It doesn’t matter how you approach the task of house hunting, eventually, you’ll end up taking a good, long look at your savings. Why? Because determining how much money you have available for a down payment on your home will affect just about every aspect of the home buying decision. From the housing type, to the mortgage rate, even how you word your purchase offer, all of these decisions come down to the amount of money in your bank account. Continue reading
Author Archives: familylending
Should You Sell Your House By Yourself?
Do you really need a listing agent to help sell your home? More and more home sellers are opting to go it alone when listing their property, but is the risk really worth the reward? For many, the answer is yes. Listing your home on your own can cut out on average about 6% in commission costs. That’s about $18,000 on a $300,000 home. Is a selling agent’s experience worth the cost? The mortgage brokers at FamilyLending.ca have investigated both sides of the coin, and offer up the following pros and cons to consider: Continue reading
Is a Home Equity Line of Credit the Right Option for Me?
We’ve all been faced with a major expense at some point in our life. Perhaps the furnace has failed in the middle of December, or your car has unexpectedly quit in the middle of a busy work week. You need a large sum of money fast, but your options are slim. Maybe your income stream varies from month to month, or your bank account just isn’t big enough. In a situation like this, you need to act fast, but you don’t want to make a decision that could hurt your credit score for years to come. So, what’s a frantic homeowner to do? How about tapping into your unused home equity to quickly and easily cover your costs? Continue reading
How to Buy a Foreclosed Home
It’s no secret that foreclosures have rocked the American real estate market over the past five years, but what about the Canadian real estate scene? While our major housing markets have faired better than that of our neighbour, there are still many foreclosed properties available across the country. First time home buyers and investors alike are jumping at the chance to take advantage of this surge of inventory thanks to affordable investment opportunities. But you can’t reap the rewards until your experience the risks. If you’re considering bidding on a foreclosed home it is important that you first understand the pros and cons of purchasing a property that’s in financial limbo. Continue reading
Is Your Home Underinsured?
Did you know that a large number of Canadian homes are underinsured? The following are six important steps to make sure your home is protected against the unexpected.
1) Know Your Policy And What it Covers
Your policy type should reflect your type of home and your needs. It’s important that you review your policy basics and have a good understanding of what you are and aren’t protected against. If you own an older home, or one that has special features (carved moldings or hardwood floors, for example), you will want to make sure you have special coverages in place to protect these items. Continue reading