Why You Should Be Honest on Your Mortgage Application

News Source: http://www.canadianmortgageupdates.ca

Your income is an important part of your mortgage loan application, and lenders do require specific documentation before deciding to fund you. This includes income tax returns for the past two years, or two years’ worth of corporate tax returns if you are self-employed.

The only exception to this rule is if you are refinancing using a government loan, as in this case it might not be necessary to provide any income documentation. This all seems pretty clear-cut, but an article in aol.com points out there are a few different circumstances where people may decide to omit their income from their mortgage application.

If you are a self-employed borrower then you’ll definitely need to show two years of tax returns which include corporate returns if applicable. Nowadays federal lending requirements don’t allow lenders to choose which income years to use when deciding if you qualify for a mortgage. This means if you had one poor year followed by one exceptionally good year, then they cannot simply ignore the bad year as they will need to take a 24 month average of your income. If you have not disclosed income this also might raise red flags to a lender. They are going to want to know why you are trying to hide income so it’s far better to come clean as this will enable you to get a mortgage.

All cash deposits to your bank account that aren’t part of your normal income must be included and fully documented if you intend to apply for government financing. If you have taken on an additional job in order to save more money, then you’ll need to explain where these additional funds came from. If you are applying for a conventional loan then your lender must be able to source and document any cash deposits that are more than 20% of your monthly income.

If you have a joint application for a mortgage then it’s worth considering which of you has the stronger chance of qualifying. Conventional mortgage lenders are able to take just one borrower’s financial information into account, but it is different for government loans where the debt of one borrower can negatively impact the primary borrower.

The bottom line is that mortgage lenders are looking for borrowers who are able to support mortgage payments. Most will want the mortgage payment and other debt to account for no more than 43% of your income, although occasionally this figure may go as high as 55%.

Thoughts on Real Estate Investing

News Source: http://www.canadianmortgageupdates.ca/

Whether you’re a seasoned professional or a novice investor there are fundamentals that you should always be paying attention to when investing in real estate. The fundamentals for beginners may be second nature to experienced investors but they aren’t to the beginner. The beginner needs to keep these in mind every step in the process of making his or her first purchase and sale.

Money can be made in any type of real estate market but it takes different strategies that change on a regular basis. There are two basic investment strategies. One is to buy and hold as rentals and the other buy and flip as quickly as possible. Within those two basic strategies are many other options. Today, one of the better buy and hold strategies is the lease option where you hold for a few years but have a plan to sell to the renter at a future date. For those wanting to flip houses, being able to owner finance them (even using other people’s money) is a great strategy. Both of these strategies are working well today because of the tough lending qualifications and because so many people have damaged credit scores coming out of the recession.

Real Estate Investing for Beginners

First and foremost, have an exist strategy. Never buy a house just because you can get it at a good discount. Know exactly what you are going to do with it once you own it. It’s also preferable to have a plan “B” and a plan “C”. Once you have an exit strategy, join an investment club if you haven’t already. Decide on a couple of experienced members that you trust and possibly use the exit strategy you’ve decided on. Invite them to lunch. Explain your strategy to them and ask them to punch as many holes in it as they can. Use the information you learn to improve your plan.

Expert advice for beginners is invaluable. An example of a big mistake one beginner was advised not to make involved a double lot. The beginner had found a double lot at a deep discount in a lower to middle income subdivision. He saw a huge opportunity to buy the lot and then go through the permit process to subdivide it with the intention of more than doubling his investment by selling two individual lots at retail. When he discussed his plan with an expert, the expert suggested that before making the purchase he first look into his ability to subdivide the property. When the beginner did, he learned that it could not be subdivided because of a wildlife habitat issue. The only use the property was suitable for was building a small mansion in the middle of low-end neighborhood. Obviously not a good investment strategy.

Real Estate Investing for the Experienced

If you’re at the top of your game, the best thing you can do to stay there is remain humble. Lack of humility is the biggest problem any businessperson can cause for them self. People simply don’t like doing business with someone that is arrogant. The best deals won’t be made available to you. When you do find a decent deal, negotiations won’t go in your favor when you portray yourself as always coming out on top. Stay humble and you’ll do much better.

