Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Friday, October 14, 2022

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Monday, June 20, 2016

Are You Sitting On A Goldmine - On Your Couch? Take Advantage of This Red Hot #RealEstate Market ~ Should You Sell Your House? #Money #HousingMarket

Flooring Deals for Every Room! Worry-Proof Flooring Sale! Worry-Proof Flooring from $0.49, Laminate Flooring from $0.58 and Hardwood & Bamboo Flooring from $1.48 Per Sq. Ft. Offer Valid 8/15-8/21!
Shopping - All the things you can buy when you make a fortune selling your home - lol! And, right now - Yay!! Great Deals!

Oooh, you say, who could afford this li'l gem?

I'm sure this was a comfy-cozy home for lovely people, for sooo long, and now it's been sold for - wait for it - $2.5 MILLION Dollars.

Yep.

So here's the deal with Real Estate, right now, especially if you live in an up and coming neighborhood - Victoria, BC, Canada, Vancouver, BC, Canada... Toronto, Los Angeles, any Big City, many places with a good view... you name it, property is selling like hotcakes, right now (Yum, hotcakes! haha!), so, you might consider selling your property. : )

The message I want to get out there, today, is for people who have been living in the same house, forever, and had a Big Plan 'to die in this house' (I've heard that line soo many times, and I used to say, Omg, are you all right? But, come to find out, that's just a little saying, as in, I never plan to move from this house - which I cannot relate to, since, who knows where their lives will take them, and isn't that very limiting thinking?)

Anyway, if you happen to find yourself in a nice house, you're comfy, but your taxes have been going up, possibly exponentially, but your taxes are going up because your Property Value has skyrocketed, keep an open mind when it comes to making a change, putting your property on the market, cash in on this very Hot Real Estate Market.

Don't worry about finding somewhere else to live - you will be rolling in cash, you'll find something amazing, without a doubt!

I feel like this is a sticking point - well, where else will I live? What you could do, if you felt like it, is go and look at other properties - are you open to moving outside of town? You KNOW I'm a big advocate of building your own home - lol! That's what I would almost always advise - hahaha! Find a nice piece of land, build a gorgeous house, live there for a few more years, then either stay, or decide to sell that house, too, and do it all over again - but that's me, you have to go your own path, right?

But I think a lot depends on where you're at with your lie - are you ready to retire? what if you had a big bundle o' cashola, THEN would you be ready to retire? lol!

Are you ready to move into a Condo, where you can live freely, no grass to cut, everything is done for you - Condo Living is Easy Living - just make sure you have a good condo Board (they can be such a hassle, so, maybe see if you could go to a meeting - although, that seems excessive, now that I've actually written that - haha! But you can usually get a feel for the place, right away - if you see a whole lot of disgruntled people, not a good sign, but if everyone seems nice and normal, go for it - and if you looove the condo, who cares, get yourself on the Condo Board, make it nice and normal, yourself, right? lol!)

And if you're dealing with, let's just say, relatives, neighbors, or people who do not know any better (super-annoying people - naysayers, you might call them ...or whatever fancy words you can come up with, but most people have some sort of group around them who are intent on holding them back, keeping them down, for some unknown reason...) ...Anyway, you might get a lot of resistance to the mere IDEA of you selling your property and moving - why are people like that? I loove Change - change is Good - Change Can Be VERY Good - and this is YOUR life to live, not your neighbors...

There are major bidding wars going on, right now, in our own city, here in Victoria, BC - is so pretty, people from the Mainland and from overseas (Mainly buyers from China), and Victoria is considerably less expensive than Vancouver, but buyers are snapping up properties that come on the market, in days - sometimes in hours - so it is a good idea to have an idea of where you might like to go next, with your big wad of cash - haha!

Could Your House be the Pot Of Gold at the End of the Rainbow? I hope so! : )

Seriously, it's like winning the lottery - think of your house, that way - you are literally, sitting on a Golden Ticket - And your new-found money will go a really long way - maybe you'd like to rent something affordable, and then just travel - go anywhere your heart wants you to go - you could do all that - we don't have to live by any old-fashioned standards, any more - life is different, now, you can do so many things - What Do You Wanna Do?? Anything, at all, Baby! The Future is yours to play with, why not roll the dice, see what happens? (Not in a crazy way, but in a well thought out kinda way - lol!)

Well, if you're in BC, Canada, especially Victoria, and you're even considering selling your house, let me know, I'm always happy to help out my lovely (and suuper-smart!) (and did I already say, attractive?? haha!) Readers!

Follow Me on Twitter @AilsaForshaw


Oh, and I'm not a realtor, but I do know some really great realtors, I just want you to live your very best life, love every minute of it!

I hope you are having THE Best Day!! Ailsa : ) 

10 Tips to Sell Your House Faster - And How To Sell Your Own Home : ) 

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Tuesday, April 26, 2011

House Hunters International on HGTV - My New Favorite Show! #LookingForaHouse #HouseHunting #BuyaHouse #Mortgage #Lenders



Compare offers from up to 5 Lenders at LendingTree.com.

