Jennifer Syer's Blog

Real Estate is My Passion

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New property listed in Brantford

I have listed a new property at 71 BILANSKI FARM Road in Brantford. See details here

Like new, 3 good size bedrooms, 2.5 bathrooms townhouse in the beautiful Echo Place neighborhood in the city of Brantford. Master's Bedroom ensuite with a 5 pc bathroom and a walk in closet. All brand new Stainless Steel Appliances. Be the first to enjoy this bright, spacious and beautifully laid out home. Lockbox available for easy showing at anytime. A+++ Tenants Only, No Pets is preferred, No Smoking. Full Equifax Credit Report, Verifiable Employment Letter, Rental Application form with references. (id:2493)

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New property listed in Brantford

I have listed a new property at 35 ALBION Street|Unit #Upper in Brantford. See details here

Prime location accessible to all amenities including universities, parks, restaurants, shopping and more! Tastefully updated 1 BEDROOM PLUS BONUS DEN. All units have separate hydro and water meters and hot water tank (rental). Lightly used appliances including a built-in dishwasher. Available for July 1st. Include rental application, income verification, employment letter, and credit report. (id:2493)

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New property listed in Kitchener

I have listed a new property at 320 KEEWATIN Avenue in Kitchener. See details here

This charming 3-bedroom main floor house located in the desirable Grand River North neighborhood offers an ideal living space for a young family. The Pavlovic raised bungalow boasts a double garage and features a spacious cathedral great room, providing ample space for family gatherings and relaxation. With a striking 14-foot high entrance, the home exudes a sense of grandeur and welcomes residents and guests alike with elegance. The cathedral primary bedroom adds an extra touch of luxury, offering a serene retreat after a long day. With its convenient location and modern amenities, this property presents a perfect opportunity for those seeking a comfortable and family-friendly home. Available for lease starting June 15th. (id:2493)

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Steps for Getting Pre-Approved

The pre-approval process is a crucial step in the home-buying journey!

It involves a lender evaluating your financial situation to determine the amount of money they are willing to lend you for a mortgage. This pre-approval gives you a clear idea of your budget when house hunting and also demonstrates to sellers that you are a serious buyer. 

Here’s an overview of the pre-approval process:

Gather Your Financial Documents:

You’ll need to provide documentation that proves your financial stability. This typically includes
> Proof of identity (driver’s license, passport, etc.).
> Proof of income (pay stubs, W-2 forms, tax returns) for the past couple of years.
> Proof of assets (bank statements, retirement account statements).
> Proof of employment (employer contact information, recent pay stubs).
> Information about your debts (credit card statements, loans).

Choose a Lender:

Research and select a reputable lender or mortgage broker to work with. You can choose to go through a traditional bank, credit union, or online mortgage lender.

Submit an Application:

You’ll need to fill out a mortgage application with your chosen lender. This application will include details about the property you intend to buy, your financial information, and your employment history.

Credit Check:

The lender will run a credit check to assess your creditworthiness. Your credit score will play a significant role in determining the interest rate and terms of your potential mortgage.

Lender Review:

The lender’s underwriting team will review your application, financial documents, and credit history. They will assess your ability to repay the loan based on your income, assets, debts, and credit score.

Verification and Documentation:

The lender may request additional documentation or clarification on certain aspects of your application. Promptly provide any requested documents to keep the process moving smoothly.

Pre-Approval Letter:

Once your application has been reviewed and approved, the lender will provide you with a pre-approval letter. This letter outlines the amount you’re pre-approved to borrow, the interest rate, and any conditions that need to be met.

Time to shop for a Home!
Armed with your pre-approval letter, you can confidently start house hunting within your budget. Sellers will take your pre-approval seriously, as it demonstrates your ability to secure financing.

