Found 5 blog entries tagged as mortgage.

Do I Need a Survey?

In British Columbia, the need for a survey depends on the specific circumstances of your property. In general, a survey may be necessary or useful for things like buying or selling a home, making changes to your property, or resolving boundary disputes.

If you are buying or selling a home in British Columbia, a survey is not typically required as part of the process. However, it is still a good idea to have a survey done, as it can help you understand the boundaries of your property and any potential issues with the property. You may also want to consider getting a survey if you are taking out a mortgage, as many lenders will require a survey as part of the loan process.

If you are planning to make major changes to your…

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How Much Do I Need to Put Down to Buy a House?

The amount you need to put down to buy a house in Canada will depend on a number of factors, including the price of the home, the type of mortgage you are using, and your credit score.

Here are a few general guidelines:

  1. Conventional mortgages: For a conventional mortgage, you may need to make a down payment of at least 5% of the purchase price of the home. However, if you have a credit score of 600 or higher, you may be able to put down as little as 3% with some lenders.

  2. High-ratio mortgages: If you are using a high-ratio mortgage (meaning you are putting down less than 20% of the purchase price), you will need to purchase mortgage default insurance. The minimum down payment for a…

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Can You Sell a House with a Mortgage?

Yes, it is possible to sell a house with a mortgage. When you sell a house with a mortgage, you are responsible for paying off the remaining balance on the mortgage before the sale can be completed.

Here is a general overview of the process for selling a house with a mortgage:

  1. Determine the sale price: The first step in selling a house with a mortgage is to determine the sale price. This will depend on the value of the home, as well as any upgrades or improvements you have made.

  2. Determine the remaining mortgage balance: To determine the remaining mortgage balance, you will need to contact your lender and request a payoff statement. This statement will show the total amount you owe on the…

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As expected, the Bank of Canada (BoC), satisfied with the sharp decline in recent inflation pressure, has raised the policy rate by only 0.25% today. They are forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 (subject to uncertainty). 

In their report statement today, the BoC acknowledges the following:

  • Recent economic growth in Canada has been stronger than expected and the economy remains in excess demand.
  • Labour markets are still tight and the unemployment rate is at historic lows.
  • There is growing evidence that restrictive monetary policy is slowing activity, especially household spending.
  • Consumption growth was moderated from the first half of 2022 and housing market activity…

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Buying Your First Investment Property

If you're looking to buy your first investment property, there are a few steps you'll need to take. First, you'll need to save up for a down payment, which is typically 20% of the property's purchase price. Once you have the down payment, you'll need to get pre-approved for a mortgage from a lender. This will involve providing proof of your income, assets, and credit history to the lender.

Once you have your mortgage pre-approval, you can start looking for properties that fit your investment goals and budget. You'll want to consider factors such as the location, property type, and potential rental income when choosing a property.

When you find a property you're interested in, you'll need to make an offer and…

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