Repeat Buyers
Looking to buy another property?
If you've already been through the home financing process, you understand that a quality mortgage professional can be one of your best allies. The rules and regulations are different when buying another property. When you work with me, I offer guidance and unbiased advice throughout the process.
Contact me today to find a mortgage that suits your needs.
How much do I need down as a repeat buyer?
Whether you are a repeat buyer or a first time home buyer, we require the same minimum down payment for an owner occupied home.
- Purchase price of $500,000 or less = 5%
- $500,000 to $999,999 = 5% of the first $500,000, 10% of the remainder
- $1,000,000 or more = 20%
- Rental properties = 20%
Mortgage Default Insurance
- This premium is added to your mortgage balance if you put less than 20% down.
- Protects the lender in the event a borrower defaults on their mortgage. It does not protect you (the borrower).
- Gets paid with your monthly mortgage payments, NOT paid upfront.
Property Transfer Tax
- A tax payable to the Provincial Government by purchasers of real estate.
- Calculated as 1% on the first $200,000 of the purchase price, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the value.
- Payable at closing.
Legal fees
- For services provided by your lawyer: conducting a title search, registering the mortgage and transferring your name onto title.
- $800-2,000
- Payable at closing.