With the emergence of the Internet over the past couple of decades, more and more consumers are playing an active role in “rate shopping” for their mortgage. Unfortunately, the “best rate” doesn’t always equal the best mortgage – there’s usually a big difference between the lowest rate and the lowest total cost of borrowing. In fact, the… Continue reading The Cost of Borrowing
Agreement of Purchase and Sale – Inclusions/Exclusions
A standard residential agreement of purchase and sale in the Province of Ontario includes a section that details the items in addition to the real property that are to be included in the offer, and others that are excluded from the agreement. The listing agreement will detail the items that the seller is willing to… Continue reading Agreement of Purchase and Sale – Inclusions/Exclusions
What to do when your new house isn’t empty
Here’s a situation that happens more often than you might think: your lawyer calls to say that your house is closed, you pick up the keys, you go to the house….and the old owners are still there. If you are a first-time buyer, you are most likely staying in your rental for a few days… Continue reading What to do when your new house isn’t empty
Buying a Home as a New Canadian
I got a phone call this week from someone who has recently moved to Canada and wanted to buy a home. Because the processes are so different in every country (and sometimes in each province!) it’s so important for new residents to discover their options. Since I’ve never bought a home in another country, I… Continue reading Buying a Home as a New Canadian
What is an IRD (Interest Rate Differential)?
The world of mortgages and real estate is filled with an excessive amount of acronyms. If you were to overhear some of our conversations, you would swear we were speaking a different language – LTV and PMI this, and IRD and ARM that, API, BPS, and it goes on and on. While most people don’t… Continue reading What is an IRD (Interest Rate Differential)?