101 Streetsmart Condo Buying Tips for Canadians by Douglas A. Gray

Real Estate

By Douglas A. Gray

The e-book might hide all of the key information that any house purchaser must understand. it can accomplish that within the layout of one hundred and one counsel (or so), segmented less than a variety of headings. it might be Canadian in content material and fill an incredible unmet want available to buy. the next sections are instructions (see additionally the proposal); ultimate content material judgements may be made among writer and editor. part 1: Why Is a residence correct for Me? part 2: residence ideas and rules part three: Financing a purchase order part four: The condo buy part five: purchasing to take a position Appendixes: resources of knowledge Key web pages Checklists thesaurus

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If the second mortgage has a term that is Financing Strategies for Your Condo 41 longer than that of the first mortgage you assume, make sure that you have a postponement clause put into the second mortgage. With this clause you would be able to automatically renew or replace the first mortgage when it becomes due without having to obtain the permission from the second mortgage lender to do so. In other words, if you reviewed the mortgage or obtained a replacement first mortgage, that mortgage would still be in first position, ahead of the second mortgage.

The latter is usually added to the principal amount of the mortgage, though it may be paid at the time of closing. Contact CMHC or your financial institution for the most current information on borrowing requirements. In addition, some provinces have second mortgage funding available for home purchases. Generally there is a limit on the amount of the purchase price of the home, and a ceiling on the amount of the mortgage. Obtain further information from your realtor or lending institution. Secondary Financing Secondary financing generally consists of a second mortgage and possibly a third mortgage.

Some of the common clauses that you may find in the mortgage are discussed below. Note that special clauses relating to a condominium purchase will be covered below under the tips in this section on types of mortgages. a) Personal Guarantee Under a mortgage, the borrower is personally liable for the debt to the lender. In the event of default, the lender can sue the borrower for the full amount of the mortgage; the lender is not obliged to commence foreclosure proceedings Financing Strategies for Your Condo 35 and take over the property or sell the property.

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