mortgageConventional and High Ratio Mortgages

To qualify for a conventional mortgage, you simply have to have a 20% down payment of the purchase price, with the mortgage not exceeding 80% of the appraised value.

If your down payment is less than 20%, then you qualify for a high-ratio mortgage. This type of mortgage requires loan insurance, which can cost an additional 0.5% to 3.75% of the mortgage amount. With this type of mortgage you could also be limited to a maximum house price.

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closingClosing is a time of packing and organization. Be sure you do not pack anything that you agreed to sell! Unless you specifically mentioned certain fixtures, everything must remain in place.

You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was in the agreement. If the home suffers a major disaster, you are responsible for telling the buyer, at which point the buyer may walk away from the deal and have the deposit returned. The buyer may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do.

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dreamThe first question you're bound to ask is, "How much home can I afford?" That depends on a number of factors:

Your selected location. Are you set on a specific area? Downtown? The suburbs? A rural setting?

Your preferred type of home. Detached? Semi? Duplex? High-rise? Link? Townhouse? New or Resale? There are a variety of home styles you will want to explore.

Your income. After all, it's not just the mortgage you have to take into account. There are property taxes, utilities, and in some cases condo or strata fees. As a general rule of thumb, your monthly home-carrying cost should not exceed 30-35% of your income.

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sales-home

There are a million different reasons why people sell their homes, but every seller has one thing in common: the desire to get as much money as possible from their existing residence as quickly and as hassle-free as possible. (If your home is your principal residence, you won't have to pay capital gains tax on any profits from the sale. If, on the other hand, it is an investment property, prepare for the tax man!)

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choose-DanielaYour sales representative is a trained professional who knows all aspects of the real estate market. A sales representative will save you time, money and aggravation.

As with purchasing a home, you want to list with the sales representative who is the expert in your location. After all, potential purchasers will be calling this same "area expert" to inquire about houses for sale. There will be a few sales representatives who are knowledgeable about your neighbourhood. Call them up and interview them. You need to feel comfortable with him or her, after all, they will be working for you.

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