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Tag: Time Investment

Mortgage Basics For First Time Home Buyer

Owning a home is an important task of every individual. This use to start as a dream but accomplishing it into reality bring great pride. Being a big and a life time investment that come once in a life of most of the individuals that can make confusion in undertaking the home buying process as a first time home buyer. There is no doubt about the mortgage process is a lengthy financial transaction that often confuse first time home buyers. Its a fact of majority that most of the individuals don’t have money to just purchase a home outright, that’s the reason home buyers turn toward the mortgage lenders to ask for home financing of their dreams.

There are various important things to look after for the first time borrowers but first thing that should understand is the role credit plays in the mortgage process. Prepare yourself to ask a lender to make a sizeable loan to you for an extended period of time – often 25 and 30 years. For the lenders to take on this risk, they require to evaluate your creditability and your ability to pay back the loan. Home lenders typically look at your credit report which highlights how you have dealt with other creditors in the past, your net household income, location and the value of the home you are willing to purchase. Based on such information home lender then decide on whether to extend you the credit and at how much interest rate.

Interest rate is a vital concept to understand as over the lifetime of the loan you can expect to pay back double the amount of the loan value based on the interest rate – that C$150,000 house can cost you C$300,000. What your goal being as a first time home buyer in the mortgage process is to get the lowest possible interest rate you can.

You also need to access your affordability, as most of the mortgage lenders typically consider to spend maximum 30% of your monthly income on house payments. In fact, longer mortgage term with the low interest rate can make your dream house afford to buy. It is important to buy something you can easily pay back and comfortable affording because you don’t want to see yourself in a crisis situation like unable to pay your monthly mortgage payment.

Next, you should have saved up a reasonable cash reserve before going into the home buying process. You are going to ask to pay things like closing costs and down payments; try to pay good amount of a down payment as you can to reduce your credit amount as much as possible. You then will want to have a small reserve left over to furnish your new house and take care of any required repairs – remember, you own your home now and it is up to you to spend money on it to furnish or repair it if something happens!

Mortgage basics for first time home buyer can bring confidence but if you are still confused about the mortgage process and home buying, don’t panic because you are not alone. There are many first time home borrowers who share the same kind of concerns and fears. Search and find in your community offline and online for the local first time home buyer groups that meet with experts from the banking and real estate industry there to answer your questions. You may also contact mortgage lenders or brokers and realtor about your finding. Look around you, you will find lot of people having successful home buying experience, and if you come prepared you can go through with the big and successful financial endeavor by getting the best possible deal on your mortgage while getting your own house.


Best Time For Home Buyers and Mortgage Loan Seekers For The Life Time Investment Opportunity in Canada

Home ownership is a mother of all dreams which leads other wishes to line up in a row to follow behind, it give your life more success and enjoyable if it holds a criteria according to your need and affordability. Yes, most of the people think its really hard to get the home first because its a big investment, then why they forget about the rental payments which those people are paying off without any advantage but creating their life time investment into a life time liability. You can become a homeowner, if you exchange your payment head from rental to installment in a same payment amount or adding up some dollars to afford, according to your home requirement by taking home mortgage loan.

Home prices are low and still falling down in Canada!
Is it a myth to believe? Yes, this is right at the moment but it doesn’t mean that it will continue drop, reason being it didn’t increase according to the prediction pattern of the Canadian Real Estate Association (CREA) whose record shown resale prices rose by an average of 11% in the year 2006 and 2007 which was just increased to overall third part of a one percent in the year 2008. The average resale price of residential properties sold through out year 2008, were seen considerable drop in Canadian provinces like Ontario, Alberta, British Columbia and Quebec. Ontario recorded the biggest drop of 10% in relation to the Quebec, which only dropped to 0.1%. While newly built home prices according to the new housing price index (NHPI) still at the lower prediction level because of the elastic behavior of real estate market. Beside interest rates set by the Bank of Canada for the mortgage loans is still at moderate level in today’s global economic difficult environment. This means that investment in property is equally suitable for buyers either on cash or credit.

According to the OECD, the second half of 2009 expects Canadian economic recovery. This projection lets you take an opportunity to take some decision that brings short-term returns while discounting your long-term investment. Benefits could be spread to lot of people with different group as bellow:

  • Real Estate Resellers – Having a stock in hand in relation to frozen money is favorable specially when we know prices will be expected to go up at its reasonable level from its under valued position. Why not purchase a property to resell it and you know what happens usually when ice melts, anyhow decision is yours either you go to purchase an old or newly build house.
  • Mortgage Companies and Banks – I know every time when some rates and policy changes you have to do plenty of home work, like numerical formula setting, calculation and training with the variety of publishing, advertising, designing and printing efforts, this is normally we do with every change you know. But at the moment you could be benefited your self by getting more people to serve in relatively less capital for less installment payments to make more future sales and reviews by getting more people to pursue.
  • Home Mortgage Loan Seekers – Don’t wait for the snow to melt, because that time every one will be out there looking for the stuff they want. This is an ideal time to meet lot of people without taking difficult and less time appointment and if you find a home of your choice at reduced rate, you will save plenty of dollars at the end of the deal in reduced installments you could be better afford to pay.

Prices are low this means we don’t have any buyer in Canada? In light of principles of economics this myth seems to be right, but Canada doesn’t restrict any non-Canadian to get a property in Canada too. Even last year when US sub prime mortgage industry collapse there is a considerable shift in the real estate investment seen from USA into the Canadian real estate market, but that time nobody said that the prices gone high. This doesn’t mean that above myth went wrong but if prices stay at moderate level only because of our stronger housing and financial market fundamentals in Canada, in which best role goes towards our financial and banking system, and Bank of Canada that uses its resources and reserves to adjust it. Moreover, having strong economic policy and reserves for any country doesn’t stop us to perceive from the outer world, physical and psychological changes beside fiscal do affect our environment and decision. We wish our largest trading partner USA come up from its economic turmoil because its not that our mutual benefits depend on each other but US financial meltdown spread caused global economy at stake, you do know most of the world depend on it.


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