Omg, have you seen House Hunters International on HGTV, yet??  It's my favorite 'new-to-me' show on TV... I looove it.  I just can't get enough of it!  Thank God for DVR (like TiVo), because I DVR all the House Hunters International I can find (and they seem to have a marathon every Friday night, so that gives you tons of International House Hunters to watch over the weekend, and into the following week -- yippee!!).

So here's what I love about it, soo much... they take you all around the world, Italy, Scotland (you know I love the Scottish bit! lol!), Morocco, Spain, Portugal, Uruguay, Canada (another 'yippee'!!), Mexico, Honduras, Belize, Australia, Austria, Belgium, Poland, Germany, Malta ... man, they go everywhere you might like to own a vacation home -- or maybe even relocate entirely to one of these lovely locations!

A local realtor takes the people who are typically looking for a holiday home, a nice vacation home that may also be used as a rental property, but sometimes they are couples or families looking to relocate entirely to a new country... which is what I love to do!  Well, I'd like to do both, really!! But the Realtor takes the people around to three different places, in their price range (which actually went from $20,000 US and can go well into the millions... so lots of variety, so plenty of dreams to fulfil! lol!)  We were particularly interested in the properties you could buy in the Under $200,000 range -- who knew??  And the fellow from Los Angeles, California, who bought the fixer-upper in Italy for $20,000 -- wow, that was amazing.  Made me instantly want to go buy a $20,000 house in Italy, fix it up!!  I would loove to see a follow-up show on how the renovations are done, and the final products, for these particular fixer-upper sales... now that's right up my alley! haha!



What I find amazing is what houses look like around the world.  Little things that are soo different from North America (we've lived for a long time in the US, and I was raised in Canada, but born in Scotland, so we've seen our share of properties...), but, man, I did NOT know that a kitchen... yes, the whole kitchen, is not necessarily included in many European homes!  For real!  You have to go to the 'kitchen shop', and buy your own kitchen! lol!  BYOK... Bring Your Own Kitchen! How crazy is that?  And something I would never have known or even guessed if we hadn't watched sooo many of these House Hunters Internationals. 

When people are looking for property for a vacation home, usually they are looking for property right on the beach, or with a great view to the beach, and, wow, do they deliver.  It is incredible what you can buy for not all that much, right on the beach in many countries you might not have thought of, before watching this show.  You get to go in and see what the houses, apartments and condos look like, how much they cost, and the square footage. 

I would like to know more about whether people can obtain mortgages for any of these foreign owned properties, because, usually, you would have to pay cash for a property outside of your own country.  Or if you already own a home in your own country, you might choose to put a Second Mortgage on your first home, to cover the cost of the new vacation home... or just buy that $20,000 fixer-upper in Italy, forget all about a mortgage! lol!  (Can you tell that was one of my favorites?? haha!)

We get HGTV on Channel 74, and we're with Direct TV, but check your local guide, see what channel HGTV is for you in your area, and start having some fun dreaming about where your next home could be!!

Monday, January 17, 2011

#BuyingProperty How to Save for a #DownPayment on a House (or How to Save Money!) #Condo #RealEstate #GetAMortgage #BuyAHome


Super Lucky, right? lol! 

Saving for a Down Payment is hard work, so it's a good idea to really want to own your own home by the time you begin your Savings Account. It's difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you don't have a definite goal.

Step One: Get a Job - or figure out a way to get a Steady Income : ) This will definitely help you to find the money to save! haha!

Step Two: Keep the Job, and the Steady Income -- longevity on the Job (usually 6 months, with a contract) is a major factor the Financial Institutions look for when your trying to qualify for a Mortgage.

Step Three: Go over your spending habits with a fine tooth comb. (Please, this is strictly figurative! No yucky combs on your Financial Papers!) Ask yourself some very serious questions -- Do you really need to spend $5.00 for a cup of coffee five times a day? Even though it's fabulously delicious?? Even one cup at $3.25/day is $1186.25 a year. Five cups at price per day would be $5931,25. That's a lot of money, and often enough for a Down Payment.

It's a good idea to right down everything you actually purchase -- lottery tickets, coffee, lunches, snacks, clothes you don't really need -- it's the 'little incidentals' that really add up.

Step Four: Start a separate Bank Account, just for your 'house-to-be'. Anything you can put in there is good -- if you can manage $25.00/week, that's $1300. a year; $50./week gets you $2,600. a year, and if you can swing a $100./week, that's $5200. in a year.

You'll be shocked at how easy it is to piddle away $100. on all sorts of little things -- when you make the big decision to Buy Your Own Place, all of a sudden, you'll find yourself prioritizing...and that doesn't mean you have to slap your own hand to stop yourself from frivilous spending (which, sadly enough, happens to be the most fun type of spending! ha,ha!). You'll just make the decision one day that you need to Own Your Own Home so you can: 1) Make Money, 2) Not hand over your money and have nothing to show for it at the end of the day -- say, Monday...yuff, yuff! 3) Secure your Future.

Step Five: Find out how much you can borrow for your new place. Click on-line so you can quickly determine this info. Especially if you're new to the Real Estate game, it's less stressful than heading in to the Bank, plus you don't have to make a special appointment!

