Pre-approval: How it can benefit you as a home buyer
Updated from our First Time Buyer’s Archive. Originally posted on Jun13, 2007
Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount?
Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved.
It does happen. Often.
Understandingly, any vendor will favor a buyer who is prepared with a letter from the bank Continue reading: Pre-approval: How it can benefit you as a home buyer
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/
Have Quebec Properties Become Unaffordable? Read This!
This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section “A word from the Economist”, this month’s issue discusses the price increase in Quebec’s market since the 1980′s until the present date (and then some forecasts).
Get the ultimate answer to the perennial question:
How affordable are properties today compared to previous decades?
Here are some snippets from the article, along with graphics to illustrate the market changes over the past 3 decades. I highly encourage you to read the original article, to save it and/or print it. It will make a great Market Reality Check. Knowledge rules.
“Many people believe that the dramatic increase in property prices in Québec in recent years has made residential real estate unaffordable for first-time buyers (the average price of single-family homes increased from $110,849 in 2000 to $247,054 in 2011, a 123 per cent increase).
However, household incomes have also increased over the years and historically-low borrowing costs have helped to significantly reduce the financial outlay required to purchase a property. Ultimately, how affordable are properties today compared to previous decades?
Calculating the mortgage carrying cost, meaning the proportion of income that must be allocated to the monthly mortgage payment in order to buy a property, will help us accurately answer this question.”
Source: FCIQ.ca
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/
Mortgage Rates Going Up: five-year fixed goes to 5.54 %
An article by the Canadian Press:
Several of Canada’s big banks announced increases in their residential mortgage rates effective Tuesday.
Royal Bank (TSX:RY), TD Bank (TSX:TD) and Laurentian Bank (TSX:LB) all raised the posted rate for a five-year fixed-rate mortgage by 0.15 percentage points to 5.54 per cent.
Royal Bank raised its special offer rate for a five-year mortgage by 0.15 percentage points to 4.39 per cent, while TD and Laurentian raised their special offer rates for a five-year fixed-rate mortgage by 0.15 percentage points to 4.29 per cent.
Most other special and fixed rates at the banks were also going up between 0.10 and 0.15 percentage points.
Fixed rate mortgage rates are affected by the cost of borrowing in the bond market, where banks finance their home loan lending.
But, there is no reason to panic. If you’re looking for good rates, there are many options available for you. Here is a snapshot of today’s rates by RateDirect.ca – contact Danuta for more info
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889
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