Mortgages By Candice works in Calgary, Okotoks and High River, all of which were severely damaged by Alberta’s June 21st flood. The extent of the repairs necessary is mind-boggling, and it’s becoming clear that we will be cleaning up for a long time to come. We would like to offer our sincere sympathies to those who have temporarily lost their homes, and our hope that everyone will be able to eventually return safely.
As mortgage brokers, Mortgages By Candice is closely involved with both real estate professionals and customers. We would like to offer our support to those caught in the difficult situation of being currently involved in the home-buying process in a flood-affected area.
What Do I Do if My Dream Home Was Just Flooded?
Many who are currently in the process of either buying or selling their home in one of the flood-damaged areas of Alberta are now left wondering what their options are. Your choices at this time depend entirely on your situation. There are several steps to purchasing a home, and some are further along than others, however if you have put down an offer and it has been accepted, then your real estate lawyer should be the first person you contact. If is recommended that you not exchange keys until all issues (potential and current) have been resolved. There are a number of details that will need to be discussed, and that vary greatly by each example.
- Was any important documentation lost?
- Is the home repairable?
- Will insurance cover the damage, and, if so, whose?
- Once the owner is determined, are they eligible for government assistance?
- Has the value of the property decreased in any way because of damage?
- Has the value of the property decreased because of location?
These issues can be resolved through proper negotiation, and we encourage you to work hard towards an amicable agreement.
How Can My Mortgage Help
While Albertans wait to receive government assistance, there are some steps you can take to start fixing your home immediately. Many are being forced into home construction due to flood damage, and to make your home livable as quickly as possible you may consider refinancing for emergency repairs. Refinancing also has the potential to provide a lower rate overall – especially if you work with a mortgage broker! At Mortgages By Candice, if you choose to refinance we’ll ensure you are able to make a prepayment if you want when your funds come through, and that your financial situation will improve in the long run.
A home-equity loan is also an option, and can also be used to pay off pesky high-interest debt. And those over 60 years old can apply for a reverse mortgage, which is useful for long-term homeowners with a fair amount of equity. The money borrowed is tax-free, and it also does not affect your Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits.
Once again, we sent our very best to all the residents of Calgary, Okotoks and High River, and want you to know we are here to help in any way we can. Mortgages By Candice is available to chat live if you have any questions about how to most effectively move forward. We can assist in making the best of a bad situation, and will work to ensure your choices will benefit you and your family in the long run.