Purchasing a home is a detailed process involving multiple parties. Everyone is looking to protect their own interest, and there are multiple regulations in place to protect those involved. As one gets involved in the process, they will likely be exposed to real estate terminology like escrow, contingencies and title insurance. Borrowers will likely have to learn about loan to value and loan to income ratios, prepayment penalties and points.
One aspect of acquiring a home mortgage that can affect your payments for years is lender's mortgage insurance. What is lender's mortgage insurance, who does it protect, is it necessary and can borrowers impact what it costs? Here's a quick guide to lender's mortgage insurance.
The trend to a balanced market continued through August with a further decline in sales to just 594 properties sold in the Victoria Real Estate Board in August, a decrease of 8.8% from the 651 sold in July and 19.3% fewer than the 736 sold in August of 2017.
The overall supply of active listings increased to 2,519 at the end of August, 31.4% higher than the 1,917 available at the same time last year.
There are significant differences among various price ranges, property types and neighbourhoods with continued limited selection below $750,000, 30% fewer available than this time last year and increasing availability above $1,500,000 where selection has more than doubled.
The VREB Home Price Index indicates that benchmark values of
Owning a Westshore home comes with a lot of joy, but also a lot of responsibility. One of the most responsible things a homeowner can do is protect their investment, and a home warranty is part of the way to do that. These warranties cover some of the issues and items that home insurance policies typically do not protect against, which can help a homeowner reduce their financial burden when something goes wrong. While these kinds of warranties will not cover everything that could be a problem for a homeowner, they are still good ways to have a higher level of peace of mind when owning a home.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Some Canadians dream of owning a vacation home or buying a vacation condo. They can be used as a consistent location for family gatherings or to get away from the stresses of the world. Buying a vacation home may be easier than first imagined, when current homeowners understand eligibility requirements and general expectations. How easy is it to qualify for a home mortgage loan for a vacation home in Canada?
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
Understanding Income Requirements
First off, sufficient personal income is needed to buy a vacation home or second Westshore home. Some who buy a vacation home are carrying two mortgages, making it
Picture perfect life awaits your family with rolling manicured hills and yard, a wrought iron fenced and gated inner garden that feels like your sitting in Butchart Gardens, a stream with trout swimming through in the winter months.
Forest surrounds your property, jump in the golf cart and experience all the current owners have created.
Trails, lookout points, benches, and native plants and flowers for you to explore and find as they change through the seasons, shooting stars, wild and chocolate lilies, blue and white camas, foxgloves and rare species such as lady slippered and phantom orchids.
The home reflects the property beautifully with wide planked wood flooring and beam work and cozy wood