It’s important to note that pre-approval is not a guarantee of a mortgage loan. It’s based on preliminary information and is subject to final approval once you’ve chosen a specific property. Also, keep in mind that the pre-approval process may vary slightly between lenders and regions. Additionally, obtaining multiple pre-approval letters from different lenders within a short period can impact your credit score, so it’s generally best to research lenders and choose one to work with initially.

If you have any questions, or need lender recommendations, please don’t hesitate to reach out!

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3 Simple Ways to Boost Your Credit Score

Boosting your credit score takes time and responsible financial management.

Here are three simple ways to help improve your credit score:

01 – Pay Your Bills on Time:

Payment history is one of the most significant factors affecting your credit score. It’s important to consistently pay your bills on time. This demonstrates responsible financial behavior and can have a positive impact on your credit score.

Pro Tip: Set up reminders or automatic payments to ensure you never miss a due date.

02 – Reduce Credit Card Balances:

Your credit utilization ratio (which is the amount of credit you’re using compared to your total available credit) is another crucial factor in your credit score. Aim to keep your credit card balances low, ideally below 30% of your credit limit.

Consider paying down high-interest credit card debt or transferring balances to cards with lower interest rates to make it easier to reduce your balances.

03 – Regularly Review Your Credit Report:

Obtain free copies of your credit reports from the three major credit bureaus (Equifax and TransUnion) annually and review them for errors or inaccuracies. Credit Karma is a free tool that is helpful as well but is only a guideline, not always a valid source.

Dispute any inaccuracies you find on your credit report with the respective credit bureau to have them corrected. Accurate reporting is essential for a healthy credit score.

Additionally, you can also consider other strategies like diversifying your credit mix by having different types of credit accounts (e.g., credit cards, instalment loans) and refraining from opening too many new credit accounts at once, as each hard inquiry can temporarily lower your score.

Remember that improving your credit score takes time and patience! Be consistent in practicing good financial habits, and your credit score will gradually improve over time.

Some lenders also assist with credit repair and guidance. If you have any questions, or need lender recommendations , please don’t hesitate to reach out!

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New property listed in Hamilton

I have listed a new property at 97 GLADSTONE Avenue in Hamilton. See details here

Welcome to this 3 bed/2 bathroom detached home in St Clair neighbourhood, approximately 1,420 sq. ft., has been fully renovated from top to bottom. Featuring open concept layout, newer windows, exterior doors, updated wiring, LED pot lights, plumbing, new baseboards, trim, and 800 series doors. The home boasts engineered hardwood throughout and an amazing custom kitchen with butcher blockcountertops and a stainless steel hood fan. The sun-filled main floor includes sunroom, and the luxurious bathroom offers double sinks, ceramic flooring, and a tub surround. Highlights include a second-floor laundry and an impressive finished attic. The double rear garage is equipped with hydro and double pass-through garage doors. Tenant pays Hydro/water and gas. Live next to the Escarpment alongside beautiful trails. (id:2493)

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New property listed in Hamilton

I have listed a new property at 226 CAROLINE Street S in Hamilton. See details here

Nestled in Durand's heart, this charming Victorian residence offers city living at its best. The main floor features an open-concept living and dining area flooded with natural light from multiple windows. The open concept eat-in kitchen features a large quartz island with range hood and glasstop electric stove The spacious master bedroom boasts plenty of closet space and bay windows. Outside, a courtyard-style garden awaits, with lush greenery. Enjoy parking for 2 cars and the convenience of walking to nearby amenities including Durand coffee steps from your door. (id:2493)

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Open House. Open House on Sunday, May 26, 2024 2:00 PM - 4:00 PM

Please visit our Open House at 226 CAROLINE Street S in Hamilton. See details here

Open House on Sunday, May 26, 2024 2:00 PM - 4:00 PM

Nestled in Durand's heart, this charming Victorian residence offers city living at its best. The main floor features an open-concept living and dining area flooded with natural light from multiple windows. The open concept eat-in kitchen features a large quartz island with range hood and glasstop electric stove The spacious master bedroom boasts plenty of closet space and bay windows. Outside, a courtyard-style garden awaits, with lush greenery. Enjoy parking for 2 cars and the convenience of walking to nearby amenities including Durand coffee steps from your door. (id:2493)

