![]() Homeowners insurance and property tax rates have been provided by Redfin, and are calculated at 0.22% and 1.25% a year respectively. The industry often uses pricing more specific to a borrower’s situation, so your PMI costs could be higher or lower than shown here. PMI costs are determined using a generic pricing sheet by Enact Mortgage Insurance. But lenders use credit scores to set interest rates as well, so your rate may be higher or lower than shown here. When you do, you can make an offer confidently knowing that your financing arrangements are ready to go.Debt-to-income thresholds in the calculator are based on interviews with mortgage brokers on what they generally see in the marketplace.Įxactly how much you qualify for will depend on your individual circumstances, including credit score, current interest rates and how much you’ll have in savings after you buy a home.Ĭredit scores in the calculator are used just to determine private mortgage insurance costs. You’ll officially know the maximum amount you can borrow and the interest rate you’ll pay on a mortgage.Ī pre-approved mortgage agreement is valid for 90 days, so you have time to explore the market and find the home that’s right for you. ![]() But if you’re ready to start house-hunting, it might be time to get pre-approved. Using our calculators to estimate your costs and payments will give you an idea of what you can afford, which should help with saving and planning. Utilities Depending on the services available in your area, you may need to pay separate bills for heating, electricity, water and other services.If you’d like help budgeting or saving for this payment, speak to one of our Mobile Mortgage Specialists. Property tax This must be paid annually on any home you own in BC directly to your municipality.The fees are based on the size of your unit and set by your strata council. Strata fees Maintenance fees must be paid monthly on the purchase of a townhome or condominium.Payment protection insurance To make sure your mortgage balance is paid in case of unexpected events, like death, disability, illness or job loss, Vancity’s insurance coverage is highly recommended.Home insurance Home insurance protects your home and its personal contents. ![]()
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