The Minister of Finance will implement the new down payment rules on February 15, 2016. They will affect anyone buying a home over $500,000. If you buy a new home over $500,000 you will be required to put down 10% on purchase value over the $500,000 price point. For example: If you buy a home […]
Credit Agencies: Equifax: http://www.consumer.equifax.ca in Canada http://www.equifax.com in the United States Transunion: http://www.transunion.ca in Canada http://www.transunion.com in the United States Experian: http://www.experian.ca in Canada http://www.experian.com in the United States Credit Repair Information: www.fixmycreditinfo.com Fraud Assistance & Prevention: www.fbi.gov/scams-safety fraud the FBI website http://www.visasecuritysense.com/en_US/preventing-fraud.jsp Good tips from our friends at VISA http://www.rcmp-grc.gc.ca/scams-fraudes/month-mois-eng.htm Canada’s version of the FBI for helping with fraud […]
Closing Costs, Legal Fees and Other Future Costs All real estate transactions cost money and most people focus on the down payment. You as the purchaser are responsible for paying these costs and fees. In fact the lender and mortgage insurer normally have a condition that you must prove you have these funds available for […]
Why You Need a Real Estate Lawyer We all know just about all lawyers can take care of a real estate transaction. This is not the issue as many can follow the basic lender mortgage instructions and get the deal done and registered. The issue is how smoothly will the transaction progress Lawyers that specialize […]
Purchase Plus Improvements: How can you renovate your new home? When you are buying a home, sometimes you may want to do some renovations once you own the house. The Purchase plus Improvements program can provide you with this option. The program allows you to add up to 10% of the purchase value in improvements. […]
Home Inspections Home inspections are a very wise investment and should be considered on any purchase you are seriously considering. They can point out any current or potential issues in your new home. Along with a written detailed report you will also get rough estimates of the cost of repairing any issues that are uncovered. […]
Making your offer to purchase The fun begins! This is an exciting part in the process! You found your new home, in your perfect neighborhood. You can picture yourself in the house, raising your family, relaxing in your yard enjoying the smells of a BBQ. Now it’s time to make an offer for your new […]
Paperwork: What do I need to provide to a lender or bank? This subject is a little more difficult to define as each lender may request a variety of different paperwork depending on the mortgage you are getting. I will review the basic paperwork and anything else a lender may ask for. To be safe, […]
Pre-approvals: Why you must get it in writing A written pre-approval provides you with proof you have been pre-approved for a mortgage. It provides you with a rate hold for up to 120 days. This means your rate will not go up during this period. A pre-approval also provides you with a list of conditions […]
Mortgage Types and Terms: What you need to know Depending on your situation you will find a variety of mortgage option available. There are two main types of mortgages: 1) Fixed term mortgages 2) Variable Rate mortgage: With each of these types of mortgages there are also: 1) Closed mortgages 2) Open mortgages Let’s look […]