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Dan Petersen, your trusted local realtor, is here to make your house hunting experience a breeze!
With his deep knowledge of the area's market trends and neighbourhoods, Dan will help you uncover the hidden gems.
Reach out today to explore homes that match your unique vision.
Dan Petersen
Re/Max Action Fort St John
(250) 262-7496
dan@remaxaction.ca
The journey to finding your perfect property is exciting! From cozy condos to spacious family homes, explore a wide range of options that match your needs.
Let's turn your homeownership dreams into reality.
Dan Petersen
Re/Max Action Fort St John
(250) 262-7496
dan@remaxaction.ca
Cashback mortgages are a type of mortgage that has gained popularity in Canada over the past few years. With a cashback mortgage, borrowers receive a lump sum cash payment from the lender at closing. This cash payment can be used for various purposes, such as covering closing costs or making home improvements.
How a Cashback Mortgage Works
Cashback mortgages are a type of mortgage that has become increasingly popular in Canada in recent years. With a cashback mortgage, the lender provides borrowers with a lump sum cash payment at closing. This payment can be used for various purposes, such as covering closing costs, making home improvements, or paying off high-interest debt.
The amount of cashback a borrower can receive typically ranges from 1% to 7% of the mortgage amount. However, the exact amount can vary depending on the lender and the borrower’s credit score and financial situation. The cashback payment is typically added to the mortgage balance, which means that borrowers will pay interest on the cashback amount over the life of the mortgage.
Advantages of a Cashback Mortgage
Cashback mortgages can provide several benefits for borrowers in Canada:
A cashback mortgage can help with the upfront costs of buying a home or refinancing an existing mortgage. This can be especially beneficial for first-time homebuyers or borrowers who need more cash.
Cashback mortgages can be a way for borrowers to make home improvements or pay off high-interest debt. By using the cashback payment for these purposes, borrowers can save money in the long run and increase the value of their homes.
A cashback mortgage can provide flexibility and financial security. The lump sum can be used for any purpose, meaning borrowers can choose how to use it based on their financial needs and goals.
Drawbacks of a Cashback Mortgage
While cashback mortgages can provide several benefits, they also have several drawbacks that borrowers should consider:
A cashback mortgage often has a higher interest rate than a traditional one. This means that borrowers will pay more interest over the life of the mortgage, which can result in higher overall costs.
They also often come with restrictions on refinancing or prepayment penalties. These restrictions can make it more difficult or expensive for borrowers to change their mortgage in the future.
In a cashback mortgage, the cashback payment is added to the mortgage balance, which means that borrowers will pay interest on the cashback amount over the life of the mortgage. This can result in higher overall costs and a longer mortgage term.
Finally, cashback mortgages may not be a good fit for borrowers focused on paying off their mortgage quickly. By using the cashback payment for other purposes, borrowers may delay paying off their mortgage and incur more interest charges over the long term.
How to Apply for a Cashback Mortgage
Applying for a cashback mortgage in Canada is similar to applying for a traditional mortgage. Here are the steps involved in applying for a cashback mortgage:
Cashback mortgages are a popular option in Canada that can provide borrowers with a lump sum cash payment at closing. With careful consideration and informed decision-making, cashback mortgages can be valuable for borrowers looking to purchase or refinance a home in Canada. Talk to your financial advisor to see if a cashback mortgage might be a good option for you.
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Congratulations! You've taken the first step towards homeownership by applying for a mortgage. However, the journey doesn't end there. After submitting your mortgage application, it's essential to tread cautiously and avoid certain financial moves that could jeopardize your chances of securing the loan and your dream home. In this blog post, we'll delve into five key things to avoid after applying for a mortgage.
1. Making Large Purchases:
While it might be tempting to splurge on new furniture or appliances for your soon-to-be home, hold off on making significant purchases using credit. Large credit card transactions or new loans can negatively impact your debt-to-income ratio, which is a critical factor lenders consider during the mortgage approval process.
2. Co-signing Other Loans:
Being a co-signer on someone else's loan means taking on responsibility for their debt. Doing so increases your overall debt burden and can raise concerns for lenders, potentially affecting your mortgage application's outcome.
3. Applying for New Credit:
Each time you apply for a new line of credit (credit card, auto loan, etc.), a hard inquiry is made on your credit report. Multiple hard inquiries within a short period can lower your credit score, signaling to lenders that you might be a risky borrower.
4. Changing Bank Accounts:
Lenders like to see stability and consistency in your financial behavior. Frequent changes in bank accounts or financial institutions may raise red flags and cause delays in the mortgage approval process.
5. Creating Unstable Credit:
Late payments or defaulting on existing credit obligations can severely damage your credit score, making it harder to secure a mortgage. It's crucial to maintain a strong credit history during this time to reassure lenders of your creditworthiness.
Securing a mortgage is an exciting milestone, but it's vital to exercise caution with your financial decisions afterward. By avoiding these five common mistakes, you'll increase your chances of obtaining a favorable mortgage offer and realize your dream of homeownership.
Connect with me if you have further questions or if you need a referral to an amazing mortgage broker.
As technology evolves and improves over time, online home listings get more sophisticated. With features such as 3D home tours now available, it is now possible to view a home and go through the entire home purchase online. While many online listings are packed full of great photos and lots of information, going through the home buying process virtually and being unable to view a property in person may leave some things overlooked, as they are not as obvious through a screen. Here are four things to take into consideration when viewing a house virtually.
