I'm a banking and real estate professional with over 20 years of experience in new home construction, banking, back-office processing and mortgage/lending. I now spend my time educating the public in these areas of real estate and banking.
The Canadian equivalent of an FHA loan in Canada is a mortgage insured by the CMHC (Canada Mortgage and Housing Corporation). The FHA loan is a mortgage offered by lenders in USA, which is backed by the Federal Housing Administration. A mortgage is a type… Read More »A Complete Guide to FHA Loans in Canada
Homebuilders use special perfumes with floral, rose, jasmine, or cherry blossom scents to make their model homes smell good. These scents have various properties that affect our emotions, hormones, happiness, positivity, and mood. If you’re like me, you’ve been inside model homes and wondered –… Read More »How Do Model Homes Smell So Good?
Yes, you can borrow money from your parents to buy a house. There are two options to borrow money from your parents – you can either receive a gift or a loan. A gift and a loan are not the same when borrowing money to… Read More »Can I Borrow Money from My Parents to Buy a House
A car loan can affect your mortgage application in a negative way, by reducing the amount of mortgage you qualify for. A car loan can increase your debt-to-income ratio, which can lower the mortgage amount you qualify for. An automotive financing car loan will show… Read More »Does a Car Loan Affect Your Mortgage Application?
Home builders do not pay closing costs, but they may offer incentives on closing costs. The majority of closing costs are related to the mortgage process, and working with the builder’s lender may provide incentives on the closing costs. The buyer is responsible for paying… Read More »Do Home Builders Pay Closing Costs?
You can buy a second home and rent out the first in Canada, as long as you make a 20% down payment on the new home, or deem the second home as a principal residence. There are many people who own a second home for… Read More »Buying a Second Home and Renting Out the First in Canada
You can get a mortgage for more than the purchase price for renovations by applying for a purchase plus improvements mortgage. This mortgage would give you additional funds to cover renovation costs for the home you’re buying. You will need to obtain quotes for the… Read More »Can You Get a Mortgage for More than the Purchase Price for Renovations
You can sell your home before 5 years, or soon after purchasing the home without keeping it for long. There is no 5-year rule for selling a house soon after buying it. While there is no rule, there may be penalties for breaking your mortgage… Read More »Can You Sell Your House Before 5 Years
You can buy a house with multiple owners in Canada by using a joint mortgage. It’s common for people to buy a house with multiple owners, such as friends, parents, business partners, co-workers and family. It’s easier to qualify for a mortgage when you have… Read More »How to Buy a House with Multiple Owners
So, are new homes more energy efficient? New homes are more energy efficient because they are built using energy-efficient doors and windows, better insulation, Energy Star appliances, and smart home heating and thermostats. With new advancements in technology, new homes are becoming more energy efficient.… Read More »Are New Homes More Energy Efficient?
The average house prices in Belleville, Ontario continue to rise in 2021 with strong exodus from the GTA. As of December 2020, the average house price in Belleville, Ontario was $546,053 in the residential market, and $569,514 in the single family market. Belleville, Ontario has… Read More »Average House Prices in Belleville, Ontario Rising in 2021