Saskatchewan

As sales continue to show a stable, recovering economy in the midst of a relatively stagnant season, now is a great time to think about purchasing a home in Regina. Interest rates are at an all time low, and, as long as inflation does not start to rise, the Bank of Canada has vowed to keep the benchmark rate low at 0.25%. Timing is good! So, which mortgage option is best for you?

Before making any decisions, it is best to take a good look at your budget. Think ahead to changes you might face in your financial future - will you be starting a family? Do you expect your earnings to increase? What can you afford to pay on a mortgage note? Working around that number gives you a good idea of how much you can afford. Once you’ve determined that, you can begin to consider interest rates and mortgage term options.

If you go with a fixed rate mortgage, you will be able to know exactly what your monthly payment will be for anywhere between one and ten years, depending upon the length of loan that you choose. Right now, you can find five year deals for under 4% interest for the life of the loan. A fixed rate loan is best for those who want to keep their mortgage the same and who want to know exactly what they’ll be paying over the entire term, up front.

However, if you are more interested in finding the lowest payment right now and can tolerate a little more risk, you might want to look into a variable rate loan. Right now, you can expect to pay prime (2.25%) plus anywhere from 0.3% to 0.6%, which is considerable savings in the short term. This rate is very low, though, and can be expected to go up, and there are no guarantees about how much it might rise before the loan term is up. While you may save more in the short term, you can most certainly expect your monthly payment to rise over time.

Another thing to be looking out for is a prepayment penalty on any mortgage that you sign. This could mean that if interest rates began to rise and you opted to refinance into a fixed rate loan (or rates go down and you opted for a lower fixed rate refinance), you could end up paying money to get out of the original mortgage.

Once you’ve decided on the right mortgage for you and become pre-qualified, call me, Clair Whittington, your Regina real estate expert. Backed by Exit Realty Fusion, I am ready to help you choose the best home for you!

New article on efflorescence

Efflorescence can be unsightly and it is important that inspectors can explain to their clients how it can be removed and prevented. While it is harmless it may indicate the presence of a more serious condition - excess water. Too much water in a residence can lead to mold and interior damage. In our new article on efflorescence for inspectors you can find out plenty of useful things about this substance.

New Article on Defensible Space

Did you know that in rural parts of California homeowners are required by law to have 100 feet of defensible space around their house? This is done to protect houses from wildfires and some level of defensible space is recommended virtually everywhere. These spaces are areas where vegetation has been removed so that wildfires will stop or slow down as they approach houses. Check out our new article on defensible space to find out more.

Central Humidifiers

August 20th, 2009

Many homes are equipped with central humidifiers, which are devices hardwired into the home's heating and plumbing systems so that the indoor air stays moist and comfortable during the dry winter months. Inspectors and homeowners should be aware that under the right conditions, humidifiers can introduce dangerous bacteria into the air. They can also cause condensation to form on cold surfaces, such as windows and walls, contributing to wood rot and the growth of mold. In order to prevent these things from happening, the humidistat must be adjusted daily and the humidifier cleaned out as needed. To find out more, take a look at our new article about central humidifiers.

Chinese Drywall

I'm sure at this point you've heard about imported Chinese drywall and how might cause health problems in homes. Class action lawsuits against builders, importers, and manufacturers of the material have been filed by people, mostly in Florida, who say their appliances are breaking and their health is suffering due to toxins. The companies that make and use the drywall claim there is nothing wrong with it but the Florida Health Department says different. Take a look at our new article on Chinese drywall information to find out more about how it can be identified and its potential dangers.