Lincoln Farrell

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Ways To Find Homes For Sale In Guelph

By Lincoln Farrell

Buying a house is one of the largest financial decisions you will ever make and involves many stages, such as shopping for financing, then shopping for real estate, then hiring a home inspector, then finding a good lawyer. Utilizing affordable ways to find homes for sale in Guelph helps to smooth out the process and limit overall cost. Home buyers need wisdom, diligence and patience to make the most of their experience.

Many home buyers contact a real estate agents first, relying on the professional opinion and services offered by realtors. As in any industry, not all real estate agents operate on the same level and your costs may change depending on your hiring decision. Although Buyer Agents charge a commission to the buyer, in all most all situations it is the listing brokerage that pays instead. The home seller will negotiate a total commission with the listing agent, and the listing agent will the set aside a portion of that commission for a buyer agent. Sometimes it’s split evenly between the 2 agents, sometimes it’s not.

Other online classified listings services may also be a source of real estate, such as Kijiji and Craig’ List. Make a habit of checking them both to browse the listed ads. Don’t forget to sign up for updates if the option is available. Just be sure the option allows for your preferred specifications. Some home buyers use these online services as a stepping stone, then eventually hire a real estate agent once they’ve found your dream property.

If possible, drive around your preferred neighbourhoods and look for homes for sale. Take note of the for sale signs you see and contact your agent for more details.  You may be able to get a head start on the listing before it goes public. This would give you more time to prepare for financing and negotiations if by chance the listing gets into a bidding war, which isn’t uncommon with homes for sale in Guelph. Driving the neighbourhoods also provides opportunities to discover other options, such as rental properties or building lots for sale.

Getting the word out at the office or in your social crowd can help to uncover properties for sale. Let people know what it is you’re looking for, including size, location and approximate price range. This information may match a currently listed property or it may trigger sellers to list, providing you with an inside edge on the deal.

Take the necessary time when putting in an offer. Obtaining pre-approved financing and other important initial steps requires work and time. Shopping for real estate can be a long process, and serious buyers understand the costs and time involved before they make an offer.

Hiring a professional real estate agent makes sense for busy homebuyers and those with very specific needs. It can also help buyers to avoid costly problems and delays. Consider working with a local agent in order to secure a fair purchase price. Driving around and letting your friends and co-workers know that you’re shopping for a new home can also provide low cost leads. Remember that patience in the buying process allows you to avoid wasting time and money on multiple offers.

Filed Under: Buying Real Estate Tagged With: Financing Real Estate, Homes for sale in Guelph

First Time Home Buyers Guide To Mortgage Financing

By Lincoln Farrell

Mortgage financing for First Time Home Buyers is really no different than it is for someone buying their second, third, or forth house. Actually a first time home buyer does have the advantage of tax rebates, but essentially real estate financing is approved in the same manner regardless of the number of times you have bought a home.

Mortgages, simply put, involve a lending institution such as a bank agreeing to put up a sum of money, which the customer will then pay back with interest charges each month for a set number of years until it is paid off fully. These guidelines give a basic run-down of how mortgaging works for interested first time home buyers.

There are two main types of mortgages, fixed-rate and adjustable-rate. A fixed-rate mortgage is usually drawn up for a 5 year term.  That being said, there are always options to choose a term from anywhere between 6 months to 10 years, and sometimes longer. A fixed-rate means just that, an interest-rate which remains constant. The monthly payment amount of this type of loan remains the same for the term and will not change. Although it attracts a slightly higher interest rate, it’s a good choice for a first time home buyer who likes consistency and wants to think about things other than fluctuating mortgage payments.

An adjustable-rate mortgage (also known as a variable rate mortgage) has the potential to fluctuate throughout the term. The term options however, are often still the same as the fixed-rate mortgage. The rate will likely be adjusted either up or down depending on the current interest rate trends. Since the rates are initially lower, this option can save a first time buyer money and can help them more easily afford servicing their debt. Keep in mind that if the prime interest rate goes up substantially during your term, it may negate the savings over a fixed-rate mortgage. Those who can handle a bit of change in their monthly payments from time to time, and are comfortable budgeting for a potential increase, are well suited for this type of mortgage.

