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        <title>Edmonton Real Estate Blog</title>
        <link>https://www.edmontonhomes.ca/blog/2017-10/</link>
        <description>Welcome to the Edmonton Real Estate Blog - We will keep you up to date on the Edmonton Real Estate market with the most current news and market trends.</description>
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    <guid>https://www.edmontonhomes.ca/blog/a-guide-to-canadian-private-mortgages.html</guid>
    <link>https://www.edmontonhomes.ca/blog/a-guide-to-canadian-private-mortgages.html</link>
        <author>info@edmontonhomes.ca (Edmonton Homes.ca)</author>
        <title>A Guide to Canadian Private Mortgages</title>
    <description> <![CDATA[ 





When a Canadian homeowner has difficulty qualifying for a traditional mortgage loan, a private mortgage may be one of the available options which can get them the funds necessary to purchase a home. According to Teranet, in 2015 approximately 4 to 5 percent of the overall mortgage market was attributed to private mortgage lenders. When new B-20 guidelines are implemented, this percentage may rise considerably. How can prospective buyers benefit from a private mortgage?


What is private mortgage insurance? Understand more about the private mortgage product today.


What Is a Private Mortgage?


A private mortgage is a mortgage product for homes to help borrowers achieve specific goals. This type of mortgage solution can help:




Individuals looking for a second mortgage or investment property in Laurier Heights or elsewhere


In the purchase of a micro-condo or mobile home


Provide emergency funding in the case of individuals going through foreclosure or with property taxes in arrears


Non-residents


Self-employed borrowers with unsteady or unverifiable income


Borrowers that may not qualify for traditional mortgage products due to inadequate credit




Borrowers should consider a private mortgage as a short-term solution for emergency lending situations or when bankers may not offer lending for certain types of property. Maya Schenk, Pacific Lending owner and managing broker shared:


&quot;What makes interest loans appealing is that you are not required to pay down the principal of your mortgage, therefore reducing your monthly payment. Interest-only payments improve the monthly cash flow, but for obvious reasons they are not a viable long term solution.&quot;


A private mortgage is generally used for one to three years as a borrower attends to immediate needs or improves their credit score.


What are the Benefits of a Private Mortgage?


Borrowers, in particular self-employed individuals, appreciate the advantages of such a mortgage product. Some benefits include:




Less documentation


Flexibility as it applies to credit history


A quick and simple process for those with equity in a property or sufficient down payment


More weight on the down payment, the ability to make payments and the quality of the property


Potentially more favourable rates for homes in desirable urban areas




These are some of the reasons that private loans are growing in popularity with borrowers and may provide a solution for those requiring funding quickly.


What Are the Drawbacks of a Private Mortgage?


Private mortgages are not the right solution for everyone. How much is private mortgage insurance? Private mortgages generally come with interest-only payments and higher interest rates, as private lenders do assume more risk for providing loans to those that are often not eligible for a conventional home loan. An interest rate on a private mortgage can be from 10 to 18 percent on the loan. Additional fees may also apply to this type of loan. Borrowers must cover the cost of broker fees using this type of loan. A borrower should be able to say &quot;yes&quot; to the following questions to actually benefit from a private loan:




Can I change to a conventional lender soon as I expect my financial situation to change in the next year or so?


Will I require a private loan for a relatively short amount of time?




A mortgage broker may be able to help Canadian homeowners decide on which mortgage products could best suit their immediate and long-term home ownership needs.


Get a Loan When You Need It


A private loan is a practical and short-term solution for homeowners in transitioning financial situations or who fail to meet traditional lender requirements. Understand the pros and cons of a mortgage product before assuming responsibility for paying back a specific type of loan. Talk to a Canadian mortgage broker to assess your eligibility for various mortgage products today.


 ]]> </description>
    <pubDate>Thu, 19 Oct 2017 07:45:00 -0600</pubDate>
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    <guid>https://www.edmontonhomes.ca/blog/diy-home-improvement-tips-before-selling-your-home.html</guid>
    <link>https://www.edmontonhomes.ca/blog/diy-home-improvement-tips-before-selling-your-home.html</link>
        <author>info@edmontonhomes.ca (Edmonton Homes.ca)</author>
        <title>DIY Home Improvement Tips Before Selling Your Home</title>
    <description> <![CDATA[ 



When the time comes to sell your home, there are a variety of basic improvements that can help your property sell for more money. DIY projects that improve the appearance and value of the property can help make your home more desirable to buyers. These projects can easily be completed by a homeowner without help from a contractor, and most can be completed over the course of a weekend.


Repaint Part (Or All) Of the Interior


Repainting can help brighten dark rooms. The right colours can also help make the inside of the home look cleaner and more spacious. Neutrals like gray, brown and cream are go-to colours for home sellers because they tend to be accepted by most buyers. Keep in mind these tips when painting your Belgravia home:




Paint the walls with samples before picking a final paint colour.


Good quality paint usually provides better coverage and requires fewer coats on the walls, making the project take less time.


Cover the floors and furniture with tarps to avoid paint spills.


Dark colours can make small rooms look tiny and claustrophobic, while bright, light colours can make large rooms seem cavernous.


Avoid painting the walls in colours that do not look good with your furniture, as this can distract buyers and reduce your home's visual appeal.




Repaint Door


Repainting your front door can boost curb appeal and make your home look tidier and newer than it really is. Picking a bright colour for your front door can help draw the eye to your home and make the property look more cheerful and inviting. Front doors don't need to match the rest of the house, as long as they don't clash with the home's siding. When choosing a colour for the front door, consider painting samples on a piece of plywood before making a final decision.


To prepare the front door for painting, start by cleaning the surface of the door, then sand the old layer of paint to create a rough surface. Fill any gaps in the door with wood filler, then sand the filler until it is flush with the rest of the door. Finally, paint the door in thin layers of paint, allowing the paint to dry completely between layers.


Spruce Up Landscaping


Landscaping can have a big impact on the appearance and curb appeal of your home. Sprucing up the landscaping before trying to sell your home can make your property look more attractive. There are many things homeowners can do to improve landscaping before putting their property on the market. The improvements you choose to make should depend on the property's particular strengths and weaknesses. Some things that homeowners choose to do when improving landscaping include:




Install a path on the lawn to prevent the grass from being worn down.


Fill bare patches on the lawn with grass seed and keep the grass well watered while the new grass is growing.


Plant colourful annual flowers on the property.




Refinish Deck


Decks need to be properly maintained or the wood can rot. Refinishing your deck is a good way to make an old deck look like new again. To refinish a deck, clean the wood with a strong jet of water and a hose. Remove all pieces of furniture from the deck, then use a roller or paintbrush to apply new stain and sealer to the deck's surface. Allow the deck to dry for the specified period of time, then apply a second coat of stain and sealer if the manufacturer's instructions call for it.


Work With A Real Estate Agent


A skilled real estate agent should be able to give you tips and ideas that can help you sell your home when the time comes. To make an appointment for consultation, contact a skilled real estate agent in your area.


 ]]> </description>
    <pubDate>Thu, 05 Oct 2017 08:40:35 -0600</pubDate>
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