Being humble includes offering your experience and knowledge to beginners and others less experienced than yourself. Don’t think of them as competitors and blow off their requests for help. There are plenty of deals for everyone. Occasionally, taking the time to thoroughly think through the strategic basics will also help keep you at the top of your game.

Visa Changes Should Help Chinese Buy US Property

News Source: http://www.consolidatemydebts.ca

Investment in US real estate from overseas buyers could increase dramatically next year due to changes to the reciprocal US/China visa agreement. Students can be issued with five year multiple entry visas, while business travelers and tourists can be issued with ten year multiple entry visas.

These changes took effect earlier this month, and should make it easier for Chinese who wish to invest in US property. Often Chinese parents will purchase a home for children studying abroad, and the five year visa will also help students on a four year degree course.  Chinese investors who are currently undecided about purchasing US property should find these new changes encouraging.

According to the article in RisMedia, these changes could bring about a 15% increase in Chinese investment next year. Data from the NAR 2013 Profile of International Home Buying Activity shows the fastest-growing source of International clients has been from China and Canada. Real estate purchases by Chinese buyers have accounted for 12% of international transactions, and many of these are paid for in cash. Apparently Chinese buyers tend to look for property in the highest average price range and will pay cash around 70% of the time. Buyers have an average budget of $3 million and the median property purchase price is $425,000. This is much higher than the US median of $199,500. Popular areas for real estate investment by Chinese purchasers include Houston, Detroit, Philadelphia, Los Angeles and New York City.

Experts also point out that these recent changes to visas provide an opportunity for real estate agents as international buyers tend to greatly appreciate the knowledge and assistance conveyed by real estate agents. It’s not always necessary to be fluent in the overseas buyer’s native language. Home sellers may also prefer to find a real estate agent who markets their listings in China, as this is the fastest growing group of overseas buyers and could mean a quicker or better transaction for the seller. Real estate agents are also being advised to make international marketing part of their weekly business plan.

It’s thought that the extension of the student visa could have more impact on the US housing market than the changes to the business traveler and tourist visas, as a considerable number of Chinese students are educated in American schools. Even though every Chinese investor is in a slightly different situation, most will have an underlying belief in the US real estate market.

Minimizing Real Estate Investing Risk

News Source: http://www.consolidatemydebts.ca

There are many real estate investing business models. Deciding on the one that is right for you determines the level risk you are willing to take with your investment money. Most investors decide between becoming a landlord or rehabbing and flipping middle-income houses. What few people consider is owner financing lower income houses. There’s more money to be made and lower risk with this real estate investing model.

Valuing Owner Financed Houses

Here’s where the big difference begins with owner-financed houses. The selling value of the house is NOT determined by comparables or assessed vale or an appraisal. The sales value of an owner financed home is closely associated with the dominate rents of the neighborhood. What’s important is that you find the right neighborhood to invest in. These are working class neighborhoods where people mostly live paycheck to paycheck but some manage to save a little for emergencies or towards a down payment on a house. These people might have $4,000 in the bank.

Let’s say it’s a typical family with two parents and two children and the parents are in their early 30s. They are renting a two or three bedroom apartment that is costing them $1,050 each month. They have noisy neighbors above them and below them and they have to fight for a decent parking spot when they come home from work every evening. They have the good old American dream of buying a home with a yard, a garage, and a white picket fence. However, in today’s real estate marketplace, these people can’t qualify for a traditional mortgage. Maybe they have a few blemishes on their credit score or more likely they don’t have the 20% to 25% down payment that the banks are requiring. The fact is these peopl

e don’t value the purchase cost of a home according to the appraised value nor comparable sales in the neighborhood. They value the purchase cost compared to what they are getting for their rent money. When you owner finance, you don’t need an appraisal nor do you have to show comparables. All you need is to come to an agreement on the sales price. When you can put these people in their own home for the same cost or less than they are paying in rent, most will jump at the chance.

How a Decent Deal Plays Out Financially

In most cities (especially mid-west cities and towns), there is an abundance of low cost houses that are ideal for owner financing to lower middle class and lower working class homebuyers. How a deal might work is you find a distressed seller needing to close a sale very fast. These are typically all cash sales. You need to have your financing in place before making the offer so that you can close in three days. Your financing is often a private lending source that you have built a relationship with and doesn’t require an appraisal. Today’s market is full of these private lenders.

