Top 5 Tips for First-Time Homebuyers

First-time homebuyers

Shopping for first-time homebuyers can be overwhelming if you don’t know where to start! Here are the top 5 tips for the first-time homebuyers: Build your team One of the best decisions to make in the early stages of preparing to buy a home is to start building yourself a team of trusted professionals. First, contact a Mortgage Broker who can help you with your long-term financial goals and from there you will want to find a realtor, lawyer and home inspector. Determine what you can afford It is financially savvy to first talk to a professional Mortgage Broker and…

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5 Money Smart Ways to Use Your Tax Refund

Money smart

5 Money Smart Ways to Use Your Tax Refund Most of us never expect to get much of a refund, or maybe you are one of the lucky ones who can count of getting one each year. Be Money Smart – make sure you have a plan in place, otherwise, like all large sums of money if you don’t do anything with it, it will get spent one way or another! Here are 5 Smart ways to use Your Tax Refund: 1. Contribute it to your RSP This will benefit you again at the next tax time as you will…

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3 Quick Tips for Making an Offer on a Home

Making an Offer on a Home? Ideal homes often receive offers within days of being listed.  A buyer can increase their chances of securing their ideal home by being prepared! 3 Quick Tips for Making an offer on a Home: 1) Visit a Mortgage Broker Sit down with a Mortgage Broker and find out what you qualify for. It isn’t just about getting preapproved with a great rate.  It is about being prepared for when you do put an offer in. Know what you qualify for, know roughly what your payments will be and what costs are associated with purchasing…

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New Rules Limit First Time Homebuyers

Last week  (Oct. 2016),  the Federal government announced tighter mortgage rules that will affect home buyers, especially First Time Homebuyers. The tightened mortgage lending rules will limit the amount many Canadians can borrow to help ensure that when interest rates rise, they’ll still be able to make their payments. These new rules take effect Oct 17, 2016 Under the new rules, there is a stress test for all home buyers that are putting less than 20% down. The stress test is where borrowers must qualify for their mortgage using a higher interest rate than they will actually be paying on their mortgage. Currently the…

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What Are Your Real Closing Costs?

What are closing costs?

What are Closing Costs? Congrats! You saved for a downpayment and now you are ready to buy. The mortgage and downpayment cover the purchase price of the home. There are other costs involved with purchasing a home, referred to closing costs. Consider these when you are budgeting for the full cost of your purchase Appraisal: If you are purchasing a private sale, you will require an appraisal. If you are purchasing a home with 20% down, chances are you may need an appraisal as well. Approx. cost $250-$350. Home Inspection: Whether you are buying a brand new home or an…

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Downpayment Options

Downpayment options

What Are My Downpayment Options? One of the biggest challenges of home ownership is saving the required downpayment. Your lender will be looking for a minimum 5% down payment on your property. There are generally 5 options available. Your down payment can come from more than one source. Using Your Own Savings or Investments One of the most straight forward down payment options is your own savings or investments.  You will need to provide recent 3 month bank statements to show the history of the savings.  It is required that the full amount of  savings for your down payment must be in…

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10 Things to Consider in Choosing a Mortgage

mortgage

10 Things to Consider in Choosing a Mortgage Choosing a mortgage for your specific needs at the best possible rate can be difficult. Below are a few questions to ask before deciding which product is right for you. 1.What is the rate drop policy with respect to pre-approvals? A good lender will pre-approve you at a certain rate for 120 days.  If rates drop during that timeframe, you can qualify for that lower rate.  If rate increases, you still have the benefit of the lower rate. 2.  What factors can affect my approval? While a lender may pre-approve you at a certain rate up to…

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Why I check my Credit Rating every 6 months

Credit rating

When is the last time you checked your own credit rating? I’ve made it a habit to check my credit bureau every 6 months or when I close a loan or credit card and here’s why. I purchased a new computer in the fall.  I had the money to buy it out right but decided to use the 0% financing & no payments for 3 months.  The balance was paid on the very last day and received a stamped confirmation of payment. Two months later, I receive a call from CitiFinancial that I owe $106 in late interest.  I corrected…

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House Hunting: 5 Tips to help with the Homebuying Process

House Hunting: 5 Tips to help with the Homebuying Process

There are so many options when you start the house hunting process. It can be overwhelming! Here are a few house hunting tips to help make the process a bit easier: 1)  Get Pre-approved First of all, the #1 thing in home buying is that you need to know how much you can afford before you go house hunting. This saves grief and frustration from looking at homes that are beyond the reach of your budget. In addition, it also puts you in a better position when making a serious offer. There is a difference between being pre-qualified and pre-approved. When you are pre-qualified, a mortgage…

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