City of Kelowna Creative Mortgage

Description

How does the First Time Home Buyers' Program Work? As a first time buyer you do not have to pay the 1% property purchase tax, up to a maximum purchase price of $425,000. What is property transfer tax? This is a tax applicable to buyers who have owned before, are buying a rental home or have not lived in B.C. for a minimum of one year. How do I calculate the maximum payment we can afford? Take 32% of your gross monthly income and allow a portion for your tax payment. What is the maximum purchase price to still allow a down payment of 5%? There is no maximum purchase price with 5% down. What term should we select? A term depends entirely on your circumstance and situation. What is the difference between open and closed mortgages? An open mortgage may be prepaid at any time with no penalty. Which is better, an appraisal or an inspection? These are two different categories for a home purchase. An appraisal defines the value of the home according to sales and the inspection ensures there are no building deficiencies or other problems with your home. Who is responsible for the surveyor's certificate? If you are purchasing a home and borrowing more than 65%, you are responsible to provide a certificate to the lender. What is amortization? Amortization allows you to pay smaller payments monthly on a large sum of money, such as a mortgage. What is the difference between weekly, bi - weekly, semi - monthly, or monthly payments? Accelerated payments ie. weekly or bi - weekly repay your principle back sooner than semi - monthly payments. You can save up to 41/2 years on your amortization by utilizing an accelerated payment. Lesley Pierce 592 KLO Road, Kelowna, BC V1Y 7S2 Cell & Office: (250)717-8949 Fax: (250) 763-8713 E-mail: lpierce@creativemortgage.ca

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