Lintott Law
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residential real estate Archives

Gifts from parents toward residential real estate can backfire

Many parents today are gifting money to their children to help with their first down payment. While this can be incredibly helpful for some young people looking to purchase residential real estate in Alberta, others who are not ready for home ownership might find this "gift" to be a burden. If a young person ends up with a home that he or she cannot comfortably afford to pay off, other financial priorities could suffer due to the mountain of mortgage debt.

The first steps for first-time residential real estate buyers

Before buying a home, it is important that potential buyers think carefully about their financial situation. Alberta home buyers should consider their job security, savings and comfort within a budget before deciding to jump into the residential real estate market. Those who do have this financial security may find that purchasing a home is their best option with increasing rent costs.

Homebuyers 101: Qualifying For A Mortgage

Last week, we discussed some basics about shopping for a mortgage. After a lender pre-approves you for a mortgage, you must prove to the lender that you can repay the loan amount. The lender will calculate your total monthly housing costs and your total debt load. It will then calculate your gross debt service ratio and your total debt service ratio (more about these below). If these calculations show that you can pay your housing costs and your additional debts, you will probably get your mortgage.

Homebuyers 101: Shopping For A Mortgage

Buying a house is the biggest investment most people will make. Getting the money to buy the house will be your greatest challenge. Borrowing the money is the only option for most people. That means obtaining a mortgage: a loan in which the lender can seize the house and sell it to pay off the loan if you cannot meet the mortgage payments.

Residential real estate experts offer advice for new buyers

Buying a home is a big decision, and the process can be intimidating. Getting advice from experienced real estate experts is a good idea for people looking to get into the residential real estate market in Alberta. Here is some of the more common advice real estate professionals tend to offer prospective buyers.

Interest rate hikes may impact residential real estate markets

A recent report from a Canadian bank is comparing how rising interest rates will affect the residents of different provinces differently. The report speculates that Alberta's households will be hardest hit by the increase. Residential real estate is typically more affordable than properties in Ontario and British Columbia, however experts say that they are more vulnerable to interest rate hikes than these provinces.

How to decide whether to buy or rent residential real estate

One of the biggest questions facing adults across the country is whether to rent or purchase a home. Prospective homeowners in Alberta should consider several different factors before jumping into the residential real estate market. From personal finances to lifestyle, the decision whether to rent or buy is not always an easy one.


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