Mortgage 101: Part Two
Posted by Greg Dewar on
Welcome to part two of my Mortgage 101 blog series. In this post I will be answering some more commonly asked questions about mortgages, particularly about mortgage terms and what types of mortgage rates are available to Canadians in the home buying process.
What is a mortgage term?
A mortgage term is the length of time that you are locked in to paying your mortgage on a fixed or variable rate. Most mortgage terms are five years long but you can also get longer terms. Right now, ten-year mortgage terms are attractive to home buyers because of the lower interest rate right now.
What’s the difference between fixed and variable mortgage rates?
A fixed mortgage rate means that your interest rate and mortgage payments will be the exact same for the…
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If you’re new to the home buying process, mortgages might seem a little complicated and overwhelming to you. Luckily, in today’s blog post I’m breaking down exactly what a mortgage is and the most important things you need to know about them.
If you've decided to sell your home, you might be wondering whether it's worth it to hire a home stager. As a seller, your ultimate goal is to sell your home and this can happen much more quickly when the house appeals to the buyer as much as possible. A home stager will make sure each room in your home is reworked to best market it to the potential buyer by showing it in its best light.
You’ve decided to buy a home but now what? I’ve put together a list of five important things you need to do before buying a home. For even more advice, check out our blog post on where to start when you’ve decided to buy a home.
Welcome back to my two-part blog series on renting vs. buying a home! This week’s post takes a look at the pros and cons of buying a home. It’s no secret that I think buying a home is more beneficial than renting for most people. Take a look at the pros and cons of buying a home below and start thinking about which option is best for you!
If you’re looking for a neighbourhood in Cambridge, Ontario to suit your needs, you might be interested in learning more about Galt. Galt comprises a large portion of Cambridge which is why it’s usually broken into three distinct neighbourhoods with unique characteristics: East Galt, West Galt and North Galt.
Because buying a home is usually considered to be a good investment, many people want to get into the real estate market, regardless of their credit history. Right now, the real estate market is favourable to buyers since interest rates have remained low for so long. But for those who have a bad credit history, buying can be tough. In 2012, the Globe & Mail reported that more than one in eight Canadians will declare bankruptcy or negotiate a debt settlement with creditors. This means that there are a lot of Canadians with bad credit who recognize the value in purchasing a home. Here are somethings to keep in mind if you’re buying a house with bad credit.
You’ve saved enough money for your down payment and have been preapproved for a mortgage but now what? Before you go ahead and purchase your dream house, you need to be aware of the hidden closing costs in Ontario which could impact your home buying budget. Having enough money to cover all the closing costs and hidden fees you might not have considered will make for a smooth closing with no surprises.
One of the most commonly asked questions that most realtors get is why a buyer needs a real estate agent when they’re buying a house. Although many people can certainly buy a home themselves, the home buying process isn’t as simple as many people make it out to be.