The reason you don’t need an appraisal is because you’re going to buy the house for less than $25,000 and sell it for $45,000. You need to borrow the $25,000 but it’s secured by the $45,000 note and brings in an interest rate of between 8% and 10%. Why would a buyer pay $45,000 for a house you just bought for $25,000 and pay a high interest rate? It’s all about the cost to rent. Rent is costing the buyer $1,050 each month but buying the house with a whit picket fence is going to cost him or her about $500 per month. That’s based on a $4,000 (9%) down payment, a $41,000 mortgage at 10% and includes the cost of homeowners insurance and property taxes on a 20-year loan. Once you understand the numbers, it becomes clear this is a very lucrative way of investing in real estate. It’s a win-win-win for you as an investor, for the buyer, and for the private lender.

As the investor, you place yourself between the buyer and the lender. You pocket the $4,000 down payment for an instant payday and take 2% of the interest to leave 8% for the lender. Put 10 or 15 of these deals together and you have a passive income stream for the next 20 years without the headaches that come with being a landlord. Once you build up your own capital, you can buy and sell houses without first finding a lender. After you sell the house, you collect the monthly mortgage payment. After the loan is seasoned six months or a year, you can sell these notes on the secondary market (without discounting it) for a payday in the $20,000 range. It takes a different investing mindset but this is a huge opportunity in today’s market.

Solid Guide When It Comes To Interior Design For Rented House

Article Source: http://www.consolidatemydebts.ca

                      

Are you looking to brighten up a dull room and searching for interior design tips? One great way to help you liven up a room is by painting and giving it a whole new look. The following article will give some helpful information on ways you can go about adding color through paint to help turn a dull room into one that pops. If you have children, you should take them into consideration before planning your interior-design project. For example, you will probably want to stay away from furniture pieces that have extremely sharp corners, as your children can easily harm themselves on them. It would be a waste if you were to purchase's pieces that end up breaking or causing harm to your children. Set a budget for your interior-design project before you start any work. Costs for home-improvement projects can quickly spiral out of control if you don't set a spending limit. While you can be a little flexible, you shouldn't spend more than you can afford. Having a budget can help you be more creative as well. Anyone who is designing a room in their house would be wise to incorporate hang art on the walls. Artwork does a great job of making your room look complete. Just make sure you choose a piece or two that meshes with the current decor of the room you are designing. You will get the right effect by hanging artwork at eye level. Hanging a piece of art too high or too low throws the balance of your room and can even make the room look smaller and more disorganized. Now that you read the article from above, it is very simple to turn an ordinary room into a room that dazzles by adding some color through painting. Stick to the tips presented in this article to help give you some solutions to turning that boring room into a room that nice and relaxing.

Great Resource When It Comes To Interior Design For Rented House

Article Source: http://www.consolidatemydebts.ca

The economy is starting to pick up more and more, so a lot more people are becoming interested in designing the interior of their homes. If you want to help your home look good, and help the economy get back on its feat then invest time and money into fixing the interior of your home.

Start with a fresh coat of paint. Paint is inexpensive and can make a big change to a room in just a few hours. Go to your local home store and get swatches. Then, come home and imagine what each swatch would look like, and how it would blend with the furniture and other rooms in your home. Choose one and see how different your room looks!

Make creative use of pillows and rugs. These are inexpensive and can change the attitude of a room very quickly. Play with different textures, colors, and prints to see what suits you best. The best thing about pillows and rugs is that you can move them to another room when you want a different look.

Look for innovative ways to add storage and organization to your home. You can use decorative baskets to organize papers and things that tend to invade every room of the house. It is difficult to relax in a home that is disorderly. A well-organized home will give you a sense of peace when you relax after a hard day.

With all that you learned you can help your home look beautiful. Go ahead and see if you have a natural feel for what it's like to design the interior of a home. Remember you do not have to do it all at once, you can work little by little as the year goes on and make a significant change to your home as time progresses.

