What a surprise this morning! Spotty, our dog, picked up the paper at the end of the driveway containing a gift!!
I open the Toronto Star this morning to find a whole supplement on Residential Mortgages. It is an excellent coverage on the borrowing and who may and may not qualify.
Over all it is a positive supplement, except for an article on page 2 by Momoko Price, with tons of good information. I mostly disagree when Realtors are blamed for today educated consumers'greed.
I was particularly pleased to see that Naomi Carniol has cover "The Green Mortgage" Green not as in TD Canada trust but Green as in the Environment!
I recommend that all those who are thinking of buying or are buying read the Supplement.
Bravo to The Editors of the Toronto Star Newspapers for this issue.
Thursday, April 30, 2009
Tuesday, April 28, 2009
Buyer Be Aware of NO Frills Mortgage or Lowest Rate Mortgage!
With the competition from Mortgage Lenders on the increase, I have noticed this trend. Buyers will be attracted to a particular lender by very low interest rate.
However, please be careful that with lower interest rate many features are missing.
What are these features or "Bells and Whistles" as we'd call them.
With no frill mortgage please check if you can
a) Make a bulk payment
b) Early Payout available
c) Increase your monthly payment
d) Transfer the mortgage instrument.
e) Portability
f) Payout if you sold your home
Many or all of the no frills do not allow most of the above listed features, thus NO Frills! Please ask questions before committing your self to a 'No Frill"of ''Lowest Interest Rate" loan.
However, please be careful that with lower interest rate many features are missing.
What are these features or "Bells and Whistles" as we'd call them.
With no frill mortgage please check if you can
a) Make a bulk payment
b) Early Payout available
c) Increase your monthly payment
d) Transfer the mortgage instrument.
e) Portability
f) Payout if you sold your home
Many or all of the no frills do not allow most of the above listed features, thus NO Frills! Please ask questions before committing your self to a 'No Frill"of ''Lowest Interest Rate" loan.
Wednesday, April 8, 2009
What the experts say to Where the Housing is Headed?
Got up early this frosty Spring Morning. I think I was awakened by jet noise of an overhead aircraft. Took the dog for a walk, walked in and made my grandson a hot chocolate and myself a mug of java and caught up some magazine on real estate. I read something that I'd like to share with you. A well know financial magazine, in their wisdom got some Bay Street housing industry observers to answer some tough questions. I have abbravated their long winded answers to the best of my ability to an understandable level for us guys on the main street. The panel consists of
Brad Lamb - owner of the top selling condo firm in Downtown Toronto,
Sherry Cooper -chief Economist BMO Capital Markets,
Garth Turner - Real Estate commentator and a former MP,
Elise Kalles - leading sellers of carriage trade homes,
Harry Stinton - Real Estate Developer,
Richard Wengle - Toronto Premier luxury architect and
Mike Eppel - Business Editor 680News
Question: Whats happening in the Housing market?
Elise Kalles: Well maybe now is not the time to put the home on the market, but as far as buyers go, I encourage them to buy today. Those who want to wait for a clearer view of the future, I tell them that when the future is again clear, the present bargains will have vanished!
Q: So, is everybody just waiting?
Lamb: There are people who are motivated to sell.
Stinson: There are people who have a reason to buy,sell, move instead of treating their home like it is a stock in the stock market and make money in selling their home. they are now buying or selling for a reason.
Eppel: And you actually have time to go through a property without the fear that someone is going to snap it up the next day if you hesitate.
Turner; Now it is getting more into a situation where it is actually more traditional what the home was intended to be: a home.
Q: Is the bidding wars over?
Lamb: I would say 5% of our deals still have more than one offer.
Wengle: Before people were lining up against three or four people and now it has slowed down considerable.
Kalles: There is no feeling of immediacy.
Q: Has the housing market caught up to the reality of what's going on in the global economy?
Copper: I think that many Canadians are still in denial and that there's lot of la-la land still around. They're deer in the headlights. the last thing they're going to do is make an important residence decision. It'll get worse before it get better.
Turner: I think Sherry is right. If you look at what's happened in the financial services, it is likely to happen again in the real estate markets.
Lamb: well ask me if they should wait. I actually think the worst is behind us. I think now is a great time to buy.
Q: Final Question to all: What's your opinion? Would you advise to buy now or wait?
Turner: Media has under reported the financial crisis, however, the low interest rates are here to stay, so avoid rush buys. Shop around if you are buying, take your time.
Cooper: the worst is yet to come, but housing will rebound.The downturn has been worse than expected.
Harry Stison: Buy a home to live in, not to make a profit on. things will stabilize in about 6 months.
Elise Kalles: More high-end homes are sitting on today's market.
Brad Lamb: Real estate has bottomed and is on the upswing.
Mike Epple: Doom and gloomers are getting the most prominent voice.
Wengle: I have found that we are getting back to proper quality building and finishing again, and they are getting better. there is no rush to finish the product anymore.
