Frequently asked questions

Client First Mortgage Solutions is a well-regarded mortgage broker in Maple Ridge, BC.  The firm, led by Steve D’Souza and Nathan Isherwood, has built a solid reputation for its customer-centric approach and extensive range of mortgage services.

We assist clients with new mortgages, refinancing, mortgage renewals and first-time home purchases, among other needs.  We are known for our responsiveness and personalized service, which is frequently highlighted in our client reviews.

No. We are compensated by lenders, not borrowers, and therefore there is no cost to home buyers in this process.

No, buyers are never under any obligation to accept a home loan sourced through us.

You don’t need to contact us, though you are free to if you have questions. Should we require any further information concerning your application, we will contact you.

Clients appreciate the smooth and easy process facilitated by our team at Client First Mortgage Solutions.  With many noting our helpfulness and excellent communication throughout the mortgage process.

If you’re considering working with Client first Mortgage Solutions, you can expect a high level of service and a broad range of mortgage products tailored to your needs.  Our brokers are particularly praised for their efficiency and accurate quotes, often provided within a few hours.

We will keep you informed throughout the entire process, and are always available to help should you have any questions, contact us.

Realtor Commissions
Typically the sellers incorporate this into the purchase price. The lawyer has to pay the commissions on both sides on your behalf. In order to complete this, there may be courier or agent fees.

Appraisal Fees
Approximately $300–$550. If you have a mortgage, your lender will likely require an appraisal of the home. This value may or may not be the same as the purchase price of the home.

Home Inspection Fees
Approximately $500-$750 (may not apply to a new build). The home inspector evaluates the structures and systems that make up your home and provides you with a written report. While not mandatory, many people make a professional home inspection a condition of the Offer to Purchase.

Property Survey
Approximately $1,500–$2,500. A survey indicates the boundaries and measurements of the land and positions of major structures and any registered or visible easements (such as a driveway) or encroachments (such as a neighbour’s fence) of the property.

Land Transfer Tax (If applicable)
Cost varies based on province. The tax is payable on the purchase of all real property in BC.  The calculation is based on 1% of the purchase price up to $200,000 and 2% on the remainder up to and including $2 million.

• Qualifying first-time home buyers may be exempt from paying the full PTT (Property Transfer Tax) if the purchase price of their home is priced up to $500 or less.  They will be exempt from the Property Transfer Tax on the first $500,000 if the purchase price is $835,000 or lower.
• Qualifying buyers of New Homes, may be exempt if the purchase price of their home is priced up to $1,100,000. There is a proportional exemption for homes priced between $1,100,000 and $1,150,000.  At $1,150,000 and above there’s no rebate.

Legal Fees and Related Expenses
Approximately $1,500–$2,500. These fees vary and are subject to GST or HST where applicable.  Ensure your lawyer’s quote includes all related expenses and disbursements, not just legal fees.  Make sure your interests are protected by discussing our Offer to Purchase with your lawyer or notary prior to signing.

Goods and Services Tax (GST)
Sometimes included in Sale Price. The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new home priced up to $450,000. Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, Notary Publics and Realtors. Generally, GST or HST where applicable is charged on new homes, but not on resale properties. Always ask before signing an Offer.

Title Insurance
Approximately $250. Title insurance is optional and covers problems that may arise due to encroachment issues (for example, a structure on your property is actually part of your neighbour’s property and needs to be removed), existing liens against the property’s title, title fraud, undischarged mortgages and other issues relating to the property’s previous owners.

Insurance Costs for High-Ratio Mortgages
If your down payment is less than 20% of the purchase price of your home, you must pay a one-time insurance premium on your mortgage amount. You can make arrangements to pay the premium to the Lender before closing, or it can be added to the principal amount of your mortgage. If it is added to the principal amount of your mortgage, you will pay interest on it at the same interest rate you pay on the principal amount of your mortgage. For Loan-to-Value ratio up to and including 95% will be to 4%. Loan-to-Value Ratio up to and including 90% will be 3.10% and Loan-to-Value ratio up to and including 85% will be 2.80%.

Interest Adjustments
Approximately $100 – $1,000. You will need to pay interest on any gap between the closing date of the purchase and the first payment date of the mortgage. You can avoid an interest adjustment by arranging to make your first mortgage payment exactly one payment period after your closing date.

Prepaid Property Tax and Utility Adjustments
Varies. You will be required to reimburse the vendor for any prepaid property taxes or utility bills.

Home Insurance
Approximately $450-$3,000/year. Protection for your home and contents.

Mortgage Life Insurance
Costs vary but can be conveniently included in your regular mortgage payment. Mortgage life insurance is optional and provides peace of mind. It protects your family’s financial security by paying off all or a portion of your mortgage in the event of the premature death of you or your spouse.

A down payment is the amount of money that you pay at the time of purchase toward the price of your home. Your mortgage loan covers the rest. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance. When you are ready to make an offer to buy a home, you will need to provide a deposit. The deposit forms part of your down payment, with the rest to be paid when you ‘close’ the purchase of your new home.

• Conventional mortgage: your down payment is 20% of the purchase price
• or more.
• High-ratio mortgage: your down payment is less than 20% of the purchase price.
• For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
• For homes with a purchase price greater than $500,000 and less than $1.5 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
• For homes with a purchase price of $1.5 million or more, the minimum down payment is 20%

A down payment is the amount of money that you pay at the time of purchase toward the price of your home. Your mortgage loan covers the rest. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance. When you are ready to make an offer to buy a home, you will need to provide a deposit. The deposit forms part of your down payment, with the rest to be paid when you ‘close’ the purchase of your new home.

• Conventional mortgage: your down payment is 20% of the purchase price
• or more.
• High-ratio mortgage: your down payment is less than 20% of the purchase price.
• For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
• For homes with a purchase price greater than $500,000 and less than $1.5 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
• For homes with a purchase price of $1.5 million or more, the minimum down payment is 20%