26 Nov

Tips On Getting Ready To Be a First Time Home Buyer

General

Posted by: Bonnie Hudson

Very often, the first question is “what can I afford”. To answer this for a person getting ready to buy, we need to know about what is happening now, income, bills, savings, credit score, etc. There are many positive things that you can do in the year or two prior to buying.

It is always best to consult with a Mortgage Broker well in advance to get started on the right path to becoming a home owner. If you already have some savings set aside, then you already have a great head start!

Here are some simple notes and tips to get you well on your way.

 

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16 Nov

4 Costly Mortgage Mistakes of those New Home Buying “Incentives”

General

Posted by: Bonnie Hudson

It’s exciting! Brand new shiny homes, opulent new appliances and granite countertops followed by massive marketing with deep discounts, rebates, cashback, free tvs, offers to pay your strata and mortgage payments? Developers are throwing in these incentives to entice buyers and many are getting shocked with the ramifications when they close at the lawyers.

Nothing comes for free. Period. There is always a catch somewhere. From a mortgage perspective, I have had countless homebuyer mortgage files land on my desk because the bank wouldn’t or couldn’t approve your mortgage after you have already plunked down that 5-10% deposit. Which by the way is NON-REFUNDABLE in most cases!

Let me tell you a story about 28 year old Jim.

 

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16 Nov

That Oh So Important Financing Condition

General

Posted by: Bonnie Hudson

There you are, sitting down with your realtor and preparing an offer to purchase for that amazing home that you just looked at this afternoon. You get to the point in the conversation with your realtor about the need for a financing condition and you’re trying to remember what you talked about with your Mortgage Broker earlier in the week….were you approved? Pre-approved? Pre-qualified?

So here’s the thing, when it comes to placing an offer on a new property, the financing condition should always be there. The only reason for leaving the financing condition out of an offer is because you know that you could dip into your savings account right now and buy the house with cash if you had too.

If you cannot purchase the house with cash, then you really should have that pesky finance condition in the offer and here is why…

 

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3 Nov

Top 5 Reasons People Don’t Qualify for a Mortgage

General

Posted by: Bonnie Hudson

I receive calls every month from people who want to know how to qualify for a mortgage because they were declined by their bank. In many cases I can help them and in some cases they have to wait – but we identify what they need to do to get in a better situation to qualify.

Here are the top 5 reasons why people don’t qualify for a mortgage with their bank and come to see an independent mortgage specialist.

 

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2 Nov

Federal RRSP First-time Home Buyers’ Program

General

Posted by: Bonnie Hudson

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability .

You must be considered a first-time home buyer.

You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the period beginning January 1 of the fourth year before the year of withdrawal and ending 31 days before your withdrawal. (Dec 31, 2010 or prior for anyone buying in 2015)

However, if you are a person with a disability, or you are buying or building a home for a related person with a disability or helping such a person buy or build a home, you do not have to meet this condition.

In addition, ALL of the following conditions must apply:

 

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