Finding a Mortgage. While a mortgage is fundamentally a loan that is secured against your home, there are many variations to the type of mortgage that can be used for various needs. Based on your goals and risk characteristics there may be a number of different mortgage products that will meet your needs.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
A Pre-Approved mortgage is a Free and No-Obligation deal that lets you know before you go looking for your home or signing an offer to purchase, how much you can afford to borrow based on your qualification and personal credit rating. Most mortgage companies will arrange for you the most competitive rates with longest rate guarantee period that goes up to 120 days – if rates go higher, your rate will not be affected, and if rates go lower, you get the lower rate. This protection is solely responsible for savings thousands of dollars for many people who obtained a pre-approval and the rates increase afterwards.
Upon making a mortgage loan for the purchase of a property, lenders usually require that the borrower make a down payment; that is, contribute a portion of the cost of the property. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term). The loan to value ratio (or LTV) is the size of the loan against the value of the property. Therefore, a mortgage loan in which the purchaser has made a down payment of 20% has a loan to value ratio of 80%. For loans made against properties that the borrower already owns, the loan to value ratio will be imputed against the estimated value of the property.
An open mortgage allows you the flexibility to repay the mortgage at any time without penalty. Open mortgages are available in shorter terms, 6 months or 1 year only, and the interest rate is higher than closed mortgages as much as 1%, or more. They are normally chosen if you are thinking of selling your home, or if expecting to pay off the whole mortgage from the sale of a another property, or an inheritance.
Bridge financing refers to a special, short-term loan needed to cover the time gap when two properties, both firm sales, are involved and the closing dates don’t match. The property being purchased closes before the one that was sold. There is a small set-up fee charged by the lender to have the bridge loan arranged, plus the cost of the interest as now you are carrying both properties for a short time. The rate charged on the bridge loan is about 2-3% above the bank’s prime.
The Barrie Home Inspector, has been performing Professional Home Inspections for over eight years. To date he has conducted over 4,000 paid inspections. This experience will enable you to have Peace of Mind when purchasing your next home.
Roger Frost is a member of NACHI, whose inspectors have all successfully passed InterNACHI’s Inspector Examination, taken a Standards of Practice Quiz, completed a Code of Ethics Course, adhere to Standards of Practice, abide by a Code of Ethics, attend required continuing education courses, and are InterNACHI Certified.
The Barrie Home Inspector has taken courses in both Part 9 and Part 3 of the Ontario Building Code and has been recognized as a Certified Building Code Official by the Ontario Building Code Officials Association. This allows Roger to identify code deficiencies when inspecting your home.
When buying your new home you need someone with knowledge and experience to inspect and identify any visible or potential problems. Roger was a registered building with HUDAC, which has been replaced by Tarion, and also spent 7 years in charge of Project Reviews, which included Plan Review and Job Site inspections of all phases of construction.
In many provinces, home inspectors are required to be licensed, but in Ontario the profession is not regulated at all. Typical requirements for obtaining a license are the completion of an approved training course and/or a successful examination by the Provinces licensing board. Some provinces also require inspectors to periodically obtain continuing education credits in order to renew their licenses.
We offer all our clients a 100% Money Back Guarantee on all our home inspections. If for any reason a client is not completely satisfied with our home inspection we refund their money with no questions asked. We stand behind our service and product 100 percent.
The Barrie Home Inspector has Home Inspections starting at $299.00 for a single residential home or townhouse. Our prices are competitive and published so you will not have any hidden surprises at your inspection.
Buying and selling Real Estate can be extremely stressful. Choose the Barrie Home Inspector for Guaranteed Peace of Mind and save yourself some money at the same time. Knowledge and experience are the tools of our trade and we guarantee the results.
Real Estate Investing. Warren Buffet one of the worlds smartest investors recently commented on Real Estate investment, saying “It’s a totally sound premise that houses will become worth more over time because the dollar becomes worth less,”
The recent housing bubble attests to the “real estate bubble” that was created when people with very little money were allowed to buy houses.
