Assuming A Kamloops Mortgage - How does it work and is it for you?

An assumable mortgage is, simply put, one that the lender will allow another borrower to take over or “assume” without changing any of the terms of the mortgage.

For example, say you purchased a property for $200,000 with a mortgage of $150,000 and $50,000 of your own money. If part way through the mortgage term you decide you’d like to sell the home, you would have the option of essentially selling the mortgage as well. The person who buys the home from you could take over the balance of the mortgage and the associated payments and give you cash for the remainder of the value of the home. So, if your mortgage balance is now $140,000 and the home is now valued at $210,000, a buyer who is assuming the mortgage would need to pay you, the seller,…

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Investors: Here’s Why “Rental Owner” & “Landlord” Are Two VERY Different Roles

Is being a real estate investor and being a landlord the same thing?

Or are they two completely different roles? Knowing the distinctions is incredibly important and can make all the difference in getting what you really want out of real estate.

We are all more than aware of the need to invest. Owning rental properties is a way to invest in real estate and build wealth. But becoming a hands-on landlord can be distinctly different than pure investing for a number of very important reasons.

Being a hands-on landlord can be great. It can be therapeutic, rewarding, and a major upgrade from many people’s last job. Just make sure you know the difference BEFORE you get in. As we know, it’s always easy to get in than out.

A Mindset Difference

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Benefits of a buyers agent in Kamloops BC.

A buyer’s agent represents you, the buyer, not the seller.

For most of us, buying a home is the biggest single investment we’re likely to make – we are only likely to do it maybe once or twice in a lifetime. The process is, by nature, filled with checks and balances – and many complex details. Traditionally, agents were legally obligated to protect the interests of the home seller. Today preferences are changing. One of these changes is that more homebuyers are choosing to have their own real estate agent, known as a buyer's agent, to legally represent them

A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the…

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Whats The Difference Between a Listing Agent and a Selling Agent?

If it makes you feel any better people often don't really know the difference between a listing agent and a selling agent, either.

Why should they? Why should anybody know except those of us in the real estate business? At least you'll know which agent does what in a deal and you will sound far more intelligent about the crazy business of real estate, that's why. Plus, you'll know what to call the respective agents in a transaction, and that piece of knowledge should provide you with a bit of confidence as you finagle your way to buying or selling a home.

The Listing Agent

Listing agents come in all flavors, sizes and shape. A listing agent typically represents the seller. There are a few instances in which a listing agent might accept a flat…

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Home-Buying for Beginners: 8 Red Flags When House-Hunting

Home-Buying for Beginners: 8 Red Flags When House-Hunting

It’s easy to get drawn into a property based on its aesthetics. After all, granite countertops, fresh paint and new carpets all make a good first impression; they also could cause you to overlook some serious sins that might make you regret purchasing the home. Keep an eye out for these red flags when searching for a new home, as they could indicate something’s awry.

1. Plenty of ‘For Sale’ Signs
Take a look around the neighborhood. Do you see a lot of other “For Sale” signs? If it’s in an urban area, does it look like area businesses are thriving or at they closed in the middle of the day? If no one else wants to live on the street, chances are you might not want to either.

At the same…

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7 Tips for Buying A Home With Your Significant Other

There are few things more exciting than buying a house with your significant other.

It shows that your relationship is strong and that you’re ready to take the next step. However, the homebuying process can be stressful, which means it can be quite a strain on a relationship if you’re not careful. Here are seven tips that will hopefully make buying a home with your partner a process that’s as stress-free as possible:

1. Get on the same page

Deciding that you want to own a home together is not the same as being on the same page. You need to sit down with your partner and figure out, then discuss, exactly what they want in a house. One of you may want to live in an urban area while the other may prefer the suburbs. Your partner may like the…

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Generation X Driving Increased Demand for Recreational Properties

Quintessentially Canadian Cottage-Life: Royal LePage finds foreign buyers account for few recreational property transactions

Retirement-bound boomers seek peaceful retreats

Toronto, ON, June 23, 2016 – Generation X buyers of cottages, cabins and chalets across Canada outnumber Baby Boomers by almost two to one, according to the Royal LePage 2016 Canadian Recreational Housing Report released today. Still, planning for retirement living is among the most common reasons potential buyers give for the purchase of a recreational property.  The annual report compiles information from a cross-Canada survey of real estate advisors who specialize in recreational property sales.

The survey found that 65 per cent of advisors polled indicated that…

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10 things to consider for any real estate investment property

I often get asked how to invest in real estate and what should investors should be looking for in an income producing property.

It can be overwhelming for a first-time investor, as the real estate investment industry is riddled with various scenarios and situations that can decimate your returns. While the returns can be lucrative, proceed with caution.

Toronto realtor Matt Smith has shared with me his extensive experiences in helping investors both acquire and manage single-unit condominium investment properties. These are a very popular vehicle for investment in both Vancouver and Toronto, where both supply and demand for these units seems to be endless. In Toronto’s Downtown Bloor Yorkville area alone, there are currently eleven projects, all…

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Taxing foreign investment in real estate: Let's be open and honest

There is no question that home affordability in cities like Vancouver and Toronto has become unattainable for most of us.

There is a significant supply problem which has not been adequately discussed and resolved.

With the news that foreign investors will now be taxed an additional 15% of the purchase price on residential properties in Vancouver, it looks as though a Canadian “Wall” is being built against free trade and immigration, as even the Ontario Finance Minister is suggesting that he is looking very closely at what his British Columbia counterpart has done. This is in addition to the additional taxes of current land transfer tax of 1% to 3% of the purchase price and the yet-to-be-disclosed new tax that will be applied to owners of…

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Which mortgage term will save you money over the next five years?

A significant “negative shock” to the economy: That’s what it’s going to take to lower interest rates again, says Canada’s most powerful banker.

And Bank of Canada head Stephen Poloz isn’t betting on that happening any time soon. Neither are bond traders, the big guns that bet billions of dollars every day on the direction of interest rates.

So let’s suppose – just for fun – that they’re right (since we all know how often markets and economists aren’t right). If we are actually near a bottom in rates for a few years, what’s the best way to play your mortgage?

Well, it just so happens that there’s an app for that. It’s called a spreadsheet and I’ve taken the liberty of putting mine through its paces and model out which mortgage term (or…

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