Edmonton Real Estate Blog - real estate

Open vs Closed Mortgages: Which One is Best For You?

Posted by Chris Proctor on October 23rd, 2015

Different mortgages are available depending on your situation. It’s important that both current and prospective homeowners realize the advantages and disadvantages of each type of loan. Today, we’ve outlined some of the major differences between two loans, open and closed.

Open Mortgage

This type of mortgage allows you to pay off the principal amount on your own schedule without facing any penalties.

For those who are self employed, own a business, or get paid at irregular intervals, this type of mortgage is the more appealing option. If you had a profitable year, you can choose to put that extra money towards the mortgage; it also allows you to use any funds you earn from your liquid assets (investments such as stocks and bonds) or non liquid…

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5 Tips for First-Time Buyers!

Posted by Chris Proctor on October 19th, 2015

For many people, buying a home is the most important purchase they’ll ever make. Whether you’re looking for a cozy condo or you want to settle down in the suburbs, it signals a new chapter in your life. Going through the buying process and paperwork takes time, but seeing a first-time buyer walk through their new home is one of the best parts about my job.

I’ve worked with people from all walks of life who have different ideas of what their first home looks like. Over the years, I’ve learned that if you work with your realtor, do a little bit of homework, and follow these 5 tips, you'll avoid the stress that comes with buying their first home.

 

#1 Know Your Budget 

Before you go home hunting, it's important that you're aware of the…

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