Wednesday
February 22, 2012
1 Year Closed : 2.75 %
3 Year Closed : 2.79 %
5 Year Closed : 3.19 %
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FREQUENTLY ASKED QUESTIONS (FAQs)
Q: I've always used a bank for my financial needs. Can't I get the same service at my bank?
A: It depends what you define as service. For the benefit of simplicity, I like to break service down into 2 different categories.
1) Client Service- a mortgage professional's ability to answer questions, get your mortgage approved and stay in touch with regular updates before and after the deal closes.
2) Product Customization- a mortgage professional's ability to assess and determine your unique situation (including your credit, your current financial situation, and your short and long term plans) so that they can find a mortgage product that is perfectly customized for your particular needs.
Using this two part definition for "service" it is highly unlikely that you will get the same service at your bank and here's why...
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Service Feature |
Your Bank |
Randy Kazemir |
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48 Hour Progress Update Guarantee |
- |
Yes |
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# of Mortgage Products Available |
2-5 |
50+ |
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"After Banking Hours" Personal Service |
- |
Yes |
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Expert in Working With First Time Home Buyers |
- |
Yes |
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"Mobile Service" in the comfort of your home |
- |
Yes |
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Mortgage Financing Certification |
- |
Yes |
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Tips & Updates in a Monthly Client Newsletter |
- |
Yes |
Q: Do I have to pay an extra fee to hire you as my mortgage broker?
A: No. My service is absolutely free. I get paid by the lender that we determine is best suited for your needs, so you get to enjoy the advantage of saving time and money with my service- for FREE! (o.a.c.)
Q: What are some of the benefits of using a Mortgage Professional?
A: Get independant advice on your financial options.
Save time with one-stop shopping.
We negotiate on your behalf.
More choice means more competitive rates.
Get access to unpublished deals and add-ons.
No cost to you.
Ongoing support and consultation.
Q: How can I trust that you will get my deal done?
A: I am a TMG Mortgage Group Professional. Based in Western Canada, TMG The Mortgage Group Canada Inc. has been in business for two decades. To date TMG has helped almost a quarter million Canadians find the mortgage that best suits their financial needs. With long term respected relationships with the top lenders in Canada, I have access to the absolute best mortgage options in the industry.
Q: What is property transfer tax and do I have to pay it?
A: This tax is charged by the Provincial Government and is collected by your lawyer at closing.
In British Columbia, the amount the purchaser must to pay is 1% of the first $200,000 and 2% of the balance.
The First Time Home Buyer's Program provides a property tax exemption.
If you are purchasing your first home, you may qualify for this exemption if certain requirements are met.
Purchaser
You qualify for the exemption if:
you are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,
you have lived in British Columbia for 12 consecutive months immediately before the date
you register the property, or you have filed 2 income tax returns as a British Columbia
resident during the 6 years before the date you register the property,
you have never owned an interest in a principal residence anywhere in the world at anytime,
you have never received a first time home buyers’ exemption or refund.
Property
The property you purchase qualifies if:
the fair market value of the property is not more than the current threshold of $425,000,
the land is 0.5 hectares (1.24 acres) or smaller, and
the property will only be used as your principal residence.
Q. What is the homebuyer's plan?
A. The Home Buyer's Plan is a Federal Government program that allows you to withdraw up to $25,000 from your RRSP to buy or build a qualifying home.
You must not have owned a principal residence in the last 5 years.
You must intend to occupy your home as principal residence.
Minimum repayment is 15 equal annual instalments. This schedule can be accelerated.
The funds to be withdrawn must have been invested in the RRSP for a minimum of 90 days prior to withdrawal.
You must complete a form T1036.
Check out this HBP guide for more information http://www.cra-arc.gc.ca/E/pub/tg/rc4135/rc4135-10e.pdf
Q. Do I qualify for the 5% down payment program?
A. The home must be located in Canada and is to be occupied as your principal residence.
You have from your own resources a down payment of at least 5% of the purchase price of the home.
Your mortgage payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees (if applicable).
You must be able to cover closing costs of at least 1.5% of the purchase price.
You meet the lenders eligibility requirements
regarding income, employment, and credit worthiness.
Got Questions? I am here to help, just call or email me and let me know how I can assist you.
Randy Kazemir, AMP
Accredited Mortgage Professional
250.938.1258
randy.k@mortgagegrp.com
www.facebook.com/vernonbcmortgages
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