The process of securing a home loan has three stages. First is the application, in which potential first time home buyers apply to lending institution, either directly or through a Mortgage Broker, to see if they can get funding for their purchase. Second is the evaluation period, in which the application will be processed to determine if the applicants are eligible for a mortgage, and if so, for what amount. Lastly is the closing stage, which happens once the loan has been approved and the funds made available to the buyers.

Lending institutions take numerous factors into consideration when deciding whether or not to approve a mortgage. Some of these factors include the applicant’s credit history, work situation, personal assets, income-to-expense ratios, and the appraised value of the home he or she is interested in buying. Calculations are performed to determine what percentage of the person’s monthly gross income can reasonably be allocated towards housing. These calculations are known as gross-debt-service and total-debt-service ratios.

Debt service encompasses all recurring expenses pertaining to the ownership of the home. This includes the principal amount of the loan plus interest, property taxes, real estate taxes, and various forms of insurance which may be applicable. Lenders will put maximum limit on the percent of one’s monthly income (before taxes) that they feel can reasonably be allocated to these expenses.

When an application is approved by the lender and the loan is granted, the applicant is usually presented with an approval letter which states all important details such as the amount of the mortgage, interest rate, and any conditions which must be met. In the event the loan is not approved, a letter will also be provided, stating why it was declined, but sometimes a counteroffer is made for a lower amount or under different terms.

Closing is the final step in the process which involves the transfer of funds and the deed to the house. The lender releases funds to the lawyer handling the closing and the buyer signs the closing documents. The seller receives the money and in return gives the buyer title to the home. Now the first time home buyers are no longer that, and they can start planning for their next purchase – an investment property perhaps.  😉

Filed Under: Financing Real Estate Tagged With: Financing Real Estate, first time buyers

Choosing A Guelph Mortgage Broker

By Lincoln Farrell

When individuals are thinking of buying a new piece of property, they will want all the help they can get. With assistance from a reputable Guelph mortgage broker, they should be able to locate a professional who can help them find the house they need. Within a few short weeks, they should be able to close on the home of their choice.

Specialists will be able to help their clients find out about their borrowing situation. For example, if men and women are having problems with their credit, a broker can help them look for lending opportunities that will allow them to find a home that is both elegant and radiant. People with poorer credit might have to think outside the box.

Brokers will also be responsible for gathering bank statements and other paperwork so that the proper transaction can be set up. Pay stubs might also need to be gathered. All of these slips will have to be submitted to the proper lending agency with plenty of time to spare. With foresight, individuals will then be able to move forward with the buying process.

Brokers can also recommend certain pieces of property that might interest potential buyers. Smaller families, for example, might be interested in buying a bungalow or a single family dwelling. Men and women with larger families, on the other hand, can choose large Victorian mansions in the posh part of town. The goal is to choose something that will fit their wants and needs as they move forward in life.

Brokers will generally try to save individuals money wherever possible. This means looking for tax breaks and other money-saving endeavors. With luck, property owners will be able to save hundreds or even thousands of dollars in the transaction. Lending agencies might even be able to give people with good credit much lower interest rates.

Brokers can also help small businesses make smart choices as they go forward. When business owners are just starting out, they will need all of the financial advice they can get. Mortgage professionals will also be skilled with retail banking and corporate banking. They can show their clients where to look for property that will suit their needs. Brokers can assist people with investment banking so that they can accumulate money as they head toward retirement.

Professionals will help homeowners make sure that the seller is not trying to falsify key documents. If an inspection of the home is required before the sale can be made final, quite a lot will need to be examined. Experts can look over the inspection paperwork to make sure that the documents have been put together in the correct manner.

In the end, a reputable professional will help men and women in the Guelph area choose property pieces that are right for them. With the right information, they can make a deal that will serve them well through the years ahead. Specialists will assist them with the research process so that all comes together nicely as soon as possible.

