Happy April Fool’s day, hopefully you have not been tricked yet. Just a short post with some idea’s on how not to be fooled in today’s hot real estate market.
1) Make sure that you get pre-approved before you start house hunting. Note that most lenders just issue a rate hold but do not actually thoroughly review your file. You will need to deal with a competent professional who will actually review all your necessary supporting documents before your house hunting journey.
2) Don’t get carried away with excitement cause the inventory of available homes are low and there are many buyers bidding on the same property. So I am advising you NOT to write a condition free offer on a property you want to purchase. Unless you have the purchase price in cash this is not a wise decision. See my prior blog post.
3) Interest rates have been rising lately but not all rates. While in the past most people have favoured fixed rates since your payment would not change over the term of your mortgage. There is a better option with variable rates. While fixed rates are based on bond yield which have been steadily rising recently, the variable rates are based on the Bank of Canada overnight rate which has not changed. These are still at generational lows.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).