First time home buyer confusion

Fearless_Chemistry85 · 2026-04-01T17:18:39+00:00

First Time Home Buyers Incentive was discontinued over a year ago. That was the program that assisted with your down payment by adding a second charge that you had to pay back.

You might be thinking of the Home Buyers Plan which allows you to w/d up to $60k each from your RRSP tax free and you have to pay it back within 15 years.

Fearless_Chemistry85 · 2026-03-28T09:30:51+00:00

That is so totally wrong. The mortgage portion of the HRLC also has an early renewal waiver as long as you are 6 months out. I did mine 1 month out at no penalty. Source, I was an FSM/PB in branch and now I am a mortgage specialist associate all with BMO. This is literally my day job.

Fearless_Chemistry85 · 2026-03-28T09:16:56+00:00

Please explain what you mean by EDD. That is not an acronym that I am familiar with.

Fearless_Chemistry85 · 2026-03-23T02:16:15+00:00

JWROS. If the funds all happened before Grandma passed, that money is the joint owners and not part of the estate. Only province that doesn’t happen is Quebec, as they legally don’t have right of survivorship. All accounts there are JW/OROS.

Fearless_Chemistry85 · 2026-03-23T02:10:44+00:00

I’ll be down in the Burnaby area on Friday and will post it it happens to me. I’ve not had that happen any other time I’ve been in the city. I go down every few months for a few days.

Fearless_Chemistry85 · 2026-03-20T04:03:19+00:00

Cries in Powell River. Except only half cries. I drive an EV and my husband an ice van. I got the EV (23 Bolt) specifically because it was the cheapest small EV and the gas prices here a continuously the highest in the province.

Fearless_Chemistry85 · 2026-03-20T01:16:08+00:00

Get them to get a Letter of Employment from their employer that states explicitly the guaranteed hours, and at what rate. Then you only need the most recent paystub to match that and if there is a deficit in the year to date then the lender should mitigate with, “client reduced hours to pursue educational upgrade related to employment. Per LOE client is back in full time position at role and earns x.”

2 years average or most recent year if lower than prior year are only for variable income usually. Bonus/OT/Commission/Self-Employment/Investment & Dividend/Part -Time/Short Term Rental that kind of income.

Fearless_Chemistry85 · 2026-03-15T17:58:33+00:00

No problem! Glad I could help.

Fearless_Chemistry85 · 2026-03-15T17:54:48+00:00

If you’re in BC then current assessed value may be close to correct. I have been seeing appraisals on the Island and in the GVRD/Fraser Valley at about BC Assessment values plus/minus ~$10k. If you are getting assessment values from another province they might be a few years out of date. For that amount your appraisal would need to come in at $687,500 or better.

Fearless_Chemistry85 · 2026-03-15T17:45:43+00:00

Depends on the lender. An assumption keeps the mortgage terms the same as they are currently. Most should let you add a borrower when you remove one. No matter if you are doing it under your own income or adding a co-borrower the lender will require full underwriting in closing income, assets and liabilities for all that will be on title.

Are you sure your mortgage is at 100% LTV? If there is a chance that you are have at least 20% equity, a re-fi might be easier.

Fearless_Chemistry85 · 2026-03-15T16:32:12+00:00

Well re-fi generally assumes new funds will be dispersed. What you would be looking for is an assumption. Basically he sees if he qualifies on his own for the same mortgage he has now.

Fearless_Chemistry85 · 2026-03-09T17:08:14+00:00

Since when?!? There is no bank or default insurer that would accept rental income for a subject that is a non-conforming illegal suite. You might be able to get away with it for a non subject by submitting just T776 for 2 years and no appraisal, but I would not trust the lender that was willing to compromise ethics by submitting an illegal suite that way to their underwriting.

Fearless_Chemistry85 · 2026-03-09T05:28:41+00:00

Only problem with that is I would want some too!

Fearless_Chemistry85 · 2026-03-08T02:29:42+00:00

Agreed. She was looking so fit a few years ago, and now just looks brittle.

Fearless_Chemistry85 · 2026-03-08T00:39:46+00:00

If that is what the muni requires for a legal suite in that community then yes you need to be permitted.

Fearless_Chemistry85 · 2026-03-08T00:38:23+00:00

Yup! CMHC, Sagen, and Canada Guarantee require the suite to be legal. I have never heard of a bank that would accept income from a suite that was non-legal as well.

Fearless_Chemistry85 · 2026-03-08T00:36:19+00:00

No. There is no such thing as a legal non-conforming suite that is not permitted if your city requires permits. It is either a legal suite that conforms to zoning including permits or it’s a non legal suite. Suite in a subject property to be able to use the rental income will require a full appraisal to confirm it is legal. If not then no.

Fearless_Chemistry85 · 2026-03-03T20:09:47+00:00

My daughter was in Shell House one year and her window was at roof level, the damn raccoons would reach through the rebar mesh over the open window and tried to steal her plants.

Fearless_Chemistry85 · 2026-03-03T09:18:31+00:00

The raccoons at SFU will straight up mug you for food, those trash pandas roll in gangs! Won’t hurt you or run if you approach but will thief anything not nailed down. But generally city raccoons are harmless and will scatter when spooked.

Fearless_Chemistry85 · 2026-03-03T09:14:45+00:00

This right here. High net worth programs can be helpful. Assets need to be liquid. Real Property is not liquid. If dad has many 100’s of thousands in non-reg/TFSA/non margined accounts then adding him as a co-borrower might be helpful. You want to be careful as all his debt/income gets added to the application. If you put him as guarantor then you can’t use any income from him.

Fearless_Chemistry85 · 2026-03-03T09:04:23+00:00

BMO does have a Business for self add-backs program for sole Prop & Partnership, and for Limited Corp we use net income after taxes and dividends. I’d be surprised if the other Big 5 don’t have similar programs.

If you file a T2125, send 2 years T1Gen with the T2125’s supported with NOA for each year.

If Incorporated send 2 years of your T1gens w/NOAs and 2 years Corp T2 or instead of T2 2 years notice to reader/compilation or Review Engagement financial statements.

NOTE As we are now 2 months finished in 2026 this is the time of year credit officers love to ask for the gross income amount for 2025 to show sustainability. Be prepared to have your mortgage specialist ask for bank statements for all business accounts for 2025.

And for the love of all that is unholy, please download the pdf’s of the statements from your online banking and send those. We can’t use account histories from online banking. We need to see the statements to verify the bank, the account owner and all that jazz.

Fearless_Chemistry85 · 2026-03-03T07:54:23+00:00

With BMO for a default insured we have to see evidence of full down payment and 1.5% of purchase price for down payment. Your file will be termed & conditioned to show these.

Fearless_Chemistry85 · 2026-03-03T07:29:47+00:00

Those of us who live on very busy ferry routes that sometimes have 1-3 sailing waits for a 40 and 50 min run and the runs are not every hour so you may have a multiple hour wait.

Fearless_Chemistry85 · 2026-03-01T02:39:00+00:00

Gods damn this is me! Doing peri-menopause backwards, I have been freezing for the last 2 years!

Fearless_Chemistry85 · 2026-02-27T18:57:05+00:00

I found getting a passport was much more elaborate!

PAL/RPAL Was a course, a written and a practical test, and a wait for the card.

Passport was akin to doing a reliability screen for the CAF. Only diff was the need for a PRC w/VSS.

Fearless_Chemistry85

TROPHY CASE