What do you want?
Begin by listing your needs:
- Living requirements (i.e. how many bedrooms);
- Family size;
- What you’re bringing with you from your old house;
- How close to schools, shopping and other services;
- The size of down payment you can afford; and,
- Price range.
It’s important to be realistic when you’re thinking about a down payment and setting a price range. You don’t want to be saddled with something you can’t afford. At this stage, it’s a good idea to talk things over with real estate sales professional.
To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move. As you read each of these reasons, consider how much it applies to you and note how strongly you feel about each one.
1. Purchasing a home involves one-time costs and monthly expenses.
2. The largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities.
Many of the same questions, hesitations and strategies connected with seeking out professional assistance in any field — whether you’re looking for a doctor, lawyer or accountant — come into play when you’re selecting a real estate agent. Some people find an agent through a family member or friend. This is often a reliable approach. But you might not always find the most compatible assistance this way. And in a transaction as important and intensive as buying and selling a home, that can be critical.
The weather has been a little unseasonable lately, but fortunately it won’t last forever. Here is a list of inexpensive things that you can do to save money and be more energy efficient at home, And also this will help our environment:
Eliminate cold drafts by air sealing your home with caulking and weather-stripping. 25 - 40% of a home’s heat loss can be prevented by proper air sealing.
Book the movers. You can choose to have the movers pack everything, or just the breakables, or you can pack yourself. It’s a good idea to obtain estimates from several different companies.
Give necessary written notice to your landlord and make arrangements for the return of any monies you have on deposit, if you rent your old home.Make arrangements for the gas and electric utilities, water softener, telephone and cable TV to be connected on the day the sale closes. Dispose safely of all flammable liquids as it is illegal for movers to carry them.
A mortgage is a loan that uses a property as security to ensure that the debt is repaid. The borrower is referred to as the mortgagor, the lender as the mortgagee. The actual loan amount is referred to as the principal, and the mortgagor is expected to repay that principal, along with interest, over the repayment period (amortization) of the mortgage.
A mortgage can be used for financing many different things, including:
While a mortgage is fundamentally a loan that is secured against your home, there are many variations to the type of mortgage that can be used for various needs. Based on your goals and risk characteristics there may be a number of different mortgage products that will meet your needs.
Below you will find a sampling of the many different types of mortgages that you may be exposed to. While there are hundreds of other combinations - these are the ones you will most commonly hear about or come across. Trying to figure out which is appropriate for your situation may seem daunting, but we take great care to not overwhelm you during the process. For this reason, one of the first steps in our mortgage process is to arrange a consultation where we can discuss and review your financial goals in detail - and then go over some options of the type of mortgage that may be right for you.
The loan and mortgage process is a stressful and sometimes frustrating process. The idea is to make the entire process go as smoothly as possible. What is most important? Be prepared before you sit down with your loan officer.
Here are some things you can do to help ensure successful results, as well as give you some control over your own loan process.
Everyone needs a room to live. In most people’s case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is. We ALL have to pay for a roof over our heads.
Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life? Generally, a home makes financial sense if you are going to live in it for at least three, four, or preferably five years. When you buy you need to take into consideration the costs involved in buying and selling a home, from appraisal fees and home inspection to real estate commissions, all must be taken into consideration.
A home inspection prior to purchasing a home or condominium can bring peace of mind when you sign the sales contract. Knowing what to expect both inside and out will help you make an informed decision about the value of the home and the future upkeep.
A home inspection accomplishes two important goals. First, it gives you a chance to determine the condition of the house, its structural soundness, and the condition of its mechanical systems. Second, it brings any problems to the seller’s attention at a time when they can be resolved before closing a sale.
These are some of the words or terms used in a real estate transaction in Canada.
Amortization period: The actual number of years it will take to pay back your mortgage loan.
Appraised value: An estimate of the value of the property, conducted for the purpose of mortgage lending by a certified appraiser.
What you own or can call upon. Often used in determining net worth or in securing financing.
Buying or selling a home in today’s market requires a lot of work and a lot of knowledge about sales and real estate. It’s one of the largest purchases or biggest business transactions many of us will ever make. It doesn’t pay to depend on blind luck.
Whether you are a buyer or a seller, there are distinct advantages to using a Realtor. A Realtor, is a licensed real estate professional who is a member of a local real estate board, as well as the Canadian Real Estate Association (CREA).
Depending on the local market conditions, your opinion of value and market information provided by your Real Estate Professional, the price you offer may be different from the seller’s asking price.
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your Real Estate Professional can advise you on an appropriate amount.
The real estate market is always changing, and it helps to understand how market conditions can affect your position as a buyer. Your agent can provide you with info on current conditions and explain their impact on you. There are three different types market on different time and area.
The supply of homes on the market exceeds demand.
Additional interest: The amount sometimes charged by the bank when you prepay principal or renegotiate the terms of your mortgage. The amount compensates the bank for loss of revenue.
Amortization: With a mortgage, the borrower agrees to pay back the amount borrowed over a period of time. This breaking of the loan into smaller parts to be paid back over uniform blocks of time is amortization.
Before you look at the issue of term specifically, there are things you should consider:
When you’re looking at term and interest rates, look also at what you can live with in terms of payment amounts, because trying to predict where interest rates are going is a tough job. There are many forces that affect Canadian interest rates - economic, political, domestic, and international.
If the payments are about the same, you will be further ahead financially by making payments on a mortgaged home rather than paying rent on a house or apartment.
Paying down your mortgage is like earning the interest that you are paying on it, tax free.
Making no attempt to repay a mortgage is the worst thing that a borrower can do.
The size of mortgage that you qualify for will be greatly affected by the level of your debt at the time of your mortgage application.
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