House Hunting Checklist
Are you in the market for your next home and don't know where to start?
Well lucky for you, we are here to help!
1. Contact us today to find out how much you should be looking for (and how comfortable you are with the payments!)
VanderDuim Mortgage Team
Sharon, Melanie, Tancy, Emily & Nick
129 King Street East, Bowmanville
905-623-9738
sharon@sharonvmortgages.com
2. Download the House Hunting Checklist to help you narrow down your search!
Find your free downloadable PDF here!
3. Enjoy the process!! Don't stress but don't settle
Mortgage Checkup
Mortgage renewal time?? Refinancing… new government rules.. give us a call at 905-623-9738.
When you receive the renewal call from the lender or a package in the mail please call us. Rates we can offer are less than what is being offered in your package. If you currently have a variable rate of more than prime plus .75% or a fixed rate of 3.75% or more we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and reduce years off mortgage payments.
RRSP First-time Buyer Exceptions
Question: I heard that I'm not considered a first-time buyer for the RRSP Home Buyers' Plan (HBP) if me or my spouse have owned a house in the past five years. Are there any exceptions to this rule?
Answer: Yes. You can still qualify as a first-time buyer under the Home Buyer's Plan if...
from January 1 of the fourth previous year (i.e., 2006) until 31 days before withdrawal, you:
•Did not own a house that you occupied as your primary residence; and,
• Did not make a spouse's (or common-law partner's) owner-occupied home your principal residence.
As this suggests, you can rent your primary residence while owning one or more rental properties, and still be considered a first-time buyer under the RRSP Home Buyers' Plan.
Even if you or your spouse owned a principal residence in the last 4-5 years, you can still withdraw funds under the HBP if you:
•Have a disability and are buying a home that is more accessible or better suited to your needs
•Buy a home for a close family member with a disability, and that home is more accessible or better suited to the needs of that person
•Give the funds to a close family member so they can buy a home that is more accessible or better suited to their needs.
Here's the definition of a close family member and other relevant details: HBP Link.
Background on the HBP: The RRSP Home Buyers' Plan let's you use up to $25,000 of your RRSP savings ($50,000 for a couple) to help finance your down payment. The withdrawal is not taxed as long as you make an annual repayment of at least one-fifteenth of the amount you withdrew. The funds you use for the HBP must be in your RRSP for at least 90 days before withdrawal. Here's a link with all the fine print.
Property Tax
As you may know, you have a couple options when it comes to paying your property taxes: 1) through your mortgage; but you may have to pay more upfront as the bank likes to have a cushion; 2) on your own or 3) through your local municipality.
If you did not know, you can have your taxes debited right out of your account. Contact your local municipality for more information. For anymore in the Clarington area, you can go to http://www.clarington.net/htdocs/bus-tax-information.html to access a copy of the Online Application (on the left side of the screen).