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Quick Tips For The First-Time HomebuyerNews Canada NC—Buying your first home is an exciting new experience. Attending Open Houses, putting in an offer to buy and decorating your new home to suit your style is all part of the excitement. All the decisions that need to be made can also make you feel nervous. Here are a few tips that can help out the anxious first-time homebuyer. How much can I afford There are two things to consider when determining how much home you can afford. How much do you have for your downpayment What amount can you afford as a monthly payment while still enjoying life . To help you answer these questions, you can either call your financial institution, visit their website or go to your branch and talk to your personal banker. To shop for a home with confidence, you can obtain a pre-approval certificate from your Financial Institution. This document will tell you how much of a mortgage you can afford. How Much Do I Need for my Downpayment You can buy a home for as little as 5% of the purchase price. However, any mortgage with a downpayment of less that 25% has to be insured by a third party such as the Canada Mortgage and Housing Corporation CMHC. The amount of your downpayment will determine whether you need to insure your mortgage or not.
Your insurance premium will depend on the amount you are borrowing and on the percentage of your downpayment amount. Premiums usually vary between 1.25% and 3.75%. How Can I Save for a Downpayment There are a few different methods that can be used when saving for your downpayment
Should I Be Aware of Any Additional Costs Your mortgage will cover off the purchase price of your home, however there are other costs associated with buying a home. These are called hidden or closing costs and can usually amount to 1.5% to 3.5% of the total cost of your home. Here are a few examples of the hidden costs of home ownership and the costs associated with each. Appraisal fee $150 – $200 Home inspection fee $300 Property survey $750 – $1,000 Land transfer tax $2,000 Legal fees $1,300 – 2,500 Sales tax 7% Title insurance $250 Home Insurance $450/year Also, dont forget to consider general expenses such as moving and home decorating costs. Do you dream about owning your own home CIBC has now made it easier for those entering the new world of home ownership. They have formed a partnership with Canadian Mortgage and Housing Corporation CMHC to provide valuable and informative services for the first-time homebuyer. For more information about finding out how much you can afford, setting up an RRSP, or simply reviewing your mortgage options, contact your CIBC personal banker or call 1 800 465-CIBC 2422. - News Canada
| | | | RELATED ARTICLES Mining For Gold With The Best Affiliate Programs And Hitting Pay Dirt Colin McDougall tinkered around with affiliate programs earning a few dollars, nothing much to write home about, even had his own e-commerce site, known as the man’s mall. In theory that site was supposed to offer all sorts of gadgets for guys. Colin created the site with the concept “build it they will come” but in reality no one did. Like so many dot.com ventures, it was a huge disappointment, lots of hard work and no pay off. Buying New Construction...How Do I Begin The prospect of shopping for a new construction residence can be quite daunting, but the rewards of owning a brand new home out-weight the disadvantages if you know the potential pitfalls. The following are important considerations: Overall Dollar Budget, Location, Cost Per Square Foot, Finishes, Upgrades, Parking and Delivery Date. Understanding a Commercial Mortgage In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose. When you use a commercial mortgage to buy property, or to raise funds for any other business purpose, the lender retains an interest in that property until the loan has been paid in full. Unlike other types of business loans, which usually have a relatively short repayment period, you can take out a loan for as long as 30 years if you like. 6 REALLY COOL THINGS:The King of your Castle!!! If you want to be a millionaire, if you want to be smart with your money, if you want to get ahead in life, build security, establish equity, and retire in confidence, then you must, simply MUST become the King of your Castle! Write, Publish and Market a Book with No Out-of-Pocket Money Do you dream of having a book published, but don’t know where to turn Already have a book, but unsure of how to promote it Looking for cost effective high-return strategies to market your book If you answered yes to any of these questions, then the following information is for you. Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs There’s no question about it:Buying a first home is a big financial commitment.In most cases, a home is the largest single purchase an individual or family will make in a lifetime.However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make. Time Out The Patriots earned their money when settling the Super Bowl challenge thanks to Adam Vinatieris kick through the goal posts. Just before that kick, the Carolina Panthers called time-out to unnerve Vinatieri and Kinchen, the stand in center. On Thursday, January 29, 2004, Greenspan and company suggested they might kick up short-term interest rates. Hinting a time out for interest rates unnerved investors. What Type of Loan Do You Need There are many types of loans available to consumers. There is no shortage of people willing to lend money to qualified individuals. It is a matter of knowing what you need and what is available to you. Student loans, personal loans, auto loans- all types to offer to you. In order to get the best loan that fits your needs, You can find this information by contacting lenders, or researching online. 5 Tips for Savvy Use of Your Home Equity Line of Credit Tapping your homes equity to pay college expenses, consolidate credit card debt or even to buy a new car or boat is common place. Many economists attribute the additional buying power afforded consumers through home equity debt as a primary reason the nations economy has been able to emerge from the recent recession. Yet, aside from simply allowing consumers to spendmore, the flexibility and efficiency of a home equity line of credit HELOC can provide the financially savvy person with the means to savemoney, make money or simply take advantageof opportune situations he or she might otherwise miss out on. Here are five tips to show you how: Bad Credit Qualify Yourself For A Zero Down Mortgage Loan I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues.They got into the house with ZERO down payment, and only had to bring $600 for the closing costs.Their situation was pretty bad, I’m talking about a bankruptcy 2 years ago, thousands of dollars in outstanding collections, charge-offs and debt to income ratio of 49%.By the way, we left all of their outstanding charge-offs and collections open which means they didn’t have to pay any of them off!So many think they wont be able to qualify for a mortgage loan.Many will keep thinking they cant qualify until they read this article. Tax Advantages In A Home Business Every year, several thousand people develop an interest in "going into business."Many of these people have an idea, a product or a service they hope to promote into an in come producing business which they can operate from their own homes. Residual Income Hi, Im Peter Owen, Director and founder of Tall Oak Limited. Starting Your Home Based Business On A Shoestring Budget Whether seeking a supplemental income or a full-time income,many folks have undertaken the task to discover a viable homebased business solution to meet their personal needs. How To Create An Organized Filing System INTRODUCTION Common Sources of Financing for Small Business The choice of financing is an important determinant of whether a product reaches the market, or whether an existing business can survive. The choice of financing is an important part of being an entrepreneur and business owner, and the ability to raise cash when you have no or limited history takes skill and creativity. There are a number of sources of financing. The suitability of the alternatives depends on what stage you are at, and will change as the company matures from stage to stage. The following outlines the most typical forms available. The 3 Keys To Business Victories No matter what business you are in there is a high chance of failure. Why Because most people dont do the research and keep the right focus needed to succeed. Disaster Decision - Do You Need Insurance The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Some homeowners, in trying to reduce their expenses, wonder if they really need disaster insurance. Top 10 Things to Consider on Home Loans Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of LoanResources.Net:Down-PaymentFixed Versus Adjustable RateAPRLoan TypesLoan Amount Qualification, IncomeLoan Amount Qualification, ExpensesEmployment and Credit HistoryPointsSub-Prime LoansShort-Forms Dead Silence From Your Prospect: The Worst Sound Of All Could this be the worst moment in your selling cycle Real Estate Bankruptcy Although real estate bankruptcy cases no longer dominate the bankruptcy courts dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor. Real estate bankruptcy cases are typically filed after a foreclosure sale has been set. Upon learning of the bankruptcy filing, a secured creditor has a number of available options, all or some of which should be exercised, depending on the facts of the case, to maximize loan recovery. |
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