One of the first questions Realtor should ask is, Why are you moving? Your real estate agent will also explore any time constraints you might have (perhaps imposed by the need to relocate for employment), your financial situation and any future plans.
Normally lenders look for a total debt load of no more than 35-40 percent of your income. Since your mortgage typically ranges between 25 percent and 28 percent of income, you need to keep your other loans in the 8-10 percent range. The more money you save for a down payment the better off you'll be in the long run. Now a days you can get a 100% loan with no money down, but in some cases a small down payment might give you a better interest rate with a smaller mortgage payment. Try to aim for a 20% down payment.
Title insurance is growing in popularity in Canada. But what is it exactly? Should you get it? Do you need it? Whether title insurance is right for you is something you should discuss with your lawyer, as it depends on the circumstances of your transaction.
Always make sure what you think you are buying is indeed the property you are buying. As odd as this sounds, feeling comfortable with your purchase is a vital part of the home buying experience. Feeling comfortable has to do with securing the right financing. The right financing can save you thousands of dollars over the life of your mortgage. Not all mortgage brokers are created equal.
A foreclosure is a property repossessed by a bank or a mortgage lender. When you buy a foreclosure you must sign either a schedule "A" and or schedule "C". Now these schedules are in place to protect the seller (The Banks or Mortgage Lenders). These schedules basically say to you the buyer that when you purchase the foreclosed home you are buying it "As Is, Where Is", there are absolutely no warranties or representations that guarantee you are buying a home that is safe & sound!
In a tight market you have to be careful with your offer. Naturally you want to get the best deal possible, but you don't want to "low ball" the offer so low that it is rejected entirely and you won't have an opportunity to "counter-offer" or negotiate. Remember, other buyers are in the market. Be fair and it should be a win-win for all parties involved. going in low can sometimes open the door to a bidding war where you may end up spending quite a bit more for that dream house.
Normally lenders look for a total debt load of no more than 35-40 percent of your income. Since your mortgage typically ranges between 25 percent and 28 percent of income, you need to keep your other loans in the 8-10 percent range. The more money you save for a down payment the better off you'll be in the long run. Now a days you can get a 100% loan with no money down, but in some cases a small down payment might give you a better interest rate with a smaller mortgage payment. Try to aim for a 20% down payment.
Title insurance is growing in popularity in Canada. But what is it exactly? Should you get it? Do you need it? Whether title insurance is right for you is something you should discuss with your lawyer, as it depends on the circumstances of your transaction.
Always make sure what you think you are buying is indeed the property you are buying. As odd as this sounds, feeling comfortable with your purchase is a vital part of the home buying experience. Feeling comfortable has to do with securing the right financing. The right financing can save you thousands of dollars over the life of your mortgage. Not all mortgage brokers are created equal.
A foreclosure is a property repossessed by a bank or a mortgage lender. When you buy a foreclosure you must sign either a schedule "A" and or schedule "C". Now these schedules are in place to protect the seller (The Banks or Mortgage Lenders). These schedules basically say to you the buyer that when you purchase the foreclosed home you are buying it "As Is, Where Is", there are absolutely no warranties or representations that guarantee you are buying a home that is safe & sound!
In a tight market you have to be careful with your offer. Naturally you want to get the best deal possible, but you don't want to "low ball" the offer so low that it is rejected entirely and you won't have an opportunity to "counter-offer" or negotiate. Remember, other buyers are in the market. Be fair and it should be a win-win for all parties involved. going in low can sometimes open the door to a bidding war where you may end up spending quite a bit more for that dream house.
About the Author:
Learn more about Military Relocation Realtor in Edmonton. Stop by www.irp-dnd.com where you can find out all about Brookfield Military Relocation Specialists and what the experts can do for you.
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