Although real estate has been a good sound investment over the years, investment mogul, Warren stated, “All things considered, the third-best investment I ever made was the purchase of my home, though I would have made far more money had I instead rented and used the purchase money to buy stocks,” this may give some investors food for thought.
Barrie and Orillia have again been identified as among the most promising places in Ontario to invest in real estate. The list appears in Top Ontario Investment Towns, a 102-page report prepared by Real Estate Investment Network (REIN), a Western-Canadian based research organization. The report analyzes the current and future prospects for real estate investment opportunities in Ontario.
Don Campbell from REIN recently gave this advice to investors who were looking to sell or rent properties. Other decorating and renovating tips include:
Inside your home, install white electrical switches and plug-ins (no unsightly yellow ones), and low-maintenance single-lever taps in the kitchen and bathrooms;
Outside your home (for maximum curb appeal), installing half-moon doors, new porch lights, and a new mailbox and house numbers.
Why bother fixing up your place when you can probably sell or rent it just the way it is? “Because the money you invest in these relatively low-cost upgrades will more than pay for themselves in what you can ask from buyers or renters,” Campbell says. “These little touches will set your home far apart from others that haven’t been improved in years.”
Before buying your investment property ensure you have it inspected by a qualified home inspector. In Barrie and Orillia many REIN members use Roger Frost at Barrie Home inspections to ensure they are fully aware of the condition of their home prior to make their purchase. When buying multiple residential properties it is even more important that you use a inspector who is trained in Part 3 of the Ontario Building Code and has the required qualifications.
Remember when buying a property the rule of thumb is Caveat Emptor – Buyer Beware
DND Military Real Estate Re-Location. The IRP aims to make relocation easy and efficient, centralizing the administration of a relocation with a single contractor, Brookfield GRS, with the exception of physical removal of Household Goods and Effects, administered under the Household Goods and Services Removal contract.
Your Professional Military Service Provider Realtor can ensure your property value is realistic. Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Karen Knight is a REALTOR committed to providing transferring members with service beyond their expectation. Karen is familiar with the Borden area and fully understands the Real Estate values in the area. Karen Knight is an approved supplier to the DND and RCMP IRP program officially called the Brookfield Global Relocation Services (was called RLRS or Royal LePage Relocation Services).
www.irp-dnd.com connects relocated military and other government employed families with top performing REALTORS in each location. They will help you sell your home faster, and find you a home that meets your requirements, all from one point of contact. Always trust the registered service providers for Brookfield GRS to provide fast and courteous service to all DND and IRP personnel.
All DND and IRP personnel are typically entitled to a HHT ( house hunting trip ) which allows you to secure accommodation at the new place of duty with the intent of ensuring a door-to-door move, thereby: reducing the interim lodgings, meals, and miscellaneous expenses, and eliminating unnecessary storage in transit costs.
To ensure you are not rushed or are not able to secure professional services prior to travelling our Military and DND service personnel will also provide contacts with experts in mortgages and home inspections. As a client your needs are our primary concern and our team is ready and willing to assist you.
Buying or Selling in Trenton can be a nerve wracking experience even for seasoned Military Personnel. Team Champ is dedicated to providing personal service that is un-matched by the larger multi-personnel companies. Why be just a number when you can always be #1 at Team Champ. Visit Team Champ to see the difference yourself. No “gimmicks”, no “prizes” just honest hard work and the belief that, “Putting OUR Clients First”, will make a difference.
Real Estate in Alliston ON. Alliston traces its history to three brothers, William, John and Dickson Fletcher. Dissatisfied with life in England, the three left for Toronto, working farms in Toronto Gore northwest of the city. In 1821 William purchased Lot 15, Concession 3, Tecumseth Township. He married in 1828, and in 1847 went scouting locations for the construction of a mill with his son John. The chose a location at Lot 1, Concession 1, Essa Township, at the corner where four of the original townships of southern Simcoe County (Adjala, Tosorontio, Essa, and Tecumseth) meet. In early November they built a cabin on the property, and the rest of the family joined them in April the next year. A larger house, known as Fletcher House, was built in 1849, and still stands at 18 Fletcher Crescent.
