Mike Bolger REALTOR® in Kitchener / Waterloo

People who can afford their mortgage payments but cannot afford anything else are called House Poor. You don’t want to find yourself in this situation. Buying a home that you can't afford will place significant restraints on your financial life. Here are some things that can assist you in finding a house that you can realistically afford. The first affordability rule, as set out by the Canada Mortgage and Housing Corporation (CMHC), is that your monthly housing costs that include the mortgage principal and interest, taxes and heating expenses (P.I.T.H.) should not exceed 32% of your gross household monthly income. For condominiums, P.I.T.H. also includes half of your monthly condominium fees. The sum of these housing costs as a percentage of your gross monthly income is your GDS ratio. What is your GDS ratio and can you pass the mortgage stress test? Use this mortgage calculator , no more than 30% to 32% of your gross annual income should go to "mortgage expenses...

Shopping for a home might be an extended process. Dealing with it appropriately from the beginning can save a good deal of time and effort afterward and help strengthen your possibilities of finding the most suitable home for you. Make a List of Everything That You Want in a Property Deciding precisely what to look for in a home search is often the most challenging part of the process. Homes come in different types of shapes and sizes, with different colors and characteristics. Focusing on all of these details can become difficult, triggering you to lose focus. The simplest way to prevent this is to take a moment beforehand and make a list of the most important factors of the home you want to buy. To illustrate, you likely have a specific number of bedrooms that you have in mind. Probably you want to be in a particular school district, or perhaps you want a much larger kitchen. Several professionals recommend having a secondary list of desired features that you can do wit...

Becoming a first time home buyer might be stress-full! This can be the biggest purchase of your life. Allow me to share some information that helps you with your journey toward homeownership. Home Buyers Do not Have to Pay Commission to Their  REALTOR® Lots of first-time buyers speculate if they have to pay a real estate agent a commission if they are buying a home. For a few, the thought of having to spend extra funds may be enough to make them walk away from the entire process. Lots of people are shocked to find out that the answer is no. The wonderful news for home buyers is they do not to pay commission to their REALTOR® because the agent earns their commission from the seller. In the event of a private sale, this may not be applicable if the buyer made a legal contract with the real estate agent for a percentage of the purchase. Don't Focus on Your Monthly Mortgage Payments Getting pre-approved for a mortgage is the very first step that you should take...

It is easy to get overcome when buying your first home!  Great guidance can go a long way.  For this reason, I have decided to give you some tips and tricks. During this process, be patient. Never overpay for something because you feel pressure. Good things come to those who wait! Do not compromise Take into account that you are buying the residence the way it is. Should you be disappointed with the property, I recommend not buying the home.  Always be patient  Under no circumstances overpay for a home because you feel stress and anxiety. Excellent things come to those who wait. Work with a real estate agent Make sure that you work with a real estate professional . They are skilled in real estate transactions and will protect your interest. You should never make assumptions when shopping for real estate. Avoid being house poor Don’t purchase a residence for the total amount the bank approves you for. There may always be items that you w...

Home buyers are now resorting to alternative methods! An article released by 570 news is saying some people can't afford to live in Waterloo. The time has come where home buyers are now splitting a home with friends. According to the Kitchener-Waterloo Association of Realtors, detached homes sold for an average price of $549,691 in February, up over 30 percent from the same time in 2016. Limited housing supply is causing the spike in prices. If you plan on buying a home to share or are a first time home buyer then lets chat. Call Mike Bolger at (519) 616-2656. Check out my website for more info. http://bit.ly/2a5w1mm Full article here: http://bit.ly/2mC9415