A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

 

Why Home Ownership?

Unlike renting, when you buy a home your mortgage payments are helping build your net worth. You’re saving a pool of money you can borrow against a portion of down the road or receive when all you sell.
 
Buying a home is like having a “piggy bank” that pays interest. You build equity over time by: 1. Paying down the mortgage commitment, and 2. Through any increases your home’s value. Home ownership also helps hedge against inflation.
 
Owning your own home gives you the freedom to make your living space your very own and with the satisfaction of knowing that any improvements you make will likely increase the value of your home; benefitting you, not a landlord.
 
Homeownership gives you a sense of stability and security. It is making an investment in your future.

Your Budget

Before you start the search for a new home it’s important to set a budget.
 
Considerations include:
  • Will you need a mortgage?
  • Do you have savings...
Post CommentComments: 0Read Full Story

 

Source: RedFin - used under standard YouTube license terms.

 

According to an American national, volume-based, real estate brokerage firm, RedFin, when an open house is held within the first week, a home is 13 percentage points more likely to sell than not having an open house at all, and 26 percentage points more likely to sell than if an open house is held sometime after the first week.
 
Do open houses work in all cities? No. In Calgary, the jury is out. But you'll see them - each and every week! It's how many new buyers get to see home styles - but they risk being sold to, versus helped in the buying process. It's also how many agents find client prospects without spending a dime on advertising. As many real estate agent trainers say, "Use open houses as lead generators." Others say, "Get busy and you'll get good!" We always say to buyers, find your agent first - well before you start looking at homes! A good agent will show you styles in a much more efficient manner....
Post CommentComments: 0Read Full Story

 

Source: Used under standard YouTube license terms.
Post CommentComments: 0Read Full Story

 

Source: RECA - used under standard YouTube license terms.

 

"Remember, it is best for all involved if concerns are dealt with up front in a real estate transaction."

 

About RECA: The Real Estate Council of Alberta (RECA) is an independent, non-government agency responsible for governing the real estate brokerage, mortgage brokerage and real estate appraisal industries under the Real Estate Act of Alberta.
Post CommentComments: 0Read Full Story

 

Source: Used under standard YouTube license terms.
Post CommentComments: 0Read Full Story
Last month, the federal government published a Mortgage Prepayment Code to ensure borrowers are better informed by lenders (federally regulated institutions) when it comes to situations where mortgage prepayment penalties may be charged – namely, for the purpose of clarifying interest rate differential (IRD).
 
This is a positive step, because IRD calculations and penalties have traditionally been very confusing to borrowers.
 
IRD is a charge many borrowers face when paying off a mortgage prior to its maturity date, or by paying the mortgage principal down beyond the amount of annual allowable prepayment privilege limits. And IRD penalties can prove quite costly depending on the remaining mortgage term.
 
IRD is based on:
  1. The amount that is being prepaid; and,
  2. An interest rate that equals the difference between the original mortgage interest rate and the interest rate that the lender can charge today when re-lending the funds for the remaining term of your mortgage....
Post CommentComments: 0Read Full Story

 

Source: RECA - used under standard YouTube license terms.

 

When you buy or sell property or need to secure a mortgage, using a licensed real estate industry professional gives you certain protections you would otherwise lack. RECA licences all industry professionals in Alberta. Check if the person you are dealing with is licensed at www.reca.ca

 

About RECA: The Real Estate Council of Alberta (RECA) is an independent, non-government agency responsible for governing the real estate brokerage, mortgage brokerage and real estate appraisal industries under the Real Estate Act of Alberta.
Post CommentComments: 0Read Full Story

 

Source: KWRI - used under standard YouTube license terms.
Post CommentComments: 0Read Full Story