Whether it is buying your first apartment, a bigger family home, or downsizing, the process is almost the same. Avoid these common mistakes!
Pitfall to avoid – Not thinking money
Talk with a financial specialist about your situation
Obtain a preapproval that allows you to search for properties that fit your budget
Find a mortgage that best suits your needs
Pitfall to avoid ...
Posted by The Leesman Team Advantage
on March 16, 2015
In August to September of 2013, Canadian banks started to increase their five year fixed mortgage rate. The popular five year closed fixed rate was increased by all of the major banks.
Rates are still ridiculously low by historic standards, but quite a bit higher than rates were even last year, when under 3.00% was possible for a five year fixed mortgage. Lower rates are possible with other lenders ...
Posted by Ram Rajendram
on November 7, 2013
When you're buying a home, get pre-qualified for your mortgage BEFORE you start looking and BEFORE you make an offer.
As a buyer, you know this to be true but do you know why? Here are a few benefits to knowing for certain that you have been approved to purchase a home:
1) You don't fall in love with a home that is more than what you can afford to buy.
Homes that ...
Posted by Paige Gregson
on September 26, 2013
On every commitment there are privileges. Each lender has their own terms and conditions for these privileges, but they are generally as follows:
Assumption – your mortgage can be assumed by a purchaser, if they qualify to carry the mortgage.
The lender must approve this transaction.
An instance where you might do this is if you couldn't sell the real estate, ...
Posted by Kent Braaten
on September 18, 2013
Tip #10: Consider using your Home Buyers' Plan (HBP) allowance of up to $25,000
Use your RRSP as your savings account towards a down payment, and it will help you maximize your tax return. You will be able to withdraw up to $25,000 tax free under the Home Buyers' Plan (HBP) to use towards your down payment.
Just remember: You can't use the contributions you've made within ...
Posted by Paul koroll
on July 31, 2013
I remember a situation from a number of years ago: One of my employees decided to dive into home ownership and buy her first house. A few days later, she came into my office walking on air to tell me that she had just been pre-approved for a $500,000 mortgage. She then described how she was able to look at far larger homes than she had originally thought she would be able to. Additionally, her bank ...
Posted by The Leesman Team Advantage
on July 10, 2013
A home isn't simply a structure with floors, walls, and ceilings. It's a place of laughter, comfort, and security. Finding the right home is like choosing a partner to share the most important moments of your life with.
Are you buying your first home? Don't make these five mistakes:
Not getting pre-qualified for a mortgage
Pre-qualify with a broker of your choice. This ...
Posted by Dean Desrosiers
on June 12, 2013
So, you’ve decided that you want to buy your first home. Maybe you’re sick of renting or maybe you’re ready to start building some equity! Whatever your motivation, home buying is an exciting step in your life! The best way to enjoy the excitement is to become an educated buyer, so that you will know what to expect along the way.
Step 1: Mortgage pre-approval ...
Posted by Katelyn Lowes
on March 27, 2013
Finding the lowest mortgage rate is definitely an important part of mortgage shopping, but it’s not the only mortgage feature worthy of your attention. The sale of your home could evoke three crucial mortgage features: mortgage penalty fees, assumability, and portability. Today, we will focus on mortgage portability. What is mortgage portability? To port your mortgage is to transfer ...
Posted by Reggie Duque
on November 15, 2012
Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders. This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage. By providing these documents in a timely fashion, you will help to ensure ...
Posted by Jason Neumann
on August 27, 2012