Step Six: Start Looking for Your New Place! Check out the great new Condos that are all over the place, now. They have really good Payment Plans, and if you make your Purchase before they're built, you'll score a great deal.

Contact a Realtor to find out what's available in your Price Range -- they're there to help you, and can really help to narrow down the field and get you into something you can afford and love.

Remember that you don't have to live anywhere forever -- a lot of people fall into the trap that they can't buy because they're not sure where they'll be 5 or 10 years from now... even if you only have a year that you're sure about, go ahead and Buy. You can always sell it, and you won't lose money on Real Estate -- maybe you'll walk away with an extra $10,000. - $50,000., (all the way up to millions of dollars, depending on the land location!) from the Property Values going up! Now, that ain't bad! Not bad at all!

Here's a little Tip for Women: You know, it's more common than you might think that a lot of women are 'waiting for a man' before they even start to think about buying a place. Forget that! Men, Schmen! Go get it yourself, Girl! And keep it until you're sure you really like him... In the 'olden days', like when I was in my twenties in the early 80's (!), there was a weird thing that if a woman had her own place, then she was putting out a message that 'she didn't need a man'..., and so a lot of women would wait until marriage before attempting to purchase a home.

Thank God those days are gone! Puh-leeease! It's always nice to have a man, but women don't technically need them ... for any length of time, anyway... and you can go ahead and get your own place without waiting for anyone. You can be comfy and cozy on your own no matter who you are... you can always sell it later and buy something different together, which is a healthier to do for a new relationship, anyway, right??

Happy Saving!  And Happy Home Ownership! Ailsa xox



Mortgage Information You Can Understand that Won't Put You to Sleep!

Buildyourownhouse.ca: SITE MENU



How to Buy Your First Home (Yippee!!) #FirstTimeBuyer #HomeOwnership #Condo #Mortgage


Compare offers from up to 5 Lenders at LendingTree.com.

Buying Your First Home

Step 1: Look around. See what's out there that you like.

Step 2: How much can you realistically afford? (Never let yourself be 'house poor'.)

Step 3: Know how long you want to live in your new place... and how much room you'll need.

Step 4:  Get pre-qualified with a Banker or Broker. Compare multiple offers in minutes!

Step 5: Find a good realtor.  Choose someone you like, and can trust in the area where you are looking -- they'll know the area... this is crucial.

Step 6:  Look at what YOU want to see, not just the 7 - 10 properties your realtor may want to show you.  Use the internet for all it's worth... exercise your rights.

Step 7: Choose a house (apartment, condo, farm... whatever you like!), make an offer.

Step 8:  Get an independent Inspector. Go with one your realtor suggests if you still trust your realtor.. remember, it's your investment, not theirs.

Step 9: Read the appraisal.  Make sure you agree. Ask for any accomodations that seem reasonable.

Step 10: Buy your new house!!  Or, at least, in America, enter into Escrow!! The house will be yours in 30 - 90 days!  Yippee!!


(And see what kind of Tax Benefits might be available to you - there are a lot of great incentives for First Time Buyers : )


Just to give you some idea of what your new Mortgage Payments might look like, and how that compares to how much you are already paying in Rent : )





This isn't nearly as complicated as some folks make it out to be. Your first step should probably be to contact a Mortgage Broker (you can have a look at the online Mortgage Companies -- they're a great way to quickly find out how much you qualify for, and they often have better rates than the standard Banks...) or your Banker to Pre-qualify for a Mortgage.

I happen to prefer Brokers because they are waaay more likely to actually get you a mortgage! Many banks have created an environment that severely limits most people's ability to get a loan, these days. If you've gone to your bank and they've flatly turned you down, don't give up. Contact a broker and make an appointment to go over your financial information (for Goodness Sake, be honest - never embellish information with any financial institution). For the record, there are so many more options available for New Home Owners, these days. It used to be (even 5 years ago) that you had to go into a regular bank to get anywhere near a Mortgage, but no so anymore. Really do your homework to get the best possible deal out there on your Mortgage, and go with a reputable broker.

At the very least, you'll find out how much you can afford to pay for a property, or you will find out what you have to do in order to become qualified.

I have heard some bankers tell potential buyers that what they really need to do is buy lots of Retirement Savings Bonds (the banks have special names for them that you are most likely familiar with), which they happen to be selling that day… then the person can re-apply for a mortgage after their huge purchase of said banking product. Of course, now the potential home owner has no money left for a Down Payment. Much better to save your money in a safe Money Market Account at the bank (see, they're still making money, if all of a sudden you feel sorry for the banks!), or in a Savings Account that you don't regularly dip into.

Set your sights on something that is realistic. Don't go looking at all the 10,000 square foot Mansions when you haven't started saving your money for a Downpayment, yet... Start with a Condo or Smaller Home, or head out of the City to nearby Towns to see what kind of Market Prices are out there. Usually, it's way less expensive to live outside of the city, with the exception of Estate Areas, which are a lot more expensive, given that they'll have Architectural Controls to allow only very large homes.