Earning Wealth in Real Estate

News Source: http://www.consolidatemydebts.ca

The real estate market is frequently at the center of national economic news. Mostly it’s about whether or not homeowner values are increasing or decreasing but there is plenty written about real estate investing. When it comes to taking the step up from personal residence investing to more diversified real estate investing, it can be a frightening proposition for many. It can also be more responsibility than many people want to take on. Before any beginner invests in real estate, he or she needs to first understand the many options available. Especially the low risk options without direct ownership responsibilities.

Low Risk, No Ownership Real Estate Investing

Earn wealth in real estate without owning anything. This is something many beginning (and experienced) investors don’t understand how to accomplish. There are multiple ways you can create wealth in real estate without the hassles of ownership. A few ways of building wealth in real estate include:

• Lease options
• Assigning contracts
• Government tax liens
• Buying deeply discounted mortgages

The goal here is controlling valuable contracts without the liabilities and hassles of ownership. No plugged toilets in the middle of the night or broken hot water tanks on Christmas Day.

Think Low Risk Wealth in Real Estate Producing wealth in real estate is much lower risk when you control the paperwork without out right owning it. A lease option can be walked away from for very little cost if the deal falls through. Assigning contracts is a form of wholesaling. You put the house under contract with the provision that you can walk away if you don’t find an end buyer. If you don’t execute the contract, you never have ownership of the property.

Tax liens pay a high interest rate if the owner redeems the home. Or you may become the owner for dimes on the dollar if the owner fails to bring the property taxes or other government lien current. Private investors buying mortgages has recently become a popular way of earning wealth in real estate. You finance someone else’s real estate purchase with the property as security for the loan. You don’t have any of the hassles of a landlord. The buyer is fully responsible for the property while you collect interest on the loan of 12% or more.

Earn Wealth in Real Estate by Investing Other People’s Money

Another great strategy to wealth in real estate is using other people’s money to control properties. In this scenario, you are more likely to become a landlord and have more hassles but for that trouble, you eventually own the real estate, creating long term wealth in real estate.

Despite the drop in home prices during the past recession, historically real estate prices have always gone up. When you factor in government subsidies, expense deductions, and cash flow, real estate is one of the fastest roads to wealth. There are many investors out there that will loan you the money to buy property. You put your credit rating at risk but their money, not yours. You’ll pay interest for the loan but over time, you take full ownership of the property.

Home Design Helpful Hints And Advice for your rented homes

Article Source: http://firstmortgagerates.ca/

Interior design isn't hard and doesn't require years of professional expertise in order to help you design your home. Simple steps and ideas can already have you thinking and acting like a pro. The article below focuses on some of the great ways that you can use interior design to your home's advantage!

If you have children, you should take them into consideration before planning your interior-design project. For example, you will probably want to stay away from furniture pieces that have extremely sharp corners, as your children can easily harm themselves on them. It would be a waste if you were to purchase's pieces that end up breaking or causing harm to your children.

Think of the function of a room when you are designing it. If you are decorating your child's bedroom, you may consider using lively and bold colors to match their personality. But those colors will not work if the room is a library.

One of the easiest steps in interior design involves painting a room. Paint gives a room a fresh look, and it can completely change the feeling in the space. Paint allows you to put a dash of your individual style in the space, and it is an inexpensive way to begin redesigning your home.

Consider adding some artwork to your room. A nice piece of art can really make a room look "finished." Make sure you choose a piece of art work that goes with the colors and feel of the room. You don't want it to compete with other things in te room for attention.

Your personality deserves a home that is unique to your needs and desires; this is where interior design can help! The article above has hopefully cast light on this subject for you and has given you insight to all of the great ways you can achieve the perfect design for your home.

Using the WOW Factor to Sell Flipped Houses

News Source: http://www.canadianmortgageupdates.ca/

When a potential buyer views a property, you want them to experience the “wow factor.” What is the wow factor? This is what your potential buyers should be saying, “this is the nicest house I’ve looked at so far!” First impressions are very important. When a buyer walks into your home for the first time, you want to leave an impression that they will remember.

Each time you sell a property, you should ask the buyer why they bought your house. Inevitably, many will have looked at 20, 25, 35 homes before buying yours.

