Rod McLeod

 

Royal LePage Real Estate Services

office: (604) 939-6666
fax: (604) 939-6911

cell:  778-892-7116

e-mail: rodmcleod67@shaw.ca

Listings

Featured Listings


 

Choose a subarea of Port Coquitlam using the map above or the list below.

Tri-City map

 

First Time Buyers Information

 

As a first time buyer, you're likely to have many questions about selecting, financing and buying your first home. How do we start looking for a home? How much money will we require to purchase the home? How much will the mortgage payments be each month and can we afford it? How does the home buying process work and what can we expect along the way? These are just a few of the questions you're bound to have at the beginning of your exciting journey to buying your very first home!

Jeff Golding can provide the answers to your questions and walk you through the entire process, from viewing potential homes to making an offer to setting up mortgage financing. Although buying your first home can be overwhelming, you can be confident that Jeff Golding will be available to help you every step of the way. Jeff Golding and Royal LePage Canada can make buying your first home simple and straightforward, eliminating any confusion and doubt and allowing you the opportunity to enjoy your first home, worry-free.

Just a 5% Down Payment?

  • The following is an excerpt from the Canada Mortgage and Housing Corporation website under the topic of “Mortgage Loan Insurance”.
  • Get into your home sooner. Mortgage Loan Insurance helps you do it. Put as little as 5% down.
  • When you need a mortgage loan that is more than 75% of the purchase price of your home, mortgage loan insurance is required. It protects the lender and, by law, most Canadian lending institutions require it.
  • Having mortgage loan insurance means that if you, the borrower; default on your mortgage, the lender is paid back by the insurer - CMHC or a private company1. With the risk of losing their money removed, lenders have the confidence to make mortgage loans of up to 95% of the purchase price of the home (subject to price ceilings).
  • That means your down payment can be as little as 5% of the house price. With mortgage loan insurance, many Canadians who might be unable to obtain a 25% down payment can still buy a home.

    Where can a mortgage loan insurance be obtained?

  • See your lender, who can obtain mortgage loan insurance from CMHC or private insurer.
  • CMHC will insure mortgages of up to 95% of the home's purchase price or the market value of the property, whichever is less. (Restrictions may apply. Contact your local lender.)
  • Both new and resale homes are eligible. Here are some of the criteria that must be met:
  • The home must be in Canada and must be your principal residence. Housing payments, including principal, interest, property taxes, heating (P.I.T.H.), the annual site lease in the case of leasehold tenure and 50% of applicable condominium fees, can't be more than 32% of your gross household income (GDS ratio).

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Typical Expenses When Buying a Home?

There are many costs that homebuyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs.

Typical Expenses

  • Legal Fees & Disbursements
  • GST and PST (if applicable)
  • Property or Land Transfer Tax
  • Adjustments (reimbursed to the vendor)
  • Interest
  • Property Taxes
  • Utility Payments
  • Strata or Condominium Fees
  • Estoppel certificate fee
  • Survey Fee
  • Home Inspection Fee
  • Water quality and quantity certificate
  • Appraisal Fee
  • Mortgage broker's fee (if applicable)
  • Mortgage Loan Insurance Premium (if only 5% down)
  • Mortgage Loan Insurance Application Fee (if only 5% down)
  • Moving Expenses
  • Renovations and repairs
  • Furniture, paint, carpeting, window coverings, etc.
  • Service and Utility Hook-up Fees
  • Property/Condominium Insurance
  • Mortgage Application Fee
  • Deed and/or Mortgage Registration Fee

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