1. All borrowers must meet the standards for a 5 year fixed rate mortgage, even if they chose a lower interest or shorter term mortgage.
2. The maximum amount one can withdrawal in re-financing their mortgage will be reduced to 90% from a current 95% of the value of one' home.
3.Non-Owner occupied properties will require a minimum Down payment of 20%
No other changes to current down payment ...
Posted by Marcus Kallweit
on February 18, 2010
Real Estate is said to be very busy in the first half in 2010.
Reasons are that the interest rates most likely will go up, they most likely will not continue to be at this record low.
Second reason is the implementation of the HST starting July 2010
For the average Ontario home priced at around $ 300,000.00 the HST will add around $ 1500.00 to closing costs.
If you think you should wait a little ...
Posted by Marcus Kallweit
on February 5, 2010
Historically, the real estate market will slow down over the winter season. Most people want to wait till spring to look and purchase their new home. Why Wait? If there are less buyers on the market, you might get a better deal! Everybody talks about interest rates will go up. If you wait till spring, you might pay more for a property because of more buying competition, and you might have to pay higher ...
Posted by Marcus Kallweit
on December 3, 2009
The Kitchener/Waterloo Real Estate Board announced today that the average sale price in October was $ 255,190.00. Ten years ago it was $ $ 149,486.00. Real Estate seems to be still a good investment in the area. Buying a home might be a great step ahead into someones future, renting might not be as profitable
Posted by Marcus Kallweit
on November 5, 2009
There are a few financial details every first time buyer needs to know:
A temporary home renovation tax credit is available for home renovations and alteration projects begun and completed before Feb. 2010. The credit applies to expenses between $ 1,000 and 10,000 (max. tax credit will be $ 1,350)
Change to the first time home buyer 'RRSP' plans with increase withdrawal limit to $ 25,000 form $ 20,000, ...
Posted by Marcus Kallweit
on October 3, 2009
I am a very strong believer in Title insurance, not only if you buying a new home.
Over the last years, fraud has become a increasingly a huge issue. Even so, you have done nothing wrong, suddenly a 2 nd mortgage appears on your title, and you can prove that it is not yours..............you will pay a lawyer to sort the problem out. Title insurance is much cheaper in that case. Talk to your lawyer.
You ...
Posted by Marcus Kallweit
on September 11, 2009
You went to the bank and got pre-approved. They told you how much you can afford and what your payments are. They gave you all kinds of numbers, maybe, but did they explain what they mean and what is in your best interest. Prime rate is still very low for variable mortgages, fixed rates are on the rise. Have you considered a 50/50 Variable/Fixed Mortgage? Keep the payments as if you pay a fixed interest, ...
Posted by Marcus Kallweit
on June 17, 2009
Falling in Love with a property might make you to overpay for a home. Stay objective. Consider resale value. Chances are your next home won't be your last home. Do not buy a property which will not resell; consider it's resale potential before you buy. A good real estate representative can help you assess the resell potential of any property you are considering
Posted by Marcus Kallweit
on June 1, 2009
Looking at homes and think: What have they done (or why did they not...) with the Patio/Deck:
Consider this: If the patio/deck is low enough in relation to any doors so that adding a layer on top is won't cause any height issues, consider adding another layer of masonry/wood on top. This will add resale value if you are thinking of selling or/and also be easy to maintain. It is safer for kids ...
Posted by Marcus Kallweit
on April 28, 2009
Location, location, location.
It is still true. The desirability and resale value of your home depends on location more then any other factor. People want a desirable community that includes character, quality schools access to work, major transportation arteries, recreational facilities and much more.
On our viewing trips, take a careful look and ask the following questions:
How does this home ...
Posted by Marcus Kallweit
on March 4, 2009