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.

Qualifying for a mortgage

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

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

Gather your documents

Selling a home is an involved process. There are numerous items to think about including choosing a Real Estate Professional, preparing your home for sale, negotiating with possible buyers, handling details with a lawyer and moving. When you are prepared the process can be much easier. In fact, you will feel less stressed and more organized when you give some thought to organizing the paperwork you need. When you have everything in one place, you will not be scrambling to find documents at the last minute. Even better, you will feel in control, and prepared for anything that comes your way.

Here is a list of the documents you should have on hand, both for your Real Estate Professional and for any potential buyers.

What can you afford?

When preparing your budget, you will want to discuss what resources you can allocate to mortgage payments, living expenses, and other financial situations. As your Real Estate Advisor, I can either help or recommend you to a professional who can assist you in establishing a budget and reviewing your financial position. In addition they may suggest some alternative methods to obtain financing, either through traditional lenders or other institutions. 

To purchase a home, a down payment of as little as 5% down is required. Fortunately, Canada Mortgage and Housing Corporation offers a federal insurance program designed to help Canadians purchase their first home at an affordable cost. If you choose to put down 20% or more, you

Your home buying team

When you are buying a home there is an entire team of professionals ready to assist you in the many details that need to be completed for a successful real estate transaction. This article explains these key people and the roles they will perform during the process. 

Real estate agent
A real estate agent is a professional trained in all aspects of real estate. This person can save you time and trouble. They may even save you money. That is because a Real Estate Professional has access to all of the homes available for sale, via the MLS® System. All licensed Real Estate Professionals use this national system. A home listed on the MLS® System is available to any Real Estate Professional in Canada. This is the number one place

As your personal Agent, I can provide you with...

I can provide you with FULL ACCESS to this site which will be a big benefit to both of us as it allows me to share all the tools of my business.

It will be my responsibility to represent the sole interests of you, the buyer. This includes searching for a home, negotiating the best price, and handling all the details of the purchased property. As your Agent, I will provide you with personalized access to more available property information via this website.

As your Buyers' Agent, I will:

1. Provide you with information regarding all properties:

• Listed with the Real Estate Board online at your convenience

• Including bank sales and For Sale by Owner sales

• Complete, daily

What is fair market value?

When you are buying or selling a home, naturally, your most important concern is getting the best price. As a seller, you may have lived in your home for years. You have contributed towards the mortgage each month. You have maintained your home. And now, it is only right that you should reap the rewards of your efforts.

As a buyer, you want to ensure you are paying fair value for a home. How then, do you get fair market value for your home? In this article we will explain, specific house, present condition and 30 to 90 days, the three factors that influence market value.

In this article, we refer to market value, as it applies to single-family homes only. Evaluation methods are different for condominiums and

Understanding the offer

Prior to showing your home, and after a thorough evaluation with a Real Estate Professional, you should have the following: a realistic idea of the price, how low you will settle, what conditions you will accept; and what terms would be agreeable. 

With this information, you are prepared. When an offer is presented, you will be able to compare it to your initial guidelines. Your Real Estate Professional will evaluate these offers and, hopefully, arrive at one that comes closest to your objectives. At the same time, however, your Real Estate Professional will likely exercise some leveraging power with any other negotiable items. A Real Estate Professional works on your behalf, considering all the factors, you as a buyer, and

Reasons to Invest in Regina Real Estate

Solid reasons for investing in real estate

If you invest in the stock market, which includes an assortment of equities, bonds, mutual funds and options, you are in for a rocky ride. 2002 will record the third straight year of losses for North America’s stock market indices. Many financial advisors suggest that if investors can not stomach the rapid rises and falls of a stock, they might want to consider investing elsewhere. 

Stocks are not for the faint at heart. It takes a great deal of stamina to survive the roller-coaster ups and downs of an investment that is heavily dependent upon economics.

What about real estate? Has it done better than the stock market? Let us take a look at Bill and Marsha,