Ontario Land Transfer Tax

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Ontario Land Transfer Tax

Ontario Land Transfer TaxOntario Land Transfer Tax is charged to the homebuyer and applies whenever a land or an interest in land in Ontario is purchased,

The applicant buyer pays the Ontario’s land transfer tax at the time of purchase, the term “land” includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances, and cabinetry).

Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

In some cases, land transfer tax is based on the fair market value of the land, for example, where:

  • The transfer of a lease with a remaining term that can exceed 50 years
  • The transfer of land is from a corporation to one of its shareholders, or
  • The transfer of land is to a corporation if shares of the corporation are issued.

Current Ontario Land Transfer Tax rates as of January 1, 2017

Current Ontario Land Transfertax RateFirst-time homebuyers rebate

Up to December 31, 2016, first-time homebuyers qualify for up to 2,000 land transfer tax rebate.

Ontario Land Transfer Tax rates as of January 1, 2017

Ontario Land Transfer Tax Rate

From January 1st, 2017 onwards, the new Ontario Land Transfer Tax for first-time home-buyers will be exempted on the first 368,000 of a land purchase price and first-time home-buyers will also be eligible for up to a 4,000 tax rebate on the non-exempted amount.

Also from January 1st, 2017 the new Ontario Land Transfer Tax rate increases on properties which purchase price exceeds 2 Million, the increase is to 2.5% from a 2%.

An appraisal of the properties before the purchase is most likely going to be ordered.

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Additional costs when buying a home

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Additional Cost Of BuyingThe following are some of the costs that a home buyer should consider when purchasing a property

One of the reasons why some people are hesitant to purchase a new home may be because they don’t know of the extra expenses they’ll go into after the purchase of the property

Knowledge is power, and you can learn from other people’s experiences and make the most of your home purchase.

Simply knowing about this additional costs, can give you peace of mind and can help you understand the times when you would need the funds and in some cases where to get the financing from.

While additional costs vary with each home purchase, they generally average about 1.5% to 4% of a home’s selling price.

The following is a list of some additional cost when buying a home

  • Property land cost
  • Legal Notary fees
  • Mortgage Insurance
  • Property Insurance
  • Home inspection
  • Moving costs
  • Service hook ups

Click here to see the complete list including approximate amounts and what they are specifically

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Debt Consolidation

Debt ConsolidationDebt consolidation can be quick and easy using the equity in your home to avoid paying high-interest rates.

Call for an appointment, or apply online, with our products and services you lower your interest rates while allowing to make one easy payment per month.

When will you be debt free? Learn what affects your debts and estimate below your current debt free time

Unsecured debts (credit cards, car loans or others) offer a higher interest rate than a mortgage, while they help in the short period to purchase the goods, they also lead to a longer period and higher cost before the loan is paid.

Debt consolidation is a new loan that can help eliminate all or some existing higher interest rates loans

Debt consolidation should be considered not only when you are getting into financial problems, you can also consider it as an opportunity for new investment and wealth consolidation.

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Debt consolidation assessment practices are, quick, effective, easy and offer the following immediate benefits:

  • Save of thousands of dollars on interests based on the current debts
  • Cash flow relieve
  • Secured lower interest rates
  • Comfortable amortization periods
  • Credit scores improvements
  • Allow equity funds to be used towards other new investments

Using the equity in your home offers an easy, cheaper quick and comfortable way out of debt.

Use the credit card debt calculator below to estimate when will you be debt free

Months It Will Take To Be Debt Free:
Years It Will Take To Be Debt Free:
Total Amount Payed To Lender:
Total Interest Paid To Lender:
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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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Toronto Mortgage Agent

The Toronto mortgage agent of Mortgage Edge to get your first, second mortgage or line of credit that you need, apply online and deal with many mortgage lenders

Mortgage AgentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

With me as your TMortgage Broker - Mortgage Edgeoronto mortgage agent, you’ll have quick personalized service access to the best lenders and a complete array of mortgage products to get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you are looking for a Toronto mortgage agent or have questions about what type of mortgage you need, call now, or, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

Toronto Mortgage agentLet’s get it done now

Request your *mortgage assessment free*, apply online and get a free one on one meeting

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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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Zero down payment mortgage

Zero down paymentZero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.

It helps realize the dream of homeownership even before the down payment has been saved.

If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now

To qualify for a Zero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase

Excellent credit is necessary for the zero down payment mortgage when available.

Click here to apply for your zero down payment mortgage or other mortgage options if necessary

Visit also low credit score mortgage 

* Subject to availability

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Whether you enjoy good credit or have bad credit, we can absolutely help you with mortgage approval application process

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
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Mortgage brokers

Mortgage EdgeMortgage Edge: a successful group of mortgage brokers in Toronto and servicing the entire province of Ontario with over 25 years of experience helping clients obtain and manage their mortgage with a unique philosophy to serve and protect the consumer

Mortgage agents and Mortgage brokers at Mortgage Edge, are committed to helping you make an informed decision when it comes to your mortgage, considering your personal financial plan and major life goals to grow your wealth, your mortgage will be one of your most important financial tools 

One of our commitments as mortgage agents and mortgage brokers is to advise you considering your personal financial plans, and life goals to grow your wealth, we work hard and smart to protect your interests

What do you need a Mortgage Broker for?

  • Do you need a mortgage advice?
  • Do you need a report on your property to see if you have equity that you can use?
  • Do you need a mortgage refinance?
  • Do you need a first or second mortgage?
  • Do you need a secured line of credit?
  • Do you need to take some equity out of your property?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

About myself as your mortgage agent, with certifications from CAAMP (Canadian Association of Accredited Mortgage Professionals), and years of experience at Mortgage Edge, committed to the consumer and lenders licensed Mortgage brokers & regulated by the Financial services commission of Ontario I am also a member of IMBA (Independent Mortgage Brokers Association), we  observe our code of ethics and a deep customer protection philosophy .

Let’s get your mortgage approved now!

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