3D & Virtual Tours
If doing a physical walk-through of a property isn’t an option, 3D and 360 tours can be a great alternative to give you a feeling of what it would be like to walk through a home. Many realtors now offer 3D tours or virtual walk-throughs for their listings, so now is a great time to take advantage of those! 3D tours are great for allowing you to view a property from the comfort of your own home, while also giving you the freedom to virtually navigate your way through the property. This will give you a chance to get a feel for the floorplan and layout of a home without having to actually set foot on the property. With the current situation, many realtors are also offering virtual video walk-throughs of their properties that are currently on the market. Many realtors have asked the seller to film a walk-through of their home that they are then able to share with prospective buyers. Utilizing these virtual tours are a great way to get a feel for the property you are looking at and can be useful for helping potential buyers narrow down the different properties they may be interested in.
Analyze the Photos
Many realtors work with professional real estate photographers to take photos of their listings. This is a great asset to potential buyers as the photographers know the best ways to show off the different rooms in a home. Make sure you take a look at all of the photos and spend some time noting where windows are and what rooms look like they will get the best natural light. Another good thing to consider when looking through the photos is how your own furniture will look in the space. If the photos of the home are furniture free, allow yourself to mentally place furniture where you think it may look best. If the property is staged, take into consideration where different furniture pieces are placed and how you could change the furniture layout to work for you and your style.
Take Note of Potential Fixes/Renos
While buying a new construction or newly renovated home is great, some people look for fixer upper’s that they can make their own. If you’re looking at a property online that may not be quite your style or that needs some upgrades, take note of those. See what elements of the home work for you and which areas you would consider renovating or giving some TLC in the future. Remember that your realtor is going to be the expert, so don’t be afraid to give your realtor a call to chat about a listing you are interested in and get their thoughts. And remember, paint colour is an easy, relatively inexpensive change that make a huge different in a home!
Consider the Outdoor Space One thing that many people forget to take into consideration when viewing a home online is the outdoor space. Whether this be a small balcony or a large backyard, outdoor space is definitely something to try to get a feel for when viewing a home virtually. Take account of what furniture you may need to fit into the space or invest in, what sort of maintenance will be involved in the upkeep of the outdoor space. Many realtors ask their sellers to try to have two photos of the exterior of the home, one from the summer and one from the winter. This allows potential buyers to get a feel for what the exterior of the home will look like in every season.
Embracing the Perks of Homeownership: Building Equity, Investing, Personalizing, and Finding a Sense of Belonging
Owning a home is not just about having a roof over your head—it comes with a myriad of perks that make it a truly rewarding experience. From building equity and investing in your future to personalizing your living space and finding a deep sense of belonging, homeownership offers a host of advantages that go beyond the financial aspects. In this blog post, we'll delve into these perks and share quick facts to highlight the joys of owning a home.
Building equity is one of the significant perks of homeownership is building equity. Here are some quick facts to consider:
Investing in your future and owning a home is a valuable long-term investment. Explore these quick facts:
Personalizing Your Space: Unlike renting, homeownership allows you to personalize and customize your living space. Consider the following quick facts:
Finding a Sense of Belonging: Owning a home often fosters a deep sense of belonging and community. Reflect on these quick facts:
Owning a home comes with a multitude of perks that extend beyond the financial benefits. From building equity and investing in your future to personalizing your space and finding a deep sense of belonging, homeownership offers a sense of pride and fulfillment. Embrace these quick facts and relish the joys of homeownership as you create a space that is truly your own and build a foundation for a bright future.
Finding the right home is important because it provides comfort and security, is a significant financial investment, can enhance your quality of life, allows for personal expression, and contributes to long-term happiness.
Here are a few reasons why finding the right home is important:
Comfort and security: A home that fits your lifestyle and meets your needs can provide a sense of comfort and security. It's important to find a home that feels like a safe haven, a place where you can relax and recharge after a long day.
Financial investment: Buying a home is often the biggest financial investment people make in their lifetime. Finding the right home can ensure that you are making a wise investment that will appreciate over time and provide you with long-term financial stability.
Quality of life: Your home is where you will spend a significant amount of time, and it can have a direct impact on your quality of life. Finding a home in a location that meets your needs, such as proximity to work, schools, or recreational activities, can greatly enhance your daily life.
Personal expression: Your home is also an expression of your personality and style. Finding the right home allows you to create a space that reflects your unique taste and provides a sense of ownership and pride.
Long-term happiness: Ultimately, finding the right home is important because it can contribute to long-term happiness. A home that meets your needs, provides comfort and security, and reflects your personal style can create a sense of satisfaction and contentment that lasts for years to come.
Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.
Increase Efficiency, Not Size
Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).
Refinish Instead of Replace
As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.
Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.
Reuse and Recycle
What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime
If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.
Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.
DIY When Possible
It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.
But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.
Reach out with any questions anytime! It would be a privilege to serve as your Realtor.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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Source: How to Renovate Your House on a Budget | Re/Max | February 17th, 2023
For homeowners, a historic home is a unique opportunity to live in a local piece of history. They do, however, have issues that newly constructed homes do not have. Committing to a historic home is a big decision and you should be informed of the care that will be required.
What is a Historic Home?
They’re 50+-year-old residential buildings with some sort of heritage value and include private homes, commercial buildings that consist of residential units, landmarks, and entire districts or neighborhoods depending on criteria. The criteria is at least 50 years old (with some exceptions) and meet 1 of 4 criteria:
- It is connected to significant historical events.
- It is connected to the lives of one or more significant individuals.
- It is considered an embodiment of a particular master or historic style.
- It has provided or is likely to provide important historical information.
Historic buildings can be found everywhere and some neighborhoods are even designated as historic areas. They can be a competitive market so as a homebuyer you’ll want your finances in order prior to house hunting.
Benefits of Owning a Historic Home
Things to Consider Before You Buy
In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.
Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Watch Video
Source: What Is A Balanced Market | Re/Max | January 14th, 2023
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Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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