Prior to shopping for a new Alliston property it is recommended that you get pre-approved to establish a baseline for the amount of money you can afford to invest. A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
Some home shoppers are always looking for a bargain or a fixer upper which can sometimes be found in a Power of Sale property. buying a Power of Sale Canadian Banks will typically not assume responsibility for any part of the home. You will be buying it “as is” with no warranties or guarantees. This is where the Alliston Home Inspector is a valuable asset because having the experience of over 4,000 inspections and being a Certified Building Code Official makes choosing the best the right choice.
The listing Real Estate agent or broker anticipates receiving a commission for the services the agent has provided at the conclusion of selling the listed property. Usually, the payment of a commission to the agent or brokerage is contingent upon finding a successful buyer for the real estate listed, the successful negotiation of a purchase contract between a satisfactory buyer and seller, or the settlement of the transaction and the exchange of money between buyer and seller.
Listing – Although there can be other ways of doing business, a real estate brokerage usually earns its commission after the real estate broker and a seller enter into a listing contract and fulfill agreed-upon terms specified within that contract. The seller’s real estate is then listed for sale, frequently with property data entered into an MLS in addition to any other ways of advertising or promoting the sale of the property.
People who own property are typically 26% wealthier than non-home owners. When house values increase the home owner benefits even though they may only have a small equity position in the home. Just imagine if you owned a $150,000 house with 5% down ($7500) and house values increased by just 3%. In one year you would have had an increase in equity of over $5,000
Buying or Selling a Home in Angus. There are a lot of emotions involved when buying or selling a home, but negotiating the price shouldn’t be. Having a plan prior to negotiating is key to preventing stress during the turbulence involved in high-stakes negotiations. Your Angus Real Estate Agent can guide you and advise you but eventually you must make the final decision.
First time home buyers get a lot of tips from friends, family and co-workers, much of which is probably good advice gleaned from their own home buying experiences. Your Professional Angus Realtor has bought and sold hundreds of homes and is more prepared to advise you on many obstacles that may arise and often do. The more you know, the better equipped you are to negotiate.
Plan your attack. Determine what features you want and what they are worth to you. Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.
When selling your home you want to present the best possible view of your home. Most Professional Angus Real Estate agents will help you in this area using their years of experience to guide you. From making minor repairs to plumbing, electrical, caulking, sidewalks and painting, what your prospective buyer first sees when initially walking through your home is what is most likely the deciding factor in whether to entertain an offer. Some Realtors will suggest you have your home Professionally staged to improve your homes presentation.
Most upscale homes now use professional staging companies to fully stage the property. These professional companies supply furniture and accessories to enable prospective clients to see the home in the best light possible and so they can envision themselves living there. Some Home Staging companies advertise that many of their homes will actually sell for more than the listing price.
People who earn a good salary but fail to qualify for a typical mortgage are frequently turning to the Rent to Own option, Rent to Own has become very popular in the Angus Real Estate market. A rent to own transaction is when a landlord agrees to lease a home to a tenant and the tenant has an option to buy the home for a pre-negotiated price before the end of the lease. The primary components of a rent to own transaction are the rental term, the purchase price, the upfront deposit, and the monthly rent credit.
When deciding to start looking for a new home, the first step you should take is getting yourself pre-approved by your financial institution of choice. When seeking preapproval, talk to a few different mortgage lenders to find the best mortgage package that suits your needs. Two or three lenders is usually enough to give you a reasonable idea of the amount of money to can afford to spend on a new home.
Your local Angus Real Estate Agent can share his knowledge and expertise to allow you to get more money from the sale or to save you money when buying your next property. Utilize their tools and expertise and help ensure your next real estate transaction is a pleasurable experience with the knowledge that you got the best price possible whether buying or selling.
