Clark Hitchcock : For Sale Chilliwack

First Time buying continued

Clark Hitchcock — Mon, 26 Oct 2009 23:07:00 GMT

Last time we talked about some of the priorities which I am sure you can make a much larger list than I mentioned.

Today I want to talk about some information that the in house mortgage broker at our Re/Max office mentioned at the sales meeting last week. That is the closing costs which are due in every home, townhome, condo or mobile purchase. He says that the banks are asking where are the homebuyers getting thier closing costs from. Are they in a bank account alread, is it goin got be a gift from a relative, friend, or some other source and what is that source. The costs are the notary fees could be as high as $1200.00 it is good to check before hand to know what that is going to be. Thier job is to conduct a title search, (we already have that information as a subject in the offer I have written for you, but they also need it) they will draft the title deed and prepare the paperwork for the mortgage.

There may be appraisal fees which the bank may need could be 250-350 bucks. Sometimes a survey certificate is needed in liew of that then title insurance may be required. There is a cost to both of these anywhere from 400 to 2000 but you will only need one or the other not likely both.

A hoome inspection is a great idea and they cost in the neighbourhood of 450 bucks.

The adjustments are for things like the balance of property taxes for the year, if it is strata the strata fee for the balance of the month. Pehaps the balance of water and sewer costs that have been prepaid. Sometimes there will be a balance owing you in the taxes if it is before June 30 but then you will have all of the taxes to pay for the year.

If you are a first time buy here in BC there is no property transfer tax at this time October 26, 2009, If you are buying a home in two names and one of you have owned a home before then you will have to pay the property transfer tax at half of the amount. That is 1% on the first 200 thousand of purchase price and 2% on anything above that up to 425 thousand. So for example if you purchased a home for 300 thousand the full property transfer tax would be $4,000.00 you would have to pay half of that if one of you has owned a home before.

Going back to the mortgage company wants to know where the money is coming from they would like to see it in a bank account already or in some form of unencumbered situation. in other words not putting on a credit card to add more monthly debt.

Until next time have a great week.If you are looking for real estate give me a call.

Thanks for reading.

Chilliwack First time home buyer

Clark Hitchcock — Mon, 28 Sep 2009 19:50:00 GMT

I thought I would write a bit if you are thinking of buying some real estate for the first time. Did you know there is a home owners tax credit available to you. I have copied and pasted some of the details here from the Governments web site.That address is

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

. What is the Home Buyers' Tax Credit (HBTC)?

For 2009 and subsequent years, the budget proposes to introduce a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., closing after this date).

2. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Who is eligible for the HBTC?

An individual will qualify for the HBTC if:

they acquire a qualifying home; and
neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of purchase or any of the four preceding years.

So if you are thinking of buying real estate in Chilliwack or surrounding areas now is the time, interest rates are still low and there is a good choice of homes to view, so give me a call to find the perfect home for you.

Todays latest interest rates

Clark Hitchcock — Fri, 30 Jan 2009 23:45:00 GMT

I am just back in the office and checked my mail box and there were the latest interest rate sheets.

1 year closed is 3.5% 5 year closed as low as 4.39% Ten year closed is 6.55 We do not have the variable listed on this sheet but most of the time it is .8 above price and prime is at 3.% now. do you think that this will get things moving in real estate. Well from the way the phones are ringing around the office here it has gotten busier. Do you think this is the time for you to make a move? I think it is personally. Why don't you give me a call to discuss your needs in real estate. 604-798-0833. Thanks for dropping in today.

Time to buy??

Clark Hitchcock — Sat, 10 Jan 2009 00:54:00 GMT

Are you trying to decide if this is the time to buy or should you wait until prices come down some more. Well that is a good question. Right now you have several things coming together which makes it look like it may be time to buy. Interest rates are low for example we got the rates today and a 5 year closed mortgage is available for 4.79% and some rates are as low as 3.89% for a 1 year term. the variable rate is 4.10%. So historically these are some of the lowest rates you will find. Prices have gone down on homes some and there is a good selection to choose from. People are willing to negotiate much more than was possible a year ago or so.

If you are planing to buy a home that suits your needs whether it is for just you or for you and your family and you are planning on staying there for a while then this is the time to buy. Since home values over a 30 year term have annual increases of 6%. So start building your equity now.

Give me a call and I can show you just the perfect home that suits your needs.

Shovel Attached

Clark Hitchcock — Fri, 26 Dec 2008 23:25:00 GMT

Is that how you feel? That you have a shovel attached to the end of your arms. Actually I enjoyed shovelling. It kind of reminded me of Saskatchewan where I grew up and lived until I moved to Chilliwack in 1987. Brisk weather (although -4 is not all that brisk) working hard enjoying the coolness on my cheeks. But after a couple of days of this now it is time for the seasonal rains to come. That is part of the reason why I am here now.

I shoveled at home then we went to Sue's Aunt and Uncle in Abbotsford yesterday and shoveled some more. Abbotsford has more snow then we do, at least their snow bank was higher, or maybe I was getting weaker. It sounds like we will be in for more shovelling this weekend as well.

Happy shovelling.