3 Tips to Select a Mortgage Lender

The process for selecting real estate agents and mortgage lenders is often similar, with the main difference being your search will turn up several non-local lenders that may be a good fit for your particular lending needs. Whatever your methodology is, these tips to select a mortgage lender can make the process seem less scary and non-evasive.

It is critical that you have a local real estate agent who knows street-level and regional pricing dynamics in your target neighborhoods intimately. But since mortgage lenders can lend anywhere and mortgage rates and fees are generally the same nationally, non-local lenders claim they can handle your transaction as well as local lenders.

To examine which lender will work best for you, look at 3 of the ways…

2113 Views, 0 Comments

Hidden Costs When Buying A Home In Canada

Now that you have finally started to save for a home of your own, it’s important that you look into every single detail that is involved with purchasing. It’s not as simple as picking a house you like and moving in. Buying a house is actually a lot of work.

I am sure you have many friends and family members that are always telling you that you should move into your own place. They say that the mortgage would be the same price or less than your monthly rent but did they tell you about the other costs involved in owning a home?

There are so many fees involved with buying your own house such as land transfer tax, lawyers fees etc. Not to mention a 20% down payment!

Let’s not forget that if something goes wrong with the house, like the roof is…

2381 Views, 0 Comments

Understanding Real Estate Appraisals..

Understanding Real Estate Appraisals

Understanding how appraisals work will help you achieve a quick and profitable refinance or sale.

When you refinance or sell your home, the lender involved will insist that an appraisal be performed. An appraisal is the process of valuing real property and is simply an opinion of the market value of your home based on what similar homes in your area have sold for in recent months by a licensed appraiser. But what is market value? Market value is the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

The…

2243 Views, 0 Comments

Don’t Miss Out on How to Handle Common Home Buying Pitfalls

Oh the stories I’ve heard and even witnessed with Kamloops Home Buyers, as they search for the perfect place to call home.  

I thought, that what better way to illustrate being ready to buy a home than to present the potential pitfalls that you’ll come up against and how best to handle them. Dodge them at all costs.

So what are these typical, all too common home buying pitfalls?  Do any of these describe what you went through when trying to buy a home? Perhaps you’re a first-time Buyer that wants to avoid any problems now that you’re ready to buy a home.

Don’t be the Buyer who didn’t read this here and missed out on getting educated on what potential pitfalls you can come across when it’s time to buy a home.  If you keep reading, you won’t miss…

2232 Views, 0 Comments

THE HOME APPRAISAL PROCESS

I’m a buyer, what do I need to know about an appraisal?

THE HOME APPRAISAL PROCESS

As the home buyer, you will probably be requesting an appraisal. If you are getting a loan to buy your house, an appraisal will be part of the process. This is a professional appraisers estimated value. The appraiser will use recent properties that have sold in the area to help determine the value of the home you choose.

The appraiser will also consider the condition of your home, age, size and so forth in determining the value.

If the house is appraised high, your agent may suggest you make a lower offer with the attached appraisal to qualify for your loan. In some cases, the seller may still hold to their original asking price and ask you to pay the difference…

1962 Views, 0 Comments

Top 5 Reasons A Mortgage Is Denied After Pre-Approval

Reasons A Mortgage Is Denied After Pre-Approval

One of the most important steps to successfully purchase a home is to get pre-approved for a mortgage before shopping for homes.  The primary reason to get pre-approved for a mortgage before shopping for homes is to ensure you’re looking at homes that are within the price range that you can afford.

Even though a buyer will get pre-approved for a mortgage before shopping for homes doesn’t mean there is a guarantee they will successfully obtain the financing.  Certainly the hope is the if a lender pre-approves a buyer that the buyer will successfully obtain the financing, however, it’s possible a mortgage can get denied even after pre-approval.

A mortgage that gets denied is one of the most common…

2144 Views, 0 Comments

“I Found a Kamloops Home to Buy – How Much Money Do I Offer?”

How much money should I offer for a Kamloops home

Great question! And, a very common question.

You find a home to buy and you wonder, should I offer the full list price, should I come in low or just what should I do?!

Today I’m going to tell you how to crack the code on knowing just how much money you’ll offer the Seller for the home they’re selling. We’ll be analyzing the local Real Estate market where the home resides, how close to perfection is the home you want to buy, what type of Buyer representation do you have and is time on your side, to name a few. Once you understand and recognize these circumstances you’ll be well equipped to be on your way to buying a home in Kamloops or neighboring communities, for that matter! This will affect all…

2149 Views, 0 Comments

B.C. housing affordability crisis is regionwide

It’s not just Vancouver residents who are angry and frustrated about increasingly out-of-control housing costs, says an NDP MLA leading the charge on the issue.

The much bigger scope of the problem will be obvious, David Eby says, when people come out to B.C. housing forums he’s organizing for Victoria, Maple Ridge, Surrey and elsewhere that are similar to the one held in Vancouver this week.

“This is a regionwide affordability crisis we’re facing,” said Mr. Eby, whose event for his Vancouver-Point Grey riding Wednesday drew about 600 residents concerned about everything from the lack of rentals to money laundering that is allowing foreign speculators to drive up local housing costs.

“It’s the number one issue in Metro,” he said.

NDP Leader…

1940 Views, 0 Comments

10 Tips for Investing in Kamloops Rental Properties

The rental market is booming.

Renters are turning to extended leases as a cost-effective alternative to save for their future home purchases. Plus, with the current crazy increases in property values in Vancouver and Toronto that are creating more and more renters on the market. The high demand for rentals yields increased profits for rental property owners who can charge higher rents. As always a local real estate agent will help you with your decisions and make the search for the right property easier.

Considering entering the property management industry? Use these 10 tips to get started.

Invest Long-Term

View purchasing a rental property as a long-term investment. A short stint in the property management industry is not likely to generate…

3652 Views, 0 Comments

Selling your Kamloops House As Is

What is the Purpose of Selling A House As Is

A lot of people are not familiar with selling a house as is. They don’t know what the term means. They don’t know the process behind it. They don’t understand the purpose of it.

Selling a house as is can turn out to be a problem solver. Let’s first define what it means and then discuss a couple of reasons as to why people sell their house as is.

Homeowners usually resort to selling a house as is when they don’t want to deal with the hassles and cost of fixing up a house. Essentially, this lets all buyers know that you are not willing to fix anything or lower the price for repairs.

You might have been given an old house from a relative in their will and don’t want the added stress of taking care of…

2506 Views, 0 Comments