Mortgage Calculator | BC Homeowners Grants
Avoid 9 critical mistakes that could cost you
thousands of dollars when buying your home!
- Avoid "low-balling" our initial offer, as vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home, and comparable SOLDS.
- A pre-approved mortgage can be done for 90 days for FREE.
As well, you can negotiate your mortgage rate usually between 0.5-1% off the posted rates with your lender.
- Have your REALTOR® arrange a home inspection with a certified house inspection service of your choice. The costs will be approximately $250.00 to $400.00 plus GST depending on the size of the property. This could be your best money spent.
- Avoid buying the most expensive home on the street. The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. Location, Location, Location's true!
- When you have a down payment that is almost 25% it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.
- On your mortgage, you will save the most money if you opt for an accelerated BI-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!
- Use your tax credits to the best advantage by placing up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.
- Try and stretch to the maximum you can afford, therefore you will not have to move as soon. You will save $$ on:
- Property Transfer Tax
- Legal Fees
- Mortgage & Discharge Fees
- Real Estate Fees
- Be sure to check into your lawyers fees (separate from disbursements), your agent will be able to refer you to reliable professionals.