Tag Archives: Mortgage
A mortgage pre-approval is extremely beneficial in showing you, the home buyer, what value of home you can afford as well as the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a set period of time, thus, protecting you against possible rate increases. You are not obligated to the bank…
It’s been a tough journey but you are now ready to join the ranks of the home owning class. You’ve cleared your debts, saved enough money for a reasonable down payment, gone through open houses and found the perfect home. Your offer has been accepted and you have two months to seal the deal! This…
Our family and friends always mean well when trying to give us advice about our first home, but unless they’re mortgage specialists, they’re probably going to give you advice that’s more myth than fact. Here are some of the most common mortgage myths that we hear of: “The market is going to crash” We have…
Deciding you’re ready for home ownership is just step one on your long journey. Then you need to get your financial situation under control in order to be able to actually afford to purchase a home. The typical down payment on a conventional mortgage is twenty percent of the purchase price of the home. Mortgage…
It is a given that anyone with a mortgage wants the lowest possible rate. But there is a wide range of requirements for that stop borrowers from getting the best all-around deal, and some of them are counter-intuitive. Once a homebuyer has chosen the term and rate type for their mortgage, they often discover that…
Before meeting with a real estate agent to go house hunting, it’s a good idea to meet with a loan officer first to make sure you qualify for the type of mortgage you desire. Once you have an idea of what suits you best, learning the steps to getting a mortgage comes next. The best place…
Below are some definitions of commonly used terms regarding real estate and mortgages. If you are planning on buying or selling a home in the Ottawa area or anywhere in Ontario for that matter, you should familiarize yourself with some of the terms. Contact me for any questions! The main information provided for these definitions…
You’ve cut back on Starbucks, taken a second job and borrowed money from mom and dad. Well done! You are ready to put down a wad of cash to cover the 20% down payment on your first property. But don’t make first-time homebuyer mistakes, like trusting your bank to look after you. In reality, the…
The Bank of Canada is the first central bank in the Group of Seven to slash interest rates in response to plunging oil prices, saying the shock will contribute to inflation and business spending. The Bank of Canada shocked economy experts and financial markets on Wednesday January 21st by cutting its benchmark overnight interest rate…
The price of a house is perhaps one of the most crucial factors in the home buying process, though it can be so easy to oversee its weight once the house hunt begins. $10,000 of cushion can become a $30,000 compromise in a small matter of time. You need to evaluate your budget and establish…