Home Buying Blogs – Calgary

Many Seller's are now getting hit with some large Mortgage Payout Penalties. It is now more important than ever that they very this information along with their Realtor what their penalties will be if they are not porting their mortgage to their new home. Unfortunately with mortgage interest rates continuing to fall, most penalties are now calculated on the interest rate differential / loss of interest.

This is because most mortgage early payout penalties are calculated on three months interest payment or the interest rate differential—whichever is the GREATEST!!

How to Calculate a Mortgage Interest Rate Differential Penalty

Methods of calculating penalties are as varied as the lenders' imaginations. As a Seller or a Realtor, always remember:

What does contingent mean when buying a house in Calgary? Once a buyer's offer has been accepted, it can only be rescinded under certain conditions and in certain circumstances. These conditions are known as contingencies. The contingencies are put in place to protect the home buyer. Every home buying contract includes information about contingencies, usually at the beginning of the contract.

Some home buyers choose to waive the contingencies to make an offer more attractive to the seller. Others leave the contingencies in place in order to reap the full benefits of the contingencies. Home buyers should be familiar with the contingencies to ensure that the home buying process goes well.

Financing Contingency

The financing contingency is

A real estate investment doesn't just mean buying a residential property and then renting it out. Those who want to enter this market should know that they have plenty of options available, and most of them don't include being a full-time landlord. Regardless of how much spare money or time a person has, it's likely they can find a real estate investment that works for them. Learn more about what it takes to jump in the game.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Quick Refresher

Property terms are complex, and it's impossible to share them all in one article. However, there are a few that investors should note from right off the bat:

Getting a home inspection on a previously-owned property is a necessity and should not be viewed as only an option. Approximately 40% of the listings on the market have a defect that could be serious. In some cases these defects can be easily rectified and at other times a substantial investment will be required to fix them up.

The Importance of Inspections to Detect Home-Buying Red Flags

Just think of what you would do if you were going to buy a used car from somebody on Kijiji. You would get a mechanic to check it out thoroughly before handing over any money. If not, any problems that come up will be yours to deal with. The same goes for a house.

A home inspection puts you in the driver's seat so that you have control over your purchase.

The real estate market for luxury homes in Calgary has noticeably grown recently. Unfortunately, the $22-million palace - the city's most expensive home and the crown jewel of the millionaire's row called Pump Hill Close - owned by Alfred Balm is not for sale. But luxury doesn't have to be as ostentatious as Balm's 91-room, 15,450-square-foot mansion.

Photo by Ben Freedman.

Buyers with no budget issues have a variety of homes and condos to choose from in the $1 million-plus range. The city's economic climate makes it possible for local residents to get top jobs and move to more affluent communities. Also, because of its reputation as one of the most livable cities in the world, wealthy investors and business executives from around the world help

As the interest rates begin to climb, people that are interested in buying a Calgary home will follow one of 2 routes. They may either decide to get right into the market as fast as possible before the interest rate rises further or they may jump back and put their home purchase on hold temporarily due to the increasing rates. According to a new report issued by TD Economics, this is the general reaction that can be expected once the interest rates start to move up.

How Mortgage Rates Fluctuate

This model by TD projects some interesting figures. For every percentage point that the interest rates go up, the listing sales also go up by 6 percentage points immediately. The rush is on for people that want to lock in their mortgages as fast as

People buying homes in Calgary always get so fixated on buying a home that is perfect for you and your family. What if you do not have a family? What if you are a single individual living by yourself? There is certainly nothing wrong with living alone and there are some people who prefer it.

What Do Single Homebuyers Need to Think About

Here are a few things single homebuyers need to consider to have a successful real estate transaction.

Do Some Research

There is research to be done regardless of if you have a family or if you live on your own. If you live on your own, maybe there is a reason. You could be a person who does not like children. You also could be a person who just hasn't found your special someone. Either way, you are going to

The market conditions have changed quite dramatically over the past twelve months. As a result, some homeowners may stumble upon financial hardships that make it difficult for them to pay their mortgage payments. Once your mortgage loan defaults, the chance of foreclosure increases.

If you or your spouse has lost employment and no longer make as much money, and you see meeting your mortgage payment obligations is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the door. You do not have time for them. Instead, you need to focus on your options.

Fortunately, there are ways to avoid default and keep your

If you don't like loud noise and hallway traffic or have a belief in feng shui, you'll be looking for a condo unit that isn't situated close to the elevators. For a number of reasons, buying a condo near an elevator can be damaging for your peace of mind in the home.

Feng Shui And Elevators

There's a lot of busy energy that's coming from the elevator at all times of the day and it isn't always pleasant. According to the theories of feng shui experts, the energy that comes from the elevator area can easily pass into your condo and negatively affect your space.

Stairs and Foot Traffic

When it comes to stairs, this can also be a problem, but it will all depend on the floor you live on. For example, if you live on the second floor of the

Did you know that there are a million registered vehicles on the streets of Calgary? That's a crazy number of cars, trucks, SUVs and mini-vans on the road, and of course, all one million of these vehicles need parking spots. We love to drive but hate looking for parking. If you're shopping for a condo and have one or more cars, adequate parking is just as important as the number of bathrooms. Here's what you might expect when considering a purchase in a multi-family development or condo tower:

In A Parking Lot Or Underground

Condo and townhome developments on the outer fringes of Calgary and suburban neighbourhoods most often have a parking lot, also called surface parking, which is not as secure as underground parking which is typically