Real Estate Blog

Shave years off your mortgage

Whether you are buying your first home, or have been making mortgage payments for years, you may be thinking about reducing this obligation, faster. In fact, changing your term, the payment amount and even making lump sum payments could pay down your mortgage more quickly.

Reduce the amortization period
The amortization period is the length over which the debt is carried. By reducing this time period, from 25 years to 15 years, you will save thousands in interest. The following chart shows these savings.

Interest rate

*Monthly payment

*Monthly payment

difference

interest

(per annum)

15-year

25-year

 

savings

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How to make the most of your mortgage

<style="font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">While you are shopping for a new home, do not forget about your mortgage. Take the time to shop at several institutions. Compare terms, rates and payments. Small items like terms, rates and payments can cost you or save you thousands of dollars over the life of your mortgage. The following list makes some suggestions on how you can make your payments work harder for you.

Get pre-approved
It is fast, simple and free. Before you shop for your home, spend some time with your

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Qualifying for a mortgage

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Applying for a mortgage is a straight-forward process. When you are prepared, it is unlikely you will receive any surprises. A mortgage lender needs information about your work history, debts and assets to establish your credit worthiness and ability for repayment. The bank will establish your gross income and potential payments and property tax expenses to arrive at a Gross Debt Service ratio (GDS). This is usually limited to 30-35% of your gross income. Debts will be added to establish a Total Debt Service ratio (TDS), which can't exceed more than 40 percent of your gross earnings.

The lender needs to satisfy two risk requirements:

  1. Can you make your scheduled monthly payments?

  2. Second, if you default

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Choose a mortgage to meet your needs

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When you are buying a home, the type of mortgage you choose, the down payment, the amortization period and even the payments make a difference. To get you started, here is a review of the most common types of mortgages.

Assumable mortgage
By assuming the existing mortgage, you may be able to save on the usual mortgage fees such as appraisal and CMHC fees. You will save time, since you do not have to negotiate to arrange financing from another lender and the existing mortgage on the home may be less than the current market rates. Alberta is the only province in Canada which allows for as assumable mortgage. You simply apply cash that has already been paid toward the mortgage and resume payments. Some

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Arranging a Mortgage

 

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Most people require a mortgage to purchase a home. This section explains the elements of a mortgage including type, terms and how to qualify for one. In addition, choosing the right mortgage for your needs can help you retire this financial obligation sooner.

Mortgage Overview

A review of principles including interest rates, payments, amortization period, pre-approval process and conventional and high ratio mortgages.

Choosing a Mortgage to Meet Your Needs

This article explains the different options available, including closed, variable, assumable and vendor-buy back.

Qualifying For a Mortgage

Here is what you need to know when you apply for a mortgage. When you are prepared and have all your documents in

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Mortgage overview

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Most people who purchase a home require some financial assistance. That is, they require someone to lend them sufficient funds to cover the price of a home. Most often, this financial arrangement is handled through a bank or other institution through a MORTGAGE. A mortgage is a legally binding agreement that states a certain party (mortgagor) lends money to another party (mortgagee). The mortgagee agrees to pay back the money at a certain rate, plus interest, over a certain time period.

There are two parts to this financial agreement: principal and interest. Principal is the actual amount borrowed. Interest is the lender's fee you are charged for borrowing. You also have to determine the amortization period (the length of time

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Additional Costs of Buying a Home

Don’t forget about these costs when buying a home

Buying a home is a milestone, whether it is your first, third or fourth. In addition to the price of a home, there are some other costs you’ll incur. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all costs apply to every sale or purchase. However, when you are aware of the following items you won’t be hit with any surprises on closing day. 

Inspection fee
An inspection performed by a professional inspector is a sound investment. For $300 - $500, you’ll receive a written report on areas that are structurally sound and those where repairs are required.

Appraisal fee
When you apply for a

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A Real Estate Professional can be one of your most valuable resources

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Selling a home is a time consuming and complicated process. Why would you want to risk getting less than you deserve? Why take chances with your equity that you have worked so hard to achieve? A Real Estate Professional is trained to understands the numerous details and factors that contribute to a successful sale and your bottom line. In fact, with their background, education, contacts and experience, this person could be one of your most valuable resources. Here are just a few of the reasons why you should consider a professional, when it comes to selling your home. An experienced Real Estate Professional:

  • Understands market conditions and has access to the most

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Regina Home Sellers Guide

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Selling your home can be a very exciting proposition or a daunting one depending on the advice you receive. By working with me, I can ensure the experience is a pleasant and memorable one. I encourage you to take advantage of the tips and advice within these home selling guides to help you understand the entire process.

These guides will provide valuable advice on questions like:

When should I sell?

How do I sell my house for top value?

Will renovations increase my home selling price?

And more...

I have prepared this comprehensive Home Selling Guide to better assist you in answering the many questions that arise during the home selling process. When you're armed with the right information and an

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Understanding market conditions

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Numerous factors affect the real estate market. There may be more buyers than sellers. There could be more sellers than buyers. Interest rates, employment statistics and pricing. The supply of resale and new homes are also considerations when selling a home. Generally speaking, there are three types of markets that affect the sale of your home. Understanding each of these can make a difference to your bottom line.

Buyers' Market

Description: There is an abundance of homes on the market. Supply exceeds demand.
Characteristics: Many homes available for sale. Fewer buyers than homes. Homes remain on the market longer. Stable prices. Prices may also drop.
Impact: Less panic in buying. Buyers shop longer for homes.

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