Not doing the hard yards – the temptation is to cut corners on your research because you’re sick and tired of giving up your weekends looking at property but this is likely to be one of the biggest financial decisions you’ll ever make so you want to get it right! The better you know the area, the better you will become familiar with prices and importantly you’ll know how to spot great value when you see it!
5Forgetting about buying costs – remember to add stamp duty and settlement costs into the mix. This is usually up to an additional 5% on top of the purchase price that needs to be factored in when setting your budget.

Not Knowing Your Real Rates

When you’re looking at rates, make sure you’re comparing your APR (annual percentage rate) to know what your true rate will be. Check out our website to see a comparison of rates from various lenders to see which lender offers you the best rate.

Choosing the Wrong Loan Type

After you figured out you want to refinance, take time to establish what your objective is. Do you want to lower your overall payment regardless of the length of the loan? Do you want to be debt-free by a certain year? Consider the cost of the refinance in comparison to the financial benefits – is it worth it? Once you’ve answered these questions, talk to one of our loan officers to hear what type of loan will help you accomplish your goals.

Not Keeping Up With Your Borrower Responsibilities

As your lender, you rely heavily on us; however there are some obligations you have to take care of on your own. Make sure you have decent credit and avoid taking on any more debt, even after the refinance has been approved. Also, to make sure you get that low rate you worked so hard to find, check your lock-in dates so that you secure that interest rate, and make sure you turn in all documentation that’s needed as soon as it’s requested so you don’t delay your closing date, jeopardizing your interest rate.

Taking Charge in a Bidding War

There is another scenario that I despise, but unfortunately it happens: the seller has a number of offers on the table, and decides to send them all back for improvement. Personally, I think they should just choose the best one and accept it or work with it. In the case where you are sent back to improve, you have control and choices. The seller is actually at risk if the offer is signed back to you and a higher figure is requested. You can simply walk away from the deal, as you are not obligated to increase your money or change any terms of the agreement. You can resubmit your offer as is, or you can make some improvements to the offer by way of increasing the money or removing a condition or changing any term on the contract that the seller wasn’t happy about.

Just remember, although emotions run high and it’s not the most fun scenario for buyers, you should keep your head about you, and understand that you are always in control.

Mat Jefferson:

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The corporation is membership-based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members’ resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership.

Another key element is that the members, through their elected representatives, screen and select who may live in the cooperative, unlike any other form of home ownership. Housing cooperatives fall into two general tenure categories: non-ownership (referred to as non-equity or continuing) and ownership (referred to as equity or strata). In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title. The corporation’s articles of incorporation and bylaws as well as occupancy agreement specifies the cooperative’s rules.

In a conventional mortgage, the homeowner makes a monthly payment to the lender. After each payment, the homeowner’s equity increases by the amount of the principal included in the payment. In a reverse mortgage, a homeowner is not required to make monthly payments. If payments are not made, interest is added to the loan’s balance. Although the “rising loan balance can eventually grow to exceed the value of the home,” “the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.” In Canada the loan balance cannot exceed the fair market value of the home by law.

Regulators and academics have given mixed commentary on the reverse mortgage market. Some economists argue that reverse mortgages allow seniors to smooth out their income and consumption patterns over time, and thus may provide welfare benefits. However, regulatory authorities, such as the Consumer Financial Protection Bureau, argue that reverse mortgages are “complex products and difficult for consumers to understand,” especially in light of “misleading advertising,” low-quality counseling, and “risk of fraud and other scams.” Moreover, the Bureau claims that many consumers do not use reverse mortgages for the positive, consumption-smoothing purposes advanced by economists. In Canada the borrower must seek independent legal advice before being approved for a reverse mortgage.

Across the United States, sales of luxury homes have been hitting records. The number of California homes selling for $2 million or more, for example, reached an all-time high in 2013, as the state rebounded from the foreclosure crisis. The U.S. is not the only place seeing bitg sales of luxury homes. Vancouver, Canada’s priciest real estate market, saw a record 36% increase in 2013 over the previous year on sales of homes priced over $2 million.

Prices for luxury real estate have also seen significant increases over the last couple of years. According to Knight Frank’s Prime Global Cities Index, which tracks luxury real estate in 30 metropolitan markets around the world, the hottest luxury market now is Jakarta, which saw price increases of nearly 38% at the end of 2013 over the previous year. Knight Frank defines luxury real estate as homes that were sold in the top five percentile in terms of value. Other double-digit price increases in the last quarter of 2013 over the same quarter 2012 include Dublin (17.5%), Beijing (17.1%), Dubai (17%), Los Angeles (14%), Tel Aviv (12.7%), Bangkok (12.3%), San Francisco (10.4%) and New York (10.4%).

1. Do you work part-time or full-time as a real estate agent?

The housing market moves quickly, so it often pays to have someone who is a full-time real estate agent working daily on your behalf. It can become a challenge to schedule showings, meetings and closings around someone else’s full-time job.

2. Is your license in good standing?

It’s a good idea to ask potential agents if their license is in good standing, and if they’ve had any complaints or lawsuits filed against them. Most states have an online system that allows consumers to check the status of an agent’s license.

2. Is your license in good standing?

This is tricky because more years of experience don’t always equate to a better agent. New agents may not have the same insight as veterans, but they may work harder for you as they launch their careers – and reputations.