Now that our kids have gone back to school and everyone is getting back to "normal life", I expect real estate transactions to pick up. In August, I did notice the condo rental market tightening up a more people turn to rentals than buying in this uncertain financial markets. It is a boon for investors who are renting as they are getting premium rents for their units.
Are you thinking of buying a house or condo? Even those who have bought before, as many of my clients have done, often forget the process and have many questions. It's important to be able to call, text or email your Realtor and get answers right away. I encourage you to ask, ask and ask as this is your right as a client.
Here is a Tip on Mortgages & Buying a home
1. Before you are looking to buy and apply for a mortgage, I'd recommend pulling your credit report and score. www.Equifax.ca Go through it carefully and make sure everything is correct. The banks will use this report to determine the amount they will lend you and your rate. It is better to fix any errors then being told afterward you can't get a mortgage. Save yourself the shock, pain and embarrassment.
2. After getting a mortgage approval on an offer for a home, DO NOT, buy a big-ticket item on your credit cards. Banks pull your credit report again before lending you the money near closing. With more debts racked up, the banks will lend you less. Now you are stuck paying the difference and people have lost their homes and deposits because of this. Top agents will make sure they tell you this.
3. Set aside 2-3% for closing costs. Especially when you are not a first-time Buyer. Top agents will do a closing costs analysis. Ask if your Realtor doesn't.
4. Opt for accelerated bi-weekly mortgage than a monthly one to pay down your mortgage faster.
Remember, if you have any real estate buying, selling, investing questions or have a friend, family member who does, just call me and give me the opportunity to help out.
Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc. He has formed 2 teams. One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA. No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.
Choose Results, Honesty & integrity. Choose Team Jas Jagpal.
Jas Jagpal, Broker 647.272.6629 jasjagpal@gmail.com Office: 905.471.0002
Jess Jagpal, Sales Representative jessjagpal@gmail.com 416.312.9742
Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale
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