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Can You Claim Land Transfer Tax?

Posted onJuly 26/2017By

Land transfer tax (LTT) is a charge levied by each Canadian province when you acquire a property. It is based on the amount paid for the land and includes any amount remaining on the mortgage or debt assumed as part of the purchase agreement. This tax is determined using a specific equation and a land transfer tax calculator. Many people wonder if land transfer tax can be claimed. If you’ve moved for work and your employer has not reimbursed you, you can claim the LTT. Also, there exists a rebate in the provinces of Ontario, British Columbia and Prince Edward Island that allows you to recoup the cost of the land transfer tax entirely. Land Transfer Tax Rebate In Ontario, first-time home buyers can qualify for a rebate that is equal to the full amount of the land transfer tax paid, up to a maximum of $4,000. As of January…

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What Happens After Your Mortgage Is Paid Off?

Posted onJuly 19/2017By

Fixed rate mortgages, variable rates, mortgage terms, payments schedules—these will all be things of the past when your mortgage is paid off. However, you can’t just make your final mortgage payment and forget about it entirely. There are steps to take when finishing paying off your mortgage. So, what happens after your mortgage is finally paid off? When Last Payment Is Done After you’ve made the last payment on your mortgage, you’re still not home free. No matter the type (fixed rate mortgage, variable mortgage, etc.) making the last payment doesn’t clear your debt until the appropriate paperwork is filled out. You’ll also need to pay a discharge fee to the lender to fully rid yourself of the mortgage. The discharge fee removes the legal registration of the burden from the land titles from the lender. Depending on the lender the discharge fee can vary but it’s usually in the…

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8 Things To Know About Mortgage Insurance

Posted onJuly 12/2017By

If you’re in the process of applying for a mortgage or starting to shop around for one, you’re probably thinking about how you can get a low mortgage rate. However, there’s more to getting a mortgage than the rate. There’s also mortgage insurance, which is an important part of getting a home loan if you’re having trouble coming up with a decent down payment. Many Canadians are not aware of what mortgage insurance is. Below you’ll find eight important things to know about mortgage insurance. This type of insurance protects the lender against default and not the homeowner. Mortgage insurance is designed to ensure the lender is able to recoup costs should you default on your loan. Mortgage insurance is mandatory for borrowers who can only come up with a down payment for their home of less than 20% of the total. Furthermore, down payments cannot be less than 5%.…

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Does Your Mortgage Affect Your Credit Score?

Posted onJuly 05/2017By

Your mortgage credit rating can change your life. Taking on a mortgage is a big step. It gives you the freedom to own your own home, and allows you to have one of the most important assets a person can have. When you applied for a home loan, the lender checked your credit rating. Since you were able to obtain the mortgage it means your credit was good or even great. However, when you take on a mortgage, you’re also taking on a mortgage credit rating. Can having a mortgage hinder your credit score? When you get a mortgage, your credit rating will take a dip. A credit score is a numerical value that represents your ability to pay back your debt obligations. Before taking on a mortgage, your debt may have consisted of credit cards, a line of credit or a car loan. You were able to pay these…

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