4 Signs You’re Ready to Be a Homeowner

4 Signs You're Ready to Be a Homeowner

How do you actually know when you are ready to be a homeowner? Many people will say that homeownership is one of the greatest investments you can make. And while those people aren’t wrong with that statement (if you do it right!), homeownership isn’t always the best fit.  But if you’re on the fence between owning or not, these are the top 4 signs I usually see in folks who are ready to be a homeowner. Sign #1: You’re Tired Of Renting Rent increases. Overbearing landlords. Limitations on rental options. Whatever the reason is, the first sign you’re ready to…

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New Mortgage Qualifying Rates

This new change makes it slightly more difficult for those who are planning to put 20% or more down for their mortgage downpayment or want to refinance.

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Top 5 Tips for First-Time Homebuyers

My Top 5 Tips For First-Time Homebuyers | Jacqueline Mortgages | Edmonton Mortgage Broker

As a first-time homebuyer, shopping for a home can be overwhelming if you don’t know where to start!  But, as I like to say, it’s all about making mortgages (and the home buying process!) simple. Over my 18 years of experience in the Edmonton real estate market, these are my Top 5 Tips for first-time homebuyers. #1 Build Your Team While I love finance and making the numbers work helped me when it came time to get my first home, I also had help from a lot of others to navigate the market. I think that when it comes to…

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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


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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