About York County, ON

Its the spring market here in Toronto and the market is a busy one so far. One of the most important factors in choosing a new home for young families is close proximity to good schools.

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There are many factors to consider such as;

location, location

shopping and restaurants

community centres and community centres

close to transportation and a safe place to be.

One of the most important aspect for families are the school.

Follow this link and check the ratings of schools in the neighborhood. You may be surprised see how the school rank when compared to other neighborhoods.

http://www.mail2web.com/cgi-bin/redir.asp?lid=0&newsite=http%3A%2F%2Fontario%2Ecompareschoolrankings%2Eorg%2FSchoolsByRankLocationName%2Easpx%3Fschooltype%3Delementary

Let me help you find the perfect home and the best school for your kids.

When you list your house for sale with a Real Estate Brokerage; we are paid upon the successful completion of the transaction for bringing an offer (buyer) that was acceptable to you.

I pay for the Print Material

I pay for the Video Tours

I pay for the Signs and Lock box

"listing" a house with a REALTOR entails a contract and Agency and disclosure. Measuring and Verifying data. POSTing an ad on a website and Print magazine is not a listing. Why do people keep saying that FSBO's are listed?

When you pay up front for advertising your home for sale, thats what you are doing... Advertising your home is for sale. Then you will pay upfront for the lawyer to create your agreement of purchase and sale and you will rely on someone else to fulfil the conditions.

You still have not considered the details.

Why do Banks shy away from Private Sales?

Why do Nothing Down Artists attract Private FSBO's

When you have sold will you be using a Realtor for a purchase? Why? Because you want to be represented.

You don't know what you didn't know until...

Here's How you can Beat a For Sale By Owner Everytime!

Improved Penalty Disclosures On The Way

Two years ago to the day, the Finance Department promised to “bring greater clarity to the calculation of mortgage pre-payment penalties.”

Later this year, that promise will become realized.

The government has just announced a brand new mortgage “code” that requires federal financial institutions to:

“…provide more information on how prepayment charges are calculated.”

“…explain the differences between mortgage products, including ways to pay off a mortgage faster without incurring penalties.”

These improved disclosures have been eagerly anticipated by consumer groups, who charge banks with:

• Obscuring penalty descriptions with legalese and vagueness
• Failing to provide understandable formulas for calculating prepayment charges
• Failing to provide consumers with easy access to the inputs (e.g., posted rates at origination, comparison rates, etc.) that must be plugged into the prepayment penalty formulas.

Indeed, the Financial Consumer Agency of Canada (FCAC) says it “has observed a significant increase in the number of complaints it has received related to mortgage prepayment penalties,” especially interest rate differential(IRD) charges.

That’s not surprising given that many mortgage “advisers” themselves don’t even understand them fully.

The FCAC has also found cases where lenders’ actual IRD charges are different from (presumably higher than) the charges disclosed to consumers.

In short, the FCAC says that some lenders’ disclosures “hinder consumers' ability to decide on mortgage prepayment.”

Going forward, federally regulated financial institutions must disclose the following to borrowers:

1. The method (formula) for calculating the exact prepayment charge in language that is clear, simple and not misleading
2. Where the penalty formula is complex (e.g., uses present value), a simple way to estimate penalties
3. A description of all inputs used in the penalty formula (including things like posted rates at originations, future value, outstanding balance, all applicable interest rates, bond yields, etc.)
4. Information on how to obtain each of those formula inputs (or the actual values themselves)
5. An example and/or worksheet to help consumers figure out their own prepayment penalty

Federally regulated lenders must be in full compliance with the above by November 5, 2012. The Financial Consumer Agency of Canada will monitor that compliance on an ongoing basis.

In addition to better penalty disclosure, lenders must also provide the following to customers annually:

• A description of the borrower’s available prepayment privileges
• The dollar amount of available prepayment options
• Explanation of factors that could cause penalties to change
• Specific information needed for the borrower to calculate his/her own penalty (e.g., the rates used to calculate the penalty, balance, etc.)
• A list of all other fees for early repayment
• Contact information for lender staff knowledgeable about penalty calculations.

Upon request, the lender will have to furnish a written statement with the prepayment penalty (and other amounts) to be charged, with a full description of the formula used and the timeframe for which the penalty quote is valid.

Lender will also need to provide guidance on what triggers a penalty, how to avoid penalties, and how pay down principal quicker without incurring penalties.

And lastly (and here’s the best part in our view), lenders must post calculators on their pubic websites to help determine “reasonable” estimates of penalties. No more guestimators that spit out ballpark penalty quotes that are thousands of dollars off.

We don’t make a habit of celebrating government regulation, but this set of guidelines has been badly needed. Despite the lengthy implementation, the Finance Department and FCAC deserve a salute on this one.

Note: These guidelines do not apply to commercial mortgages or mortgages that don’t fall under federal regulation.

Robert McLister, CMT

Denise Pisani,AMP

Mortgage Agent (Lic.M11002770)
The Mortgage Centre
Office: 905 566 5363 Cell: 416 629 5363 Fax: 1 877 229 5063
Email: info@donedealmortgages.com
Website: www.donedealmortgages.com

David Pylyp; In our rush to race for the bottom of interest rates or commissions in real estate for that matter, we never think that our circumstances will change. We assume since we are at the BANK they are acting in our best interest. The Bank's job is to make money for the Bank.

You looked only to the lowest interest rate component of the Offer to Finance, but failed to consider, job change, maternity, marriage, transfer, portability to another house, topping up CMHC fees from a previous application, buying a live work based on percentage of Commercial use.

That's why you should have independent representation that is in your corner, explaining things to you step by step. You don't know what you don't know.

When you need Results that Matter Call David Pylyp.

Just got off the phone with a Landlord handling a dispute between his tenant and the adjacent neighbour over cars parked in a Right of Way (shared Mutual Driveway) Tenant parks to drop off kids and groceries, neighbour has a tantrum about cars in the driveway. This is escalating to LAWYER letter writing and the Neighbourhood Community Liaison Officer (Police), a call out of illegal building permits and pet tags.

Why can't people just get along?

Do you have a tenant from Hell story to share?

I'm in Toronto Reach out and say Hello

With all the talk about Toronto Condo Bubbles, Housing Bubbles and all the informed conversations online about HOW the Real Estate and condo market in TO will collapse this year; I offer this simple answer.