Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties come to market and disappear within weeks or even days. Multiple offers are also a reality, once again. Watch for encouraging sales stats to be reported next month.
Buying a resale home
Buying resale is great because you can see what you’re getting and you can have it now (average closing is 45 to 90 days). You can also set and hold your mortgage rate now.
But, there are also some negatives to buying a resale. For one, you’ll never get 100% of what you want. Maybe the kitchen, master bedroom or backyard could be bigger or perhaps you’d prefer a different floorplan. The truth is, you’re buying someone else’s home that wasn’t designed for you.
But, hey, that’s life and you can’t have everything you want. At least, not yet… or maybe you can?
Construction financing as low as prime minus 0.80% – 3.15% today!
Continue reading “Finance Your New Construction Home at Prime Minus 0.80%!”
With warmer weather comes a renewed energy and hope for the coming months. It’s also the official start of the Spring housing market.
Are you considering buying a home? If so, here are a few things you should know before you head out house hunting.
Continue reading “Top 3 Things Homebuyers Need to Know this Spring”
This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals!
For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage.
Continue reading “BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!”
We’ve all heard the saying ‘necessary evil’ – something that we need or must have but don’t necessary like. It’s kind of like taking cough syrup that doesn’t taste so good but you know you need it to feel better.
Default mortgage insurance is a necessary evil. Without it, we wouldn’t be able to buy a home with less than a 20% down payment with low interest rates.
But what if you bought a house, paid the CMHC, Genworth or Canada Guaranty insurance… and a few years later you bought a bigger home or refinanced your mortgage for some home renos or debt consolidation?
Do you have to pay mortgage insurance again? If so, how much will this cost?
Continue reading “Beware of Mortgage Insurance Double Charges!”
Something strange has been going on over the past decade. We’re often being told – and, in many cases, convinced – that it’s better to rent than to own.
I firmly believe everyone should own their home. In fact, I think we should own at least one investment property… and, in many cases, more than one, but I’ll get to that in a minute…
I can understand why many people, particularly Millennials, are believing it’s better to rent than own. After all, it’s easier to rent. Just look online for a condo or house for rent. Apply, sign the lease and you’re done. We’ll call this the Convenience factor.
Continue reading “Why are We Being Poorly Advised Against Homeownership?”