Mortgage insurance a must for those with high-ratio loans

Hot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.

"What mortgage insurance allows people to do is to get into the market with today's prices, with today's low interest rates, once they have determined that home ownership is right for them," says Mary Stergiadis, principal for Ontario business development at Canada Mortgage and Housing

These are some of the most frequently asked questions by home buyers – questions that people in the Kamloops area are searching for answers right now! I hope that the responses can give you the answers to your questions..

What are the advantages of buying a home?

Owning a home is a great way to build equity, take control of your living situation, and invest in your family and community. One study found that homeowners also report a higher quality of life. Check out the other findings about the social benefits of home ownership in this info graphic from Pinterest.

How much home can I afford?

A good place to start is to estimate your monthly payments will be around 25% of your gross monthly income. That is a safe number that most lenders feel

Some interesting facts from the BC Government about receiving help with paying your property taxes.

Once you receive your property tax notice, you may be able to apply for a low interest loan to pay your current year property taxes on your principal residence. There are two programs you may qualify for: 

• Regular Program
  You may qualify for this program if you’re:
  • 55 or older during the current year or
  • a surviving spouse of any age or
  • a person with disabilities
• Families with Children Program
  You may qualify for this program if you're a parent, stepparent or financially supporting a child.

You can apply to defer a portion or all of your residential (class 1) or residential and farm (class 1 and 9) property taxes after

Home prices in British Columbia are growing rapidly, and more and more having kids is seen by many as a luxury.

Home prices in British Columbia are growing rapidly—particularly in Vancouver, where the average price is almost double that of the national average—and more and more, having kids is seen by many as a luxury rather than a given.

Almost two-thirds of families in this province—65%—say the cost of home ownership has had an impact on their ability to start or expand their families, according to the results of a RateSupermarket.ca poll.

The majority of families across Canada feel the same way, but the national average is nine percentage points lower at 56%.

“While it’s no surprise that kids are hard on the wallet…it is disheartening

It’s More Than Putting A Sign On Your Lawn.

Just as much goes into selling a home as it does into buying one.

It’s a bit of a science actually. You want to get the best price, but you can’t be out of line with market conditions. What to do? Start by being as informed as you can and by choosing an experienced agent who knows your neighbourhood inside out.

Since 1913, Royal LePage has been helping Canadians sell their homes and guiding them through every step of the process. From showing you how to increase the appeal of your home and setting a price that will maximize your profitability to discussing offers and closing the sale. Below, you’ll find it all outlined in eight simple steps.

STEP 1

Deciding to Sell

Everyone has their own reason

Third of investors unprepared for buying process

It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.

The survey, published by the Real Estate Council of Ontario (RECO), also found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.

Other findings include:

• 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
• 36 per cent mistakenly think that after

3 things to consider before helping your kids buy a house

As prices continue to escalate in many Canadian markets, it’s only natural for parents to want to help their kids buy a home. But there are three things parents should bear in mind before doing so, reports The Globe and Mail.

Ask any Realtor or mortgage broker about home first-time homeowners, and you’re bound to hear stories about parents providing financial assistance.

“The bottom line is that when a first-time home buyer buys a house, the parents more often than not are contributing something to the down payment,” says David Larock, a mortgage broker with Integrated Mortgage Planners.

Some parents are more than happy to help their kids buy that first home. However, there are three good

Why It Is Better to Work with a Real Estate Agent When Buying a Home

It’s true that home buyers can buy a home without the help of a real estate agent, but buying a house is not as simple as buying a cup of coffee or new clothing. Purchasing a home is more complicated than it looks and the real estate transaction involves interacting with many key persons in the process – the lender, the appraiser, the home inspector, the lawyer to name some. It would be really overwhelming for you if you deal with the whole process alone.

While you can save money by doing the hard work alone – going solo is not the way to go and in the end may cost you more than the real estate commission your agent gets.

Here’s why you should drop the idea of going solo. This

The Kamloops and district real estate association have just released the latest statistics for home sales in November.
Aberdeen proved to be the top seller this month with 20 sales. Sahali with 14 sales including 2 sales over the $600,000 mark and Juniper Heights with 11 sales also including 2 over $600,000 scored highest for total value of sales.

Why not have a look at the communities and see what is currently for sale on our KAMLOOPS COMMUNITIES real estate page.

Condo living definitely has its perks. You can take advantage of amazing locations in the heart of urban centres close to public transportation. You can be a part of a community and you don’t have to spend your days doing yard work or home maintenance. But, best of all, you can enjoy convenient amenities like fitness centres, party lounges and pools, all at your doorstep. Sounds great, but how does this affect your bottom line? When purchasing a condo you want to consider your monthly strata fee.

What are strata fees and how are they determined?

Your monthly strata fee is money that’s used by the strata corporation to pay the common expenses of the development. Your individual fee is assessed by taking the total cost of the strata’s expenses and