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Home Buying Blogs – Victoria

Home buying advice for Victoria, BC residents by Ron Neal & The Neal Estate Team.

Found 14 blog entries about Home Buying Blogs – Victoria.

LMI is a tool that can serve the needs of both borrowers and lendersPurchasing 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.

For informational purposes

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Your Best Home Warranty GuideOwning 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.

What is a

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How to Qualify for a Mortgage for a Vacation HomeSome 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

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A Short Guide to Home BuyingHome buying may be specific to the type of home a buyer chooses and the neighborhood they hope to live in, but there are several stages that are common to all home buyers. Before delving into the details of each stage, learn more about how the process works as a whole to get a better sense of where to start.

Find a Price Range

Before a homeowner asks themselves if they want an adjustable or fixed-rate mortgage, they need to know more about the kinds of homes they can afford. Many buyers are surprised at just how much they're able to afford, regardless of their credit or financial standing. While the general rule is to keep a mortgage at about a third of the homeowner's monthly income, this is not always possible with the rising rates of home

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Big Benefits of Buying New ConstructionThere are a number of advantages of buying new which may the reason why almost 1 in 4 homes purchased every year are new construction. New homeowners in particular may appreciate the convenience of moving into a new construction home that is designed to meet their specific lifestyle requirements and aesthetic tastes from day one.

Explore the advantages of buying new construction today.

Go Green with New Home Construction

Homeowners may get paid to go green and improve their new home's energy-efficiency. Investigate the new home construction incentives that pay homeowners for achieving specified performance ratings, such as Save On Energy for homeowners in Ontario. There are a range of Canadian programs available that can pay homeowners to

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The Pros and Cons of Buying a CondoFrom the amenities to the sense of community, owning a condo is an attractive option for many people. However, there are many factors a homeowner should consider before deciding whether a single-family home or a condo is right for them. Just like the decision as to rent or to buy, it's a personal decision. And as with any decision, there are advantages and disadvantages to living in a Canadian condo.

Condo Pricing and Budgeting

The prices for a condo will almost certainly look appealing to the budget-conscious home buyer because they can usually get the same amount of space as a single-family for less money. They're usually best for those who are looking for homes on the smaller side though, as condos offer less in square footage than

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How to Make the Decision of Whether to Buy or Rent a HomeThere are a lot of opinions out there about renting vs. buying, but many of which are on the antiquated side. With the economy as it is, the question of buying or renting isn't exactly as obvious as it may seem. And believe it or not, it may have less to do with a person's financial situation and more to do with their lifestyle. While renting may not give a person very much equity, it's also a safer decision for many. See which elements to consider if you're on the fence about buying or renting a Central Saanich home.

For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.

Changing Hands

Jobs today aren't exactly forever, with the majority of people changing jobs around

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Buying a Home: How to Get StartedBuying a home demands a lot of a person's attention and care, and may take several weeks or many months. Buying real estate is often the most significant way a majority of people define their personal wealth. With these basics, home buyers can prepare for all the steps they need to complete.

Inspect Finances and Research Mortgages

For many people, getting a mortgage is one of the biggest loans they will ever have. This often means that those who want to buy a home need to have their finances in top condition. Months before they plan to buy a home, people should take a thorough and honest look at their credit, income, and debts. They can start thinking about the kinds of mortgages available, and which loans would be most appropriate for their

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5 Things To Keep In Mind When Buying a Fixer-UpperA fixer-upper can be a perfect home for some people because it gives homeowners a fresh canvas on which they can build the home they’ve always dreamed of. However, finding the right fixer-upper home isn’t just as easy as buying the first one available and expecting it to be completely fixable and changeable. Here are five things all homeowners interested in a fixer-upper home should be on the lookout for before putting in an offer.

1. Is the Location Right?

This is one of the few things that can’t be changed in a fixer-upper home. If the buyers don’t like where it’s located, then it isn’t worth all the time, effort, and money spent to make the home perfect for them. When seeing homes for sale, buyers should be sure to ask their real estate

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Understanding the Most Common Types of MortgagesDeciding on the right kind of mortgage requires knowing what is out there. With this information, potential home buyers will understand the differences between several popular types of mortgage loans.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Amortization and Loan Terms

Sometimes, people can get the amortization schedule of the loan confused with the loan term, particularly if they are new to the process. Loan amortization refers to the amount of time a set payment of principal would need to be paid in order to completely pay off the loan. The loan term may be the same amount of time, or it could be shorter. While the loan might take as long as

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