Many Evanston home buyers dream of owning a slice of history—a home that is decades or a century old that may have even seen a historic event or two. Historic homes are a real option that many home buyers look into when deciding what sort of home they want to purchase. In order to be a historic home, a home must have had a historic figure living in it or have had a historic event take place within it. However, owning a historic home comes with a lot of things that buyers need to know beforehand. Here is what all buyers need to know about purchasing a historic home before they submit their offer.
Tips about Buying Real Estate In Calgary
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The vast realm of mortgages in Canada has become increasingly confusing, as the rules and regulations—particularly amid fixed and variable options—have changed again. Of course, the process and paperwork for these financially complex agreements have always been challenging, which means more Evanston buyers are making costly errors. Here are the top 5 mortgage mistakes to be aware of before signing on the dotted line.
1. Not Considering a Fixed Rate Mortgage
Adjustable rate 25-year amortized mortgages with variable rates every 5 years have been the ‘norm' in Canada the past few decades. However,…
When purchasing a new Chaparral home, there are two main ways to pay for it: use a home loan or pay in cash. Mortgages are more popular than paying in cash because they make homeownership more accessible to a larger number of people. However, paying in cash brings a lot of advantages over buyers who use a mortgage. If a buyer has the ability to pay in cash, they should seriously consider doing so. Here are some of the best reasons to buy a home with cash instead of a home loan if the option is available.
Sellers Like Cash Offers
If given a choice between a standard offer with a standard loan or an offer…
While more Mahogany home buyers are opting for form and functionality over greater size and opulence, home shoppers aren't hesitant to include both traditional and modern aesthetics into their custom floor plans. Here are some of the most popular home floor plan layouts to complement in-demand design schemes.
Modern Home Plans
Modern home floor plans and their exteriors are designed for simplicity compared to more traditional designs. Modern homes often boast three or more bedrooms and baths, along with an abundance of oversized glass windows and doors, monochromatic colors, and generally straight lines throughout the design.
Modern layouts are popular with growing families seeking homes to expand with their needs while enjoying one of the…
Tiny homes are the newest fad that homeowners are falling in love with. A tiny home is exactly what it sounds like: a home that is tiny. In order for a home to be considered tiny, it needs to be less than 600 square feet. Most tiny homes are 400-600 square feet, but some can be as small as just 160 square feet. While tiny homes may sound great to some Auburn Bay home buyers, tiny homes come with a lot of risks. Here are some of the most important factors buyers should consider before deciding if a tiny home is right for them.
Tiny Homes are a Fad
While being a fad isn’t necessarily a bad thing, for tiny homes, it means no one can be sure of the future market for tiny homes. However, there’s a chance tiny homes could become more and more popular…
Canada may have restrictions against age-related discrimination for housing, but lawmakers make the exception for senior living. This exception essentially allows HOAs to design their grounds to meet the needs of seniors and promote meaningful relationships between the people who live there. When it comes to retirement lifestyles, these communities represent the largest trends across the country, whether homeowners are looking to downsize their home or make new friends. Once Springbank Hill homebuyers learn about the advantages of this option, it's easy to see why it's so popular. However, there are a few things that residents should learn before making an offer.
Not every community technically restricts the ages of its residents, but…
It's time to move out and move on with your life and before you start your house shopping it's important to get your financial picture straightened out first. When you know exactly what you're dealing with financially it makes it a lot easier to do the house shopping without having any doubts on your mind about your savings and ability to pay the mortgage every month.
If you're a budget-minded person that is good with money and knows where every penny goes, you're probably thinking right now that this is a basic fundamental that everybody would be aware of. Unfortunately, if you are one of these people, you are actually one of the few that is on top of their finances. Most people aren't able to handle money properly, stick to a budget or even know…
You know that you need a down payment for a home when you're applying for a mortgage. But did you know that a small down payment may mean you need to purchase lenders mortgage insurance (LMI)? Learn what LMI is, how it works, and who needs it.
What is LMI?
Mortgage insurance protects your lender if you default on your mortgage. Home buyers who are putting down less than 20 percent will be required to purchase this insurance. If you own a home and you decide to refinance, you may need to purchase LMI if your established home equity is under 20 percent.
You'll pay a one-time premium for LMI, which is expressed as a percentage ranging from 0.6 to 4.5 percent of your mortgage. This premium can be paid upfront to keep your interest down, or added…
There are many benefits that go along with home ownership such as the freedom to renovate, the ability to turn up your stereo a bit higher and the chance to sit out in your own backyard to enjoy a barbecue. There are also a lot of financial benefits associated with owning a home but we are going to take a look at the top 3 that include:
- More financial control
- Higher net worth
- More borrowing power
More Financial Control
Let's assume that a person takes out a 25-year mortgage at a fixed interest rate. For the next 25 years of his life he is going to be able to budget for the mortgage payment and know exactly what is expected of him every month. A renter, however, never knows exactly how much his rent is going to increase when his…
Most first-time home buyers can't afford a home without a mortgage. When they apply for a mortgage, they must go through the pre-qualification and pre-approval processes. Both processes are mandatory for all people seeking a mortgage.
You can think about pre-qualification as being step one of applying for a mortgage. Pre-approval is step two. Understanding the differences between these two steps and what this means for the home seller can help you be prepared to make an offer on a home you wish to buy. If you're thinking about purchasing a home sometime in the next several months, here's what you need to know about pre-qualification and pre-approval.…