Remember, you’re looking to sell to the perfect-condition homebuyer and you want to make your property seem very appealing to that type of buyer.

Creating the Wow Factor: Aside from a completely renovated home with modern amenities such as granite, re-finished hardwood floors, and everything new from top to bottom, here are a few more things to increase the wow factor:

• Stainless Steel Appliances: In almost all cases, you want a matching stainless steel stove, dishwasher, and microwave. Not only does it give more perceived value, it also makes the kitchen look more complete. Rather then dead space, the kitchen now has brand-new appliances. Occasionally, you might include a matching refrigerator.
• Free Home Warranty: Although a free home warranty is not a physical feature, it provides a great deal of comfort and confidence in the buyer’s mind. It costs $300-375 but is a huge selling feature.
• Free TV: You might want to try offering a free 46” flat screen TV. You can hang a plastic imitation flat screen TVs on the wall with a small sign that says, “With an accepted offer, you get this free TV.” The cost is $680 for the actual TV. By having a replica of the TV in the home, it provides an additional wow factor.
• 100% Ready: Never show the house to potential buyers until it is 100% ready. 100% ready means vacuumed, deep cleaned, spotless, and ready to go. The perfect-condition homebuyer is turned off if it’s not 100% and you want to have an amazing first impression.
• Mats/Sign: To give potential buyers the image that your homes are “high-quality,” you should put mats at the door entrances with a sign reading, “Please take off your shoes.” The image this gives the buyer is that this home is a first-class property.

Listing Agent

Once a property is 100% complete, you want it listed on the MLS. Your image is very important as part of the “wow factor”. The goal is to attract a buyer’s agent. The process of buying a home has changed from the traditional real estate model. In the past, a person would hire a realtor (buyer’s agent), the realtor would give them a list of houses to look at and then show them the properties.

Today, in almost all cases, a buyer searches on the internet for homes for sale in the areas they are interested in living in. After they find a home they are interested in, they call up a realtor to request the realtor schedule a showing. Either way, in most cases, it’s a buyer’s agent who has the buyer so the listing must be designed in a way to attract buyer’s agents to show your homes.

Hiring the Right Listing Agent: It’s important to choose the right listing agent. You want the top-selling agent in the area to list your properties. The benefits are:

• Image: The top selling agent in the area has a well-known name, image, and branding. You want to be associated with that image. Only go with agents having an image of listing the best houses in the neighborhood.
• Buyers: The top selling agent has a large buyer base. Often, the listing agent or someone from his/her office will sell the home.
• Work Ethic: He/she became the best selling agent from working hard. You want an agent who is totally dedicated to selling your property.
• Repeat Business: The top selling agent is motivated by repeat business. One of the indicators used to measure an agent’s success is the total number of homes sold. Unlike a one-time homebuyer, or home-seller, as an investor, you represent repeat business, which helps him/her reach or maintain his/her status.

Responsibilities of the Listing Agent: The job requirements for the listing agent are very clear and specific and include the following:

• Yard Sign – Your agent should put up a professional (no scratches/dents) yard sign that is very visible from the street.
• Brochures – Each property needs a 2-page color brochure explaining the features, neighborhood stats, school/shopping info, updates, etc. It has numerous pictures and showcases all the benefits of the home. Copies of the brochure are placed in an info box attached to the yard sign. Brochures must be refilled weekly. A stack of brochures is also placed on the counter inside. You want each potential buyer to take a brochure with them when they leave. Often, buyers will look at several properties at a time and you want them to remember your home above all others.
• MLS Pictures: High quality pictures are essential. You’d be amazed at how often you see MLS listings with no pictures, only a few pictures and/or poor quality pictures. How detrimental to the listing! A buyer often decides if they will even look at the property solely based on these pictures. Upload the maximum number of pictures allowed on the MLS. Special attention is given to the lighting, order, quality, angles, etc. of each picture.
• Comments: There is a lot of psychology that goes into the comments. Like the pictures, well-crafted comments will draw the buyer in to set up a showing to view the house. The key is to focus on features. Here is an example of comments for a high end house:

“New cabinetry, granite countertops, and stainless steel appliances in a spectacular new kitchen, home is completely remodeled, it’s like a new house. Bathroom is completely stylish and completely new. Lots of gorgeous refinished hardwood floors, new carpeting, and new travertine-look ceramic tile. Neutral paint and crisp white trim throughout. This won’t last long, acclaimed Lake Orion schools.”

