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Tag Archives: First Time Home Buyers

Things to know when buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge

Middle-aged male on phone with title "By asking now about my mortgage pre-approval, I'm way ahead. What are you doing?"

Things you’ll need to know when successfully buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge.

Get pre-approval before you list your home – requalify your mortgage.

Other considerations are:

  • Job changes
  • Credit history changes
  • Calculate the equity you’ll have
  • Budget to help you keep on track

Do a Buy/Sell Calculation

Contact us and we’ll send you a free resource that will help you calculate the costs including:

  • Reduction of current debts
  • Realtor commissions and HST
  • Lawyer’s fees
  • Provincial land transfer tax
  • Any mortgage penalty
  • Creating a savings cushion for the unexpected

It’s important to share your information with your realtor so they are better able to serve you.

Ramifications Of Bridge Financing

What to do when closing dates don’t match? It’s normally straight forward if you have a firm purchase AND sale agreement.


Ensure you reduce your household content before you sell. Not only do you need to declutter your home, you also need to prepare the financing even before you list your home. This is a critical step even if you don’t expect to end-up with a mortgage in your new smaller home or condo.

Mortgage Questions?

If you have questions about mortgages and pre-qualifying, contact us! At The Mortgage Centre we love helping people through transitions. We are trustworthy and reliable brokers serving customers in Guelph, Kitchener/Waterloo, Cambridge and beyond!

Should I buy a house now or wait until I have more money saved?

Canada Mortgage Housing Corporation (CMHC) has some interesting statistics available on home purchases. It normally takes people nine to fourteen months to decide to move. However, once someone has made the decision, they normally act promptly when they see a house they’d like to buy. For the first time in 2015 more first time home… Read More

Housing Market Outlook 2015 and projection for 2016

New Home Market In the Kitchener-Cambridge-Waterloo (KCW) and Guelph areas, housing starts will be lower in 2016 and 2017 compared to 2015. There will be a greater decline in apartment starts (both condominium and rental) in KCW however, single-detached starts will increase slightly as the demand will remain strong and more land will become available… Read More

More money down required if you’re buying a home…but only if it’s more than $500K

If you’re buying a house for more than $500,000 you’ll need to have more money saved for a down payment. Outside of Toronto and Vancouver, most first-time home buyers can purchase a nice home for less than this. However, lenders are likely to pass future costs for mortgages down to consumers, find out more from… Read More

Should you buy a house even if you have consumer debt or student loans to pay?

In the last week, I’ve see three clients in similar situations. All three clients had good paying jobs, where in their late 30’s and had over $20,000 of consumer debt outside of traditional car loans. Should they be considering buying a home? A home is one of the only appreciating assets you’ll own. The trouble… Read More

Include a financing condition when you put an offer on a home

Even if you’ve been pre-approved for a mortgage, I recommend having a financing condition. Whether you’re selling a home and moving into another, or you’re buying your first home the financing condition protects you should there be a deficiency in the collateral (the house you’re buying). There are several things that could come up if… Read More