First Steps into Buying a Home by Divine Stone

First Steps into Buying a Home by Divine Stone https://padlet.com/divinestone/epc37g305ibv en-us 2019-10-29 16:06:51 UTC 2026-01-16 01:46:47 UTC hello@padlet.com Website #2: The Variety of Housing Options Available divinestone https://padlet.com/divinestone/epc37g305ibv/wish/403999679 Settlement Ontario sheds light on the variety of housing options that are common in the region of Ontario. These range from apartment suites to condos and duplex and shared accommodations somewhere in between. It differentiates between highrises and lowrises, and speaks on the dynamic of the apartment including the superintendent and landlord. It also mentions that condo owners may rent condos to tenants and that the owners join a corporation to manage the building and land. Finally, it gives different visualizations of the Duplex and Triplex and lists possible accommodations provided under the room option. To close off, the website links a service to assist the public in finding a home rent in your area.

This information will assist young adults by providing a variety of housing options and was chosen to highlight different types of housing options available and to give the reader an idea of how they are structured. What made this source special was that it spoke on the different types of housing offered and it gives information about the buildings to help the reader find the right fit.

]]> 2019-10-29 16:47:25 UTC https://padlet.com/divinestone/epc37g305ibv/wish/403999679 Video #3: Basics of a Mortgage divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404002321 Ratehub.ca brought the basics of mortgage to the table and starts by defining mortgage as a loan from a financial institution that allows an individual to purchase a house with a down payment. It then elaborates by providing an example which sums up to individuals taking a loan from a bank to cover the difference from the rest of the mortgage they can’t pay. It speaks about equity being built as mortgage payments are paid regularly and lenders lose stake in the house. It then goes to introduce the different rates, fixed and variable, which are dependent on your budget and risk tolerance. Fixed rates specify to a static interest rate and a scheduled monthly payment allowing you to budget accordingly without risks.
Then it speaks about the variable rate which is set the Bank of Canada and it tends to fluctuate as time passes. The video elaborates and talks about minus prime percentage (optimum percentage) being constant and your overall interest rate prime lending rate (additional percentage) which goes together to provide the total. The interest rate will change as prime fluctuates, they may tend to be lower than fixed rates but always have the potential to increase.
When it comes to time, amortization and term controls the amount of money spent after payments have been made. Amortization is the time taken to pay off a mortgage. The longer the period, the cheaper the monthly payments but the longer time taken is the more interest accumulated. A term is shorter than an amortization period and is the amount of time the home buyer commits to the rules, conditions and interest rate they agreed to with their lender which is an average of 5 years in Canada.
It then goes to speak on acquiring a mortgage from a bank or mortgage brokers. Often times brokers source loans from banks as they have access to special rates and supply the client with rates similar to theirs. They are also free as they receive commission from the lender. They can access better rates depending on the size of their business.
Finally, it speaks on the applications process, whether you are looking to buy a house you can apply for a mortgage and if you are starting to look for one you can get a preapproval. In order to determine whether you are qualified for the loan, lenders will consider your credit rating to ensure you pay on time, down payment which is a minimum of 5% and the annual income of the members of the household.
They close off by referring their website which offers access to an affordability calculator and you can get started on your mortgage by listing various available mortgage providers.

This source was chosen to introduce various concepts of a mortgage and briefly exploring the contents. This information stands out as it explores mortgage and the loans you can take to pay for it.]]> 2019-10-29 16:50:57 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404002321 Website #3: Housing and Affordability divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404010848 CMHC (Canada Mortgage and Housing Corporation) expresses that the Ministry of Municipal Affairs and Housing is responsible for providing affordable housing in the region of Ontario. It generously gives details on a variety of housing options to increase the supply of affordable housing and to also improve the affordability of the house. There are a few key accessible components such as a Rental Housing Component which provides forgivable loans to Renters which fall under the category of recent immigrants, working poor, single and families. Renters may also be able to Rent Supplement Component which helps pay landlords on behalf of the households in need of rental assistance. Finally, the Housing allowance Component provides an allowance directly to help address housing. And for renters who are interested in buying a home, the Home Ownership Program provides its own payment assistance for the purchase of an affordable home.

This page was chosen to present applicable and helpful resources available to renters. The Ownership program was very important to know as it shows the homeowners and renters are not far apart and the switch is not impossible.

