As Barrie real estate agents, this is one of the most common questions that we hear. Most people are wondering whether they are flushing their rent money down the toilet every month while they could be building up equity on a home for the same price. The truth is that renting is a complete waste of money, and depending on the location, you may be paying as much rent as you would be on a mortgage.
If you are currently renting a house or an apartment that is conveniently located to shopping, public transit or near Barrie’s desirable downtown core, you are probably paying an astronomical amount of rent every month. Somebody else is making money off of your rent check every month. Somebody else owns this property and they are using your rent money to help pay off the mortgage on it or the mortgage has already been paid off and they are enjoying pure profit. When you think about it this way, it isn’t very pretty is it?
If you enjoy the convenience of living in these areas, you are probably paying less for rent then you would be for the mortgage of a house in Barrie. If, however, you were willing to look at homes just outside of the city, or in an area that doesn’t have as many nearby conveniences, you could very well be looking at a mortgage payment that is the same or lower than the rent you are currently paying now.
There is a direct link between your credit card and your Barrie mortgage and it does not have to do with using your credit card with a 30% rate of interest topurchase your new home. The link between your card and your mortgage lies in your credit rating. If your credit is out of whack you are not going to be able to qualify for a mortgage. If you want to buy a house and get approved for a home loan you need to make sure that your credit card bill payments reflect responsible credit ownership so that the lenders consider you a good risk. Read the rest of this entry
There are an increasing number of home owners that are thinking about refinancing their Barrie home loan and are not certain about the procedure. Nowadays, getting a loan refinance loan can be tough as a result of lenders being more cautious about lending. Here are 3 useful tips you can use to help you get a home loan. Read the rest of this entry
If you are currently facing a foreclosure on your property a short sale is a possible alternative. A short sale is the act of a lender approving a property sale for an amount that is less than what is owed on the mortgage. The reason why it is called a short sale is the lender is going to end up “short” on the deal. The lender will also then be responsible for paying the closing costs real estate commissions.Read the rest of this entry
There will be a free information session held this evening at the Barrie public library between 6.45 pm and 8.30 pm, 18th Oct 2012. The hosts are Ian Hocking, Sales Representative at Royal LePage First Contact Realty and Mr Steph Quenneville , mortgage broker at Mortgage sense inc. There are only 50 seats so come early or the fire marshall will be on our case! Looking forward to seeing you this evening,
A lot of people refer to debt and mortgage in the same breath when they discuss the mortgage of their Barrie Home. This is kind of amusing when you think about it because a mortgage is a debt with a breath of investment in it. Can it really be referred to as a debt when it is a rock solid investment opportunity as well?
List all your debts
When you are making a budget and you need to list all your debts, your mortgage gets put down as part of the debts. When it is time to list your investments it may not be added. Why? Is it purely mindset that makes us think of a mortgage as a debt?
The glass is half full or half empty in this case. You can consider your mortgage as a heavy load to bear and have to struggle to make the payments every month or you can look at it as the best investment you’ll ever make and try to make extra payments to strengthen your investment. Read the rest of this entry
Are you considering purchasing a home in the next 3-9 months? We understand that purchasing a home is a big commitment no matter if you are a first time buyer or a seasoned veteran. No matter where you stand on the experience scale there are several points that you will likely need to cover before you purchase your new Barrie home.
Although we might say first time buyer questions, in all honesty most of these points are valid any time you are buying and a quick review is never a bad idea.
First Time Barrie Homebuyers
For a first time Barrie homebuyer, buying a home elicits emotions of fear and excitement. Buying is a long-term expensive venture. You need to be well prepared in order to make a wise real estate investment decision and arm yourself with important knowledge on real estate pricing, bank regulations and mortgage requirements in order to make an informed investment choice.
Here are some tips that can help you along the way.
When it comes to selling your Barrie home, the following question often comes to mind: What will happen to your existing mortgage when you sell and are there any costs to breaking a mortgage?
As a Barrie homeowner, you most likely have been paying a mortgage loan ever since you bought the house. The word Mortgage actually comes from the Spanish word ‘Mort’ or translated ‘Till death’! The borrower, that’s you, gives the Mortgage and in return you receive some remuneration, I.E. Cash. The Lender holds your debt (Mortgage) until you either repay it or you become deceased,(Mort). In English, it is basically a loan obtained from a credit institution such as a bank or lending company to help finance the purchase of a home as part of a buying agreement. During the term of the loan and over time, the outstanding loan (Debt) will become significantly lower due to consistent monthly repayments. Read the rest of this entry
This morning the government announced changes to financing regulations for canadians. This is designed to slow the housing market in Canada, reduce borrowing / speculation, and induce canadians to save by paying down their mortgage. Like all government interventions, the intentions may be honorable but the delivery can sometimes be like chopping the patients arm off when a band aid would do.