For most families, the matrimonial home is the most significant asset they own. Deciding how to deal with it after the breakdown of the relationship is an important decision with long term consequences. Did you know, when refinancing as part of a separation, the spouse keeping the home may qualify to refinance at a higher percentage of the value of the home than the standard maximum. The standard maximum is 80%, but the maximum for a spousal buyout can be as high as 95%.Read More
When you are selling your current home and buying a new one there are a lot of moving parts in order to get both deals closed. Ideally they could close a day or two prior to the purchase. However, things don't always go that way.Read More
Getting pre-approved for a mortgage is a great first step in your home shopping process. It will give you an idea of how much you qualify to borrow, which in turn gives you a budget to work with when you are looking. This is a number to work with before you decide on a certain property. It is important to note that there is a difference between pre-approval and final approval for your mortgage.Read More
One major piece of the picture when buying your home is inspecting the property to decide A) what issues there are and B) how they will be addressed OR if you are willing to live with them.
One of the first steps after you have signed an agreement of purchase and sale is a home inspection. It is always a good idea to use a professional home inspector come in and do an inspection of the home you are considering buying. Their job is to flag any issues that may change your mind about purchasing the property, or the price you are willing to pay for it. The inspection is the opportunity to raise issues that will need to be addressed. As a result there may be further negotiations with the seller to either take care of the issue prior to closing, or sell at a lower price so you will have the money to fix it. You should look for an inspector that has both liability AND errors and omissions insurance. This protects you not only from any damage they might cause while on the property to do the inspection, but also provides you with possible recourse if they miss something important on the inspection.Read More
There are a several new rules coming into effect on January 1st 2018 that will affect Canadians' ability to get a mortgage, and for what amount. These rules are not limited to people looking to purchase a home with a mortgage, but also apply to those looking to refinance a home.Read More