As you are probably already aware, the Finance Minister Flaherty announced 3 key changes to Canadian Mortgage rules last week. The long and short of it is as follows;
1) All borrowers have to qualify for a mortgage meeting the standards for a five-year fixed rate mortgage even when committing to a shorter term or lower rate. Essentially the government is trying to ensure that should interest rates rise, there will not be a financial squeeze for the consumer.
2) The maximum amount that one can withdraw when refinancing your mortgage is 90 percent of your home's value.The standard up until now has been 95%.
3) Non-owner occupied properties will require a minimum down payment of 20 percent.This rule will come into effect to discourage speculators
As always, I am here to answer any additional questions that you may have.
Oh...and by the way, please feel free to pass this information along to anyone you know may be a bit unclear about this information.
SELLING YOUR HOME ON YOUR OWN - OR USING A REAL ESTATE SALESPERSON
If you have decided that now is the time to sell your home, you might be thinking: should I hire a Real Estate Sales Representative or do it alone. Have you ever considered repairing your own car? Anyone can buy the tools and parts. However, most of us just do not have the knowledge, training, experience or the expertise and commitment of time to do the job properly. Besides, there are plenty of experienced professionals to do the work for us.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
HOW REAL ESTATE MARKET CONDITIONS AFFECT YOUR OFFER PRICE
A hot market is a "seller’s market". During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
