There are so many benefits to getting pre-approved for a mortgage prior to beginning your new home search. It allows you to know the budget within which you should search and it also allows you to confidently make an offer when you’re ready. The other big benefit to getting pre-approved is that it offers you…
Porting your mortgage entails taking your existing mortgage – along with its current rate and terms – from one property and transferring it to another. You’re only allowed to port your mortgage if you’re purchasing a new property at the same time you’re selling your old one. Unlike mortgage refinancing, porting a mortgage doesn’t require…
One of the many reasons why my clients are investing in real estate is because of the great financial return. Higher risk tends to generate higher returns. So, in the stock market, for example, you may see individual stocks performing very well. As a basket of stocks, the risk is reduced and the returns are…
A home renovation can be life-changing! It can add to the value of your home, the aesthetic appeal of your property and also the functionality of your home for you and your family. It can also be very expensive! I work with clients to add the cost of their renovation to their mortgages. There is…
If you’re planning on purchasing a new home this fall, you’ll certainly want to continue reading! Here are my best tips for getting pre-approved for a mortgage. 1) Check your credit score- Mortgage lenders will use your score to gauge your financial stability and your ability to pay off your mortgage. The higher your score,…
This blog post is for all the newlyweds! So many weddings this summer, therefore so many individuals starting their new life together! Here are a few things I want you to think of as you navigate this new journey together: 1) TO RENT OR OWN? If you’re currently renting, make a plan for how and…
I talk a lot about the importance of getting pre-approved for a mortgage, but do you truly understand how it will benefit you? 1) You will know your borrowing capacity – If you know how much you’re pre-approved for, you can plan your mortgage payments and determine exactly what your budget can afford each month.…
An appraisal is the best way to estimate your property’s market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property. An appraisal directly affects the…
If you are purchasing a home that is $500,000 or less, the minimum down payment is 5% or less. If your down payment in this price range is less than 20%, you will require mortgage default insurance. If you are purchasing a home that is over $500,000 but less than $1 Million, a down payment…
