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Spring hasn’t begun to crack through the winter thaw, but that doesn’t mean there’s time to wait if you’re planning on purchasing a home this spring. Be prepared for the Spring Market, and ensure your home buying experience is a great one by organizing your paper work, mortgages, ideal houses, and pricing ahead of time. Spring into this home-buying season ready to buy, so that house you’ve been dreaming of, doesn’t land in the hands of another buyer.
A credit score is a numerical representation of your credit report, and having good credit is like gold when obtaining a mortgage. Spend some time understanding where your credit falls, as credit scores range from 300-850, and the higher the score you have, the better. If there are any issues with your credit score, now is the time to work at repairing them (paying bills on time, getting a raise in your credit limit etc.) It’s not recommended to begin opening new credit cards, as opening new credit may hurt your score in applying for a mortgage, or lower your opportunity of getting the best rate on a loan.
Mortgages & Interest Rates
A key to a good mortgage, is a lower interest rate. However, not everyone gets the same interest rate on a mortgage, as it is dependent on your credit, and your mortgage lender. Talk to a mortgage lender to learn if you can afford to buy a home at this point, what the price range you can afford is, and what interest rates are currently being offered. Make an appointment with your bank provider, or with a mortgage associate to get a full understanding of how mortgages work, and what you should expect. Once you’ve had these meetings, and your finances have been reviewed, you can be “pre-approved” for a mortgage and confidently show sellers that you can buy their home. To prepare to get pre-approved, gather together your financial documents (listed below) in advance of the actual home-purchase.
- Last 2 years of tax returns
- T4 forms for the past 2 years
- Paycheck stubs from the past 6 months
- Proof of rent and/or mortgage payments for the past year
- A list of all debts, student loans, credit cards, automobile loans etc.
- A list of all assets (bank statements, automobile titles, investments etc.)
Contact A Realtor:
Realtors are professionals when it comes to the processes of both buying, and selling homes. Your choice of realtor can make the difference between finding the house you like, and finding the house you LOVE. Realtors have a wealth of knowledge, and experience, so while you are in search, take the recommendations that come from friends and family into consideration, and interview those that have the right experience for you. You want to look for an agent who is knowledgeable, motivated, and can assist you with your goal of homeownership. Finding a good realtor is a vital to your end goal of purchasing a home.
2017 was an amazing year for Real Estate in Ottawa! Records were broken and property values continue to increase. As the year comes to a close, let’s take a look back at some of the highlights with our Top 20 Blog Posts of 2017!
This year the Ottawa market became more competitive than ever before and multiple offers have become far more common. Here are some helpful hints to help you navigate multiple offers!
New research emerged this year showing that more and more homeowners are making housing decisions with their furry friends in mind while others are avoiding homes where pets have lived. Let’s look at the impact of pets and how they can affect real estate.
It’s at this time of year that many of us choose to get away; whether it’s visiting family for the holidays or heading somewhere sunny and warm, there are certain things you must consider before leaving your home for an extended period of time.
It seems that everywhere you turn, builders are building new homes around Ottawa. Deciding between a new home or a resale home can be challenging but this article breaks it down for you. And remember, a Realtor can assist you in buying a new-build home to make sure that you have someone on your side!
As the market heats up, many people believe that they can take advantage and save some money by listing their home themselves (without a Realtor). In many cases though, this may actually cost you more. Read on to find out more!
Just because the seller has decided to go it alone, does not mean that you must do the same. To ensure that you know what you’re buying and that the whole process goes smoothly, it’s always best to hire a Realtor.
There were many changes in the last year affecting both landlords and tenants in Ontario. New protections for tenants were put into place including rent control. Whether you’re a tenant, a landlord, or looking at buying an investment property, it’s important to understand all these changes.
There is a lot that goes into pricing a home to ensure maximum return for the sellers in the quickest time. Realtors have many tools at their disposal to ensure that a home is priced competitively in the current market.
With the competitive market this year came lots of talk about “backup offers”. Find out how they work and how they can be a great option for both buyers and sellers in some situations.
What exactly does a Realtor do for you when selling your home? A lot more than you may think! Everything from marketing to paperwork, get a little insight into what goes into selling home.
As a follow up to #11, let’s look at what a Realtor can do for you when buying a home. Having a buyer’s agent on your side is always the best scenario to ensure that your best interests are being considered.
The internet changed the real estate world and with that more people are house hunting online than ever before! That being said, there are some pretty great advantages to attending open houses so this should not be overlooked!
What are sellers legally required to disclose about a property? The simple answer is any known latent defects but what about stigmas? Find out how to protect yourself if a stigma would be of concern to you. Stigmas include a house being haunted, the site of a violent crime or death, or the location of a grow op.
With rising house prices and changes to the mortgage rules that can make it more challenging for first time home buyers to get approved, more and more millennials are turning to their parents for help buying a home.
Are you planning any major (or minor) renovations in the coming year? Now is the time to start planning and budgeting! Like any other resolution, keep it realistic to ensure the greatest likelihood of success.
After reading #6, you may have some great ideas but you’re not sure of which renos will provide the greatest return on investment. Check out this guide to find out!
A lot of talk surrounds the listing price of a home but why does it matter so much? If a home is priced right, it will bring the seller top value in the shortest amount of time possible. If priced too high or low, both can be negatively affected.
What things should you look for in a brokerage when choosing who to buy or sell your home with? Royal LePage Team Realty offer top level resources and support to our Realtors to ensure client satisfaction.
This was a major change in 2017 and something to keep in mind when doing your taxes! Although the rules did not change for this tax exemption, everyone will now have to declare the purchase and sale of property even if it is their primary residence. Make note for April if this applies to you!
This topic dominated the real estate talk for the last few months of 2017 and it’s important that everyone understands the implications of these changes. Take a moment to watch this great video to get a clearer view!
To prevent an onslaught of pests from occupying your house as the weather cools, simply follow the National Pest Management Association guidance presented in this post from Bob Villa. Seal cracks in the exterior envelope, especially where utility pipes enter, with silicone caulking. Fill larger gaps inside your home with steel wool. Pests avoid the roughness of the steel fibers and rodents cannot gnaw through it. Repair ripped window screens, door sweeps and loose mortar in the basement foundation, screen dryer vents and chimneys and replace weather stripping to seal these ideal entry points. If you suspect an infestation, hire a licensed pest control professional to assess the situation. To read more click here.