Barry Klatt

403-271-0600
Barry Klatt
Office:403-271-0600
Fax:403-476-5236

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already A Member?

A little more than $40,000 could be up for grabs when you purchase your recreational home in BC!

Good news for sure for real estate investors in the recreational market. Naturally there is a lot of new "unsold" recreational inventory around at the moment and this move by the BC government, while a little hard to understand is a welcome break for a sluggish real estate sector.

No rules in regards to the grant are available which actually refers to grants for second home purchases. The rules and regulations are expected to be published this month.

We do know it will be eligible for purchases of second homes up to $850,000 and is to be administered by the Province rather than CRA in relation to HST/GST rebates.

While it is a welcome break, it is curious in my mind why this would be administered as a grant/bonus. Years ago as the federal Conservatives toppled the long reigning Liberal government, there was talk of tax breaks/deferrals on capital gains for real estate investors. To me, this would appear to be a better long term strategy to assist with what is a very significant industry in our province.

For now however, we are dealing with a temporary grant program that will run from March this year to April next year with details coming as to what defines a second property and who is eligible for the rebate from the Province. We await with baited breath!
 
Ask me about how to start your search for investment properties in BC!
Read full post

Tips to get approved for a mortgage
 
If your home ownership fantasies have been rudely awakened by loan officers denying your application, it’s time to take control of your situation and learn what you can do to turn that rejection into an approval.

What are your options? Everyone’s financial situation is unique. With that in mind, here are five different options for making your homeownership dreams a reality.

1. Get a Co-signer

If your income isn’t high enough to qualify for the loan you need and if you can find a co-signer with enough disposable income, part of that person’s income can be considered toward your loan amount regardless of whether
the person will actually be living with you or helping you pay the bill. In some cases, a co-signer may also be able to compensate for your less-than-perfect credit. Overall, the co-signer is guaranteeing the lender that your mortgage payments will be paid. If you decide to go this route, just make sure that both of you understand the financial and legal obligations the co-signer takes on when he or she signs the loan documents.
 
http://www.castanet.net/news/Home-Finance/59053/Tips-to-get-approved-for-a-mortgage

2. Wait

Sometimes conditions in the economy, the housing market or lending business make lenders less generous with loans. If you’re in a climate where everyone is panicking, then it may be best to wait things out. When conditions improve, lenders may become more accommodating. In the meantime, you can work on improving your credit score, reducing your debt and increasing your savings. While you’re waiting, home prices or interest rates could drop. Either of these changes could also improve your mortgage eligibility.

3. Set your Sights on a Less-Expensive Property

If you can’t qualify for the amount of mortgage you want and you aren’t willing to wait, switching to a condo or townhouse instead of a house, accepting fewer bedrooms or bathrooms, or moving to a less attractive or more
distant neighbourhood may give you more options. As a more drastic option, you could even move to a different part of the country where the cost of home ownership is lower. When your financial situation improves down the road you might be able to trade up to the property, neighborhood or city where you hope to end up.

4. Ask the Lender for an Exception

Believe it or not, it is possible to ask the lender to send your file to someone else within the company for a second opinion on a rejected loan application. In asking for an exception, you'll need to have a very good reason, and you'll need to write a carefully worded letter defending your case. Your letter should avoid excuses and sob stories and focus only on the facts. Explain how the incident that is preventing your loan from being approved, such as a charged-off account, was a one-time event that will never occur again. This one-time event should have been caused by a catastrophe such as a large and unexpected medical expense, natural disaster, divorce or death in the family. The blemish on your record will actually need to have been a one-time event, and you'll need to be able to
back your story up with an otherwise flawless credit history.

5. Team Up With Someone Else

Two incomes are better than one, so if you can't qualify on your own, perhaps you have a family member or friend that you trust enough and like enough to make a major purchase with and live with. It won't be enough to just put them on the loan, of course - they'll need to actually help with the mortgage payments to make it work, and chances are they won't want to pay half the mortgage unless they're living in the new home with you.

Conclusion

To go from rejected to pre-approved, it's important to know what lenders are looking for in an applicant. If you've been turned down for a mortgage, make sure to ask your mortgage professional plenty of questions about things you could do in your specific situation to make yourself a more attractive loan candidate. With time, patience, hard work and a little luck, you should be able to turn the situation around and become a residential property owner.
Read full post
Categories:   2013 real estate | alberta | alberta e | alberta economy | alberta economy, edmonton alberta, university of alberta, | auburn bay | barry klatt | best my nest | best time to sell or buy house | black friday in Canada | buying houses | ca | calg | calgary | calgary buy sell | calgary census | calgary condo for sale | calgary flood | calgary flooding | calgary luxury home market | calgary luxury real estate | calgary m | calgary mls | calgary mls listings | calgary real estate | calgary real estate market | calgary real estate s | calgary real estate statistics | calgary real estate, commercial real estate alberta, alberta real estate market | calgary rental market | calgary resale market | calgary sales expectations | calgary schools | calgary stampede | calgary statistics | calgary top realtor | calgary vacancy | calgary walkability | calgary youtube video | canada economy | canadian spending | celebrations around the world | christmas spending | cir | cir calgary | cir rea | cir real estate | CIR Realty | cleaning tips | costa rica real estate | cranston | creb | diy home | diy projects | driveway repair | earth | economic forecast | edmonton economy | Facebook | finance | financial times | first time | first time home buyer | first time home buyers | fix up home to sell | for rent calgary | foreclosures | halloween | heritage homes | high river flood | holiday | home buyers | home buying | home buying mistakes | home buying tips, home reno, furnace buying, real estate investment | home design | home improvement | home prices | home ren | home renovations | home repair | home sellers | Home tips | Home tips and advice | homes for sale | hoome renovation | house safety | housing market | how realtors help | how to save | investmen | investment real estate | jeff kahane law | legal advice | legal contracts | live in alberta | lowe's | mahogany | mark zuckerberg | market trends | memorial drive | mexico real estate | mls | mls listings | mls listings canada | mls sales | mold in the home | money talks | monthly newsletter | mortgage rates | mortgage tips | new developments | news | october 31 | phone app key | pothole | properties | rbc mortgages | real estate | real estate 2013 | real estate after flood | real estate canada, mls listings, residential real estate, alberta real estate, cir realty | real estate deals | real estate developers | real estate invest | real estate listings | real estate market | real estate market canada | real estate new year | realtor | renovation insurance | revenue property | saskatchewan economy | selling houses | single family house prices | smart investment | Social media facebook | south hospital | southeast calgary | southeast ring road | spring clean | storage ideas | tax refund | technology | top producer | toronto real estate | united states real estate | united states real estate foreclosure | vacation home | vacation rental | vancouver real estate | world | world economy | ymca strong kids | your finance
Data is supplied by Pillar 9® MLS® System. Pillar 9® is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.