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.