Real Estate related Questions

The programs are provided by the government and are sometimes available in various forms. A mortgage broker can answer your questions about what is currently available

Construction mortgages have changed over the years and have become a little stricter. If you have a builder and want to hire your own subcontractors, it is advisable to have a conversation with a mortgage broker before you get your permits and get started on the process.

That is a question you will want to ask your lender. Some brokers receive their fee from the lender, some charge a fee, and some receive a salary regardless of whether you get your mortgage there.

Depending on your downpayment and the criteria set out by your lender, some mortgages will need a default insurance. It will be your mortgage that is insured and not your personal life insurance or accident insurance. It is important to know what you have and what you need to ensure you are protected and questions to ask your lender.

Your mortgage payment typically consists of your principal, interest, municipal taxes and mortgage and/or personal insurance where applicable.

No, you are free to shop around for a mortgage broker who has options of various lenders in order to get you the best rate.

You can talk to your current lender about rates but may choose to shop around for a better option. When you receive a notice to renew, it is typically a few months before your mortgage is up for renewal so you can start investigating options.

That is something you will want to talk to your broker about. There may be an opportunity to buy a house and include the renovations you have planned.

Lenders can negotiate a line of credit on your current property if it is viable. It is a good idea to get a broker you can trust and talk over your options to decide which option works best for your current circumstances.

Pre-qualifying is just the first step. It gives you an idea of how large a loan you'll likely qualify for. Pre-approval is the second step, a conditional commitment to grant you the mortgage. It is important to ask questions and know what you are getting. A knowledgeable mortgage broker can guide you through the process of an approval.

A lot of factors determine this answer. Various lenders will have their own guidelines. The house you are considering will be a factor as well, such location, age, condition and any renovations you have planned.

It is not necessary to be pre-approved but you will want to do that before you start actively looking. You can look at sites to get a sense of current prices but like car shopping; you may be looking above or below your means so it is important and better to have an idea of what you are approved for and can afford before you start offering on houses.

There have been changes over the years regarding mobile homes. If it is your intention to purchase a mobile home, let your broker know that when you first meet to avoid problems down the road. You also want to consider the lot fees as well.

Once you decide on a property there will be what is calling closing costs. This will consist of your legal fees, your down payment and applicable buyers tax. Prior to closing, you likely will have inspections costs on the property as well. The down payment amount will be determined by your mortgage broker and the closing fees will be given by the lawyer dealing with the sale.

I personally found a house that was within my budget and loved the location close to my parents and a bus stop at the end of the driveway. What I didn’t like was the layout and it was small for my family. Because we spent a lot of years in construction, I was able to use that knowledge for my own home. We took down walls and added on and have now been here thirty plus years and no regrets at all.

My previous business involved construction. I will be happy to offer suggestions to help make a house your home.

There are layers of and regulations governing livestock and possibly restrictive covenants that prohibit any hoofed animals. A municipality may have restrictions where you can have animals. This requires some research before you buy or close on the transaction.

I bought my house and the first year had a high heating bill. We knew insulation from running our insulation company and what we could do to the shell to make it efficient. There are programs in place that can help cover some of the cost.

That’s a loaded question and have had clients who knew what they wanted and where they wanted to go. Other clients had no clue and we started right where they were. We went on tours, had adventures, saw my picks and their picks and eventually found the perfect house. We are all different and I find it easier sometimes to decide what we don’t want before we can get to what we do want. We can chat.

Since Covid shut the world down, the housing market has become challenging. It’s not what the house is worth, but what the market determines it will sell for. To start, the agent will do a CMA, which is a Comparable Market Analysis. It will give prices on properties that have sold that are comparable. Other factors are considered as well and the market will tell you if it’s too high or too low once it’s listed.

Once you meet with a Realtor, you will discuss the percentage paid out to your Realtor for listing your home and the percentage going to a buyer’s agent. Sellers typically absorb both sides of the Realtor fees as the buyer cannot get funding for the fees and has particular costs they are responsible for in purchasing a property. Realtor fees can vary depending on the service being provided and will have HST added to the percentage. There will also be your lawyer fees to process the sale. You will also want to contact your mortgage provider if there is a mortgage on the property and determine if there will be any penalties in paying it off prior to renewal.

The term migration means to change property registration from a paper system to a new on-line system. If a property was purchased prior to the new system and/or there haven’t been any changes to the parcel, it likely will not be considered “registered” or “migrated”. It is advisable to start the process with your lawyer if it hasn’t already been done so to ensure a sale does not get delayed.

With the weather and uncertain challenges in our world, it is becoming advisable to keep the insurance active until the day after closing in order to protect yourself.

After living in a home for a number of years, it seems like we have a house full of stuff. The younger generation doesn’t want it and there are memories but it can be daunting to start the process. I took a Decluttering Course and have found ways to reuse and donate and what to keep and throw away. We can sort through it all a step at a time.

There are advantages and disadvantages to doing this in my opinion. I sold a retirement home we had built but my Dad got dementia so plans changed. While I didn’t have a pre-inspection, I did call in professionals to assess certain things I had concerns about and had them addressed. Once an offer is accepted, any issues can be negotiated by both parties and could potentially affect the sale.

Hiring a reputable inspector prior to a sale is important, especially well and septic. Even if the inspector flags small issues that cannot be negotiated in the price, at least you know. Bigger issues can be addressed by negotiating or terminating the sale.

A house that is not on municipal services will have its own well or septic or both. On municipal services you inspect connections to the city’s or town’s responsibilities. With a well or septic you will want someone experienced to inspect the well and the septic as it is on your land and your responsibility. It is an extra expense for inspections but it could save you a lot of money if there are potential problems.

Radon is a gas that can be extremely dangerous to your health. It is always recommended that it be part of the inspection. There are tests you can buy to do your testing but if the home you are buying has higher radon levels and you need to remediate it, it will be your expense so knowing beforehand is your best option.

This is a grey area and some things need to be negotiated depending on what the issues are, it comes down to the cost to mitigate them. Some can be deal breakers and some are easily worked out.

What to say here! Thank you Mom & Dad for helping us with the down payment but you don’t get to decide where we live is a good option but how to be kind and sensitive but assertive? It’s hard to see houses with opinions coming from all directions as we are all sharing from our own life and viewpoint. We can talk about it and maybe they can see it at a second viewing or after an accepted offer. You don’t want to lose what you love because someone doesn’t agree. We talk first and then Mom & Dad can weigh in.