Don't worry about the whole "I can't live in the Suburbs..." . Better to think of it as a place of your own that you own -- Own Your Own Home! Your friends can laugh at a HOMEOWNER -- who's laughing now?? hmmmm? And 2 - 10 years from now when you're ready to move on, you'll have sooo much more money to invest in your next home, and you probably won't be hanging with those crazy friends, anyway! Although it would be fun to invite them for cocktails at your new Mansion, 'cause your early investment really paid off, and now you've just finished building it! ha,ha,ha! You can laugh yourself silly, and just blame it on the drinks! (I have to assume you'll have a big 'Welcome to My Mansion, Sucka' Party, and there's most likely gonna be some alcohol consumed on the premises... It's probably a requirement in those neighborhoods -- I'll let you know as soon as I move into one! hahaha!)

Try to buy as new as you can, since Mortgage Rates are cheap, right now, and it's easier to come up with a monthly mortgage payment that is reasonable than to find the cash to fix major repairs in an older home. A house that is in very good repair is a good choice, too - it's the traditional 'fixer-upper' that used to be considered a good deal that is actually far more expensive in the long run. (There are lots of conditions, here, but this is generally a good rule of thumb.)

Make sure to find out what the Condo Fees are, if the property you're looking at has a Condo Association. Check out the house taxes, too. Some smaller towns actually have higher tax rates than larger cities. If it's a pre-owned home, you can find out the general heating/cooling costs. The important thing is not to get in over your head. Stay moderate, never go beyond your means. Remember that Brand New Homes also come with huge costs that will not be included in your Mortgage. Little things, like grass, curtains, and perhaps a fridge… weigh out the total costs to see where you'll find the easiest place to start.

Flooring Deals for Every Room! Worry-Proof Flooring Sale! Worry-Proof Flooring from $0.49, Laminate Flooring from $0.58 and Hardwood & Bamboo Flooring from $1.48 Per Sq. Ft. Offer Valid 8/15-8/21! Now, it's true that the financial institutions have different Mortgage Rates depending on the percentage of the value of the property that you have for a Down Payment. If you put 5% down, your Rate will probably be higher than a Borrower who is putting 25% or more down on a property. It's based on the risk factors involved for each person borrowing from the institution. The Lenders always have to protect themselves. The important thing is just to get into a home as soon as you can. Don't wait until you have 20% to put down - just get into a property as soon as you can while these rates are so remarkably low.

You can always live there for a few years, sell it for a profit (always good!), and then make your move up. At the very least, you'll be investing the $6,000.00 (and waaay up, since that number is based on $500/month rent) a year in your own property.

If you are currently renting, the chances are really high that you could be paying less money per month on a Mortgage than you are paying for rent. This is because the Mortgage Rates are so incredibly low.

Make it a point to start taking note of the rates in your area. Start reading the Real Estate Papers, the classified ads in your local paper, and checking out Real Estate On-Line. Get a handle on what's out there that you like and can afford.

Start visiting Show Suites in Apartment Buildings and regular Show Homes. You may be surprised at the deals that are out there, these days. Go for a drive to see if there are properties For Sale in neighbourhoods that you like that are within a reasonable driving distance to your place of employment. Don't forget to add Traffic Time, if you are in a busy city! Bring a notepad and pens so you can jot down the Realtor's name and number. Often, there will be a web address, and you can check out the house on-line.

We sell our houses ourselves, so there's no reason to be wary of a 'Home For Sale By Owner'. Chances are high they've sold before and know the ropes. If you're on a time crunch, or you're new to the area, you can contact a local Realtor and tell them what you're looking for, and your price range. Again, if you're pre-qualified with a financial institution, this will be much easier. Looks can be deceiving - don't make judgements on a property until you've had a look inside. If you can imagine yourself living there, you've probably found the right place.

Write up an offer and contact a lawyer, Martha, we're buyin' a house!

Real Estate Law is pretty straight forward. If ever there was an easy consultation with a lawyer, this should be it! Your lawyer will lead you through the paperwork -- you just have to listen carefully, sign on the appropriate lines, provide any necessary documents the lawyer may require, and generally be polite! Sounds easy, eh?

You can even share a lawyer (the buyer and seller use the same lawyer when it's a nice, clean deal, with no nut cases involved…this is more common in a private sale), but chances are high you'll have your own. Make sure you have funds set aside to cover the Legal Fees (shop around - you may be surprised how these fees can vary), if they're not included in the deal. Some Builders include Legal Fees with their New Houses.
Make More Money -- Look for a New Job...

Now, I don't get why people don't have a good look at any Foreclosure Properties that might be available in their area -- especially if you are looking at buying in a Larger U.S. City, where the housing prices are through the roof. Why not have a wee look around, just in case there's something for you. That's one of the few times when it's worthwhile to buy a 'Fixer-Upper', if it's a great price.

Keep in mind that a Home can go into Foreclosure for many different reasons (Financial Difficulty can come about from a variety of sources...), so there are lots of Homes in Foreclosure that are not 'Fixer-Uppers' -- they are regular Family Homes, Condos -- sometimes even some Bare Land (a Builder's Favorite!). It's always worth a look!

