Office: (780) 431-5600
What Kind Of Information Do I Need To Provide When I Want To Apply For A Mortgage?
Depending on the "income category" you are from will determine what the lender requires.
Employee: current pay stub and letter of employment dated and signed.
Contract: Two year history of income in that field. T4's from the same of different companies confirming the same life of work i.e. T4's with your employer's name.
Self-employed: 2 years of Notice of Assessments and T1 Generals.
More generally, you will also need to consent to a credit check, down payment verification (30 days bank statement for conventional financing and 90 day bank statements for insured mortgages) and gift letter if applicable.
What Do I Need To Bring To The Lawyers When I Am Selling My Home?
As a seller it is very helpful to provide a mortgage statement to the lawyer as soon as the file is opened (i.e.as soon as your home is officially sold). Most lenders will not give a payout statement without the mortgage reference number. This is required in order to disburse the funds properly once received from the purchaser's lawyer. This will help the file close smoothly and get your money into your pocket without any glitches or delays! Also a form of government issued picture ID will be necessary when signing transfer documents for the sale of your home. You should be called into your lawyer's office about 7-10 days prior to the closing date outlined on the purchase contract.
What Do I Need To Bring To the Lawyers When I Am Buying A Home?
Each lender has different ID requirements but one is usually a government issued picture ID - such as a driver's license or passport, or both. You will also be required to bring in the "shortfall" which will be a combination of the balance owing from the down payment, lawyer's fees, etc. Your lawyer will notify you prior to the appointment about how much to bring in the form of a certified cheque. You will usually be called in to sign paperwork about a week to 10 days prior to the closing date outlined on the purchase contract.
What Does "Closing on Protocol" Mean?
The Western Torrens Protocol is an initiative by the Western Provinces that basically allows the purchaser to take possession of the home they are buying even if title has not been registered yet, provided the following takes place: The buyer's lawyer has all documentation properly completed and signed, plus the property is insured. Also the buyer's lawyer has shortfall and mortgage funds paid to seller's lawyer and the title search on the day of closing shows no difficulties. Even though title won't change hands for as long as Land Titles is taking to register (currently about 6 days), it is a method insured by the Law Society and the Insurance of the Law Society to allow a buyer to take possession of their home on the date outlined in the purchase contract. If anything goes sideways during the waiting time for registration to actually happen, Protocol will cover the problems.
How Do The National Stats Translate To My Home's Value?
Markets can differ from neighborhood to neighborhood within the same city. Getting more concise information from a professional Realtor is important to determine how that influences your home's value, the ideal list price and how much competition you have in similar homes in your area. This will help you to make an informed decision as to whether to enter the real estate process.
The 2018 Edmonton Area real estate market experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales in all property categories.
To Recap: Single family home average sales prices were down by .85% from 2017 to $434,028. Condo's were hit the hardest with a decrease of 4.9% from 2017 to an average sale price of $236,008. Duplex/Row houses decreased 1.75% to an average sale price of $432,150 from 2017. Residential days on market increased 3 days from 2017 to 62.
Food for Thought: Our interest rates are still historically low. Does anybody remember 5-18%? Also if you are selling in a soft market it is a great time to buy up - as you will make it up on the differential. Moving into a condo because you are an empty nester or a snowbird or student? Well there are lots to choose from! There is always a silver lining.
And if none of those feel right? There is always the adage "This too shall pass".....
Please let me know if you need more in-depth information.
*stats taken from the EREB news release.
What is a Binder's Letter?
Once you have purchased your home but prior to possession, your lawyer will ask you to provide to them a binder's letter as part of the closing requirements. An Insurance Binder is a temporary document issued by an authorized insurance representative that serves as proof of insurance for your new home. You can contact your insurance company for one prior to meeting with your lawyer, and if requested most insurance companies will send it directly to your lawyer's office. When organizing home insurance the representative will ask a list of questions about the home - have your inspection report ready as you will find most of the answers contained in that report.
What Does The Royal LePage Shelter Foundation Do?
We all have certain charities or causes that touch our souls. Violence against women and their children is still a significant problem in Canada. The Royal LePage Shelter Foundation is the largest Canadian public foundation helping women and children escape violence and rebuild their lives. Royal LePage covers administrative costs, so 100% of donations go to the cause. Over $27 million has been raised since 1998. This is a cause near and dear to my heart so I donate a portion of each commission cheque to help those who are less fortunate. I am proud to be affiliated with a company that does so much to help local shelters. Merry Christmas!
Why Should I Use a Mortgage Broker When I Have a Relationship With My Bank???
Like Realtors, a Mortgage Broker is licensed with and governed by The Alberta Real Estate Association. They have access to over 50 lenders including banks to help cater financing details to your needs. Unlike bank employees who deal in mutual funds, loans of all sorts, RRSP's, etc. a Mortgage Broker has specialized knowledge. When shopping on your own, your credit report will be pulled by the individual bank(s) which could negatively affect your credit score. A Mortgage Broker can pull one credit report and share it electronically to all the lenders you would like your application submitted to.
Should I get a home inspection if purchasing a new build when builders must provide a New Home Warranty?
Buying a home is one of the largest investments most people will make in their lifetime. I am a firm believer that an inspection is always a good idea when purchasing, even when brand new. Common practice is a walk through with the site supervisor prior to possession. Your inspector can prepare a list of "deficiences" for you to address during the walk through if done ahead of time. An inspector can point out things that may not be noticed by you when you you are still in awe of the newness of your home! It is well worth the investment in your investment.