PRE-APPROVED MORTGAGES
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home, BEFORE you start looking.
Having a pre-approved mortgage will also protect you against interest rate increases, while you're looking.
Your mortgage broker or mortgage specialist will answer any questions you may have to help you determine which financing terms are better for you.
Your Realtor and your Mortgage Specialist will work together to help you find the right home and provide you with the financing that's right for you.
Once you find the home you want to buy, there are documents that you will be asked for, in order to finalize the financing and the paperwork.
These documents can include:
- a copy of the listing of the property
- if the home is new construction, the bank may also want to see the builder's plans and details
- a copy of the agreement of purchase and sale, or a copy of the builder's contract
- letter of employment, income verification and proof of downpayment and/or closing costs (savings)
If you have a pre-approved mortgage, it's a simple matter of finalizing a few details.
If you're planning on buying a home in the near future, and require more information about financing, or whether you qualify, don't hesitate to contact me. I will provide you with all the information you need to get started.
Sylvie Conde, Broker - Your Toronto Realtor!
Sutton Group-Associates Realty Inc, Brokerage 416-966-0300
Independently Owned & Operated
sconde@sutton.com
www.sylvieconde.com
www.torontorealestatelife.com
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Toronto Real Estate and Life Blog ....
.... information on buying - selling - mortgages ... and all things Toronto and the GTA
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HOME OWNERSHIP FOR YOUNG PEOPLE!
No one likes to think they will get old but we all seem to...
No one likes to think that they will be living in their parents' basement until they're thirty-something, but it happens all the time!
Saving for a mortgage may be the last thing on young minds, who are preoccupied with sports, dating, or academics, but it's never too early to plan for the future. A few small steps can become giant leaps towards financial security!
If there are two key words every young adult and teenager should know they are "compound interest".
A simple mathematical calculation demonstrates how savings can build.
If the initial investment is $100 at a conservative interest rate of 5% per year, by the end of that year the investment will be $105.
If the money remains invested through the next year, the investment will grow to $110.25 ($105 x 5% = $110.25).
The following year it would be $110.25 x 5% = $115.76.
So it is easy to see how quickly an investment can grow.
It's a great habit to get into setting aside a certain amount from every paycheque.
Regular "payments" to your investment not only result in greater savings, they can help even out the ups and downs of the marketplace.
There is nothing worse than investing one large sum of money and immediately afterwards seeing the stock market or interest rates plummet.
Also try to think of invested money as being out of reach and avoid dipping into those savings.
A credit history can go as far back as the first loan (even those co-signed by a parent) or the first credit card. A bad credit rating can make it hard to lease a car, get a mortgage, or any type of loan.
Always pay at least your minimum monthly credit card payment and pay it on time. Of course, the best plan is to never carry a balance. The lure of credit, however, can be too hard for anyone to resist especially for a young adult on a limited budget. If you can establish good habits early, think of how much you will save by avoiding years of paying 18-20% credit card interest. (That's compound interest too, by the way.)
A poor credit rating can haunt you for years but a good rating can help you get a loan or mortgage in the future. Most lenders need to see that a borrower is financially responsible. Credit cards can be a great beginning. Most credit card companies will give accounts to students in their last year of university or most applicants over the age of 21.
No one can predict where the future will take him or her. Educational pursuits or new jobs often force people to leave their hometowns and relocate in other cities or provinces. Wherever a person decides to put down roots, it's important to research the market.
Talk to local real estate agents. Most will be happy to share their knowledge and experience.
Some important questions to ask include:
"How much will I expect to spend in order to purchase a house with a certain number of bedrooms or a certain square footage?"
"What sort of features should I look for in a home?"
"Is there a strong resale market in this area?"
Also check out the local real estate companies on the Internet to get an idea of local home prices and sizes.
Even if buying a home is years away it's a good idea to start planning today!
The slow steady building of your investments pays off richly in the end.
Save a specific percentage of your income on a regular basis starting from your very first part-time job. Also try to make payments to your credit cards on time and don't carry a balance.
Eventually we all get to the finish line but it's nice to get there in style!
Sylvie Conde, Broker - Your Toronto Realtor!
Sutton Group-Associates Realty Inc, Brokerage 416-966-0300
Independently Owned & Operated
sconde@sutton.com
www.sylvieconde.com
www.torontorealestatelife.com
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Toronto Real Estate and Life Blog ....
.... information on buying - selling - mortgages ... and all things Toronto and the GTA
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Paying Off Your Mortgage Faster - yes, it is easier than you think.
