Robert Morrow

I recently worked with a client who wasn't aware of the Canada-Ontario Affordable Housing Program-Homeownership (COAHP-HO).

The government will assist with your down payment (up to $7,262) if you are a low to moderate-income level andyou want to purchase a home. Applicants must be first-time homebuyers over the age of 18 with a combined household income of no more than $55,900. The home to buy must be located in the city of Hamilton and priced at or below $185,500.

When combined with the Land Transfer Tax Rebate (up to $2,000); the First Time Homebuyer Tax Credit (apx. $750); and steadily decreasing house prices, you just might be able to make that move into home ownership this year.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

Clients have been asking me just exactly how the Home Renovation Tax Rebte and the Provincial and Federal Grants available for improving the energy efficiencty of your home.

I just read this post and found it explains the process very well. From an initial Energy Audit, through repairs and costs, to the grants available and then the further reductions (15%) when claiming through the Home Renovation Tax Rebate.

If you're interested in seeing how one person proceeded, click here. There is also a link to a complete list of available grants.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

In Canada, a recent search of various mortgage brokers shows that the best mortgage term seems to be three years.

For example, Mortgage Alliance states a variable rate of 3.75, TD Canada Trust 3.6%. In the latter's case, even the five-year variable is 3.6%, which begs the question "Why would anyone choose a risky 5 year term when the same rate is available fixed for 3 years? Proponents of variables, of course, will argue, but there is no doubt that in the current economy, a 3 year quarantee is very attractive.

The average 6-month is around 5%, 1 year 3.89% and 5 year 4.22%.

Of course, the biggest question in most people's minds is just how difficult is it to get those lower rates? This is a time when being late with payments and even requesting extensions on due dates is occurring simultaneously with the lending institutions seeking even higher credit ratings. I recently obtained a mortgage for a first time buyer through one of my affiliates, but not after embarrassing him with a 6-year-old record of his being late with a credit card payment. At the time, he was a college student. Now, he's a brand-new professor with a high five-figure income. The mortgage was less than $250,000 and he also had his wife's income of $60,000+ to bring to bear.

If that client found it difficult, how on earth do the rest of us who have been around longer, made a few more mistakes, and allowed our credit score to slip a bit, get these proudly promoted low rates?

Maybe having the kids move home after college isn't such a bad idea. Their credit scores are usually pretty good. Maybe they can renew the mortgage on the family home on the next due date.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

This press release came across the wires this morning. An interesting alternatives for Canadians who have been told "No" to mortgages from banks, lenders, etc. A private operation by Moishe Alexander who is a unique individual representing private money in a fund calld the Canadian Funding Corporation.

"Toronto, Ontario (PRWEB) February 11, 2009 -- Mr. and Mrs. Granville of Orangeville, Ontario applied to Canadian Funding Corporation for a second mortgage to purchase a flea market commercial building in Orangeville, Ontario, with a loan to value of 91%. Canadian Funding Corp approved the deal after Jan Luistermans inspected the property, and Marty Lapedus approved the financing application. Moishe Alexander said "fund", and Canadian Funding Corporation funded the deal.

Moishe Alexander, President and Founder of Canadian Funding Corporation says, "Just because your bank, broker or previous lender has said 'no', doesn't mean we will. In fact Canadian Funding Corporation is known for funding difficult deals that traditionally do not fit institutional guidelines. We can fund the full spectrum of private and commercial mortgages from a $10,000 3rd mortgage to a $100,000,000+ build from raw land."

For More Information:
Please see the Canadian Funding Corporation's website or Moishe Alexander's personal website for more information regarding the company, or real estate financing.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

This blog comment from the 2008 Remodelling Cost vs Value report is interesting in that it suggest curb appeal projects (siding, roofing, decks, etc.) play a stronger role in realizing ROI upon selling.

I think the siding thing is limited to certain markets but then again, if the home isn't brick, then new siding can make a difference in appearance. The new spray stucco is another alternative.

Here's the link:

http://www.brokeragentsocial.com/laveryteam/blog/727/

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.