10 Steps Of The Homebuying Process

Starting the journey to home ownership can be very overwhelming and stressful. In fact, research shows that even women in fairly strong financial positions tend to be more stressed and less confident than men when it comes to home buying, according to Genworth. But with a little planning, you can find the home that’s right for you. A home that provides you with a balance between your “wish list” items and the practical realities of the property. Soon enough, you will have a place to call your own. To help you keep on track, here is a step by step guide to buying your first home.

Step 1 – Build a budget
Step 2 – Investigate your mortgage options
Step 3 – Choose a Realtor
Step 4 – Get a lawyer
Step 5 – House Hunting
                  a) Create a wish list
                  b) Bring your checksheet
Step 6 – Make the Offer
Step 7 – Home Inspection or New Home Warranty?
Step 8 – Finalize the Deal
Step 9 – Moving Preparations
Step 10 – Closing Day

To help first time homebyers be better educated to make informed home ownership decisions, Genworth has launched National Home Ownership Education Week from April 12-16. Please visit www.homeownershiphelp.ca to find the facts and tools to help you make more informed decisions on your next home purchase.  No matter what type of mortgage financing you are looking for, it makes sense to speak to me first.

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Original Article from Genworth

167 Covecreek Place NE

View the Virtual Tour

This is a fabulous home that you are sure to love. The main floor is a very open layout with a great sized kitchen. There is a corner fireplace that sets the mood of the living room on the main floor. Upstairs there is a bonus room and 3 bedrooms. The master bedroom has a 4 piece ensuite with a large wan in closet. There is also a double attached garage that has plenty of space. A great home for a great price.

www.ChamberlainGroup.ca

126 Rocky Ridge Drive NW

126 Rocky Ridge Drive NW

View The Virtual Tour

This spacious open-concept home is situated in the beautiful area of Rocky Ridge in Calgary’s north-west. This home boasts a picturesque view of a field with the mountains in the distance. You will notice the detail and care of the home as soon as you enter. The large great room combines a bright kitchen with a friendly nook, and a comfortable living area with a fireplace. Let yourself relax in the beautiful master bedroom, with a vaulted ceiling, private den/ sitting area and private balcony. The fully finished basement is equipped with a media room, rec room, 4 piece bathroom, extra bedroom and spacious laundry room with a sink. Even though this home is situated on a busy street, you don’t need to worry about the safety of your children as there is easy access to the field and playground behind. Come and see it for yourself, a perfect place for you to enjoy life with your family and your guests. This home is one of a kind.

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Understanding Fixed Mortgage Rates

Anyone caught off-guard by mortgage rate hikes by five of Canada’s banks during the last week of March probably wasn’t paying attention to the bond market. Let’s face it, that means most people.  A common misperception is that mortgage rates follow the Bank of Canada’s overnight lending rate. Even though we’ve seen historical lows in both over the last few months, the central bank only affects variable mortgage rates. Fixed-rate mortgages are affected by government bond yields, which have been trending upward for the past six weeks. Whats the reason for this? Bond traders are expecting the Bank of Canada to either raise rates sooner than the planned date of July 20 or be more aggressive in raising them than previously anticipated. Typically, the bond market moves two to four months before the Bank of Canada does.

Banks like the difference between the five-year bond yield and their best – not the posted – five-year mortgage rate to be between 90 and 110, although others suggest the spread is 125 to above 135. That spread is the profit between what banks can secure money at and what they can sell it at in the form of mortgages. It’s not necessary to understand the intricacies of how bond markets work to figure out where mortgage rates are heading, just pay attention to patterns in yield changes, which are readily available online, such as here. When the spread between bond and mortgage rates goes too high, banks bring their rates down, and when the spread dips, they increase them.

First-time homebuyers looking for security should take a fixed five-year mortgage, but consumers comfortable with a variable mortgage can find rates at less than 2%. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first.

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Original Article from Financial Post

Cover Your Ass-ets

Jared Chamberlain video blogs about the importance of insurance on your condo. There is a difference in content insurance and insurance on your complex. If you are looking to buy a home or condo in Calgary, make sure you take this into serious consideration. If you have any questions or don’t agree with Jared’s comments, you can email him at jared@tcgroup.ca or visit www.ChamberlainGroup.ca.

April 2010 Calgary Real Estate Market Update

Jared Chamberlain video blogs about the market in Calgary over the past month and what the prices in Calgary are doing.  As the value of real estate climbed over the last month and the supply staying low and the interest rates increasing, we are going to see a strong spring market.  If you would like to leave a comment or don’t care for what Jared is talking about, you can email him at jared@tcgroup.ca or go to www.ChamberlainGroup.ca for more videos.

Fixed or Variable

With the recent rise in interest rates, people deciding between a fixed and variable mortgage are often asking the question “Where do you see rates going?”.  The reality is that nobody knows. Aside from showing you where we are in the rate cycle, how rates have performed after past recessions, and other available research, the best thing a borrower can do is to measure their ability to handle rising payments. I came upon an article that uses a handy acroynm called IDEAS to help borrowers evaluate their situation. IDEAS stands for Income, Debt, Equity, Assets, Satisfaction with Risk.

• Income – Is the borrower’s income stable and reliable?
• Debt – Does the client have a reasonable debt ratio?
• Equity – Does the client have enough equity?
• Assets – Does the client have enough Assets?
• Satisfaction with Risk – Can the client accept risk?

If most of the answers to the above are positive, then a variable mortgage is something a homeowner can entertain. After evaluating someone against IDEAS, other topics that borrowers may want to discuss are future interest rate scenarios, pros and cons of rate conversion and cost comparison of variable versus fixed terms based on future rate assumptions. For most people, the decision between fixed and variable will either save them thousands or cost them thousands.  The goal is to try and take as much of the gamble out of the equation as possible.

No matter what type of mortgage financing you are looking for, it makes sense to speak to me first.

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Original Article from Canadian Mortgage Trends

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