First Time Home Buyer Advice | Evelyn Lopes Realty Team_Blog

Monday, October 21, 2024   /   by Evelyn Lopes

91% of Buyers Were Surprised About Closing Fees – Don’t Be One of Them

If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?

In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.

1. First let's talk about High Ratio Mortgage Fees

For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.

The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.

Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...

  real estate, evelyn lopes, evelyn lopes realty team, caledon real estate, brampton real estate, orangeville real estate, caledon, homebuyer tips, finances, first time home buyer advice, first time home buyers, mortgage broker, how to buy a house, closing cots

Tuesday, May 28, 2024   /   by Evelyn Lopes

What Makes a Winning Offer?- 12 TIPS for SUCCESS

What Makes a Winning Offer? - 12 TIPS for SUCCESS

Money isn't the only factor that makes a winning offer. In fact, sellers sometimes choose lower offers over higher ones. Here are the 12 key components of a winning offer:

1. Offer Price

Sellers are naturally drawn to the highest and most competitive offer. It’s not just about the numbers; it’s about value. When your offer is close to or above the asking price, it signals to the seller that you’re serious and willing to pay a fair market value for their home. Lowball offers can be a deal-breaker in a competitive market. Make sure your offer price is both competitive and compelling.

2. Financial Qualifications

It’s not just about putting down a price. Sellers want to ensure you have the financial capability to pay that price. Pre-approval letters from a reputable lender or proof of funds for a cash offer can significantly boost your credibility. Cash offers are particularly attractive because they em ...

  real estate, evelyn lopes, evelyn lopes realty team, caledon real estate, buying a house, home buying tips, first time home buyer advice, first time home buyers, home seller tips, home buyer tips, writing a winning offer, how to write a winning offer, how to buy a house, tips for writing an offer to purchase, how to write an offer, deposit, home inspection, timeline, financing, market conditions, buyers agent, offer letter

Thursday, October 19, 2023   /   by Evelyn Lopes

How to Use Your Investments for Easier Mortgage Approvals- BMO Savers Mortgage

Unlock Financial Flexibility with BMO's Saver's Advantage Program: An Overview
Navigating the maze of mortgage approval can be a challenge, especially if you find that you don’t fit neatly into standard lending criteria. Whether you’re a retiree, self-employed, or a high net-worth individual, BMO’s Saver’s Advantage Program may be the solution you’ve been searching for. In today’s blog post, we will provide an overview of this revolutionary program that leverages your investments and savings to make mortgage approval easier than ever.
What is the Saver’s Advantage Program?
The program is designed for those who may not meet standard lending conditions but have a strong portfolio of savings and investments. Instead of shutting the door on these clients, the Saver's Advantage Program offers a pathway to mortgage approval by acknowledging these assets.
The Power of Indirect Leverage
One of the cornerstones of this program is the concept of ...

  real estate, evelyn lopes, evelyn lopes realty team, caledon real estate, brampton real estate, orangeville real estate, home and lifestyle, mississauga real estate, halton hills real estate, real estate tips, realty bytes, realty bites, mortgage, mortgages, mortgage rates, homebuyer tips, buying a house, real estate investing, finance, first time home buyer advice, first time home buyers, home buying tips, interest rates, financing tips, first time home buyer, savers mortgage, bmo

Monday, September 25, 2023   /   by Evelyn Lopes

From Agreement to closing- What happens after the agreement of purchase and sale is signed?

Ever wondered what happens after you sign the papers to buy a house? Buying a home is a big deal, and there are many steps to take before you get the keys. Let’s look at the process and break it all down into simple steps transitioning from accepted offer to the closing and move in day.
Step 1: Sign the Papers and Pay a Deposit
First, you and the seller will sign a contract called an "Agreement of Purchase and Sale." This document spells out in writing everything about the purchase of the house including, the legal description of the property, the agreed upon purchase price, the deposit amount, any conditions that are part of the agreement such as conditions on financing, home inspection, status review if it is a condo. Essentially, this paper says you agree to buy the house and how much you'll pay for it. It will also detail the closing date- or day on which you plan to move into or out of the home if you are the seller. After signing, you'll give some money as a deposit. ...

  real estate, evelyn lopes, evelyn lopes realty team, caledon real estate, home and lifestyle, mississauga real estate, real estate tips, home buying, first time buyers, realty bytes, homebuyer tips, mortgage rates, buying a house, real estate investing, first time home buyer advice, first time home buyers, home buying tips, lifestyle, interest rates, financing tips, real estate and lifestyle podcast, financial milestones, homeownership, mortgage application, property appraisal, real estate lawyer

Tuesday, August 22, 2023   /   by Evelyn Lopes

Worried about buying a home?_ How to Avoid the 7 biggest home buying mistakes and regrets when buying a house

Mastering the Art of Regret-Free Home Buying: Your Ultimate Guide
Are you a future homeowner ready to embark on a journey towards finding your dream home? Exciting as it may be, buying a house comes with its fair share of challenges, pitfalls, and potential regrets. But fear not! In this comprehensive guide, we're spilling the beans on how to navigate the real estate market like a pro and achieve a regret-free home buying experience.
The Quest for a Regret-Free Home Purchase
Imagine walking into your new home with a smile of satisfaction, knowing you've made the right decision. That's the feeling we're here to help you achieve. Whether you're a first-time buyer or have been down this road before, our expert insights are designed to empower you with the knowledge and strategies needed to avoid common home buyer regrets.
Spending Wisely to Secure Your Future
In this chapter, we dive into the first crucial regret to avoid: spending more than necessary. We'll explore the ins and o; ...

  real estate, evelyn lopes, evelyn lopes realty team, caledon real estate, brampton real estate, orangeville real estate, home and lifestyle, halton hills real estate, mississauga real estate, real estate news, real estate tips, caledon, home buying, first time buyers, buying a house, finance, first time home buyer advice, first time home buyers, home buying tips