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Securing a Mortgage

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Getting Pre-Qualified

Getting Prequalified for a mortgage is the first step in the buying process. Prequalification lets you know whether you will be able to borrow money from a bank or other lender, what your maximum monthly payment can be, and even “holds” an interest rate for you. The reason that this should be the first thing you do is that you want to set up the framework for what you can spend before you start shopping for homes. The last thing you want to do is start to look at things that you can’t afford, as it is just bound to set you up for disappointment.

But here’s the thing – not all pre-qualifications are the same, and choosing who is to help you is a more important decision than you might think. Many banks will do a pre-qualification based upon your “ratios” only. The ratios are the percentage of your income that you are allowed to spend on housing. For example, at most financial institutions, you are only allowed to spend up to 32% of your total income on your housing needs.

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Why Use a Mortgage Broker?

There’s a lot that should be considered when you go for a mortgage pre-qualification. First, the person doing the pre-qualification should also investigate your credit bureau – it’s a good time to find out if there are any skeletons that you may not know about – particularly if they are going to harm you when you seek final approval. Additionally, this is a great time to rate shop! However, did you know that if you go to multiple lenders who do a credit check each – that it can actually harm your credit? Consider using a mortgage broker, and you’ll have someone shop your “situation” around to the lenders for you. They will give you some options that you can choose from based upon criteria like rates, terms, features and more. There’s typically no cost for this service that the borrower pays – it’s the lenders who pay these folks. You can, of course, get prequalified by your bank or credit union as well, but it definitely pays to get a second opinion via a mortgage broker.

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Finding the Perfect Halifax Neighbourhood

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What is your Ideal Neighbourhood?

Purchasing the perfect property often involves more than just the home itself. What truly distinguishes a house from a home is the community and environment that surrounds it. Halifax has quite a variety of neighbourhoods and communities, just remember that neighbourhood preferences vary. While you may dream of a smaller, more charming community, others may yearn for big city living with every convenience at their fingertips.

There are many factors that go into buying the perfect home.While choosing the right property is very important, a neighbourhood plays a crucial role in creating lasting memories. The trick is finding one that suits your lifestyle.

Here are a few tips to help you find the right fit:

halifax-home-for-sale-dartmouth   home-buyer-halifax

Make a list.

Start by jotting down a list of the desired lifestyle factors that are most important to you and your family. Remember to leave no stone unturned — consider location, proximity to work and schools, amenities and local attractions.

Get out and explore.

While lists are helpful, nothing beats experiencing an area for yourself. Once you’ve narrowed down the most important factors, be sure to visit at least a couple of locations around Halifax that match the description. Though one may look good on paper, in reality it may leave more to be desired. The only way to truly determine what’s best for you is by seeing an area in person.

Call in the pros.

Often, the best way to find the perfect neighbourhood is by contacting a professional. Experienced sales representatives are aware of great areas suited to any need and can help narrow your home search and save time.

check out our Your Perfect Life tool to find your dream neighbourhood.

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The Port of Halifax is About to Get a $50,000,000 Makeover

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The Federal Government just announced funding for a massive expansion of our port. This project will create 800 jobs and allow Halifax to significantly increase our cargo capacity.

The investment covers all rail and cargo ports in Halifax and will allow our city to become Canada’s premier Atlantic port.

The port is not the only destination for the new federal cash. Areas around the terminals, such as the Windsor Street exchange and Barrington Street will be receiving upgrades to cope with the increased traffic. If you are used to taking Barrington to get downtown, you may want to take an alternate route for the next few years as the street is going to be under construction for the foreseeable future.

The upgrades will allow the port to accept more “ultra-class” cargo vessels, which sometimes carry hundreds of thousands of tons across oceans. They will also allow for more growth in exports from Nova Scotia.

Nova Scotian exports have been booming in recent years, with seafood exports more than doubling since 2012. Seafood exports to China alone totalled close to $1 Billion in 2018.

Source – John Grant, urbanhfx.com

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Summit Group named Top 10% of Halifax Real Estate Agents

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Summit Group achieves Royal LePage President’s Gold Status 

A delivery just arrived at our office – “Congratulations on achieving Presidents Gold so far this year! From your friends and family – Royal LePage Atlantic”

Royal LePage President’s Gold Award is defined as representing the top six to ten percent in their marketplace, Halifax Real Estate 

Congratulations to Gail Naugler and Colin Crawford on this achievement only half way through the year and Thank you to all of our loyal clients who made this possible!

Real Estate, Goal Oriented.

– Cohen MacInnis 
Team Lead, Summit Group

Learn more about the Summit Group, Visit our profiles under About Us 

 

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Summit Group partners with Seven Lakes Lifestyle Community in beautiful Porters Lake, NS

Summit Group is proud to represent Seven Lakes Community, A Nova Scotia Lifestyle Community in Porters Lake, just minutes from City of Halifax featuring Detached, Semi-Detached Homes and Cottages, Waterfront Lots and Custom Build options from our builder Synergy Homes.

Seven Lakes Community is The largest Conservation Community in Atlantic Canada, Seven Lakes offers you a place to walk, a place to play and a place for your family to grow; a natural lifestyle that is simply priceless. By embracing the principles of conservation design, we are developing a community not just for today, but for the future.

A CONSERVATION COMMUNITY MEANS A LOW IMPACT DEVELOPMENT THAT WILL:

  • Reserve over 60% of the existing habitat and significant natural features for your enjoyment- and for generations to come
  • Help protect water sources
  • Give homeowners access to surrounding natural landscapes
  • Maintain the rural character of the community

At Seven Lakes, we believe that a great Community Master Plan is first and foremost a Conservation Design. Inspired by nature, where people are connected to the earth beneath their feet and to their neighbours on the other side of the hedge.

The community’s design incorporates neighbourhood greens that bring communities together. We are creating footpaths and bikeways that connect communities, and we’ve planned places to play that focus on wholesome activities for children.

We are committed to conserving trees wherever we can, and planting new trees to help make our neighbourhoods richer, greener and stronger.

The best of rural and urban living, just 25 minutes from Halifax!

CONTACT US TO SCHEDULE PRIVATE TOUR