Home Owner Grant – Online Application

With the first official day of summer just one week away, like most of us, we’re all waiting in anticipation to rid ourselves of responsibility and enjoy those longer evenings and sunny days. If you have kids you might find yourself scrambling to register them for camp or anything under the sun to keep them occupied over the summer holidays. However, before we all get into vacation mode, there is one more “adulting” duty to be attended to, your Home Owners Grant.

To make your life a little easier we’ve gone ahead and included each city’s online Home Owners Grant application form below. To avoid 5% late payment penalty on the HOG portion of your taxes, ensure you have your HOG submitted prior to July 2nd 2018. Please note, you will need your tax notice to complete the online form.

Abbotsford

Burnaby

Chilliwack

Coquitlam

Delta

Hope

Langley

Maple Ridge

Mission

New Westminster

North Vancouver

Pitt Meadows

Port Coqtuilam

Port Moody

Richmond

Surrey

Township of Langley

Vancouver

West Vancouver

White Rock

 

Basic Grant:

If your property has an assessed value of $1,650,000 or less, you may be eligible to claim the full grant amount of $570.

 

If your property’s assessment value is $1,650,000 or greater, you may qualify for a reduced grant amount. The grant is reduced by $5 for every $1,000 above the assessed value and completely eliminated at an assessed value above $1,764,000.

 

Additional Grant:

If you are 65 years of age or older, you may be eligible for an additional grant of $275. The Additional Home Owners Grant is completely eliminated if your property has an assessed value above $1,819,000.

BC Speculation Tax Update

Good Morning Salutation,

On Monday, the BC government announced changes to the Speculation Tax which was proposed earlier this year.

“The speculation tax is intended to improve housing affordability in areas where the need is most acute, while exempting rural cabins and vacation homes”, Finance Minister Carol James said. These statements come after heavy criticism from many BC Homeowners and according to James, the changes will exempt 99% of British Columbians from the tax.

  • Areas the Speculation Tax will Apply
    • Metro Vancouver
    • The Capital Regional District (excluding the Gulf Islands and Juan de Fuca)
    • Kelowna and West Kelowna
    • Nanaimo-Lantzville
    • Abbotsford, Chilliwack and Mission
  • Tax Rates 2018
    • 0.5% of the property value for all properties subject to the tax
  • Tax Rates 2019 and subsequent years
    • 2% for foreign investors and satellite families
    • 1% for Canadian citizens and permanent residents who do not live in British Columbia
    • 0.5% for British Columbians who are Canadian residents or permanent residents (and not members of a satellite family)
  • Exemptions
    • People who rent out their second property for at least six months of the year
    • B.C. residents with second properties are eligible for tax credits valued up to $400,000

I BELIEVE THIS POLICTICAL CARTOON SUMS UP OWNERSHIP OF RECREATIONAL PROPERTIES FOR BC RESIDENCE.


As always, I am here to help. Should you have any questions please do not hesitate to contact me.

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”
Dave 604 897 2741 Jordi 604 615 1312
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BRMC Vs. The Banks. Bigger Bang For Your Buck.

Here is another reason to use BRMC as your Abbotsford, Chilliwack and Mission mortgage brokers this year. If you are putting 20% down payment or more toward the purchase of your next home, working with an award winning BRMC broker will allow you the same purchase power as you could find last year before the new rule changes introduced Jan 1st 2018. That is 21%+ more home with us!

Here is an example of how we differentiate ourselves besides lower rates:

BUYING POWER – 21%+ Greater with BRMC

We can also help you purchase or refinance your home without the need of the financial stress if you are putting 20% down or more where as the majority of lenders have to qualify using the financial stress test which effectively reduces your purchase power by approximately 20% as indicated by the above example. The difference in not only a reduction purchase power but the style of home you are looking for ie townhome or home. In our current market renting a home is the same amount and if not more in some cases as owning your own home. . So ask yourself this question, why not use BRMC?

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”

Dave 604 897 2741 Jordi 604 615 1312

BRMC Google review Chilliwack Office

BRMC Google review Abbotsford Office

BRMC Google review Mission Office

www.AbbotsfordsMortgageBroker.com

www.ChilliwackMortgageBroker.com

BRMC Facebook

www.linkedin.com

www.twitter.com/brmcmortgages

www.youtube.com/user/BRMCmortgages

The 10 Not-To-Do’s after Subject Removal

Buying a home is the largest purchase most of us ever encounter. Yet a small percentage of people sometimes take less time considering it than they do when buying an online item. The reason is, it’s unique territory to many. We don’t know what to ask and we are aided by many professionals unlike when we buy items on online.

We also may take things for granted, rely on others too much, and sometimes this leads to buyers remorse. So let’s help you arm your self with the mortgage not-to-do’s that can cause you to lose your new home, before you even move in.

Regardless if you are pre-approved for a mortgage or currently engaged in negotiating a home purchase with an approved mortgage, these rules below apply. The rules are especially important after you have removed your subjects on your purchase contract and put up your deposit to hold your home because if you make one bad move here you could lose your deposit which can be $10,000 to $100,000 and be subject to lawsuits.

  1. Thou shall not buy a new car, no matter what, or you may be living in it! It will impact your debt ratio’s and you could be declined.
  2. Thou shall not co-sign a loan for anyone, for anything. It will impact your debt ratio’s and you could be declined.
  3. Thou shall not quit or change your job. New job income’s can not be used for a mortgage application, and it will impact your debt ratio’s and you could be declined.
  4. Thou shall not use your Credit Cards or Line Of Credits for big purchase. It will impact your debt ratio’s and you could be declined.
  5. Thou shall not spend your down payment savings or closing costs savings verified by your mortgage company. They will decline you if they recheck.
  6. …Did I mention don’t quit your job?? That’s a big one. I’ve seen it twice in 15 years to my amazement and yes the lenders check up to 10 days before closing. They frown upon this.
  7. Thou shall not apply for new credit of any type, especially lines of credit for reno’s or furniture purchase. It will impact your debt ratio’s and you could be declined.
  8. Thou shall not make large deposits into your savings and chequing accounts. All deposits must now be verified and this takes time and could result in long delays at closing.
  9. Thou shall not allow any mortgage application to be processed with omitted OR missing debts or non-disclosed support payments. It will be found eventually and usually too late. This is your responsibility ultimately – your bank and mortgage brokers can’t read minds and don’t always see all debts up front.
  10. Thou shall not miss a payment or a cell phone bill. Any missed payments may lower your score and cause the lender to pull their approval.

I hope this list was helpful and if you are looking for a mortgage in Chilliwack, Abbotsford or Mission we have offices and mortgages brokers standing by! 

I personally would like to wish you and your families a healthy and prosperous 2018.

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”

Dave 604 897 2741 Jordi 604 615 1312

www.AbbotsfordsMortgageBroker.com

www.ChilliwackMortgageBroker.com

www.PeaceOfficeMortgageBroker.com

BRMC Facebook

BRMC Google review Chilliwack Office

BRMC Google review Abbotsford Office

BRMC Google review Mission Office

www.linkedin.com/company/2410358

www.twitter.com/brmcmortgages

www.youtube.com/user/BRMCmortgages