BEWARE, this mistake could cost you your $10,000 BC First Time Home Buyers bonus

Tony Spangniolo over at BCrealestatelawyers.com reminded us all of the importance of using a mortgage broker.

Many of you may already know about the new home buyers bonus.

An incentive introduced in the Budget earlier this year that Basically says, if you’re a first time home buyer and you buy a brand new home, you can receive up to $10,000 Cash back.

Well, that’s not necessarily always the case.

Let me explain…

An Unsuspecting first time home buyer purchased a brand new home fully expecting to receive the $10,000 New Home Buyer Bonus.

What she got was a whole lot of disappointment and poor advice.

She quickly found out because she needed a co-signor to qualify for the mortgage and the bank required that the co-signor be added to the title, even though the con-signor was only on title for 1%, Because the co-signor was not a first time home buyer, the refund was disallowed.

Be very careful, as the lending rules get tighter I’m starting to see many lenders request that co-signors be added to title.

The reasoning, probably accountability. You see, if you’re on title you typically show up when a lender does a title search, BUT if you’re simply a consignor, nobody really knows except for the bank you cosigned at.

Hence, you could be cosigning at many banks and nobody would be the wiser.

Needless to say, had this purchaser used a mortgage broker, the outcome would have been a whole lot different.

As you can see, there’s a lot more to mortgages than just great rates

For the right advice, At the right time, you know the drill

Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

604-273-2002

Your Vancouver Mortgage Broker For Life

www.notapennydown.com

P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002

Check out the video “BC First-Time New Home Buyers’ Bonus Vancouver mortgage broker