{"id":7648,"date":"2017-12-13T11:11:30","date_gmt":"2017-12-13T19:11:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7648"},"modified":"2017-12-02T10:23:09","modified_gmt":"2017-12-02T18:23:09","slug":"questions-about-buying-a-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/questions-about-buying-a-home\/","title":{"rendered":"Questions About Buying A Home"},"content":{"rendered":"

Thinking about buying a home? It can feel like an intimidating process and you probably have about a million and one questions about this big step. Here are 10 helpful queries we\u2019ve answered recently that might help you on your journey to homeownership.<\/p>\n

1. Is this the right time to be buying a house?<\/strong>
\nSo you want to buy a house but fear the market is going to crash any second? The market\u2019s imminent crash has been predicted time and time again. Here is all you need to do to make the right choice<\/a>.<\/p>\n

2. How does your credit score affect your mortgage application?<\/strong>
\nWhat\u2019s more important when applying for a mortgage: your credit utilization or credit-\u00adto-\u00adincome ratio?\u2028 And can you better your credit score by reducing your credit utilization? They\u2019re both equally important but in different ways. See what you should do with your credit and the rule of thumb for debt when going for a mortgage<\/a>.<\/p>\n

3. What\u2019s the best type of mortgage if you\u2019re a first-time home buyer?<\/strong>
\nMake sure to factor in your timeline and whether flexibility of moving your mortgage is important to you. That being said, a five-year fixed rate mortgage is usually the most popular. But if you can\u2019t decide, a hybrid mortgage might be the best choice for you<\/a>.<\/p>\n

4. How do mortgage payments actually work?<\/strong>
\nIf you hike your monthly payments, should that decrease the amount of interest owed? Not quite. That\u2019s a misconception you should clear up now<\/a>.<\/p>\n

5. Is skipping a home inspection a smart idea in a hot market?<\/strong>
\nSome are wondering if a home inspection is an outdated so-called requirement when buying a home. Even though it might be cumbersome, a home inspection is always a good thing to do. It shows sellers you\u2019re serious and skipping one altogether comes with risks<\/a>.<\/p>\n

6. What should I be asking\/looking for during an open house?<\/strong>
\nBesides the obligatory small talk, there are plenty of things you should be sure to do during an open house you\u2019re attending. What\u2019s the seller\u2019s timeline? Why do they want to move in the first place? These questions could be eye-opening and help you gauge whether the home is right for you. Here are six more questions to ask<\/a>.<\/p>\n

7. Do I still qualify for the Home Buyers\u2019 Plan?<\/strong>
\nIf you\u2019ve lived common-law with someone who owns a home, you may not be considered a \u2018first-time home buyer\u2019 in the eyes of the Canadian government. Here\u2019s what you need to know<\/a>.<\/p>\n

8. Should you focus on paying off your mortgage or invest that money instead?<\/strong>
\nIf you have extra money left over after making your mortgage payments in a month, you could either double-down on paying down that massive debt OR put it into the stock market instead. If you\u2019re young, you have time on your side. But does that mean you should favour investing over debt repayment? Here\u2019s what to consider if you\u2019re faced with such a decision<\/a>.<\/p>\n

9. Why can\u2019t I deduct mortgage interest?<\/strong>
\nIf we\u2019re talking about your primary residence, you\u2019re out of luck. Those payments are definitely not tax deductible. But a rental, on the other hand is fair game. With a primary residence, however, you could write it off using \u201cThe Smith Manoeuvre.\u201d Details here<\/a>.<\/p>\n

10. How can I get the new-home GST rebate?<\/strong>
\nIf you\u2019ve just bought a brand new home, you could be up for a GST\/HST rebate. This is what you need to know about what the CRA will look for when you decide to apply<\/a>.<\/p>\n

10 Questions You Probably Have About Buying A Home<\/a> by Prajakta Dhopade | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"

Thinking about buying a home? It can feel like an intimidating process and you probably have about a million and one questions about this big step. 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