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All Blog Entries by Ryley Trenchuk

Found 5 blog entries published by Ryley Trenchuk.

People use the equity in their homes for many different reasons. Home equity is often used to pay off other debt, fund home renovations and upgrade projects as well as help purchase other necessities. It’s important to know these few facts when obtaining a Home Equity Line of Credit or HELOC to ensure that this is something you can manage.

  1.        HELOCs do not have fixed rates. This means your monthly payments can fluctuate. The interest rate is determined by the prime rate plus the percentage rate that the bank has set.  Let’s say the interest rate at the bank is prime + 1.5%. If the prime rate is 2%, then take 2% and add 1.5%. This gives you a total interest rate of 3.5%.
  2.        You might be paying way more than expected if the interest
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There can always be a negative side to purchasing a short-sale as an investment.

It’s possible to pay more than what the property is actually worth.  Most of the time a short-sale happens because the home owner is upside down on the loan.  However, just because the property is listed at what you think is a low price doesn't mean you're getting a great deal.

Normally these homes are sold 'as-is, where is', In this case, if there are hidden defects within the property (ie: unstable roof, termite damage, or appliances are worn out) that start showing after the deal goes through, you as the new owner, are the one who will be picking up the tab of repairing and replacing.

It could also take months for the lender to actually accept your offer, then

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Spring is in the air, the birds are chirping and the white is slowly turning to green. It’s exciting giving your home a fresh new look when winter is over. Here are some tips for your spring cleaning.

Organize Closets and Dressers: Get rid of clothes that don’t fit, or attire you no longer use. The best way to clean out a closet is to donate unused items. Organize accessories into baskets or cubby holes separated by the type of accessory (pants, shirt or belts).

Clean Walls and Baseboards: Scrub a little dish washing soap and water on a sponge or cloth over your baseboards, casings and walls to clean them up. Make sure to rinse the wall with warm water afterward.

Clean Carpets: In order to give your carpets a long life and brighten them up,

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The housing bubble simply means that there’s an increase in demand but a decrease in supply. In this case, fewer houses are available compared to the number of people looking to buy.

What happens during a housing bubble?  

House prices increase significantly when a housing bubble occurs. The home that you thought was reasonably priced is now priced noticeably higher.

Why does a housing bubble happen?

There are a few things that tend to ignite a housing bubble. Though, all aspects will play a role in making the housing bubble happen. 

  •        Increase in economic activity.
  •        Population increases significantly.
  •        Low interest rates to make homes buying attractive to home buyers.
  •        Higher risk taking as a borrower.
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When considering purchasing your home there’s one thing that the majority of people are concerned about, that is having enough for a down payment on a property. Have a 20% down payment of the purchase price on a home is most preferred. If you don’t have a 20% down payment, then a 5% down payment option is available. When you have less than a 20% down payment you are required to have mortgage insurance through CMHC to be able to qualify for your mortgage.

Nonetheless if it’s a 5% or 20% down payment, the government of Canada allows home buyers to use their RRSPs to purchase a home without a penalty for withdrawing the RRSPs. This home buyer option is called Home Buyer’s Plan or HBP.

But before you withdraw your RRSP, the following conditions must be

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