Category: Frequently Asked Questions (8 posts)
- April 25, 2017 @ 10:57 AM
- Posted by Mel Gilbert, AMP
What Is The Difference Between An Appraisal And A Home Inspection?
Despite the crucial role they play in ensuring properties are fairly priced, there is a distinct lack of awareness around the processes followed in carrying out an appraisal. Even amongst experienced
- April 25, 2017 @ 10:51 AM
- Posted by Mel Gilbert, AMP
Understanding Property Deal Closing Costs
Understanding Property Deal Closing Costs February 23, 2017 / Home Trust When you purchase a new home, there are many additional costs beyond the purchase price for which you will be respo
- April 24, 2015 @ 11:29 AM
- Posted by Mel Gilbert, AMP
What is this 'Beacon Score' anyway?
For years lenders tried many different types of criteria to determine, in advance, which loans would be good and which ones might go bad, with varying degrees of success. In the end it was eventually
- April 24, 2015 @ 11:29 AM
- Posted by Mel Gilbert, AMP
What is Title Insurance and what does it do for me?
First of all, Title Insurance removes the requirement for certain searches to be performed by your lawyer and it also removes the necessity of a land survey, so in many cases it actually saves you mon
- April 24, 2015 @ 11:28 AM
- Posted by Mel Gilbert, AMP
Are there any other (hidden) costs?
Yes there are. A lawyer will need to search the title to the property so that he/she is able to certify to the lender that the security for the loan (the house) is what it is purported to be, i.e. tha
- April 24, 2015 @ 11:27 AM
- Posted by Mel Gilbert, AMP
What is Mortgage Insurance and will I have to pay it?
Whenever the mortgage amount exceeds 80% of the purchase price or appraised value, whichever is the lower, the lender is required to insure the mortgage against default, by law - and guess who gets to
- April 24, 2015 @ 11:26 AM
- Posted by Mel Gilbert, AMP
How much house can I afford?
The maximum percentage of your income most lenders will allow to be attributed toward housing costs (principal and interest, property taxes plus an allowance for heat costs, say $75 to $100 per month)
- April 24, 2015 @ 11:25 AM
- Posted by Mel Gilbert, AMP
How much down payment will I need?
Technically, you’ll need a minimum of 5% of the purchase price (which may be borrowedunder certain circumstances) - but in practice the answer is: none, providing your credit rating is good
Mel Gilbert, AMP
Mortgage Agent, Level 2, AMP
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