We are here for you
Embarking on the home-buying adventure is a significant financial milestone, laden with numerous crucial considerations. A CENTURY 21® REALTOR® transcends beyond mere transactions, offering steadfast companionship at every juncture of your journey. Rely on the seasoned expertise of a CENTURY 21® REALTOR® to guide you to the doorstep of your dream abode.
We are here for you
Buying a home is one of the largest financial transactions you will make in your life, so there are many important questions to consider when purchasing a home. A CENTURY 21® REALTOR® goes beyond the transaction and will be there with you every step of the way. Trust the experience of a CENTURY 21 Realtor to help you find your dream home.
Supporting you every step of the way
If you're on the lookout to buy, I am here to enrich your search experience by unveiling factors you might not have considered, whether it's the local schools, lifestyle, or the investment value of the property. With our state-of-the-art property search tools at your disposal, finding the home that resonates with your needs becomes a seamless endeavor. Leveraging market insights, real estate expertise, and negotiation prowess, I am committed to helping you land the best possible deal while taking care of all the critical intricacies.
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HOME BUYER'S GLOSSARY
AMORTIZATION PERIOD
When you finance a purchase, like buying a car or a house, you're essentially borrowing money from a lender, which you agree to pay back over a certain period of time with interest. The term "the number of years it takes to repay the entire amount of the financing based on a set of fixed payments" refers to the duration it will take you to pay back the entire borrowed amount plus any interest, by making regular, fixed payments.
Let's say you take out a loan of $10,000 with an annual interest rate of 5% to be repaid over 10 years. You'll have a fixed monthly payment amount that includes both a portion of the original loan amount (the principal) and the interest that the lender is charging you for the loan. Over time, as you make these fixed payments, you'll be paying down the principal amount you borrowed as well as the interest, until eventually, you've paid off the entire loan.
The total time it takes to pay off the loan, in this case, 10 years, is what's being referred to in the phrase. This timeframe is crucial as it impacts the total amount of interest you'll end up paying over the life of the loan.
APPRASIAL
So, you're stepping into the exciting journey of buying a new home. One of the key steps in this process is understanding the true value of the property you're interested in, and this is where an appraisal comes in.
An appraisal is essentially a professional opinion on how much the property you're looking to buy is worth in the current market. This process is carried out by a licensed appraiser, who is an expert in evaluating properties.
Here’s how it works:
1. **Inspection:** The appraiser will visit the property and inspect it. They'll look at the size of the house, the number of rooms, the condition of the property, any upgrades or repairs that have been done, and so on.
2. **Comparative Market Analysis (CMA):** The appraiser will then compare your property to similar properties in the area that have recently sold. This comparison helps them understand how your property stacks up against others in the market.
3. **Report:** After the inspection and comparison, the appraiser will compile a detailed report that outlines their findings and provides an estimated market value for the property.
This appraisal value is crucial for a few reasons:
- **Fair Pricing:** It helps you understand if the asking price of the property is fair and reasonable.
- **Loan Amount:** If you're getting a mortgage, your lender will use the appraisal value to determine how much money they're willing to lend you. They want to ensure that the loan amount is in line with the property's worth.
- **Negotiation:** Sometimes, if the appraisal value comes in lower than the asking price, it can serve as a negotiation tool to discuss the price with the seller.
In a nutshell, the appraisal is a vital step to ensure you're making a wise investment and that the price you pay for your new home reflects its true market value.
CLOSED MortgageS
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
MORTGAGE
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
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Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
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Unit 202 - 2692 Clearbrook Rd.
Abbotsford, BC
V2T 2Y8
(604) 866-5585
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