Filed Under: Financing Real Estate Tagged With: Financing Real Estate, Guelph Mortgage broker

Lincoln Farrell - REALTOR
Reviewed from Google

5 out of 5 stars

Katrina Baker
Katrina Baker

5 out of 5 stars

posted 8 months ago

It is always a pleasure dealing with Lincoln and through my dealings with him I know that he is very knowledgeable about mobile home sales in Mini Lakes.

Della Goetz
Della Goetz

5 out of 5 stars

posted 1 year ago

Lincoln' Farrell's expertise as a realtor was absolutely commendable! His overall market knowledge was delivered professionally.

Sometimes it's difficult to find trustworthy and honest people in the dynamics of our business world. I totally felt assured that I was in good hands with Lincoln!

He proactively sought out potential buyers for my modular home.
Not every realtor has the knowledge of condominium modular home sales but Lincoln sure does.

If he can sell my place so quickly, imagine what he can do for you!

Anita Macfarlane
Anita Macfarlane

5 out of 5 stars

posted 2 years ago

After our mother passed away, Lincoln was an amazing help through the sale of her property. His analysis of the market and suggestions for the sale of the home struck a great balance between getting the best price while ensuring the timely sale of the home. He was always prompt, honest and sincere when answering our questions and clear in his communications. When there were disagreements amongst our family, Lincoln was always patient and understanding as he helped us through these adverse situations.

When we discovered repairs were needed, he offered his recommendations and assistance with arranging for the repairs and meeting with the repairmen. He was courteous and always made his appointment times. He kept us promptly informed of viewings and offers, and provided us with solid advice regarding our options. Once the sale was made, the paperwork was handled efficiently and expertly, always in a convenient and pleasant manner. When the buyers raised an issue before closing, Lincoln dealt with the issue quickly and effectively.

Lincoln turned what could have been a difficult situation for us into a pleasant experience. His excellent knowledge of the market helped us to realize the best value for the property and a timely sale. We always felt confident in his abilities, and reassured by his honesty and integrity. His sincere support, service and attention to our needs far exceeded our expectations. We would unreservedly recommend his services to anyone wanting to sell their property.

Judy Norman
Judy Norman

5 out of 5 stars

posted 2 years ago

I entered the market quite unexpectedly, and Lincoln was spot-on from the start. As a direct result of his outstanding knowledge, efficiency, sincere willingness to work in my best interests, and honest/open style, I was able to sell at a fair price in a record amount of time. There were some complicated issues that he navigated with great expertise, in a way that was fair to both myself and my buyer. I knew I could trust him to ensure my transition was smooth, and I am very pleased in my new home.
I would highly recommend Lincoln Farrell to any prospective buyer or seller, and if I was to move again, Lincoln would be the one to call !!

Sandra Olschewski
Sandra Olschewski

5 out of 5 stars

posted 2 years ago

It was a pleasure to work with Lincoln to find our home in Fergus. We were new to the area and looking for a very specific property. Finding just the right house isn't easy, but Lincoln's knowledge of the real estate market quickly became evident. His honest approach was refreshing. When the search for our new home began to feel hopeless, his sincerity prevented us from rushing into the wrong decision. He encouraged us to be patient. When we found the right property he skillfully negotiated the deal. If you're looking for a realtor with integrity, I strongly recommend Lincoln Farrell. He truly cares about finding the right property for his client, not just closing a deal.

Read All 17 Reviews

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Lincoln Farrell

Professional, reliable, easy going, first rate Realtor and Mortgage Agent. Crazy about family. Personality shines a really big smile... Read what his clients are saying.

My Service Area

Located in Guelph Ontario, I service the municipalities surrounding communities of Wellington County and Waterloo Region.

Office: 238 Speevale Ave West, Guelph ON, N1H 1C4

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Copyright© 2019 · First Rate Real Estate Inc · A Real Estate Support Agency · Guelph Ontario Canada

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Lincoln Farrell · Sales Representative · REMAX Real Estate Centre Inc Brokerage · 238 Speedvale Ave. W, Guelph ON N1H 1C4