CMHC has tightened it's mortgage qualifications starting July 1st - find out how this will effect you.
As a first-time home buyer, you're often faced with a wide variety of decisions. There are plenty of housing options throughout Edmonton, but which one is the right one for you? Use these questions as a starting point to help you find which type of home you should buy.
Whether you're new to Canada or just buying your first home, we understand the mortgage process can feel overwhelming. But don't worry! We're here to help you learn more about the process so you can finally get started buying your new home!
If you're starting to think about buying your first home, you've probably heard someone mention getting pre-qualified for a mortgage. It sounds like a good thing, right? You want to be sure you'll qualify for a mortgage before you do any serious shopping.
When you think about the advantages of buying an Edmonton condo, “resale value” is rarely one of the things that comes up. People tend to assume the value of a condo is stagnant at best. Don't let these misconceptions steer you away, modern condos have great resale value for the following reasons.
The term “house poor” refers to someone who spends so much on their home they struggle with all their other expenses. While a home is usually a good investment because it allows you to build equity, you also have to keep an eye on your finances.
As you plan to buy your home, you may find yourself overwhelmed by all of the added costs that go into a mortgage payment. Many home buyers have to pay for private mortgage insurance, also known as CMHC mortgage insurance. Mortgage insurance is important to keep in mind as you search for a home.
Life is filled with uncertainty, but if you prepare in advance you'll be in better shape when unforeseen circumstances occur. This is especially true when it comes to finances and is the main reason why you need an emergency fund. Learn more about them today.
Is your education regarding mortgage rates up to par? If you're thinking about buying a brand new home, it's time you start learning more about mortgage rates and how they work. Getting started is only a click away!