B’s Finance Minutes

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Bridge Loans

In today’s B’s Finance Minute, let’s talk about bridge loans. Bridge loans help sellers with the downpayment and closing costs when the sale date is AFTER the closing date of the purchase.  For example the closing date of the purchase is June 12, but the sale closes on June 30. This happens when buyers want to

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Re-advancable Mortgages

In today’s B’s Finance Minute, let’s talk about readvanceable mortgages.  Most Canadians are familiar with the traditional type of mortgage where over time, the principal amount that you owe on the mortgage goes down.  But, if you want to access your equity it can be a challenge. There has to be a better way.  Yes there

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Leasing a Vehicle while Self-Employed

In today’s B’s Finance Minute, let’s talk about leasing a vehicle.  Did you know that if you are Self-employed and even if your company pays the lease payments, banks will still deduct that car payment from your loanable amount? It can possibly reduce your Pre-approval amount by $100,000 or more.  If you own a company and the vehicle is being used for

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Renewal, Switch and Refinance

In today’s B’s Finance Minute, let’s Talk about the difference between Renewal, Switch Or refinance.  When your mortgage is maturing, you are keeping the balance as it is and you are staying in the same bank this is called a Renewal.  The biggest mistake that you can make is signing the Renewal Offer close to the maturity. What you should be

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BC Property Transfer Tax

In today’s Finance Minute let’s talk about the next biggest expense that you have to pay when buying a property. It’s the Property Transfer Tax.  For those buying a Property in British Columbia ONLY, the property transfer tax rate is 1% on the first $200,000 2% of the value of the property above $200,000 and up

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