]]> 2019-10-29 17:03:02 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404010848 Website #4: Types of Home Insurance divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404016465 THE IBC (Insurance Bureau of Canada) provides information on the types of coverage available to homeowners and touches expands on common home insurance policies such as Basic or Named Perils, Comprehensive, Broad and “No Frills”. It starts off by describing Comprehensive as the “most inclusive” policy, which covers both building and its contents from all risks, it may also come with some listed exclusions. It goes even further to describe uninsurable perils and optional coverage for any extra help such as an earthquake. It then defines Basic or Named Perils as a condition if you wish to save money and carry the risk stated perils. It expands to cover Broad and described it as a midpoint between Basic or Named Perils and Comprehensive which is not as expensive as Comprehensive and not as narrow as Basic or Named Perils. Last on the list, it speaks on how No Frills is offered by some insurers for properties which doesn’t meet normal insurance standards. It also suggests correcting said problems to qualify for better coverage. The site closes by speaking about personal liability pertaining to bodily injury or property damage caused to others and that the policy’s liability portion provides coverage if such an event occurs on your property.

This source was chosen to display a variety of insurance policies available to homeowners and to give an understandable overview of each. It stands out from the rest as it shines light on the variety of insurance options.

]]> 2019-10-29 17:11:08 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404016465 Video #1: Having a Good Idea of What You Want divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404018159 Alain Savad's video was an introduction to a compact crash course for buying a house in Canada, but for this wall post, it would be helpful to highlight how his advice on entering the housing market. Even though the video was released in 2011, timing is, in fact, essential in buying a house in order to get a decent price. The video does express how much higher the prices have gotten over the past years and happen to still be rising. He spoke about the possibility of buying a house this year could rob you of the opportunity of getting it for a cheaper price the following year or the year after, so it is encouraged to move at your pace instead of rushing into a decision.
He moves on to say that real estate is a bad short-term investment as it costs to enter and leave and buy and sell. It is usually profitable after a couple of years after your mortgage is paid and equity is earned. He then touches on renting by saying that it is cheaper and more efficient for short-term investment as the maintenance of the house is very costly and you risk “putting your investment in jeopardy”. It was also recommended that if you felt you were wasting investments while renting, you could put aside money to invest in an RRSP if you’re comfortable with living and renting.
In terms of purchasing a house, he touches on affordability being key as it is not optimal to break your neck when purchasing a house. It may become suffocating after forcing to buy a house and maintaining it afterward unless it needed. One of the last points he touched on for the topic was that you need to be wary of what comes with the houses we are buying. He highlights that sellers usually have an idea of the price of their and they know all the problems that come with it, while the buyers are swarmed with different options with little knowledge about them.

This video was chosen to give insight into different scenarios that occur in the housing world. This information stands out as the crash course gives advice which is justified with an explanation on the mindset you have while looking for a place.]]> 2019-10-29 17:13:33 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404018159 Image #1: Types of Real Estate Diagram divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404201419 "The Balance's" simple diagram shows the different types of real estate available to the public, being Residential, Commercial, Industrial and vacant land. It also shares what real estate is saying, “Real Estate is defined as the property, land, buildings and air rights above land, and underground rights below the land."

This image was chosen to share a visualization of the different types of real estate options available and how they differ in size. Its very important to be aware of the options when your choosing and to have an idea of the dynamic of said option.

]]> 2019-10-30 00:02:39 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404201419 Image #2: Real Estate Team Flow Chart divinestone https://padlet.com/divinestone/epc37g305ibv/wish/404201993 FitSmallBusiness' flow chart displays a typical Real Estate Team and how it is organized to give the client access to experienced agent teams to help find a perfect fit. At the head is the Team Leader(s) who gathers information from the real estate assistant, lead buy’s agent and lead listing specialist who all receive information the transaction coordinator.

The chart was chosen to portray the dynamic of a Real Estate Team and give a quick look over how they operate. It is important to have an idea of who is in charge of who, reports to who and ensure they all work to assist you.

