a permanent resident as determined by Immigration Canada 2. a person who has resided in British Columbia for 12 consecutive months immediately prior to the date of registration of the transfer, or who has filed two income tax returns as a British Columbia resident within the last six years 3. a person who has never, at any time, held a registered interest in a principal residence anywhere in the world (a principal residence is defined as the usual place where an individual resides), and 4. a person who has not previously received an FTHB exemption or refund. What home qualifies for the exemption? Properties where: 1. the improvements on the property become the principal residence (whether or not they are formally classified as residential) 2. the land is 0.5 hectares (1.24 acres) or smaller, and 3. the value of the land plus improvements falls below the set threshold amount of $425,000 (there is a partial exempt for properties over $425,000). For more information visit www.bcrelinks.com
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