Brad Lamb - owner of the top selling condo firm in Downtown Toronto,
Sherry Cooper -chief Economist BMO Capital Markets,
Garth Turner - Real Estate commentator and a former MP,
Elise Kalles - leading sellers of carriage trade homes,
Harry Stinton - Real Estate Developer,
Richard Wengle - Toronto Premier luxury architect and
Mike Eppel - Business Editor 680News
Question: Whats happening in the Housing market?
Elise Kalles: Well maybe now is not the time to put the home on the market, but as far as buyers go, I encourage them to buy today. Those who want to wait for a clearer view of the future, I tell them that when the future is again clear, the present bargains will have vanished!
Q: So, is everybody just waiting?
Lamb: There are people who are motivated to sell.
Stinson: There are people who have a reason to buy,sell, move instead of treating their home like it is a stock in the stock market and make money in selling their home. they are now buying or selling for a reason.
Eppel: And you actually have time to go through a property without the fear that someone is going to snap it up the next day if you hesitate.
Turner; Now it is getting more into a situation where it is actually more traditional what the home was intended to be: a home.
Q: Is the bidding wars over?
Lamb: I would say 5% of our deals still have more than one offer.
Wengle: Before people were lining up against three or four people and now it has slowed down considerable.
Kalles: There is no feeling of immediacy.
Q: Has the housing market caught up to the reality of what's going on in the global economy?
Copper: I think that many Canadians are still in denial and that there's lot of la-la land still around. They're deer in the headlights. the last thing they're going to do is make an important residence decision. It'll get worse before it get better.
Turner: I think Sherry is right. If you look at what's happened in the financial services, it is likely to happen again in the real estate markets.
Lamb: well ask me if they should wait. I actually think the worst is behind us. I think now is a great time to buy.
Q: Final Question to all: What's your opinion? Would you advise to buy now or wait?
Turner: Media has under reported the financial crisis, however, the low interest rates are here to stay, so avoid rush buys. Shop around if you are buying, take your time.
Cooper: the worst is yet to come, but housing will rebound.The downturn has been worse than expected.
Harry Stison: Buy a home to live in, not to make a profit on. things will stabilize in about 6 months.
Elise Kalles: More high-end homes are sitting on today's market.
Brad Lamb: Real estate has bottomed and is on the upswing.
Mike Epple: Doom and gloomers are getting the most prominent voice.
Wengle: I have found that we are getting back to proper quality building and finishing again, and they are getting better. there is no rush to finish the product anymore.
Tuesday, April 7, 2009
Spring Project
This is just in time for the spring projects...enjoy
http://www.cmhc.ca/en/co/maho/yohoyohe/heho/heho_002.cfm
http://www.cmhc.ca/en/co/maho/yohoyohe/heho/heho_002.cfm
Title Insurance
What a wonderful email to wake up to!
My client's mom, Hazel, wrote to thank me for making it easy for Jess her daughter and Jeremy (Jess's partner), to obtain a mortgage for their first home - a beautiful townhouse in Oakville, Ontario.
These kind of emails make my day!!
At the office, my assistant pointed out an article in the Toronto Star (April 7th - 2009) GTA Section. A mother on disability lost her home to fraud. This lady is being evicted from her home. Read the article here.
...Is there anything this lady or her Lawyers could have done to prevent this from happening? The answer is: Yes!!....Title insurance.
Title Insurance is a special kind of insurance that protects against loss from fraud, forgery, title defects and survey problems. It can insure against problems that could affect future ownership. One such insurance company is - First Canadian Title. Literature from this insurer claims that - Title insuance issued through first Canadian Title is the most comprehensive title insurance policy in Canada. For title matters covered under the policy, the insured is compensated both for the loss or damage experienced and/or legal costs incured in defending the title.
As of 2.23pm this afternoon the cost of title insurance for a property under $500,000 was $378.00, taxes included, for as long as you own the home. A very affordable fee for any family.
I recommend all home owners to ensure that they have Title Insurance on their properties. With electronic registration and white collar crimes on the rise - for under $400 you could save yourself a huge headache somewhere down the road.
My client's mom, Hazel, wrote to thank me for making it easy for Jess her daughter and Jeremy (Jess's partner), to obtain a mortgage for their first home - a beautiful townhouse in Oakville, Ontario.
These kind of emails make my day!!
At the office, my assistant pointed out an article in the Toronto Star (April 7th - 2009) GTA Section. A mother on disability lost her home to fraud. This lady is being evicted from her home. Read the article here.
...Is there anything this lady or her Lawyers could have done to prevent this from happening? The answer is: Yes!!....Title insurance.
Title Insurance is a special kind of insurance that protects against loss from fraud, forgery, title defects and survey problems. It can insure against problems that could affect future ownership. One such insurance company is - First Canadian Title. Literature from this insurer claims that - Title insuance issued through first Canadian Title is the most comprehensive title insurance policy in Canada. For title matters covered under the policy, the insured is compensated both for the loss or damage experienced and/or legal costs incured in defending the title.
As of 2.23pm this afternoon the cost of title insurance for a property under $500,000 was $378.00, taxes included, for as long as you own the home. A very affordable fee for any family.
I recommend all home owners to ensure that they have Title Insurance on their properties. With electronic registration and white collar crimes on the rise - for under $400 you could save yourself a huge headache somewhere down the road.
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