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The important thing is that you make the decision that's right for you.
The property you eventually buy is more than just an investment—it's going to be your home, your own piece of the neighbourhood. So don't rush into it. Take the time to investigate all your options.
Let us help you with the many decisions ahead so that when you sign your name to an offer, it's with the confidence that you've made the best choice possible.
"When you're looking at buying a home, make sure that you know your budget first, so you are looking at homes within your means."
Michelle, Mortgage Relationship Manager
First time home buyers in the Province of British Columbia are exempt from paying property transfer tax if the purchase price of the home is less than $500,000.
According to the government's website, the property transfer tax rate is:
The Government of British Columbia also allows first time home buyers to withdraw up to $35,000 from their RRSP (tax-free) as long as they repay it over the next 15 years.
By looking at your current financial situation, you can determine the price range of homes available to you. One easy way to do this is to sit down with a Financial Advisor at G&F and talk it through. You don't need to be a member to get started! See more about our Smart Money PlanTM.
It's a good idea to get pre-approved for a mortgage.
With a pre-approved mortgage, we check your credit and verify your documentation in order to approve a specific loan amount. A pre-approved mortgage is usually valid for a specified period, such as 90 days.
Pre-approval will not only define the price range of homes you can look at, it will save you from having to make conditional purchase offers to potential vendors. Getting pre-approved will also give you an advantage over competing purchasers when you make offers to vendors, since it will show you are taking things seriously enough to have looked into financing.
When looking at potential homes, take the time to consider all of the factors that are important to you. It may be a good idea to make a list of "must haves" as well as a list of things that would be nice if they were available.
You may find it helpful at this stage to have a real estate agent who can keep you informed about these and other factors that might influence your decision.
It's better to wait a little longer for the home you want, rather than end up with a mortgage for a home you’re not truly happy with.
By looking at your current financial situation, you can determine the price range of homes available to you. G&F is here to work with you and guide you through the process, from making your financial plan, to owning a home.
We offer competitive mortgage rates and we work with you to ensure you purchase a home that you can realistically afford.
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Smart Money Brochure
Get pre-approved for a mortgage with G&F
Make an informed decision
Michelle Angeles, Mortgage Relationship Manager
With 15 years of banking experience, Michelle can help you make an informed decision about your next home.
Visit our FAQ or contact us.
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*G&F Financial Group is the operating trade name of Gulf and Fraser Fishermen’s Credit Union.