Buying a Home

At City Wide Mortgage Services, one of the most highly recommended mortgage brokers Vancouver has to offer, we believe that there is no such thing as a one-size-fits-all solution to house buying.

Hence, we’ve gathered the following information on buying a home to help you find the answers to your biggest real estate questions. However, for answers to your specific inquiries, we recommend that you speak to one of our Mortgage Planners. For a more comprehensive discussion, feel free to download our Home Buyer’s Information Kit which is available in our Downloadable Forms section.

Pre-Approved Mortgages

A pre-approved mortgage is an estimate of the amount and terms of the mortgage you can afford. This figure is determined by Vancouver mortgage brokers based on your income, savings information, and credit. Though not an assurance your application for your mortgage loan will be approved, a pre-approval can facilitate your house search and it offers benefits such as a rate guarantee.

To apply for a pre-approved mortgage, you can fill out an application form on our website or get in touch with one of our Mortgage Planners. Your Vancouver mortgage brokers will then work out what rate you can afford as well as the mortgage options available to you before issuing you a written confirmation or certificate of pre-approval.

Minimum Down Payments

The minimum down payment for a purchase is 5% of the purchase price. Qualified buyers offering down payments between 5% and 20% of the purchase price must obtain mortgage insurance from:

  • Canada Mortgage and Housing (CMHC)
  • Genworth
  • or Canada Guaranty

If you are a resident in Canada who hasn’t owned an owner-occupied home within the last 5 years, you may be allowed to use up to $25,000.00 from your Registered Retirement Savings Plan (RRSP) as down payment for qualifying homes under the Home Buyer’s Plan (HBP).

Property Purchase Taxes

Property purchase taxes are paid upon purchase of a house or lot and usually amount to 1% of the first $200,000.00 of the purchase price plus 2% of the remaining price. You may be exempt from paying this tax if you are a first time buyer purchasing a property valued at less than $425,000.00.

To learn more about mortgage brokers in Vancouver and for further inquiries, contact City Wide Mortgage Services by calling our toll-free number 1-800-774-8818 today.