If a new construction home appraisal comes in lower than the purchase price, the lender will require the borrower to increase the downpayment to cover the difference and lower the qualifying mortgage amount. When you are purchasing a new build home from a builder, it’s… Read More »New Construction Home Appraisal Less than Purchase Price
The home hub is dedicated to answering your questions about new construction homes, pre-construction homes, new condominiums, deposit structures, new home upgrades and everything in-between.
If you’re buying a new construction home; this list of electrical upgrades for a new build home will help you decide what to upgrade and what not to. A new build home can have hundreds of features to upgrade, which can make the process a… Read More »Electrical Upgrades for New Construction Home (with Price List)
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
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?