Skip to main content

Getting ready for the Spring market

It is no secret that the real estate market starts to heat back up in the Spring. In fact, it is traditionally one of the busiest seasons of the year for purchasing real estate. If you or anyone you know is considering purchasing a new home this Spring or Summer, now is the time to prepare. Arranging your finances should be the first step you take. Here are a few reasons to get pre-approved:

·         Rate Holds: Most lenders offer a 120 day rate hold meaning you can take advantage of the current low rates. If rates go down, you will get the lower rate, however if they go up, your rate is locked in.
·         Credit Check: Your broker will pull your credit. There are so many cases of credit companies or reporting companies having reporting errors. Knowing where you stand with your credit gives you time to fix any errors or address any problems right away
·         Maximum Mortgage: Your broker will advise you of your maximum mortgage amount. It is so disheartening for buyers to be viewing homes outside of their price range. You run the risk of setting the bar too high if you don't qualify for homes in that range and feeling disappointed with the homes you can afford
·         Preparing Documents: You can figure out what documents you will need (and find them). If you need your previous year's T4s or Notice of Assessments (NOA) and you cannot find them, then you can order them from CRA. This usually takes several weeks so you will need to order them prior to writing an offer. Also, some employers have policies in place for job letters that may take longer than you expect. Speak to your employer as soon as possible to find out how far in advance you should request it.

For any mortgage related questions or to get your 120 day rate hold – contact me today.

www.christinebuemann.com

Comments

Popular posts from this blog

Who is Computershare and why are they registered on title?

If you are using a non-bank lender for your mortgage, you may notice that your mortgage has been registered in the name of “Computershare Trust Company of Canada”. This registration does not affect the terms and conditions of your mortgage in any way. Computershare holds no beneficial interest or rights to the mortgage loan. This is merely a third party, custodial arrangement which means that your lender has used Computershare to review the mortgage and provide custodial certification to Canada Mortgage and Housing Corp (CMHC) for their government securities program. Computershare is the largest provider globally of many of the services they offer and the largest corporate trust service provider in Canada. They have successfully provided this custodial service to many Canadian bank and non-bank lenders for many years and they play a very important role in the Government of Canada’s NHA Mortgage-Backed Securities Program. Computershare has served as the exclusive Central Payor and Tr

Did you know that we can refinance up to 95% in order to remove someone from title?

Did you know that we can refinance up to 95% in order to remove someone from title?  Not only are we seeing more separations than ever, we are also seeing more co-signing required from family. This means that we needed a simple and useful too for removing one person from title, without being limited to the 80% refinance rule . Here is what you will need: A purchase agreement confirming the current value Current mortgage statement A legally binding agreement by the two parties detailing the buyout For more information on this or if you have any questions or concerns - please feel free to contact me. www.christinebuemann.ca