About Prince Edward Island Real Estate

Seafood... scenery... sandy beaches... serenity... welcome to PEI! This province on the east coast of Canada is nothing short of fantastic, especially for those people who want a laid back lifestyle. PEI is not a cosmopolitan hub, nor does it offer unlimited income opportunities like big cities... rather, it is an ideal place to call home for entrepreneurs, and retirees, as well as self-employed or growing families. PEI has a unique twist when it comes to real estate & vacant property for new builds. Being surrounded by the Northumberland Strait and the Gulf of St. Lawrence has its perks, especially for water sport-minded people and beach lovers (home buyers can anticipate seeing waterfront cottages & larger homes). Inland, the terrain varies with rolling hills, farmlands, forests, and the city of Charlottetown, which reflects the real estate options (multi-level homes, single family houses, detached & semi-detached, bungalows, mobile homes, ranchers and more). The various communities that are spread out over this province are filled with friendly residents and family-oriented neighbors, making it a great place to raise children or kick back and enjoy the good life. Upon reviewing the MLS listings for PEI, buyers will quickly discover that the real estate here can match any budget (another big perk!). The city of Charlottetown offers many of the conveniences that can be found in any city and is rich with Victorian homes & an in-depth history.
Mortgages... many people turn to a lender like a bank, credit union or private lender to obtain the upfront funding to buy a new home. There are quite a few mortgage types available outside of the top three most popular ones (a fixed rate, an adjustable rate & a variable rate). Mortgages can be open or closed and depending on your personal finances and the risk level you pose to a lender; you may be required to take out a high ratio mortgage (mortgage default insurance is mandatory as a security to the lender if a down payment is unavailable). There are mortgages that allow you to transfer a current mortgage (portable mortgage) and mortgages that combine the fixed rate and the variable rate (hybrid or 50/50 mortgage). The monthly payment amount of any mortgage is based on quite a few bits of information such as the amount of money you wish to borrow (the principal amount), the agreed-upon interest rate (the percentage you will pay over the principal amount), the payment frequency (how often you will make a payment each month), and the number of years it will take you to pay the loan & interest back in full (the amortization).
Real estate... it can be fun to look through the MLS listings and fall in love with several homes, but until you have the financial backing and commitment from a lender, it is still beyond your reach to make an offer on one of those homes. If you are ready to take the steps necessary to become a homeowner, then you should sit down with your lender and process a prequalification or even better, a preapproval. Once you have been preapproved by your lender, you will know to the dollar just how much money you are working with... let the house hunting begin! It is ideal to work with a real estate agent or broker so you can access their real estate expertise and services (a realtor acts as the go-between with you and the seller once you find the perfect home). Some of the real estate terms you may come across with your realtor are offer to purchase (a contract in writing that outlines the terms that the buyer agrees to in order to buy the home), a lien check (this is a check to make sure there are no liens/monies owing by the seller against the home you want to buy), deposit (a set amount of money set aside with your realtor or lawyer which will be paid to the seller at the time of closing) & counteroffer (if the seller rejects your original offer, the seller can come back with an amendment to the offer at a different price or closing date).

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