Calgary Real Estate Buying Tips

Mortgage Terms Explained

Justin Havre

Thursday, July 22nd, 2010 at 8:05pm. 125 Views, 0 Comments.

Closed, open, fixed, variable? Do these terms sound Greek to you? Don’t worry you are not alone.  There are a lot of options available to you when you are thinking about a mortgage and part of my job as a mortgage planner is educating clients on everything that their mortgage has to offer. Here is a list of basic mortgage terms to help you better understand your current mortgage or the mortgage you will be getting in the future.
 
1.    Term - The number of months or years you will pay a specified rate. Terms generally range from 6 months to 10 years.

2.    Amortization - The number of years it will take to pay back the loan based on a set of fixed payments. Each payment consists of both principal and interest.

3.    Open Mortgage – This type of mortgage can…

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How to use your RRSP and the Home Buyer’s Plan to get into your first home

Justin Havre

Tuesday, June 29th, 2010 at 8:35pm. 206 Views, 0 Comments.

As a first time home-buyer, it can sometime be difficult to save for a down payment. But, if you have been putting money away in a RRSP, you can use those savings towards the downpayment on a home under the Home Buyer’s Plan.  You borrow the money tax free and pay yourself back later!

Although your RRSP is always accessible, you are taxed on the money you withdraw unless you draw it under specific circumstances, and being a first time home buyer is one of them! You can withdraw up to $25,000 from your RRSP to put toward the down payment of a home, and if your spouse qualifies as a first time home buyer, hey can also withdraw $25,000. Meaning between the two of you, you may be able to put as much as $50,000 down on the purchase.

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Calgary Home Buyers - How to Protect Yourself Now From Increased Interest Rates In The Future

Justin Havre

Tuesday, May 25th, 2010 at 3:15pm. 264 Views, 1 Comments.

No one has a crystal ball, but we do know that rates are on the rise. By how much and when is anyone’s guess, but these increases may have a significant impact on homeowners if they are not prepared. The affordable 5 year fixed mortgage that you have now, might turn into a slightly less affordable mortgage at renewal time.

Here are a few tips for people on how they might protect themselves now from increased rates in the future.


1.    Don’t Max your self out – If you are buying a new home you might feel tempted to borrow as much as you can. When you have all your money in the game you have less options.  If interest rates rise that home could become very unaffordable when it comes time to renew.

2.    Use the extended amortization and pre-payment to your…

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Calgary Real Estate: Renting vs. Buying, Which option is better for you?

Justin Havre

Sunday, May 2nd, 2010 at 6:14pm. 290 Views, 0 Comments.

Buying a house can be the most rewarding purchase you ever make. However depending on your current circumstance this may not be your best option.  To help make an educated decision, try to answer the following questions first: 1. Do you really want to own your home? Some would argue that this is the first question you should ask yourself. Home ownership, like everything else, is a matter of choice. Only you can decide whether or not home ownership is important to you. If it is then you may want to re-assess how you spend your money every month. 2.  How often do you expect to move in the future? If you expect to be moving a lot (every couple of years or more) then you probably shouldn't buy your own home. Every time you buy or sell a home you incur…

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Mortgage Talk: Interested in a Fixed Rate Mortgage?

Justin Havre

Sunday, April 4th, 2010 at 5:14pm. 142 Views, 0 Comments.

With the prospect of upcoming rate hikes looming over, many home buyers think that locking into the best fixed rate mortgage is the way to go. Does the idea of a mortgage with a fixed interest rate sound appealing? There are mixed messages out there about when and if interest rates are going to go up. But just as important is a thorough understanding of fixed-rate mortgages and what it could mean for you and your home investment in the long run. Keep in mind that the cost of interest rates rising by 1% is equivalent to the home price falling by 10%. Historically when interest rates have gone up they have gone up fast. It is not uncommon for there to be a 1% hike in a matter of months. Here are some common fixed-rate questions you may be asking…

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How Will the New Mortgage Rules Affect the Canadian Market?

Justin Havre

Sunday, March 7th, 2010 at 9:56pm. 287 Views, 0 Comments.

Finance Minister Jim Flaherty recently unveiled new mortgage rules aimed at stopping housing speculators and ensuring homebuyers can adequately handle their debts when interest rates inevitably rise. Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19th, would stop “negative trends” from development. "There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," commented Minister Flaherty. "The underlying message is that Canadians should be prudent in the obligations they…

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How to Help Your Child Cope with Moving Anxiety

Justin Havre

Thursday, February 4th, 2010 at 4:17pm. 189 Views, 0 Comments.

Moving can be stressful for every member of the family—children included. Depending on the age of children, their fears about a move vary from child to child, but most children approach the idea of moving with some hesitation. One out of five Canadian families move into a new home each year. Some families experience a stressful time two weeks before and two weeks after a move. For many families, the actual move is a time when everyone pitches in and works together. Reality starts to sink in about a month later. People then begin to realize how much they miss friends and places they left behind. Confusion, frustration, and anger are common emotions at this time. Even if you are upgrading to a bigger house in a nicer neighbourhood, adjusting can be…

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Strategies For First Time Home Buyers - Getting Your Foot in the Door

Justin Havre

Monday, January 11th, 2010 at 4:38pm. 255 Views, 0 Comments.

Home ownership is the cornerstone of financial independence and security. It may seem a daunting prospect to younger people or first-time buyers, but it is achievable! Like many would-be homeowners, you may be wondering how you can possibly afford to buy your first home. Even if you think you couldn’t afford a home, these saving tips and financing strategies can take you there sooner than you think and turn you from a renter into an owner. Develop a culture of saving The first priority for you should be to develop a culture of saving, this is not only helps you in budgeting and planning for the future, but also to satisfy banks and other lending institutions that you have a clear commitment to save. Start an automatic saving plan Saving for a down…

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Condominium Frequently Asked Questions

Justin Havre

Wednesday, December 2nd, 2009 at 4:47pm. 181 Views, 0 Comments.

What exactly is a condominium? A condominium is quite frequently confused with a building type when actually it is a type of ownership. Parts of the property (the units) are owned by individuals, and other parts (the common areas) are owned by all the unit owners. All of the owners are members of the condominium corporation which is the entity created by the registration of the condominium plan. Ownership of a condominium means you own your specific unit, plus you have individual interest in the common property. You have ownership over all the space and improvements within the walls of your unit. What are condo fees? A condo fee is a sum collected from the unit owners to pay for the management of the common property and facilities outside the units…

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You can now Search Calgary Real Estate Listings with Google Street View

Justin Havre

Saturday, November 14th, 2009 at 3:09pm. 271 Views, 0 Comments.

We have added another new feature on our Calgary Real Estate Website www.JustinHavre.com  The latest feature is Google's Street View. This feature is part of Google maps and it allows web surfers on a street level journey with images that have been captured by Google cameras during the earlier part of 2009 through out Calgary.

The feature, which offers a 360-view of all the streets in Calgary. You may now click on the "Street View" tap above the property image in the Property Details page of all Calgary MLS Listings that you are searching on this site.

 Please note that you may want to click on the arrows to navigate up and down the street as Google's Street View will not always start at the right property. I suggest you go down the street until you…

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