Small Down Payment Doesn’t Mean The Buyer is Not Qualified

Posted by Steve Harmer on April 12th, 2016

Even with lending standards tightening up following the financial crisis, there are still a number of low-down payment loan options for qualified buyers.

Unfortunately, some sellers and their Realtors are making the mistake of pushing away these buyers by demanding a higher down payment than is truly necessary.

There seems to be some confusion on the part of these sellers and their agents as to what qualifies a buyer to get a loan, and whether that no-down payment buyer will be a good person to sell to. In many cases, a buyer with a twenty percent or more down payment is no more likely to get a loan than a no or low down payment borrower but don’t make the mistake of brushing aside a qualified buyer by demanding too high a down payment when selling…

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Understanding Buyers Remorse - Tips you help you feel at ease.

Posted by Steve Harmer on April 12th, 2016

Buyer’s remorse is a common feeling during the home buying process.  

You loved your future home when you signed the contract to purchase it, but now you’re not sure if you made the right decision.

What if you acted too quickly and a better house comes on t - he market next week? What if you paid too much for the house? What if something happens to your finances and you can’t make your house payments? Did I bite off more than I can chew?

"Buyer's remorse is the sense of regret after having made a purchase. It is frequently associated with the purchase of an expensive item such as a car or house. It may stem from fear of making the wrong choice, guilt over extravagance, or a suspicion of having been overly influenced by the seller" - Wikipedia

…

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Fixed or floating? The great mortgage debate of our time...

Posted by Steve Harmer on April 11th, 2016

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense.

See our BLOG article on interest rates HERE

The issue becomes more complicated, though, because borrowers likely won’t find much advantage.

Compared with…

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How a simple credit error can ruin your home-owning dream

Posted by Steve Harmer on April 7th, 2016

Imagine the anxiety of watching your credit score unexpectedly plummet after spending your entire adult life maintaining good credit.

Now suppose this credit decline blocks you from getting a mortgage on the house you planned to buy.

That’s precisely what happens to many mortgage applicants all across the country with surprisingly high frequency.

All too often the culprit is unpaid phone bills. In some case's your cellphone provider will send an account's to a collection agency after being just more than a month late, especially on its cancellation fee. That causes your credit score to drop like a lead pickle, approximately 80 points (out of a theoretical 900) virtually overnight.

It never should have happened that way. Collections are meant…

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Three ways to pay off your mortgage faster

Posted by Steve Harmer on April 6th, 2016

Things like traffic, work and dirty dishes can seem to go on forever; your mortgage doesn’t have to.

Even if you have signed on for a long mortgage, with payments scheduled to continue until you’re old, there are ways to speed everything up, experts say.

It’s a matter of knowing your options and paying attention to detail.

“Obviously there’s budgeting, where you cut back on some of your spending,” says April Dunn, a mortgage broker at Red Door Mortgage Group in Kelowna, B.C.

“But that only works if you actually take the funds to pay down the mortgage.” If you can’t bear to give up that triple skinny latte with an extra shot and some foam, “there are other things you can do.”

Some of these may seem simple but knowing more lets you make the…

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10 tips for first-time homebuyers in Kamloops

Posted by Steve Harmer on April 3rd, 2016

10 tips for first-time home buyers in Kamloops

How to navigate the real estate market

Home buyers are currently caught in a storm of low inventory, high demand and tight credit availability. 

In these market conditions, even simple tactics or connections a potential home buyer can have could make the difference between owning a home or not.

1. Know what you can afford  

When looking for a new home, make your search more effective by knowing how much home you can afford. Carefully calculate the overall monthly payments. Be sure to include additional costs like property taxes, property transfer tax, insurance premiums, homeowners insurance, homeowners' association dues (if applicable), etc. Look at your monthly budget to understand how…

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Spring Home Maintenance Checklist

Posted by Steve Harmer on March 21st, 2016

Signs of spring include robins appearing, crocuses poking through the earth, buds popping out on tree branches — and homeowners who start thinking about maintenance work.

There are many possible tasks, but some should take priority. From the top down, here are spring projects that will help keep your house in tip-top condition.

Gutter Guard

Winter conditions dumped debris back into the trenches, so it’s time for the springtime gutter purge. As long as you can reach gutters safely, climb a ladder and pull out the accumulated muck. Blast water from a hose to clean the downspout. If gutters are out of reach, it doesn’t mean you get a pass on this chore. Call a professional.

Roof Reconnaissance

While you’re already on the ladder cleaning out…

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Dealing with the untidy house next door and the best way to sort it all out....

Posted by Steve Harmer on March 21st, 2016

Curb appeal can increase or decrease a home’s value by 30%

How do you deal with a neighbour who does not look after their property like you when you are going to list your home for sale?

Neighbour disputes can arise from a variety of circumstances. The best way to tackle a dispute with a neighbour is to talk it out and find a mutually agreeable solution. If the dispute is not resolved through constructive talks, there are legal remedies to address them. Note that suing a neighbour in court may be a lengthy, stressful, and costly process, but it is an option to exercise when all else fails. 

 

 

The most common types of neighbour disputes arise from:

• Untidy premises;
• Nose complaints;
• Mishandling of dogs and other pets;
• …

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Go solar! How does solar power work?

Posted by Steve Harmer on March 21st, 2016

If you’re eager to lower your carbon footprint and also save on energy bills, equipping your home for solar power is a great option.

There are several things to consider in the quest to go green:

How does solar power work?

Solar power is generated by thin silicon panels, divided into photovoltaic cells, which act as semiconductors. When sunlight hits the cells, it excites the electrons and produces a direct electrical current.  To generate power for your home, the panels are either installed on your rooftop or angle mounted on your property. Most urban users favour a rooftop set-up so they won’t have to sacrifice valuable backyard real estate, but it’s not unusual to see a freestanding panel in rural areas where properties are generally…

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Renovating without a permit can be a costly mistake

Posted by Steve Harmer on March 17th, 2016

There is an important part of taking on a home renovation -- the building permit.

You may know of friends who have had their basements finished over the past few years and maybe none have obtained a building permit first. They assumed that since the renovation did not extend beyond the existing walls of their home, they were free to make any changes they wished. According to Ray Leclair, a real estate lawyer your friends have been breaking the law.

"It's a municipal by-law under building code," he says. "The impact of it is that there could be a fine for the homeowner or the municipality can say remove the structure or they'll condemn the property."

Most of us realize that major renovations such as building an addition to a home require a…

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