Columbia Valley Real Estate Trends

Posted by Chris Raven on November 7th, 2024

COLUMBIA VALLEY REAL ESTATE TRENDS

The Columbia Valley real estate market is constantly evolving, influenced by various economic and demographic factors.
The local market is more resilient, experiencing milder price declines or even slight increases in some areas.

LOWER INTEREST RATES

The Bank of Canada has recently lowered interest rates, making mortgages more affordable and encouraging more buyers to enter the market. The rate cut will reduce borrowing costs for individuals and businesses, making it cheaper to take out mortgages, loans, and credit lines.

WHAT THE BUYERS WANT

Eco-friendly features like energy efficiency, water conservation, and renewable energy options will become increasingly important for buyers,…

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Getting your Home Hunting Ducks in a Row

Posted by Paul Lamba on August 16th, 2022

 

Say you’re shopping for a new home. Your goal is to find the ideal property, in a neighbourhood that is just right for you, within a price range that you can afford.

What do you need — at a minimum — to get started?

If you’re looking for ways to get your ducks in a row, here are some things to prepare:

 

1. A property wish list. What does your ideal home look like? How many bedrooms does it need to have? Do you require a spacious recreational room? A large deck? A pool? A nice view? Get your wish list down on paper.
2. A neighbourhood wish list. Where you live is just as important as what you live in. What qualities are you looking for in a neighbourhood? A nearby park? Walking distance to a good school? Hiking trails? A shorter drive…

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Mortgage Co-signer: Roles and Responsibilities

Posted by on May 10th, 2022

The market is hot, house prices are increasing and so is the interest rate. There are higher barriers to entry for a first time home buyer than there were last year. If you're having trouble qualifying for a mortgage, a co-signer might be the answer. Here are a few things you need to know.

What is a co-signer? A co-signer is a person who is taking responsibility, along with the primary borrower, to ensure the mortgage is paid. The co-signer acts almost like insurance to the lender that if the primary borrower does not follow through on payments, the co-signer is held legally responsible for ensuring the payments are made. 

When is a co-signer required? A co-signer is required if the primary borrower has uncertain income, is self-employed, or at a…

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Land Titles

Posted by on July 8th, 2021

Land Titles

Land titles are an integral part of home ownership and a necessity when taking possession of a new home. A Land title protects the owner from anyone trying to claim right to the property.

Who handles the processing of land titles?
Service Alberta provides the registering of land ownership rights, while the Land Titles Act provides the legislative agenda for the registering of the land related documents.

What are Land Titles?
Land titles are a registering of ownership or possession of land. This is a recorded, and important, legal document that indicates who owns the property.

The most common documents related to Land Titles are:

Builder’s Lien: A builder (contractor, subcontractor, supplier, and labourer) may put a lien on…

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What You Need to Obtain a Mortgage

Posted by on June 3rd, 2021

 

What You Need to Obtain a Mortgage

A home purchase is one of the largest assets and the biggest debt that a person will have. If this is your first time obtaining mortgage, then there are a few things that you need to know about what is required to qualify.

Credit History: How is your current credit and how has it been in the past? Your financial institution will look at your rating, and that everything is in good standing. If you are able to manage your debt, then it reflects on your ability to manage house payments.

Debt Load: What are your liabilities? How much debt do you have? Your financial institution will look at the amount that you owe compared to the amount that you earn. Your debts should not exceed 40 to 42 % of your gross…

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5 Simple Strategies For Paying Your Mortgage Off Faster

Posted by Kevin Klein on February 23rd, 2021

 

Looking to pay your mortgage off faster? Shave years (possibly even decades) off your mortgage loan with the help of these five easy-to-follow strategies:

1. Take Advantage of Increased Payment Options 

Upping your monthly payments, even by the smallest increment, can make all the difference in helping you become mortgage-free faster. While your ability to increase your payments will depend on the terms and conditions outlined in your mortgage, many lenders include prepayment privileges in their contracts.

Keep in mind, however, that if you pay more than the prepayment privilege allows, you may be required to pay a prepayment penalty. Your increased payments will also likely apply until the end of your mortgage term.

2. Make Lump-Sum…

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Credit: Secrets to Unlock the Bank's Vault

Posted by Matthew Dekort on December 16th, 2020

Click here to open up on YouTube:

 

As an agent, I have helped MANY clients purchase their first home, and have learned what the banks want. If you think you have ANY issues getting approved to purchase your next home, watching this credit video (and my other videos) will help tremendously towards your future purchase. When your normal banks won't grant you credit, I suggest:

1. A SECURED card: https://www.capitalone.ca/credit-cards/guaranteed-mastercard/  or https://www.hometrust.ca/credit-cards/secured-visa-card/ 
2. After this, I suggest cards from a variety of retailers. Retailers are keen to help you shop in THEIR stores; store specific cards are generally easier to get than "main stream" cards. Many retailers offer co-branded…

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How to Get Approved for a Mortgage in 5 Easy Steps

Posted by Kevin Klein on December 8th, 2020

Whether you’re a seasoned homeowner or a first-time home buyer, navigating the mortgage process can be downright daunting if you don’t know what to expect ahead of time. Don’t worry, we’re here to help!

Here is the start-to-finish mortgage process, summed up in five simple steps.

1. Ready Your Down Payment

To purchase a home in Edmonton (or anywhere else in Canada), you’ll need to come up with the mandatory 5% down payment. While we understand it can be tempting to move ahead as soon as you’ve scraped together the minimum (after all, it can take months or years), keep in mind, the larger your down payment, the more affordable your mortgage will be in the long run.

Mortgage lenders also tend to look more favourably on larger down payments.…

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Helpful Programs First-Time Buyers

Posted by Kevin Klein on October 6th, 2020

Are you looking to buy your first home but struggling to come up with a down payment? These first-time buyer programs can help.

CMHC Mortgage Default Insurance

Admittedly, mortgage default insurance isn’t a “program” per se, but it is beneficial for helping first-time buyers realize their dream of home ownership. To purchase a home in Canada, you’ll require a minimum down payment of 5% on the home’s overall purchase price. Buyers with a down payment of 19.99% or less will be required to purchase mortgage default insurance, which protects the lender in the event you, the borrower, default on your mortgage loan. 

In short, mortgage default insurance enables buyers to purchase a home with as little down payment as possible. 

First-Time Home…

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Do you have buyers 55+ looking to downsize but they need to sell their house first? Not anymore!!!

Posted by on September 26th, 2020

CHIP Open Is A Mortgage Designed Specifically For Clients With Short-Term Financing Needs.

 

I am able to offer your buyers a CHIP Open – a flexible Mortgage solution. CHIP Open will provide Canadians 55+ with a short-term Mortgage giving them flexibility to repay 100% of the balance at any time, without prepayment penalties.

What is CHIP Open?
CHIP Open is a Mortgage designed specifically for clients with short-term financing needs, such as bridge financing, or completing a large renovation in preparation to sell, and it offers the ability to repay in full without penalty. CHIP Open allows your clients to access up to 55% of the equity in their home in tax-free funds, and they are never required to make a payment until they decide to repay the…

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