Buying a New Home: Capital Mortgages Ottawa

Looking To Buy? House vs Condo

For decades, home ownership has been part of goals, political campaigns and ultimate sign of success for many families. The standard of a two car garage and a back yard defines the characteristics. Today though, there is a large and growing market for other types of residences, specifically condominiums. If you are looking to buy? house vs condo is a significant question.

History has supported the idea that owning a house is the ideal. Buyers own the structure and the land on which it sits. Before making such a monumental decision, buyers should consider alternatives that may be a better fit for the personality and lifestyle. Here are some factors to consider.

When you purchase a house, there is a lot of freedom to make decisions, as long as they don’t conflict with the bylaws of the community in which you live. You can choose the color and the design of the landscape. Owners are free to be as independent as good taste and the budget will permit. Homeowners must be able to do maintenance and repair work. They must have the budget to afford upkeep and repairs. A home owner wants and enjoys privacy.

The downside of the freedom that comes with house ownership is the cost. Repairs and maintenance costs money. The responsibility of taking care of faulty roofs or plumbing falls on the homeowner.

Choosing a condominium has advantages for another group of buyers. If you want a turnkey lifestyle, a condominium may be the answer. Buyers might be unable to perform maintenance tasks or may be very busy so that mowing the lawn is low priority. There are amenities that come with many if not most condos that are great perks. These might include party rooms, gyms, and pools. Life in a condominium is easy and fun. Buying a condo provides a living space that is move-in ready.

The options available with a condo come with a price. There can be sizable monthly maintenance fees. Someone has to pay for the amenities and service. Another negative aspect for some is the high density of people in a small area. There may be hundreds of neighbors, rather than only a few. Making the important decision of the type of ownership is easier today, thanks to the many options. So, if you are looking to buy? House vs condo is the decision that requires consideration of preferences and lifestyle.

Buying a New Home: Capital Mortgages Ottawa

Using a Mortgage Professional to get a Canadian Mortgage

Now that the global credit crunch has eased somewhat, this may be the best time to apply for a mortgage in Canada. Canadian mortgages are currently available at very low rates, and you will find some exceptional deals being offered by banks and brokers. These low rates may not be around for much longer, as some financial analysts are predicting that Canadian mortgage rates look set to rise.

If you are tempted to go look for a mortgage before the rates start rising, you should consider using the services of a broker. There are many advantages to using the services of a broker in trying to track down the best possible mortgage deal, rather than directly approaching lenders yourself.

Because brokers are specialists in arranging mortgages, they have access to numerous different lenders, and they have expert knowledge of all the deals each lender has on offer. Many lenders are now applying stricter lending criteria, and brokers will know which lenders are the best match for a particular borrower’s situation.

If a borrower approaches a lender directly, he or she may not be told about the best rates that the lender has on offer. Lenders may try to sell direct clients a product with a higher interest rate. Mortgage brokers, on the other hand, will know all the offers available and will be in a position to request the best rates for their clients. Since brokers do not have any direct connection with any lender, they are free to offer totally impartial advice to their clients.

People with credit history problems may struggle to find a lender who is willing to arrange a mortgage for them. Even if they can find one who will give them a mortgage, they may end up paying very high rates. Brokers are best placed to help people with credit score problems. They will usually be able to find the best deals available for such people.

Canadian mortgage brokers are regulated by both provincial and federal authorities, and they have to comply with the highest standards in all their dealings with the public. This means potential clients can have complete trust in their Canadian mortgage broker.

It is almost inevitable that Canadian mortgage rates are going to rise, so the sooner you act, the better the deal you can get. By the time you manage to find a good deal yourself, interest rates may have already increased. Using a broker who is a skilled mortgage professional can get you the best mortgage deal quickly before it is too late.