Financial

Found 46 blog entries about Financial.

For most people, buying a house is the single largest purchase they’ll ever make.  Wanting to ensure you get a good deal is only natural. But how can you really know? It’s not like you can ask the seller how much the other buyer is offering, and in a seller’s market there are likely to be multiple offers and competing bids.

Having said that, you still don’t want to overpay just because the market is hot. Of course, the price is not the only determining factor in deciding whether a home is a good purchase—location and condition are also integral factors. With that said, as your REALTOR®, I have many tools I use to help you ensure you get the best deal possible.  

Comparables

When you show interest in a property, and before we even discuss a

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The Saskatoon real estate market is hot right now. Buyers are searching for homes for sale quicker than they are coming on the market, and homes in certain price ranges are seeing an increase in value. This is making it even tougher to get onto the property ladder as a first time home buyer. These programs from the Government of Canada may be helpful to you if you are ready to start your house hunt:

The First Time Home Buyer Incentive

The First-Time Home Buyer Incentive is just like it sounds—an incentive for first time home buyers to buy their first house.

If you have the minimum down payment for an insured mortgage, you can apply to finance a portion of your home through a shared equity mortgage with the Government of Canada. For a purchase

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It’s easy to see why purchasing a primary residence is a strong investment strategy. It’s as simple as paying equity on your own home and increasing your net worth versus doing the same for your landlord. But did you know that Canadians also have the added benefit of the Canadian Principal Residence Exemption, making purchasing a primary residence a great first step to investing in real estate?

What is a Principal Residence?

The Canada Revenue Agency (CRA) states that any residential property owned and occupied by you or your family at any time in a given year could be designated as a principal residence. Your principal residence can by any of the following types of housing units:

  • House
  • Cottage
  • Condominium
  • Trailer
  • Mobile Home
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A very small portion of the population is able to pay cash for a home purchase. Most people need to take out a mortgage to purchase a home. Small changes in interest rates can make a big difference in how much interest is paid over the lifetime of the mortgage. Join me as I explore what the interest rates are doing since COVID-19 hit and why you should sell now, during a pandemic.

Interest Rates in Canada

The Bank of Canada slashed its benchmark interest rate to help stimulate the economy. And even though the Bank of Canada doesn’t set all mortgage rates, they do have some impact on rates overall.

The Bank of Canada uses interest rates to control the economy. When the economy is strong, they may raise the rate to keep inflation from rising

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There are many factors to consider when selling a home, from marketing to offer negotiations, but the most important of all is, without a doubt, the price. The price is the first impression that buyers get of a home, before they even look at the photos or the listing details, because it is the limitations of their budget that narrows their search. That’s why ensuring that your home is priced accurately and fairly from the start is key in guaranteeing a smooth and timely sale. So, in order to do so, you’ll want to avoid these common home pricing mistakes:

Read the full article at https://www.kentbraaten.com/blog/how-not-to-price-a-home.html

Full article written by Kent Braaten, local Real Estate Expert in Saskatoon with CENTURY 21 Fusion.

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NEW MORTGAGE RULES JULY 1 2020!

Canada Mortgage & Housing Corporation (C.M.H.C.) announced Thursday that they would be tightening their rules for offering mortgage insurance as of July 1st after forecasting declines of 9% - 18% in home prices over the next 12 months!

What are the new changes?

Keep in mind these changes are for insured mortgages, 39% of mortgages are Conventional Mortgages. So 61% of borrowers will be affected.

The changes are;

1) At least one of the borrowers will need a credit score of 680 or higher, up from 600. Only 5.9% of CMHC insured mortgages had credit scores below 680

2) G.D.S (Gross Debt Service) ratio will go from as high as 39% down to 35%

3) T.D.S. (Total Debt Service) ratio will go from as high as

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For many first time home buyers especially, the common misconception is that the only costs of buying a house is the price of the home itself. However, unlike buying a new TV, where you simply pay the cost, grab the box, and walk out the doors, buying a house means quite a few financial steps to get to the finish line. Here are just a few of the most common costs associated with buying a house:

Down Payment

In order to obtain a mortgage from a lender, you’ll need to provide proof of financial stability and income in the form of a down payment. Usually this is anywhere between 5% and 20% of a home’s purchase price, but it can certainly be more than that, if you can afford it! Though, the minimum down payment required in Canada is 5%, and anything

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When buying a home a certain portion of the purchase will be from savings – this is what is referred to as the down payment. The rest will be financed and in most cases will be via a mortgage. However there will be additional expenses incurred as various inspections are conducted, the mortgage is registered and the title is transferred. These expenses are known as closing costs and must be paid before the home can be considered sold. Therefore, saving on ‘closing costs’ while buying a home is often questioned.

So can you cut closing costs and save money when buying a home?

 Is It Possible to Save Money when Buying a Home?

First, a bit more detail on what these costs entail. In Saskatchewan, most of the costs consist of two parts. The first is a non-negotiable fee charged by the province when

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Unsure what a mortgage broker can do for you? This article discusses some of the many benefits and services provided by mortgage brokers in Canada. 

What is a mortgage broker?

A mortgage broker is an agent for lenders in much the same way an insurance broker is an agent for insurance companies. Mortgage brokers act as agents for banks, trust companies, credit unions, mortgage corporations, mortgage investment corporations, finance companies and individual private investors. Some mortgage brokers are exclusively lenders of their own money and provide a direct source of mortgage funds. These brokers are trained professionals that have to meet a satisfactory educational requirement before they may become registered. This requirement ensures you

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Beginning a home search is exciting and many people just jump right in without considering all the elements that make a home truly right for them. It is a complicated and personal process. With an unsuitable choice, you could lose money, waste time and effort relocating, or even put your family’s health in danger.

Choosing a Neighbourhood

Remember that you can renovate a house, but neighbourhoods take years to change and there is no guarantee they will change for the better! On the other hand, if you really love a certain part of town but it’s out of your price range, you may way to consider buying a less-than-perfect home then doing renovations. They can be quite expensive so try to make improvements that will be reflected in the value when

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