By: Muhammad Hussain

MORTGAGE TERMS

Tags: MORTGAGE TERMS

Amortization Period The time over which all regular payments would pay off the mortgage. This is usually up to 25 years for a new mortgage. Appraisal The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home. Assumable Mortgage A type of financing arrangement in which the outstanding mortgage and its te...Read More

By: Muhammad Hussain

PAYMENT TIPS

Tags: PAYMENT TIPS

Bi-weekly and weekly payments Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your emp...Read More

By: Muhammad Hussain

WHAT IS ASSIGNMENT OF CONDOS?

Tags: WHAT IS ASSIGNMENT OF CONDOS?

Most people who buy a condo take ownership through the Land Registry System. Just before the day of closing, you transfer money to your lawyer and if you need additional funds via a mortgage, your lawyer will register your ownership of the property and the interest of the mortgage lender. An Assignment means that you are buying a right to own a condo that is not in the Land Registry System. Usuall...Read More

By: Muhammad Hussain

WHAT ARE THE ADVANTAGES OF A CONDOMINIUM?

Tags: WHAT ARE THE ADVANTAGES OF A CONDOMINIUM?

Original condominiums were developed as a cheaper form of housing. Instead of having to buy the land and the building, people could own their building/unit and share the land cost. It then makes private ownership possible in areas where land values would ordinarily make this too expensive i.e. living downtown. Today people buy condominiums as much for Lifestyle as they do for price. Downtown you c...Read More

By: Muhammad Hussain

STATUS CERTIFICATE

Tags: STATUS CERTIFICATE

The STATUS CERTIFICATE can be ordered by anyone (realtors, appraisers, a person walking by the building) so long as a written request is made together with the fee (maximum of $100.00, including taxes). From the time the request is made in writing and the fee is paid, management has up to 10 days to make the STATUS CERTIFICATE available with all the usual accompanying documents (including dec...Read More

By: Muhammad Hussain

SHOULD I BUY A NEW CONDO?

Tags: SHOULD I BUY A NEW CONDO?

Newly constructed condominiums can be an attractive option for the prospective owner They offer all of the benefits of a newly constructed building (fresh appearance, modern fittings, surfaces, elevators, appliances) while providing unit owners with the chance to customize their units. You can purchase a new condominium from the developer either before or during its construction and well before th...Read More

By: Muhammad Hussain

IS THIS THE RIGHT TIME TO BUY A CONDO?

Tags: IS THIS THE RIGHT TIME TO BUY A CONDO?

If you're currently renting or are looking to downgrade from a large home, this may be the perfect time to purchase a condo. While condominium units were once not treated with the same level or respect as single family homes, the real estate market and people's perceptions have changed. Condos grow in value just like homes and purchasing one now, especially while price are low, makes a lot...Read More

By: Muhammad Hussain

WHY DO SO MANY PEOPLE BUY CONDOMINIUMS?

Tags: WHY DO SO MANY PEOPLE BUY CONDOMINIUMS?

Why would people rather buy condominiums instead of purchasing a house? There are many people who prefer condominiums over houses. There are great reasons for purchasing condominiums. Once understanding what condominiums have to proposal, you'll see why many individuals choose this route when obtaining real estate. Firstly, condominiums are naturally sold at a lower cost than a house in a sim...Read More

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