More about understanding mortgages, without making you sleepy! lol! http://buildyourownhousebodylife.blogspot.com/2010/11/understanding-mortgages.html 

Make a ton o' money on the Stock Market, buy that home! Yay!! Good Luck! 
#ToTheMoon! $BNGO $BB $SLV $GME $AG $AMC 💰
M1 Plus #FreeTrial🎊
1 YEAR #FREETRIAL in #m1finance
$30 in #SeedFunding
#ACAT Transfer #Promo
#M1 #futureofwork #FutureOfFinance #app
FREE #investing
📈🤑#StockMarket #GameStop 🎮📈
@elonmusk #ElonMusk

Wednesday, November 10, 2010

#MortgageInformation - Easy to Understand : ) #lol! #Mortgage #FindaMortgage #MortgageQuotes #RealEstate #Lenders



Mortgage Information You Can Actually Understand... it won't even make your eyes glaze over from sheer boredom - lol! Everything you ever wanted to know about Mortgages so you can go and Buy Your Own Home - Yahoo!


Compare offers from up to 5 Lenders at LendingTree.com.

Yay! I love this living room - so comfy, so pretty! And what a view! Hello, Mountains! And the next time I build this house, I think I'd like to have an amazing Ocean View - AND Mountain View - lol! 

Whether you are building your own house, buying a new property, gathering funds to do a renovation project, or Refinancing your current Mortgage at a much Lower Rate, you’ll be looking for Funding.  Here are some commonly asked questions regarding funding for a Mortgage or a Home Improvement Loan. Compare multiple offers in minutes!

This is a great time to Refinance Your Home or Buy a New Home -- the Mortgage Rates are so low, these days! It's always worth a shot to find out what the costs of switching over to a new mortgage would be, to see if that's the right move for you.

Quick Note: If you are wondering about the new Low Interest Arm Options , they are fine if you are willing and able to move from the purchased property in 1 - 5 years, and are definitely not planning to stay put for 30 years. Too risky for the long term home-owner, but if you're like me and like to move every few years, and you know the home will hold or increase it's value, I say, go ahead with care. Just remember to make sure you can make payments against the Principle without a penalty, and make at least one extra payment a year, preferably two extra payments. Or add a little against the Principle every month, whichever works better for you.

CountyMortgage  (For a UK Mortgage)

Where should I go first to get a Mortgage?   Compare multiple offers in minutes!

You can go to the Loans Department of your regular bank, or you can go directly to a Mortgage Broker.  (Have a look at the Mortgage Company Info on my Site to see if that's the easiest way for you to get the money you need... At the very least, it'll tell you how much you're qualified for, and the on-line Lenders have Rates the Banks have a hard time competing with. It's all about Saving Money, so check into it all, first -- it's a big financial decision! You can always take your information you've gotten On-line to the Bank -- if they can't or won't match it, there's your decision right there! ha,ha!). Keep in mind that it is generally easier to work with a Broker, since they have the ability to be a lot more flexible than a conventional bank.  Also, their rates will often be considerably lower than what the banks are offering, too, so shop around – this could save you a fair bit of money.  Brokers can often get a mortgage for clients that a bank won’t even touch, and they’ll do it at your convenience, for the most part, so you can have a more relaxed meeting with them. 

What questions will a Broker ask somebody who is looking for a Mortgage?   
            
There are three main things you will be required to provide:
i.                     Verification of Income
ii.                  How much and where the Down Payment is coming from
iii.                Personal information for Credit Checks (Birthday, Social Security Number, Address, Job Letters, Pay Stubs, 3 years worth of Tax Returns, 3 months worth of Bank Statements, any current Retirement Savings Funds…)
 




Your Banker or Broker will want to confirm your ability to qualify by doing a GDS Ratio (Gross Debt Ratio) and a TDS Ratio (Total Debt Ratio). 

A Gross Debt Ratio is determined by taking the Mortgage Payment, the Property Taxes, and a Heat Component (really hot areas will be exempt from this, I’m guessing!), which is usually around $50.00. These numbers are added together.  That number is multiplied by 12, then divided by your Gross Income Amount.  This number can’t exceed 32% of your Gross Income.  Some banks &/or brokers may have different criteria, but this is a commonly used method to see if a client can qualify for a mortgage. 


The Total Debt Ratio takes the above information (the GDS Ratio) along with all other debts and payments (whatever else you have to pay per month – credit cards, support payments, etc.) to make sure that the Grand Total of all of your payments, including the new mortgage and taxes, won’t exceed 40% of your Gross Income. 
N.B.  Don’t get too hung up on the math – that’s the job of the banker or broker.  This is just info to give you a good understanding of how they get their numbers.

What if someone has a job that is technically referred to as “Part-time”, but they make a “Full-time” wage.  Can they qualify for a Mortgage?
You can apply through a Mortgage Broker (probably your best bet) to see how much your Gross Income will allow you to qualify for.  It is particularly beneficial if you have a solid work history (have been at the job for a few years, or more).  A Broker will know how to present the documentation to help you get a mortgage.  This is particularly important, now, since so many companies and Government Services hire ‘Part-time’ or ‘Contract’ employees.  These can be career positions, and you can be there for fifteen years, and still be flatly turned down by the regular banks.  Don’t give up on your dream to own your own home because you’re in a situation like this – call a Mortgage Broker, and give it a shot.  If that still doesn’t work, try another one.  What’s the harm?  At the very least, you can get an honest answer of what you need to do in order to become qualified.  Either way, you’ll be that much closer to owning your own place, and that’s the goal!

