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.

Your opinion is welcomed at the bottom of the page.

Contact me if you have a question or need my services as your mortgage agent

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Interest rates down

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Interest rates down

We have been informed of interest rates gone down and you should be informed as of which mortgage products are offering them.

Second Mortgage interest rate Gone DownEmployed people currently renting and with a rental contract coming up to renewal should be most interested.

Sometimes life gets tough to some, and considering that there are ways and times that factor each of the opportunities, there is a way to recuperate the control of your financial status and pass that bridge to a better situation. You don’t have to do it alone, nor to know it all, what you need is the will and that chance.

Not all mortgage rates have gone down, but the rates that you need might.

Rates on mortgages with purchase assist and debt consolidation purposes mainly have gone down. This means you may it is easier to qualify for your mortgage now

If you are a first-time home buyer employed and need assistance to purchase your home, have some of your needed down payment, even if your credit is not the best, you should be interested.

Contact me now

Dufferin County Homeownership

Dufferin County HomeownershipThe Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.

The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.

 To be eligible for down payment assistance you must be a renter household and meet the following criteria:

  • Combined gross household income at or below $88,000
  • Must not currently own a home or have a legal interest in a property
  • Must be buying a sole and principal residence within the County of Dufferin
  • Have assets of no more than $20,000.00
  • Must not owe any social housing arrears, including damages
  • Be a minimum 18 years of age
  • Be able to secure financing on the property

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Home Trust Secured Visa

Home Trust secured Visa signature

Home Trust Secured Visa, improve, build, rebuild, improve your credit, get all details and apply online.

Learn how it works, apply online now, get your visa in the mail soon.

Helps you improve and control your credit

This Visa reports monthly to both Equifax and Trans-Union.

To assure accurate and timely processing of this application, please review the following:

Security Deposit: The preferred method is to send a personal cheque drawn from your Canadian Bank account; third-party cheques are not acceptable. The minimum deposit amount is $500.00 and the maximum is $10,000. Please make the cheque payable to Home Trust Company.

When providing a personal cheque as a security deposit, if you know that your credit bureau is less than 6 months old, the maximum deposit amount we can accept is $1,500.00. Additionally, please also include a copy of a utility bill (which shows your name/address) or 2 pieces of photo ID (Government issued).

We can also accept a Canadian bank draft or money order. However, with this payment method, you must also include a copy of a recent Bank statement (showing your name, the name of your Financial institution, type of account (i.e., savings, chequing) and your partial account number).

Consumer Proposal: This product is available to clients in a Consumer Proposal; letter of good standing is not required.

Bankruptcy: This product is NOT available to those who are currently bankrupt, however, applicants who have been discharged from bankruptcy can apply at any time, but must include their “Certificate of Discharge” with their completed application.

Secured Visa applications along with their respective deposits/additional documents can be mailed to 145 King Street W, Suite 2300, ATTN Visa Department, Toronto, ON M5H 1J8.

Get control on your own credit, select the Home Trust Secured Visa of your choice:

No Fee Secured Visa CardLower Interests Secured Visa Card
No Fee Home Trust Secure VisaLower Interest Home Trust Secured Visa

CMHC Home buying step-by-step

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Home buying step-by-step.

CMCH Homebuying Step by Step

All you need to know to help you make smart home buying decisions from start to finish, prepared by Canada Mortgage and Housing Corporation (CMHC).

  • Is Homeownership Right for You?
  • Are You Financially Ready?
  • Which Home is Right for You?
  • The Buying Process
  • Now That You’re a Homeowner

May I help you with your mortgage?

Homebuying-step-by-step

Click here to download PDF

 

Region of Waterloo affordable home ownership

The Region Of WaterlooRegion of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.

The residential property must be:

  • In the Region of Waterloo
  • A maximum purchase price of $243,300
  • Approved by the region of Waterloo

To be eligible to qualify for this program families and individuals must:

  • Qualify for a mortgage
  • Have a maximum household income of $73,050
  • Be at least 18 years old and currently renting
  • Not own or have an interest in a home
  • Not owe money to a Community Housing landlord
  • Be a legal resident of Canada
  • Intend to have this home as your one and only residence

This is a limited time, limited funding mortgage product.

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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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Owner occupied rental

Owner Occupied Rental

The owner occupied rental mortgage offers the flexibility needed to own a property while renting a fraction of it to someone else, so you can use the rental income to help repay your mortgage.

The owner occupied rental mortgage is normally used by small but growing families when their own income alone may not be sufficient to qualify for the property you need.

This type of mortgage gives you the advantage to qualify for a bigger property than what you can afford with your income

Not all properties and not all rental agreements may qualify for this type of mortgage, ask me before buying the property.

The owner occupied rental is available for purchases or refinance.

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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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Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

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Family Plan Mortgage

Family Plan MortgageFamily plan mortgage is a mortgage loan that allows an immediate family member to assist financially another immediate family member in the purchase of a new home

Family plan mortgage is one of the insured, owner-occupied mortgage loans, good credit rating is necessary and both members of the family must be included in the property title.

Family plan mortgage is great for the following examples:

  • A parent who wishes to help an adult entrepreneurial child buy a home

  • A parent helping to buy a home for an adult child at a post-secondary educational facility

  • An adult helping to buy a home for elderly parents who are living on a fixed income

Insured Mortgage Facts:

  • 2+ members of the family purchasing a home

  • All applicants must be on title

  • For immediate family members

Eligible properties:

  • Number of units: Max 2 – at least one should be owner occupied

  • Good conditions property in marketable area in municipality with resale value stability

  • New constructions or existing properties

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Zero down payment mortgage

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
Call or text 416-262-7139
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