Buying a house - Advice please :)

[shakira2009]

2 weeks ago I had a meeting with a Financial institution that specializes in newcomers if you come from countries with credit record such as the US,Australia,etc. you might qualify for 0 down payment,5% or 10% with only a year in the country.

Hi,

Is that a reputable institution? What do you need to qualify? I may have close to 15% of a downpayment depending on the value of the property, but with the small income I'm earning I doubt I qualify for anything... But I'm open to hear about different options if they're trustworthy.

Thanks.

 

[ALRIVAS]

Hi I'm sorry to replay so late I didn't see this post.
Yes is a financial institution that only does mortgages and mortgages only.
I don't work with banks banks=headaches.

 

[shakira2009]

so... what do you need to qualify? and why banks=headaches?

 

[ALRIVAS]

Banks like to play games in order to offer you their discount interest rate they first offer their posted rates then when you go to a different bank they will offer a better rate until you get their discount rate by that time your credit has been checked 3 times or more.
My advice is go to a mortgage broker they work for you is free and you will always get the best rate available.
Normally brokers work with Financial institutions that when you call them with any question you have they know everything about your mortgage if you call the bank for your mortgage they will transfer you around until you get to that department.
Don't forget to visit my site for more info specially if you are a first time home buyer.
alrivas .com

 

[karamatnajeeb]

Not sure if somebody can advise if owner of the property will consider to give better discount on the selling price of property if he is offered full payment in cash .

I recently received PR and planning to move to Canada in couple of month.

 

[mortgageprofessional]

Hi;
As a mortgage professional, the best advice I could give you is:
Find a realtor to assist in the negotiating process.

As a buyer, it costs you nothing to enlist their services.
As a buyer who can offer to purchase a home with no conditions, your offer will be favourably received in comparison to a buyer who has financing conditions. This is especially true when a seller has had offers which have fallen through in the past.
I hope this helps. Good Luck!

 

[preeti22]

If you are thinking of buying house in canada then i will suggest you to buy in vaughan city.one of the most beautiful city in canada as it has wonderful neighborhoods and very affordable real estates.

 

[corazon3]

This is not the right time to buy a house as the Canadian housing bubble will burst sooner or later.

 

[Arhsub]

You don't need a SIN. You can get TTN (temporary tax number) from the CRA though. It replace the SIN until you get a PR.

Although you have no job, you still could be in the mortgage. Just check with banks.

As a home owner, you might also need to pay utilities (such as water and garbage removal) charges to the municipal government.

Yeah I agree with Steaky, You don't need a SIN. You can get TTN from the CRA though. It replaces the SIN until you get PR.

 

[CanadianJeepGuy]

This is not the right time to buy a house as the Canadian housing bubble will burst sooner or later.

Interest rates are not set to rise for the next 2 years if at all says the Bank of Canada. Now is the best time to buy a house.

 

[YVR123]

Guys, I see you are experienced in it. What are your thoughts on buying an old house and then renovating it? I did so and now I'm interested who've done the same (because it's not that a popular choice). I found a firm which dealt with a kitchen, bought siding to make the house look like a new one. I think sometimes it's better than buying a new house.

These are discussion in 2013 (6 years old) the real estate market has changed a lot and interest rate isn't raising now...
May be start a new discussion? The location that you are considering make a difference too. I am sure the market in Calgary is very different from that in Toronto.

 

[steaky]

Guys, I see you are experienced in it. What are your thoughts on buying an old house and then renovating it? I did so and now I'm interested who've done the same (because it's not that a popular choice). I found a firm which dealt with a kitchen, bought siding to make the house look like a new one. I think sometimes it's better than buying a new house.

Apart from cheaper than a new house, why do you think it's better?

Let say you renovated the kitchen when you first moved in. One day, one of your bathrooms was leaking and below was your living room's ceiling. Then you would need to repair the plumbing, renovate the bathroom and the ceiling. You might need to worry about asbestos too.

 

[YVR123]

Apart from cheaper than a new house, why do you think it's better?

Let say you renovated the kitchen when you first moved in. One day, one of your bathrooms was leaking and below was your living room's ceiling. Then you would need to repair the plumbing, renovate the bathroom and the ceiling. You might need to worry about asbestos too.

When buying an old house, you need to budget in the repair cost as well. E.g. houses from certain range of build/renov year are most likely to have asbestos. So budget in for the removal if you want renov done in the certain area.

 

[steaky]

When buying an old house, you need to budget in the repair cost as well. E.g. houses from certain range of build/renov year are most likely to have asbestos. So budget in for the removal if you want renov done in the certain area.

You will need to budget in the repair cost, regardless whether it is a new or an old house.

 

[akhurana487]

I would buy a new house rather than an old one because if you are a single family like mine or if you would want to do family planning. You would rather spend time with your kid other then spending your days off repairing the old house. No doubt buying a old house gives you leverage over transit and accessability but again is it worth your time? Because here I have seen only dayas you can relax is days off or the vacations that you plan in a year. I would love to spend time with family rather than wasting time in repairs and also if you buy a new house i guess for atleast 10 years you do not have to worry much about repairs.what are your thoughts?? I am planning to buy a house in calgary market seems okie at the moment... also mortgage rates might go down not sure of that though. This year and the next year would be the best time to buy a house here in calgary