Is there an easy way to calculate a Mortgage?

There’s a formula that I use that is relatively accurate, give or take a hundred dollars, here and there.  At the very least, you’ll get a ballpark idea of your monthly payment (not including the Tax portion), and whether you can qualify for that amount.  Remember that when you’re qualifying for Mortgage money, if you’re even $80.00 over what they think you can pay, you won’t get the mortgage.  It’s best to Pre-Qualify for a mortgage, and ask how much you will qualify for before you go house-hunting.  Keep in mind that as the Interest Rates get lower, the more you’ll be able to qualify for.  Don’t go crazy, though, since all the costs go up as you increase in house size, and the monthly operating costs might end up being higher than you thought, then you’ve got a big house and a crappy lifestyle.  

Stay within your means; stay happy and comfortable : )

The Formula – remember, it’s a ballpark number…
On a 25 year Term, you would take the Percentage Rate (say, 5%) and multiply that out by the number of thousand (say, $100,000.), which would give you a mortgage payment of about $500./month (5 X 100 = $500.), plus Taxes.  So if you’ve found a house for $165,000.00, and the rate is 5%, (based on a 25 yr. Term), the payment would be around $825.00, plus taxes, per month.  (5 X 165 = 825)
We use this formula all the time – it’s functional to see if you can even come close to being able to afford a particular property.  If you always find yourself looking at the properties worth $300,000., when you can actually afford a $75,000. property, do the math, figure out what you can really buy, and get that.  It’s better to buy something already in your range, save your money, wait until your place has gained in equity, then make the move up.  Have your Broker or Banker let you know how much you can spend, and have that up-dated every year, or so, depending on how long it takes you to find a place to purchase, especially when the rates are fluctuating so much.   Also, your Broker will tell you the exact payment. 


Can I qualify for a Mortgage based on the lowest rates out there?
Different Lending Institutions will have different rules, but you will generally have to qualify under their 3 Year Rate, which will be higher than the lowest rates available.  Some institutions will use the 5 Year Rate (primarily regular banks).


What’s the difference between an Open and a Variable Rate Mortgage?

An Open Mortgage is one that can be paid out at any time, but you will pay a higher Rate for this privilege.  This is a good choice if you’re not sure how long you’ll be staying in the home.  You’ll save on the possible Penalty Payments you would have to pay if you had a Fixed Rate Mortgage, and had to move before the pre-chosen Time Period had elapsed.

A Variable Rate Mortgage (my favorite!) is not fully Open, but it can easily be converted into an Open Mortgage, so you would still save on any potential Penalty Payments.  With this Mortgage, you’ll usually get better than Prime Rates, and the flexibility to move if something better comes along…!  The other thing I really like about this one is that you can usually make payments directly on the Principle, which will reduce your mortgage faster than almost any other method.  Your monthly mortgage payment will be as low as possible, so with the extra money that you might have kicking around, put it in a Savings Account, then make the payments annually  (or more – ask you Broker how often and when you can pay off the Principle). 

One thing about this type of Mortgage that might seem off-putting, initially, is the fact that the interest rates actually fluctuate within the mortgage.  This is not necessarily a bad thing, especially if the rates go down after you’ve established the mortgage.  The important thing to remember is that the amount you pay per month will always be the same – the only thing that changes is the amount that will come off the Principle.  If interest rates start to rise, make an extra effort to set aside some money to pay directly to the Principle.

My biggest financial Pet Peeve
is the whole notion of making two payments per month (or Bi-Weekly Payments) that are really high in an effort to pay off the Mortgage faster (usually a 15 year term).  This drives me crazy, since it often puts a lot of unnecessary financial pressure on a family.  That’s a lot of money to come up with in a month, and if disaster strikes, they’ll be in serious trouble very quickly.  I always think that it’s better to establish the lowest possible monthly expenditures, then if you still have a big wad of cash left over, great – put that toward the mortgage.  Using the Variable Rate Mortgage will give you the lowest mortgage payment. 


Here’s a quick example: If you have a mortgage of $100,000. @ 5% (using a 25 year term), using the Variable Rate Mortgage, your monthly payment would be about $500/month, plus taxes.  If you have the same mortgage in a Fixed Rate Mortgage (also a 25 year term), @ 6%--remember that the Variable Rate is lower – the monthly amount would be about $650, plus taxes.  (Note that a Fixed Rate Mortgage is calculated differently from a Variable Rate Mortgage)  If you were to sign up for the two-payment a month plan, that’s $1300/month.   The spread ($500/month to $1300/month) is $800.  Multiplied out by a year is $9,600 – that would be a huge Lump Sum Payment directly on your Principle. 

