Homebuyers are starting to see relief and the pendulum swing their way for the first time in years. It’s no surprise, as we’ve have had a collision of circumstances that have both slowed the local real estate market and dropped prices down as much as 30 per cent. We have the stress test forcing borrowers to qualify at two per cent higher, a speculation tax in B.C. and raised interest rates from record lows. We had a seller’s market with less than four months of supply on the market, then four to six months of a balanced market and now a buyer’s market,...
real estate
home purchase, mortgages, real estate / 27.08.2018
BUYING A HOME AS A NEW CANADIAN
Canada is made up of hundreds of thousands of people, and while some did not start here, they have made it their home. Buying a home, especially when you are new to Canada can be mind boggling, BUT, we have a mortgage for you! The New to Canada Program is designed to help new Canadians purchase their first home sooner and become established faster. What are the qualifications for this program? Firstly, you must have immigrated or relocated to Canada within the last 3 to 5 years to qualify for the New to Canada Program. You must have proof that you have been...
home purchase, mortgages, real estate / 10.08.2018
WANT TO BUY RURAL PROPERTY? 6 THINGS TO KNOW BEFORE YOU BUY!
Living in the country has extreme appeal for some people. Space, peace and quiet, big home, big yard, place to raise your family… the list goes on. If you are considering buying a rural home, there are a number of things to consider, not the least being how different it is to get a mortgage. When lenders are considering your mortgage file it’s always about managing risk. Higher risk, higher rates. The risk that you’ll pay them back as agreed and they don’t have to seize the asset and sell it to recoup their investment. • Mortgage lenders don’t really want to...
home purchase, mortgages, real estate, Uncategorized / 01.08.2018
4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE
Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all the questions we get asked about second mortgages and compiled it into four key points. A SECOND MORTGAGE IS BASED ON THE EQUITY IN YOUR HOME The total loan amount that the second mortgage lender will offer you will depend on the equity that has been built...
mortgages, real estate, Uncategorized / 26.07.2018
REFINANCES, RENEWALS & TRANSFERS
After you have purchased your new home, closed on your new mortgage, and are all moved in, what comes next? Well, when it comes to your mortgage, the next step is to either refinance, renew, or transfer your mortgage. This decision can be made one month into your new mortgage or one month before your new mortgage is set to mature. Below is a break-down on what a refinance, renewal, and transfer mean. Refinance Refinances are when you decide to access the equity in your home. When your home rises in value, say $400,000 in 2016 to $500,000 in 2021, you can request...
real estate, Uncategorized / 24.07.2018
REMODELING YOUR HOME THIS SUMMER
With most of the summer still ahead, it seems like the best time for rest and relaxation. Or… it could mean the perfect opportunity to make those changes around the house that they have been waiting to do since the Spring! A renovation or remodel on your home could mean excellent returns on your investment. We’ve all seen the TV shows, like Fixer Upper or Love It or List It on HGTV, that demonstrate just how far a fresh coat of paint and decluttering can go to help raise the value of your home when trying to sell it. Sometimes a renovation budget can be...
7 QUESTIONS TO HELP YOU DECIDE IF YOU SHOULD PURSUE A HELOC, REFINANCE OR SECOND MORTGAGE HELOC, Refinance or Second/Third Mortgages? Which one should you choose to go with? If you have decided to tap into the equity in your home, the three can seem to be interchangeable at times and for many consumers can be a difficult decision on which one to select. We have laid out seven questions to guide you through the decision, for your unique situation. We’ve also broken this down into three categories, Equity, Payment and Availability. PAYMENT 1. HOW WILL I RECEIVE THE MONEY? • HELOC: Home Equity...
After several years as a home owner, my friend was set to buy the home of his dreams. He always wanted to own an acreage outside of town. He had visions of having a few animals, a small tractor and lots of space. As a person with experience buying homes, he felt that he was ready and that he knew what he was getting into. Wrong. As soon as you consider buying a home outside of a municipality there are a number of things to consider, not the least being how different it is to get a mortgage. Zoning – is the...
financing tips, mortgages, real estate, Uncategorized / 20.06.2018
IT’S NOT ALL ABOUT THE RATE: AMORTIZATION & RENEWALS
Have you spoken to a mortgage broker lately? When it’s time to renew your mortgage you have the freedom to do a number of things that are not possible at any other time without a financial penalty. Renewal time is an opportunity. Have you looked at your mortgage amortization lately? Let’s say that you started your present mortgage 10 years ago and you had a 30-year amortization. You now have 20 years left on your mortgage but your situation has changed. Your children have grown up and one is ready to leave for college and another one will follow in a...
home purchase, mortgages, real estate, Uncategorized / 22.05.2018
VACANT POSSESSION
DISCLAIMER: This post is written for buyers, in other words people who do not currently own a tenanted property. This post is not suggesting in any way that the rights of an existing tenant be infringed upon Purchasing a residential property? Two words that matter this Spring; Vacant Possession Your contract had best contain a ‘Vacant Possession’ clause. Why? Mortgage lenders will not concern themselves with your best intentions; it is not about what will be – it is purely about what is. And if the property is tenanted at the time of possession, then you are effectively applying for a rental mortgage. This means a minimum...