Posted on
January 28, 2022
by
REMAX Crown Real Estate
When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.
Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for...
Posted on
January 21, 2022
by
REMAX Crown Real Estate
While it’s exciting to pick out furniture and paint colours for your new home, buying a home also means you are also left with difficult decisions to make such as which insurance provider to choose, and what insurance you need. Before you reach that step, it’s important to understand the different types of home insurance you need to ensure you are protected as a homeowner.
Mortgage Loan Insurance
If your down payment is less than 20% of the purchase price of your home, you will...
Posted on
November 19, 2021
by
REMAX Crown Real Estate
For the vast majority of homebuyers, a mortgage is an essential part of the purchasing process, and your choices now will impact your finances for years to come. To help make the most of your real estate investment, gain a deeper understanding of mortgages so you can make an informed decision when the time comes.
Check Your Credit Rating
Before you apply for a mortgage, be proactive and get a copy of your credit report. Once you have it, thoroughly check for errors and other items which may...
Posted on
September 3, 2021
by
REMAX Crown Real Estate
There are many things to consider when choosing the home for you. It may seem obvious, but the importance of liveability and your wants and needs need to be addressed. Check out this list of the main liveability factors that you should consider when finding your next home.
Location
Location is key when searching for a home, as it is the one thing you can’t change. Try not to get too caught up in the emotional side of the house hunt and overlook important factors related to location, such...
Posted on
August 6, 2021
by
REMAX Crown Real Estate
A mortgage pre-approval is an important first step in the home-buying process. Having a pre-approval in hand tells you how much you can spend on a home, and it locks in the current low interest rate for up to 120 days, so you can shop the market knowing you’re insulated from rate hikes in the near future. If the rate drops, your lender should honour the new lower mortgage rate when you’re ready to make your purchase.
The amount that a financial institution is willing...
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