Keep in mind that only a tiny amount of your regular monthly mortgage payment goes toward the Principle in a new mortgage – have a good look at your Statement, the next time it comes in.  Even if you were to put half that amount on the Principle, you would still be making a major dint in it.  And your financial life won’t be so stressful, which will make the rest of your life much nicer, too, since financial stress is one of the leading causes of divorce, but that’s a whole other story…


What’s a Fixed Rate Mortgage?
A Fixed Rate Mortgage is a mortgage that will have the same rate for the amount of years you have chosen to lock in at.  Typically, there are 1 Year, 2 Year, 3 Year, 5 Year, 10 Year, 15 Year, and 25 Year time periods.  If you choose to move before the time period is up, you will be required to pay a Pay Out Penalty, so keep that in mind if you’re not completely sure how long you’ll be there. 


What’s the best way to get money for a Home Renovation Project?
Check first with the Financial Institution that’s carrying your Regular Mortgage.  They may be able to provide the money you need to renovate.  You could borrow on your Equity (the spread between how much you owe for the property and its current appraisal rate) in the form of a Home Improvement Loan or a Home Equity Loan.  Keep in mind that you can use a Home Equity Loan for other stuff, as well.  Your bank should be able to offer you a Blended Rate, and should waive the Pay Out Penalties.  If they won’t offer that, or give you any loan, call a Broker, and see what they can do.  They’re not miracle workers, but they can often help when the regular route won’t come through for you. 

 The bank wants to do an Appraisal on my house before they’ll give me a Home Improvement Loan.  Is that standard?
Yes.  (You’ll need this for the Home Equity Loan, too.)  The financial institution needs to know the current value of your home to make sure that their backs are covered.  Makes sense.  You will probably have to get a ‘Before and After Appraisal’, quotes from the respective contractors to show proof of renovation, and a description of the type of renovations you’re planning.  It’s much easier to borrow against the Equity, so try this route, first.  Talk to your Lender before you get too involved to see what you can actually get, and when.  If you have to pay for the whole job out of your own pocket first (as is often the case, which is craaaazy, since if you had the cash just sitting there, you wouldn’t be at the bank, anyway….ah, the joy of financing!), make sure that you find a source for material that will provide a payment plan (many home improvement stores will do this), and a contractor who doesn’t mind being paid at the end of the job when you’re money comes in. 


N.B. Just a little aside – I’ve seen some ‘warnings’ out there that you should nevah’, evah’ pay your contractor up front or in the middle of a job, or only pay them when you are ‘completely satisfied’.  Please.  There are some people who are never satisfied with anything, even if they get exactly what they requested.  This is such complete crap.  You would never work for an employer for a year, then at the end of that year, he would sit back and decide whether he should pay you.  That’s crazy.  Be smart about it, though.  Get everything in writing, both of you agree to it, then sign the quote.  You will often be required to pay for materials up-front, since the contractor doesn’t know you anymore than you know him…Generally, you will make payments as the work progresses, which is easier than getting one big bill at the end, but if you have extenuating circumstances (like the bank won’t give you the money until the end of the project), then tell your contractor that at the beginning.  All projects work more smoothly when there’s open and complete communication. 

I love, love, love building houses! So much fun! This is my favorite house to build - so gorgeous!

Builder’s Loans
How do you get a Builder’s Loan?
Apply for a Builder’s Loan the same way you would apply for a regular mortgage.  If you are a new Builder, you may require a ‘New Home Warranty’ on the property.  That’s pretty difficult, if it’s your first house, so you may be calling a Broker right away!  They’re usually more flexible in getting you the capital you’ll need to bring the house to fruition, but if you already have a good relationship with your banker, give them a crack at it.  This might be easier in a rural area, where it is more common for people to build on their own, so the financial institution will already know how to manage this scenario. 


When will we get our money?
The money is separated into 3 or 4 sections, or ‘Draws’.  Generally, you will get the funding in Three Stages:

i.                    Sub-floor
ii.                   Lock Up
iii.                  Completion

Can we get money to get to the Sub-floor Stage?
This is where careful and creative financing comes in… hopefully, you’ll have that swack of cash in the bank (at least twenty thousand), and a fair bit of equity in your home.  You’ll probably need to sell your current property before you start building your new house, so you can use the equity spread from that sale to get the new house started. If your land is already paid for, you’ll find this stage easier.  Some Developers will allow a new builder to put 5% down on the land, then they can pay the balance when the mortgage money comes in.  This is relatively rare, so if you find this deal and like the location, go for it.

Talk to your Excavator, Foundation Contractor and Framer to see if you can make partial payments until the First Draw comes through.  They’re in the business, so they’ll understand your situation.  A lot will depend on how busy they are and the relationship you establish with them.  Some Suppliers (lumber, ICF Blocks, etc.) may have a payment schedule, too, so it doesn’t hurt to ask if you need to. 


A Personal Line of Credit from the bank, along with your regular credit cards (again, if you have an Air Miles credit card, now is the time to use it -- you'll really rack up the points, then you can take a well deserved trip at the end of your house-building adventure!), personal loans, etc. will all come into play, now.  You might want to make sure you have an alternate source of funds for a ‘just in case’ scenario.  It’s best to plan out all the possibilities before you get started so that nothing will catch you off-guard.


What kind of Appraisals will the Bank do?
First, the Appraiser will inspect the Land, the House Plans, and your Proposed Budget.  The amount of money provided for the Builder’s Loan will be based on the Cost to Complete the house, not including the value of the land.  The Land will be included with the final appraisal for the Completion Mortgage (Take Out Mortgage).
  

