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Mortgage lenders use Principle, Interest, Taxes and Heating (PITH) as a tool to ensure mortgage affordability by determining the monthly payments that can be made by the home buyer. The REALTOR.ca mortgage affordability calculator s can help you perform your own PITH test to estimate affordable mortgage payments.
Jul 31, 2022 · During this time, the property will remain pending.”. 2. Financing issues. “Pending offers can go longer than 30 to 60 days if the buyer and seller agree to a longer term due to financing ...
Aug 21, 2024 · The primary difference between a contingent versus pending status on a real estate listing is that a contingency indicates the sale is conditional upon certain factors, while pending indicates all contingencies have been met, and the sale is moving towards closing. Below, we’ll compare a contingent offer to a pending sale and consider what ...
Property Transfer Tax (PTT) A provincial tax applied to property transactions in certain regions, including British Columbia. BC PTT is 1% on the first $200,000, 2% between $200,000 and $2,000,000, 3% on the amount of the fair market value above $2,000,000, and 5% on the fair market value above $3,000,000.
Nov 6, 2024 · A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn’t closed yet. (This is different from a contingent sale.) A property is placed in pending ...
Sep 12, 2023 · High-Ratio Mortgage. A high-ratio mortgage is a mortgage where the borrower has less than 20% of the home’s purchase price to make as the down payment. A high-ratio mortgage with a down payment between 5% and 19% of the purchase price requires mortgage loan insurance. In Canada, 5 percent is the minimum amount required for the down payment.
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Jun 23, 2020 · Home Seller’s Glossary: 20 Real Estate Terms to Know. Asking Price. The price that the seller has agreed to list their property for. The asking price is different from the selling price, which is the final price that has been agreed upon by the buyer and seller. Balanced Market.
