Real Estate Blog

Are You Falling Behind On Your Home Equity Loan?

Mortgage rates have now been on an upward trend for over a year, and this trend is expected to continue, which could create some trouble for those homeowners with Home Equity Lines of Credit (HELOC). The HELOC has been a very popular product as it gives people access to the equity in their home when they want it through a revolving line of credit. The challenge is many homeowners with HELOC’s only pay the required interest portion on a monthly basis and nothing towards the principle as happens with a conventional mortgage. This keeps payments low, ...

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Interest Rates Shouldn’t Be All We Focus On

Interest rates have now been climbing for a year and have received a lot of attention in the media, but rates shouldn’t be all we focus on when choosing a lender or mortgage product? In today’s world, people change jobs and often homes more often than previous generations did, so having flexible mortgage terms can often save you more than a few points on a mortgage rate. The challenge is most people focus on the rate and pay little attention to the small print in the mortgage terms as they are not sure about what to look for and what question...

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Legalizing Marijuana – Don’t put your house at risk!

Marijuana may become legal in the coming months, but growing it in your house is still a really, really bad idea. Unfortunately, at this point lenders and insurers view one plant on the deck or out in the garden, the same as 100 plants in a moist and moldy basement, and this can cause problems with financing and insuring your home. Most lenders will not finance a home if the current owners check off on the property disclosure statement (must be completed on all sales) that Marijuana has been grown on the property (inside or out). This can dramatically af...

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Are House Prices Going to Drop?

The number one question I am hearing recently is, “Are house prices going to drop because of these new mortgage and tax rules?” First, I don’t know for sure, but based on what I see in the market and the actual stats, not the headlines, I think the market will definitely slow but not drop. Let’s remember, last year was the best year ever in the history of the Central Okanagan Real Estate Board. Yes, we are down from an absolutely crazy year but we are still having a very good year and though the number of sales is down, prices are...

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