Wednesday, March 13, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Despite more than two million people in Canada with second mortgages, not many fully understand how second mortgages work. This article aims to answer the reasons people get them, and how to obtain them. We’ll also help you learn the advantages and disadvantages of second mortgages, and hopefully, provide information to help you make an informed financial decision.
What is a second mortgage?
The first loan taken by homeowners to purchase a house is called a primary mortgage. A second loan acquired for the same property is called a second mortgage.
A second mortgage is granted even when the primary mortgage has yet to be fully paid. The loanable amount from the second mortgage is based on the equity of the house bought through the primary mortgage. Equity is the value of your home minus any mortgage debt and liens. Equity is . ...
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Wednesday, March 6, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
If you’re currently in the market to buy a new home, this might be the best time to do so. The conventional wisdom is to wait for the so-called “spring season” when inventory skyrockets. But the problem with this strategy is that so too does demand, causing a frenzy of competition and bidding wars.
Homeowners are eager to sell
This past December was the worst month for home sales in the GTA in over six years. Because of this, there are many homes on the market with sellers eager to settle and negotiate with an interested buyer. Sellers putting properties onto the market in January are usually doing so out of a sense of urgency and because of this, buyers have a great deal of leverage during this slower sales cycle. Moreover, there is far less competition in January as most prospective buyers are holding out fo. ...
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Wednesday, February 21, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
With Valentine’s Day in the rearview and the spring real estate blitz. This got us thinking about the similarities between dating and residential real estate: there are many!
Whether swiping for your next date or searching for the home of your dreams, technology has made both of these types of searches much easier, but also much more complicated.
So, whether you’re looking for your forever match — or for your forever home — the approach is pretty similar. In love and real estate, these eternal truths should be top of mind:
Fear of commitment — Buying a home, just like starting a relationship, involves a certain level of commitment. Like dating, homebuyers should know how much time they’re willing to invest searching for their next home. Fast flames burn quickly — make sure the love for your ho. ...
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Thursday, January 25, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
The Bank of Canada leaves benchmark rate at 5%
As expected, the Bank of Canada has left its key lending rate unchanged at 5%.
This follows 10 previous rate increases over 12 rate announcements, which raised the overnight target rate by 475 basis points (bps) since March 2022.
In its statement, the Bank said it is “still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation.”
However, the Bank added that with expected GDP growth of just 0.8% in 2024, it expects inflation to continue to ease from around 3% in the first half of 2024 to its 2% target in 2025.
What happens now?
As a result of today’s decision, prime rate will remain unchanged at 7.2% and there will be no changes to existing variable-rate mortgages. This announcement also has no impact on fixed-rate mortg! ...
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Wednesday, January 24, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
So many things can go wrong when searching for your first home. You don’t want to have buyer’s remorse six months after closing on your first home, so it’s a good idea to learn about the five most common mistakes first time home buyers in Toronto make.
Because others’ mistakes are the best way to avoid yours, we’ve listed the five most common first time home buyer Toronto blunders.
Going It Alone
Many first-time buyers make the mistake of handling the purchase of their home without the help of a (reliable) real estate agent. This costs home buyers thousands and often leads to unforeseen problems down the road. A real estate agent and his team can help you understand home inspector reports, legal contracts, and financing. Or he provides these services for you! Most of all, agents can negotiate a realistic of. ...
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