Everyone wants to pay off their mortgage faster. The original 25 or 35 year term you signed up for, is just a way to get you that first house. Once you get used to the payments, and know exactly what you can afford, you can then start planning just exactly how much more you can afford every month, and if possible, stick to it.
I'm sure there are many other ways to pay off your mortgage faster, but here is a short list:
1. Match your mortgage payments with your pay periods.
If you get paid every other week, pay your mortgage every other week. It takes years off the mortgage.
2. Shorten your amortization.
If you can budget for the higher monthly payments, this will help you build equity faster.
3. Use your pre-payment option.
Many people get a mortgage with this feature, but very few use it. This can add up to thousands of dollars.
4. Consider permanently increasing your payments, when you get a raise at work.
You probably won't feel it, and it can be paying your mortgage off much faster.
5. Most banks allow you to pay a lump sum in one calendar year, and if you don't use it, you lose it. This doesn't mean it has to be a huge amount. Any amount helps. Getting money back on your tax return? Put it into your mortgage (if you're not holding huge balances on your credit cards - pay those off first).
6. Some banks allow you to double up your payments or to increase your regular payment.
If your payment is $1129 per month, but you can pay $1200 every month (or $600 every other week), then do it. It will make a difference.
7. Shop around for better terms at renewal.
Don't just sign the form your bank sends you. They should be offering you great rates, which are competitive. Shop around and renew with someone who gives you what's best for you, with the flexibility you need and terms that are best for you, not the bank.
If you're shopping around with a mortgage broker, double check everything, before you sign.
Mortgage Brokers get paid by the banks. Some, however, will also charge YOU a fee.
SOME mortgage brokers will give your business to the bank who pays them the higher fee - and this is not always the lender who will give you the best deal, or the very best terms. You want to make absolute sure that what you are offered, is the best FOR YOU.
Some of my clients have not had good experiences with Mortgage Brokers, and once they are stuck with that mortgage, there is nothing we can do about it, as the penalties would be too great to switch, so just be careful what you sign. Make sure it's right for YOU.
(This doesn't mean all mortgage brokers are the same, just as all bankers are not the same ... )
If you need a second opinion, get one. If you need to discuss with your REALTOR before you sign on the dotted line, do so. You should definitely review the paperwork with someone you trust, before you commit.
Sylvie Conde, Broker - Your Toronto Realtor!
Sutton Group-Associates Realty Inc, Brokerage 416-966-0300
Independently Owned & Operated
sconde@sutton.com
www.sylvieconde.com
www.torontorealestatelife.com
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Toronto Real Estate and Life Blog ....
.... information on buying - selling - mortgages ... and all things Toronto and the GTA
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SELLING YOUR HOUSE - WHERE DO YOU BEGIN?
You're ready to put your house on the market...
Where do you begin?
First Impressions
Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.
An attractive property grabs buyers' attention and makes them excited about finding a house that looks and feels well-cared for. Because buyers know they'll find fewer problems if they buy it, your house becomes more appealing and stands out from the competition. So if you prepare your home correctly, you'll save time selling it when it's on the market.
A good first impression makes an impact on many levels. It's not just the way your house looks to potential buyers, but how it feels and smells to them, how their friends and family will react, how they imagine it would be to live there.
With simple improvements throughout your house, you can grab the attention of potential buyers and help them see why your house is right for them.
Clean Everything
Buyers expect a spotless house, inside and out. So clean everything, especially your windows and window sills. Scrub walls and floors, tile and ceilings, cupboards and drawers, kitchen and bathrooms. Wash scuff marks from doors and entryways, clean light fixtures and the fireplace.
Don't forget to put away ALL clothes.
Cut the Clutter
People are turned off by rooms that look and feel cluttered. Remember, potential buyers are buying your house, not your furniture, so help them picture themselves and their possessions in your home by making your rooms feel large, light, and airy. As you clean, pack away your personal items, such as pictures, valuables, and collectibles, and store or get rid of surplus books, magazines, videotapes, extra furniture, rugs, blankets, etc. Consider renting a storage unit to eliminate clutter in your garage and attic.
It's hard to get rid of possessions, but cleaning and clearing out the clutter can really pay off in the end. Packing away your clutter also gets you started packing for your next move. Make your garage and basement as tidy as the rest of your house. Simple little tasks such as storing your tools and neatly rolling up your garden hose suggest that you take good care of your house. Don't let anything detract from making your best first impression.
Closets
They're an important consideration to many buyers. By storing clothing you won't use soon, you'll make closets look spacious.
