 |
Subscribe with RSS ReaderTuesday, April 3, 2012 Clarifying Mortgage Prepayment Penalties Last month, the federal government published a Mortgage Prepayment Code to ensure borrowers are better informed by lenders (federally regulated institutions) when it comes to situations where mortgage prepayment penalties may be charged – namely, for the purpose of clarifying interest rate differential (IRD).This is a positive step, because IRD calculations and penalties have traditionally been very confusing to borrowers.
IRD is a charge many borrowers face when paying off a mortgage prior to its maturity date, or by paying the mortgage principal down beyond the amount of annual allowable prepayment privilege limits. And IRD penalties can prove quite costly depending on the remaining mortgage term.
IRD is based on:
Tuesday, April 3, 2012 Video: Use a Licensed Real Estate Industry Professional
Source: RECA - used under standard YouTube license terms.
When you buy or sell property or need to secure a mortgage, using a licensed real estate industry professional gives you certain protections you would otherwise lack. RECA licences all industry professionals in Alberta. Check if the person you are dealing with is licensed at www.reca.ca
About RECA: The Real Estate Council of Alberta (RECA) is an independent, non-government agency responsible for governing the real estate brokerage, mortgage brokerage and real estate appraisal industries under the Real Estate Act of Alberta.
 About Real Estate Professional Tom Bushey:Tom Bushey is an experienced Associate Broker and REALTOR® with Real Estate Professionals Inc. in Calgary, Alberta. He's passionate about family, friends, technology and specializes in northwest Calgary condos and prestige homes. He welcomes the opportunity to earn the business of you, your friends, neighbours and associates for buying... Thursday, December 15, 2011 Reverse Mortgages vs. Home Equity Lines of CreditCategories:Calgary Real Estate,Mortgages  Which is better: A home equity line of credit or reverse mortgage? Let’s compare and see what’s best for you.If you want to access the equity in your home without selling your house, most people think of a "home equity line of credit" first. But, if you’re over 55 and own your own home, there may be a better option: a reverse mortgage.
Which is better: a home equity line of credit or reverse mortgage? Let’s compare and see...
Read more: 50Plus.com.
About Real Estate Professional Tom Bushey:Tom Bushey is an experienced Associate Broker and REALTOR® with Real Estate Professionals Inc. in Calgary, Alberta. He's passionate about family, friends, technology and specializes in northwest Calgary condos and prestige homes. He welcomes the opportunity to earn the business of you, your friends, neighbours and associates for buying or selling real estate in the Calgary area. Tuesday, November 29, 2011 What Are Closing Costs and How Much Are They?Categories:Buying a Home In Calgary,Home Inspections,Mortgages,Property Virgins,Relocating to Calgary,Selling a Home In Calgary We're asked this question quite often, so you're not alone. "Closing costs" is a term that you will likely hear often in your real estate transaction, whether you are buying or selling a home. The "closing costs" are the costs paid for at the end of the transaction at your lawyer's office. Many of them are directly related to the legal fees, property tax adjustments, land transfer fees, mortgage fees, etc. and generally add up to between $800 and $2,000 for the Buyer and $600 to $1,500 for the Seller - depending upon the transaction and the legal firm selected.Other jurisdictions may have additional costs or may not involve lawyers in the real estate transaction (they use "Title Companies" and refer to a concept of "Escrow"). As always, you should verify this discussion within the context or your own jurisdiction.
A much better discussion involves the total costs included in buying or selling real estate. These costs are many and which is why it is not advisable to be "flipping"... Thursday, July 7, 2011 Obtaining a Mortgage After BankruptcyCurious about whether or not you will be able to obtain a mortgage after bankruptcy? You may be surprised to find that it isn’t that difficult provided that you do all of the following:
Friday, February 25, 2011 Overview of the Federal Home Buyers' Plan (HBP)Categories:Mortgages A valuable incentive that today's home buyers can take advantage of is the federal government’s Home Buyers’ Plan (HBP). In my experience, however, there is some confusion surrounding this program, so I’d like to take this opportunity to provide you with a clear, simple overview. The HBP allows would-be home buyers the opportunity to withdraw up to $25,000 from their RRSP without incurring any withholding or income tax, and use it towards a home. The amount withdrawn then needs to be paid back into the RRSP over a 15-year period, with equal amounts due each year (i.e. 1/15th of the amount borrowed). However, not all homes qualify for the HCP program. The home must be in Canada, it must be a principal place of residence, and it must be purchased (or built) by October 1st of the year following the withdrawal. So for example, if $25,000 is withdrawn on January 1, 2011, home buyers have until October 1, 2012 to apply the money towards the purchase of a home. Now, there are some key things... Categories: Buying a Home In Calgary | Calgary Real Estate | Condominiums | Condos for sale | CREB | Grow-Ops | Home Inspections | Lawyers | Luxury Estates | Luxury Homes for Sale | Market Trends | Marketing | MLS Search | Mortgages | Open House | Property Virgins | Relocating to Calgary | Selling a Home In Calgary | Social Media | Technology | Top 10s | Videos |
| 
| ||||||||||||||||
Site design is Copyright© myRealPage.com Inc. All rights reserved.