The Appraiser will come out to your property to do Progress Inspections at the Three Stages – Sub-floor, Lock-up and Completion.  You should anticipate a one to two week waiting period for the Draw Money to come through.  During that time, the bank will most likely have a lawyer check the Title each time. 
It’s an involved process, but it does work, so stick with it and figure it out!  Remember that if one institution can’t get you the money, try a Broker or two…eventually, it’ll all work out!

One more thing -- What is Escrow??? I know, you hear that all the time! It's that seemingly very long period that your Lawyer holds onto your money while all the conditions are met on the House Deal. Make sure you ask your Lawyer for a good idea of the time-frame you might expect, and be sure not to leave yourself too tight (moneywise!) during this annoyink period!

Just so you know, a Real Estate Lawyer will be very pleasant to deal with ... they don't seem to deal with a lot of animosity, like many other types of Lawyers, and that probably accounts for their serene expressions! ha,ha,ha! They're there to help you get into or out of your home, so don't worry -- it won't hurt a bit!
Real Estate - Building - Renovations - Mortgages - Money

This next section is useful information, and I picked it up somewhere years ago... if you know the origin, let me know... but it's practical, so I'll leave it in with this article, if possible.. I'll put in in quotation marks so you can see I am quoting this... :)
 "Mortgage preparation tips
The checklist to a successful home buying experience
Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your finances before a home purchase, you can ensure a smooth finance process and can potentially save thousands on your loan.
Start by checking your credit
  • To get the best possible mortgage rate, make sure your credit history is healthy and accurate. Aim to raise your credit score above 650 in order to qualify for most prime loans.
  • If your credit score is not quite 650, focus your efforts on paying bills on time, reducing your debt balances, avoiding new inquiries and clearing negative inaccuracies from your credit report. It is possible to improve your credit score quite a bit over a few months.
  • Make sure the information on your report is correct and fix any problems you discover. Give yourself 30-90 days for correcting inaccuracies. You can learn more about the dispute process online here.
  • Found an error while reviewing your credit with the lender? Ask about the "rapid rescoring" process where you can submit a dispute and potentially improve your credit in 72 hours.
  • For a complete understanding of your credit history, check your 3-in-1 Credit Report and Credit Scores online.
    Figure out how much you can afford
  • The rule of thumb is that most borrowers can afford a home that runs about two-and-one-half times their annual salary.
  • Calculate your loan-to-value ratio to see how much you can afford to borrow by dividing the loan amount by the property's value. If your loan-to-value ratio is above 80 percent your rates may increase significantly. Find a less expensive home or save up for a down payment to lower this percentage.
  • Calculate your debt-to-income ratio by adding up your monthly debts and dividing by your monthly income. A debt-to-income ratio under 20-39 percent is usually considered good and will help you be perceived as financially stable.
  • Don't be afraid to start small. Just because you may qualify for a large loan doesn't mean that it is a smart financial decision to buy as large a home as possible. Take a careful look at your family budget and your housing needs before you decide how much you can really afford.
Pick a mortgage to fit your finances
  • Fixed rate mortgages have a set monthly payment that remains constant through the life of the loan. The interest rates tend to be a bit higher on fixed rate loans.
  • Adjustable rate mortgages give you a lower initial interest rate with the risk of it rising in years to come. If interest rates decrease you will have an advantage over fixed rate borrowers. Setting a rate cap about 5-6 percent above your initial rate will protect you from extreme jumps in interest rates.
  • File away a list of all your account numbers--with expiration dates and telephone numbers. If your wallet is stolen, you will be able to quickly alert your creditors.
Improving your finances before you start to shop can help you save thousands on your mortgage. Reducing your loan rate by just 1/2 a point you can potentially save a whopping $22,000 over the life of a $200,000 loan."  (See how practical?? lol!)  Go buy something great, a home you can be proud of!

Go have yourself all sorts o' fun!!  'til next time!  Ailsa : )


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Omg, make your money, go on a great trip!!  Or how about investing in your favorite Travel Company, or airline Stock?  Who knows where your money will come from, right?  There are so many great things to invest in, these days... the skies the limit - sooo, no limits?? lol! Thanks, Universe!! $299 Cabo All Inclusive - BookVIP.com€Ž 6 Days In A Luxury Cabo Resort With Unlimited Meals & Drinks For $299!

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I like the no Pre-Payment penalties - look for that phrase any time you borrow any money - on your personal loans, car loans, mortgage loans, home repair loans - anything, since you want to pay those loans back as quickly as possible, making the largest payments you can afford... that's the key, for sures. 











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Oh, man, I cannot WAIT to build another house - me so ah'cited! I just need a million dollars, or so... no, me joke! Although I WOULD love a million dollars, or so, right?? lol! Go ahead, and you put that out there in the Universe, too, and we'll see who gets to a million dollars, first, or if we both get there at exactly the same time - lol! : )

 A Reverse Mortgage can be a good option if you are retired or getting ready to retire - be aware of every part of it, ask all the questions you need to ask, make sure you will always be financially stable, especially as you get older : )