Paint
A new coat of paint cleans up your living space and makes it look bright and new. To make rooms look larger, choose light, neutral colors that appeal to the most people.
Carpet
Check its condition. If it's worn, consider replacing it. It's an easy and affordable way to help sell your home faster. Again, light, neutral colors, such as beige, are best. If you don't replace it, you can suggest to potential buyers that they could select new carpet and you'll reduce your price; buyers like to hear they're getting a deal. At the very least, have your carpet cleaned.
Repairs and Renovations
It's best to avoid making major renovations just to sell the house since you're unlikely to recoup those costs from your selling price. Make minor repairs to items such as leaky faucets, slow drains, torn screens, gutters, loose doorknobs, and broken windows. Make sure repairs are well done; buyers won't take you seriously if your home-improvement efforts look messy, shoddy, or amateurish.
Leaks and Moisture
Water stains on ceilings or in the basement alert buyers to potential problems. Don't try to cosmetically cover up stains caused by leaks. If you've fixed the water problem, repair the damage and disclose in writing to the buyer what repairs were made.
Curb Appeal
The "Wow" factor (that first visual, high-impact impression your home makes on potential buyers) can turn a looker into a buyer. To determine your property's curb appeal, drive through your neighborhood and note other properties; then approach your own house as if you were a potential buyer. How does it look? Does it "wow" you? Will its curb appeal attract buyers? Note what needs improving, such as trimming trees, planting shrubs, or painting gutters. Little things convey that you've cared for your home, and this is your opportunity to sell that important message to buyers who are shopping from the street, simply cruising neighborhoods just looking for houses for sale. To get them through your door, do what you can to make your property look like someone's dream home.
In the Yard
Grab people's attention by enhancing your yard and landscaping. If your house looks inviting and well-maintained from the street, people will imagine that it's attractive on the inside, too.
The Front Door
An attractive entry catches a buyer's eye and says, "Welcome," so highlight this area of your house with decorative touches, such as a wreath on the door or new shrubs and flowers around the steps. For an even grander entry, clean and paint your front door, or replace it with a new one for a few hundred dollars. Don't forget to fix and polish doorknobs, repair torn screens, and then put out that new welcome mat.
Clean and Maintain
Repair
Improvements
It's a long list, I know ... but do as much as you can, and you will put more money in your pocket.
Of course when you are all done, it's time to hire a great REALTOR, to help you sell your 'castle'. :)
If you require additional information, don't hesitate to call or send me an email.
Sylvie Conde, Broker - Your Toronto Realtor!
Sutton Group-Associates Realty Inc, Brokerage 416-966-0300
Independently Owned & Operated
sconde@sutton.com
www.sylvieconde.com
www.torontorealestatelife.com
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Toronto Real Estate and Life Blog ....
.... information on buying - selling - mortgages ... and all things Toronto and the GTA
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Advanced Feng Shui for Real Estate - 6 Continuing Education Credits
If you're interested in Feng Shui for real estate, Sharon Hay will be teaching a RECO approved course, on October 14th, 9:30 a.m. to 4:30 p.m.
You will learn:
- Contemporary Western Feng Shui (9 areas of the Bagua Map for specific areas of your life)
- Compass Feng Shui Defined
- How to Combine the Techniques for blended communities
- The 5 Elements of energy and their interaction with everything in the home
- How to use colours, shapes and textures to balance each room
- Personal Power Directions (which direction you should be facing for working and negotiating)
- Home to Owner Compatibility (what most Real Estate clients want to know)
- Similarities of Feng Shui to Vastu Shastra (for multicultural clients)
- Feng Shui secrets you won't find in any bookstores in Canada...
- and much more!!
This course will cost $90 and will be taking place at the Toronto Star Building, at 1 Yonge Street, in Toronto.
Sharon Hay is the Director of the Feng Shui Schools of Canada.
You can reach Sharon at 905-951-2111.
REMEMBER: You will receive 6 CREDITS towards your required continuing education.
Sylvie Conde, Broker - Your Toronto Realtor!
Sutton Group-Associates Realty Inc, Brokerage 416-966-0300
Independently Owned & Operated
sconde@sutton.com
www.sylvieconde.com
www.torontorealestatelife.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Toronto Real Estate and Life Blog ....
.... information on buying - selling - mortgages ... and all things Toronto and the GTA
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Looking after my clients' best interests is my #1 priority. Buying or selling in Toronto/GTA? Need the best mortgage & a great lawyer? Expect exceptional service, with a smile. :) Call me any time.
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