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Guide to Buying a Home

Guide to Buying a Home Part 1: Financing The first thing you need to do is get pre-approval on a mortgage. This process will tell you how much you have to spend on a home, and can help you narrow down your search criteria. While this isn’t a guarantee that the financial institution will lend you that amount for the home you want to purchase, it is an important step in knowing how much you can spend. There are some key terms you need as they relate to your mortgage:   Term: Mortgage Term is the length of time for the mortgage (generally six months to five years), which you will then have the opportunity to renew at the end of. Otherwise, the full amount remaining would be due at the end of the term.   Amortization: Amortization is the expected total time it will take to pay off the full amount of the mortgage plus interest. The amortization can be changed based on market conditions and your personal situation over the length of it. The longer you amortize the mortgage for, the more interest you will end up…

Guide for Non-Resident Buyers

Guide for Non-Resident Buyers I understand that many of the people who are interested in buying real estate in Windsor-Essex are not residents of Canada. Here are the answers to some of the most common questions about buying for non-residents:   Who can buy Real Estate in Canada? Anyone - there are no limits on where a buyer is from to purchase real estate in Canada. Financial institutions may have their own limits on how many properties they will finance for buyers from outside the country.   Does owning property in Canada help my immigration application? Owning property in Canada does not have any effect on an immigration application.   I am a Canadian living abroad - am I considered a non-resident buyer? If you live out of the country for more than half the year then yes, you are considered a non-resident buyer.   I am a non-resident and want to purchase property with a resident. How is that application considered? You will be treated as a non-resident buyer if there is a non-resident as part of the buyer group.…

FAQ for Buyers

FAQ for Buyers Is there any Government money available to help first time buyers? Are there programs to help with closing costs?  There are a number of programs to help first-time homebuyers, including the Home Buyer’s Plan from the federal government that allows people to withdraw up to $25,000 in one year from your RRSPs to finance the purchase of a house, as well as the Land Transfer Tax Refund for first-time homebuyers that gives you a refund of as much as $2,000 from the provincial government on the Ontario Land Transfer Tax, and the First Time Homebuyer Tax Credit, which provides a rebate of $750 to first-time buyers from the federal government.   Can I get out of an offer if I have a financing condition? Do I have to prove I didn’t get financing? If your offer is conditional on your obtaining financing, you must make a good faith effort to obtain financing for the property. If this was a condition of the offer, the inability to obtain financing can entitle you to get the full amount of your…

 Albert Kantarjian
Albert Kantarjian Salesperson (519) 816-4222 (519) 251-1611

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