In a perfect world, you find a house you love, you buy it, and live happily ever after! If only house hunting was as fast and easy as a transaction at the mall. Buying a property is a process that requires time, money, energy, and a qualified team to help you navigate the journey. To help you build your team and prepare for a house purchase, here is what you need to know!
Buying a house is a big step. It’s expensive, time-consuming and stressful. But when everything is said and done, it can be one of the most rewarding experiences in your life. Having a partner to navigate this experience with you can be a blessing with the proper planning and communication. Here are 4 things to discuss with your partner before buying a house together.
On January 1, 2018 the Canadian government applied new guidelines to the Mortgage Stress Test (MST). Basic requirements were already in place for borrowers who put less than a 20% down payment on their home mortgage loan. With the new test guidelines, all conventional mortgage loan borrowers became subject to the new revisions regardless of the down payment amount. The changes included a number of other stringent rules for federally governed lenders to approve mortgages.
For a large of number of Canadian homeowners, a portion of their monthly mortgage payment goes toward a mandatory CMHC (Canada Mortgage and Housing Corporation) fee. It is automatically added to the payment to cover mortgage default insurance. The result is an increase in the amount due every month. But there are creative ways to lower or avoid CMHC insurance for those who are required to have it in place.
If Canada is a place you want to call home over the long-term, buying a home here makes a lot of sense. Here are the three most important factors lenders consider when considering whether to lend to someone who’s new to Canada to buy a home.
If you’re in the market for a house and don’t know where to start, here are 5 lessons that Liz Enriquez shares about how she bought her first home as a newly-single person in 2016 at age 24.
Should you put 20% down on your down payment? At the end of the day, there are pros and cons to everything, and Liz Enriquez, who bought her first house at age 24, shares the tips she used toward homeownership in order for you to make the most informed decision for yourself.
Purchasing a home is the biggest financial investment most people will make in their lifetime. With advance research and planning, the obstacles in the path to homeownership can be overcome.
Buying a home is a fun and exciting time. For most Canadians it’s the single biggest financial transaction of their lifetime. As such, it’s important to do your homework and come prepared. In this guide, we’ll help you do just that by walking you through the steps of buying a home in Canada.
There used to be a mere few options available to get financing for major ventures. The choices were traditional borrowing from a financial institution or from family and friends. Today, there are unlimited ways to get financing for any purpose. Creative financing has opened the doors for consumers who want or need an innovative way to get money to fulfill their dreams.