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Tips for First Time Homebuyers

Tips for First-Time Homebuyers

Congratulations on embarking on the exciting journey of becoming a first-time homebuyer! Here are the top 10 tips to help you make informed decisions and navigate the homebuying process successfully:

First things to do is determine your budget! Before you start looking at homes, assess your financial situation and set a realistic budget. Consider all costs, including the down payment, closing costs, monthly mortgage payments, property taxes, and homeowners insurance.

The second thing I recommend is getting pre-approved for a mortgage. Obtaining a pre-approval from a lender will give you a clear idea of how much you can borrow and help you focus on homes within your budget.

Next, you should make a list of priorities and things that are important to you. Know what features and amenities you want in your new home. Determine your must-haves, preferences, and deal-breakers to streamline the search process.

Next step is to work with a reliable real estate agent (aka me). A knowledgeable real estate agent can be an invaluable resource. They can help you find suitable properties, negotiate on your behalf, and guide you through the paperwork.

This step is often over-looked but consider the future! Think about your long-term plans and whether the property meets your future needs, especially if you plan on staying there for several years.

Regarding budget, I recommend staying within your means. It’s essential to resist the temptation to overspend on a home. Remember, owning a home comes with additional costs, so make sure you can comfortably afford it without stretching your finances too thin.

After you find the perfect home for you and your family make sure you and your agent negotiate wisely! Don’t be afraid to negotiate with the seller. Your agent can help you make a reasonable offer based on the market value and property condition.

Lastly, don’t forget to review all paperwork. When you’re ready to make an offer, carefully review all the documents and contracts involved in the transaction. Seek legal advice if needed.

Bonus Tip: Don’t rush! Take your time to find the right home that aligns with your needs and budget. The process might be overwhelming, but it doesn’t have to be! I will guide you through the entire process to find the best home for you and your family.

Happy house hunting, and best of luck with your first home purchase! Message me today to talk about next steps.

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How Long Does it Take to Close on a Home?

How Long Does It Take to Close on a Home?

The time it takes to close on a home can vary depending on several factors, including the specific circumstances of the home purchase and the parties involved. On average, it typically takes around 30 to 45 days to close on a home after the purchase agreement is signed. However, it’s important to note that this is just an estimate, and the actual timeline can be shorter or longer depending on various factors, such as:

  1. Mortgage Financing: If you’re obtaining a mortgage to purchase the home, the timeline can be influenced by factors such as the lender’s efficiency, the complexity of the loan application, and any potential delays in obtaining the necessary documentation or appraisal.
  2. Home Inspection and Appraisal: The time it takes to schedule and complete a home inspection and appraisal can impact the closing timeline. If any issues or discrepancies are found during these processes, it may require additional negotiations or repairs, which can extend the closing timeframe.
  3. Title Search and Insurance: A title search is typically conducted to ensure there are no outstanding liens or claims on the property. This process can take a few weeks, and obtaining title insurance may also be necessary, which can add additional time.
  4. Contingencies and Negotiations: The presence of contingencies in the purchase agreement, such as a home sale contingency or repairs requested by the buyer, can affect the closing timeline. If negotiations or resolutions are required, it may lengthen the closing process.
  5. Local Factors and Seasonal Variations: The time required to close on a home can vary depending on local customs, regulations, and the workload of the professionals involved, such as real estate agents, lenders, and attorneys. Additionally, certain seasons or times of the year, such as holidays or peak buying seasons, can result in increased demand and potentially longer closing times.

It’s essential to work closely with your real estate agent, lender, and other professionals involved in the process to get a more accurate estimate of the closing timeline for your specific situation.

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