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A quick rule of thumb, any home buyer can expect to pay from 1.5% - 4.0% of the purchase price of their home in closing costs.

Here are a list of expenses and some of them are optional:

Cost of Home
Purchase Price
GST (on new/significantly refurbished homes)

Upfront Costs
Appraisal fee $250 - $400
Down Payment and Deposit
Estoppel certificate fee (for condominium/strata unit)
Home Inspection $300 - $450
Land Transfer Tax
Legal fees and disbursements ($700 - $1200)
Mortgage broker's fees
Mortgage loan insurance premium (can be included in your mortgage)
Prepaid property taxes/utility bills
Property insurance
Survey or certificate of location cost
Title Insurance (do NOT neglect this one!)

4/07/2009

CMHC Self Employed Policy Change

CMHC will no longer accept applicants under their Self Employed program who own and incorporate a company. CMHC will still however do “sole proprietor” under that program. If applicant is incorporated they will now have to fully qualify.

Other high ratio mortgage insures in Canada also include Genworth and AIG. However, the lenders must adopt the insurer's program for you to obtain the insurance.

Posted by Christine Chien, Member of CAAMP 0 comments

Labels: General Mortgage News, Self-Employed Mortgage (BFS)

3/17/2009

New Immigrant - No Job, No Credit, 30% down

If you are a new immigrant and thinking to purchase a home or rental home in Canada, here is a good program:

* 30% down payment, can be owner occupied or rental.
* Maximum Loan $1M on rental, max $1.5M on principle residence.

Qualification: must have permanent resident card confirming landed immigrant status

Income: no income in Canada is okay. Need to provide information on offshore income and business; investment incomes, the more information, the better (if you own business, provide what does the company do, how many employees, your clients, gross and net income)

Credit History: no credit is okay, as long as having down payment (30%) + 12 months mortgage, interest and tax of “liquid assets” (if you have credit history, no need to show cash equal to 12 mth payment).

All down payment must be in Canada 15 days before funding.

Free consultation.
Chinese (Mandarin, Cantonese), Japanese, Fillipino, Korean.
Christine Chien, Personal line: 604-603-6189

Posted by Christine Chien, Member of CAAMP 0 comments

Labels: New Immigrants

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