]]> 2019-10-30 00:04:40 UTC https://padlet.com/divinestone/epc37g305ibv/wish/404201993 Website #1: The Variety of Real Estate divinestone https://padlet.com/divinestone/epc37g305ibv/wish/407196825 As "The Balance" thoroughly explained what real estate is and how it works, it proves to be less intimidating as it presents more basic information such as the four types of real estate. As the visual derived from the link defined real estate and listed the types, to reiterate there is residential, commercial, industrial and vacant land. The text goes into detail explaining different options as, residential real estate includes resale homes and also new construction, most commonly single-family homes, co-ops, townhouses, high-value homes, etc. Commercial Real Estate includes shopping centers, educational buildings, oftentimes apartment buildings even though they are used as residences, offices, etc. Lastly industrial real estate consists of manufacturing buildings and property and warehouses. Lastly land includes vacant lands, ranches, and farms that you can build on. Undeveloped, early development/ reuse, etc. may fall under land.

"The Balance" was chosen to highlight the various options available when browsing areas and property for real estate. I found that the descriptions of the options were very useful to allow the reader to visualize the type of real estate and its typical use.

]]> 2019-11-06 00:13:27 UTC https://padlet.com/divinestone/epc37g305ibv/wish/407196825 Welcome! divinestone https://padlet.com/divinestone/epc37g305ibv/wish/409725439 This wall is an introduction to housing and introduces a vast amount of information about renting, buying, and a few crucial aspects of owning a house, along with the fundamentals of each. If you wish to only read on one of the topics: Renting is colored in blue, Buying is colored in orange and Relevant information is colored purple. ]]> 2019-11-11 23:50:11 UTC https://padlet.com/divinestone/epc37g305ibv/wish/409725439 Reflective Question divinestone https://padlet.com/divinestone/epc37g305ibv/wish/409726847 Though this was a vast topic and I tried my best to pick out essential information relevant to anyone who is starting to look for a home. The most shocking piece of information to me is that brokers get lower rates by banks and they offer you similar rates and don't charge you a commission. I had always assumed that they would capitalize on this and try to make even more money by charging a fee. This topic is relevant and helped me realize that I would rater end up renting until I can comfortably afford real estate since I enjoy the pride in ownership. As I was occasionally on the fence and thought I would just save up for house until I could afford one. Finally, if I was passing on this information, I would emphasize the importance of knowing how long you wish to reside in an area/ house as renting is better for the short term and buy is more ideal for the long term as it helps build equity. And even though you may feel the need to rush, everything happens in its own time and at its own pace so there will always be time.]]> 2019-11-11 23:57:12 UTC https://padlet.com/divinestone/epc37g305ibv/wish/409726847 Video #4: How to Know a House is Right for You divinestone https://padlet.com/divinestone/epc37g305ibv/wish/411423539 In Andrew Finney Team’s video, he talks about finding the right house. First off, he gives tips to start out with which are: Ethical Real Estate Advisors will not pressure you into buying a house, trust your instinct and refrain from sleeping on your decision. He then dives into the list of ways you know you found the right house starting with your eagerness to go inside, the level of relaxation you feel as you enter and the comfortable and not awkward feeling in the bathroom. After you become relaxed in the space you become possessive of the house and may start planning furniture arrangements making to suit your taste. the house fits your basic needs. Then you decide to stop looking at other homes, but he warns keep an open mind as other people may get the house, and your eagerness to tell your loved ones the news and finally every thought. Finally, the nail in the coffin would be your feelings urging you to buy the house.

This video was chosen to provide some insight into knowing when you found home and tendencies to look out for when you are buying a house. This information is unique as it gives the reader a clear idea of tendencies house shoppers have and their behaviors when they found the house for them. It's also important to know the house that fits you so end up in feeling uncomfortable in your new house or you missed out on your perfect fit.

]]> 2019-11-14 19:01:19 UTC https://padlet.com/divinestone/epc37g305ibv/wish/411423539 Video #2: Real Estate Team Insights on Team Composition divinestone https://padlet.com/divinestone/epc37g305ibv/wish/411425272 Tyler Smith’s video speaks about hiring his experience when hiring a real estate team. He starts out mentioning his first assistant he hired who matched his wavelength and was good at the aspects he excels in but was bad in the same areas as him. This was not efficient nor constructive, so he got another assistant that he didn’t completely get along but was strong in his weak points. He expresses that he has a test which he gives his applicant and employee which tests highlight strengths and weaknesses to boost efficiency. He moved to buy directors and mentioned he did not want them to have the same strengths as their team members but has something else to help the teamwork more smoothly. He closed off by referring traits which he looks for when he is hiring to help the viewer.

This video was chosen to highlight things an efficient Team Leader looks for when finding a team. This information differs from the rest as it gives insight to what an efficient real estate team operates and how responsible leaders build their teams.

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