Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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Tuesday, May 28, 2024 / by Evelyn Lopes
What Makes a Winning Offer? - 12 TIPS for SUCCESS
Money isn't the only factor that makes a winning offer. In fact, sellers sometimes choose lower offers over higher ones. Here are the 12 key components of a winning offer:
1. Offer Price
Sellers are naturally drawn to the highest and most competitive offer. It’s not just about the numbers; it’s about value. When your offer is close to or above the asking price, it signals to the seller that you’re serious and willing to pay a fair market value for their home. Lowball offers can be a deal-breaker in a competitive market. Make sure your offer price is both competitive and compelling.
2. Financial Qualifications
It’s not just about putting down a price. Sellers want to ensure you have the financial capability to pay that price. Pre-approval letters from a reputable lender or proof of funds for a cash offer can significantly boost your credibility. Cash offers are particularly attractive because they em ...
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Monday, September 18, 2023 / by Evelyn Lopes
Introduction
The Greater Toronto Area (GTA) is a bustling hub of activity, culture, and, of course, real estate. With soaring home prices, especially in prime urban locations, many aspiring homeowners find themselves priced out of the market for detached homes and townhouses. Enter the condo—a more accessible entry point into homeownership. But is condo living right for you? In this blog post, we'll explore the pros and cons of condo living, the differences between new builds and resale condos, and what every buyer should know before making that big decision.
The Allure of Homeownership
Homeownership is often considered a significant milestone in life. It offers numerous advantages, from building equity and financial wealth to providing stability and control over your living space. However, it's not for everyone. Factors like financial instability, high upfront costs, and maintenance responsibilities can make homeownership a less appealing option for some.
Why Con ...
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Tuesday, August 1, 2023 / by Evelyn Lopes- Klarine
To avoid buyer's remorse, be sure to consider your future self when shopping for a home.
Most new homebuyers don't regret becoming homeowners. In fact, according to a recent survey by Zolo, 80% of Canadians who purchased a home during the pandemic say they're glad they bought their current homes.1 But that doesn't mean newly-minted homeowners don't have any regrets about their buying choices.
On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity.2 Some question their decision to move to a neighbourhood they still don't love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.
According to a new survey by Mortgage Professionals Canada, nearly 80% of Canadians still see real estate as a favourable long-term investment. But a growing number of Canadians also as ...
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Monday, May 1, 2023 / by Evelyn Lopes- Klarine
It's not easy being a first-time home buyer right now. At the end of last year, housing affordability hit an all-time low.1 Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, but especially for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timers by offering stronger, often cash-heavy bids.2
As a result, many first-time home buyers are finding that they need to get creative to afford a home or risk renting for longer than they planned. If you, too, are struggling to afford homeownership, here are some workarounds to consider as you plot your first home purchase.
1. Try House Hacking
“House hacking” is a real estate investment strategy in which participants use their homes to generate income in order to offset their expenditures.
For example, renting out a basement apartment or accesm ...
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