Jody McDonnell / Real Estate
Tel: 416-709-8663 - 110 Weston Rd
FREQUENTLY ASKED QUESTIONS
Do Real Estate Agents Work With Rents/Leases?
Yes! Realtors can help find you a rental place or market your property to help find tenants for you! A professional Realtor can set you up with everything you need to either rent or market your property!
Should I Get A Home Inspection?
While not mandatory... a home inspection shows the true condition of a property. It can be a smart and strategic move that can benefit sellers and buyers in the long run. Sellers can address any issues that need to be fixed before putting the house on the market. Buyers can get a better idea of how much they may need to invest into a property if any issues arise that the seller won't cover.
How Much Do I Need For A Downpayment?
A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home. The minimum amount you need for your down payment depends on the purchase price of the home.
If your down payment is less than 20% of the price of your home, you’ll typically need to buy mortgage loan insurance.
The minimum down payment based on the purchase price of your home
Purchase price of your home
Minimum amount of down payment for $500,000 or less
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5% of the purchase price
Minimum amount of down payment for $500,000 to $999,999
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5% of the first $500,000 of the purchase price
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10% for the portion of the purchase price above $500,000
Minimum amount of down payment for $1 million or more
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20% of the purchase price
What Is A Mortgage And How Does It Work?
A mortgage is a loan used to purchase or maintain a home, plot of land, or other real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments divided into principal and interest. The property then serves as collateral to secure the loan. The mortgage agreement outlines the terms and conditions, including the loan amount, interest rate, repayment period, and other relevant details. The homebuyer makes a down payment (a percentage of the property's purchase price) and repays the loan over a specified period, usually 15 to 30 years. The lender charges interest on the loan amount, which is the cost of borrowing. Monthly mortgage payments are made by the borrower to the lender until the loan is fully repaid. If the borrower fails to make payments, the lender may have the right to foreclose on the property, leading to its sale to recover the outstanding debt.
What Is The Selling Price Of My House?
The selling price of a house fluctuates depending on multiple factors including the property’s location, size and layout, condition, and features. A professional Realtor will consider what the supply and demand is like right now in your area in addition to evaluating the overall market. To give the seller an estimate of their home’s worth, a Realtor can conduct a competitive market analysis (CMA).
Why Is My Home's Assessed Value Different From The Market Value?
Your home’s assessed value (the value assigned to a property for tax purposes by a municipality) is different from its market value (the price at which a property would sell in a competitive market). While professional appraisers calculate the assessed value, buyers and sellers impact the market value. In a buyer’s market, for example, buyers might make a lower offer than the home's assessed value. But if it’s a seller’s market, there’s a chance a seller’s home’s market value will be more than its assessed value because if there’s low inventory, buyers will sometimes pay more for what the home is actually worth.