Notice some of the key words used – “granite”, “completely remodeled,” “gorgeous,” “refinish,” and “neutral paint.” You want to create urgency with all your write-ups (“hurry this won’t last long”). The MLS comments section limits the number of words so you’ve got to be concise. A top selling agent should be able to create a top-notch comments section.

Feedback: You want to require personal feedback on each showing. Not an automatic email that says, “Please give us your feedback.” You want the listing agent (a real person) to call the buyer’s agent that showed the property and get personal feedback. Here are some of the questions to ask:

• How well did the property show?
• What is your opinion of the price?
• What did the buyer like most about the house?
• What did the buyer like least about the house?
• In a rating from 1-5, one being bad and five being excellent, how would you rate this property?

Some agents can’t be bothered to give feedback and don’t want to talk. Your listing agent needs to be personable on the phone. He or she also needs to be persistent about getting feedback because it’s crucial that you receive that feedback. A recent investor had a property listed for 60 days and was getting 5-6 showings consistently each week but wasn’t receiving any offers. He wasn’t getting any feedback so he had no idea why buyers weren’t making offers. Without feedback, there is no way to know what the market thinks about the house. If you’re having showings but not getting offers, there is a reason and the feedback will let you know why you aren’t getting offers.

Six Signs Your Clients Are Ready To Take The Plunge

News Source: http://firstmortgagerates.ca/

Are your clients looking to build their portfolio with investment properties? Help potential investors decide if now is the right time jump into the real estate market. Here are six signs, according to the international property website Lamudi.com, that they’re ready to make the investment plunge.

1. They are financially secure: Your investors will need enough for a downpayment and an emergency fund for maintenance expenses. Make sure their credit history is good and they’ve met all their financial obligations.

2. They have long-term goals: Your clients should have a clear picture of the purpose of their investment. Is it to live in part of the year? Is it for long-term portfolio growth? Ask them what they hope to accomplish so you can best serve them.

3. They’ve done their research: You clients should know the community of their future property well enough to foresee the coming trends and the possible changes. Is it a budding resort hotspot? Is the commercial sector booming? Is there a need for residential growth? If they aren’t familiar, it’s up to you as a real estate practitioner to educate them.

4. They’ve chosen a stable economy: Make sure the economic trends are promising in the area where your clients are looking to invest.

5. Going international? Investors should understand the country’s real estate policies: Make sure your clients understand home ownership regulations and laws, as well as tax policy in the country where they’re looking to invest. They should also be aware of all cultural differences that might come up during the transaction. Read more: “Go Global: 5 Tips to Get Started.”

6. Property values are expected to increase: Are your clients considering an investment in a developing area? Make sure infrastructure projects are underway that will likely to lead to an increase in property values, such as transport, energy, solid waste, water management, and commercial developments.

Condo Scene: More parents buying units for university-bound children

News Source: http://firstmortgagerates.ca/

Unless you’ve had your head in the sand, you know it’s almost September, thanks to stores advertising pencils and notebooks, fall clothing and back-to-school discounts. While many might feel summer has barely started, it’s true that fall is closing in on summer’s heels. And as many university students prepare for the fall semester, their parents are considering student housing options.

Those who live within an easy commute of school have the most options.

The first, and most obvious, option is living at home. It’s comfortable, the least expensive choice, and offers the possibility of some ongoing parental supervision. But living at home can mean your child fails to learn important life lessons such as financial management and cooking and cleaning skills.

The second choice — dormitory life — is the most popular one for first-year students. It’s a way of taking a step toward independent living without having to jump in with both feet.

But by second year, these students are often ready to move on to their first grown-up apartments. And that has led to a new trend in condos: parents who purchase units as an investment and have their children as tenants.

There are many advantages to this strategy. First, you have an investment property that may accumulate in value.

Second, you are more likely to be able to provide your child with a secure building in a safe neighbourhood if you are shopping for a place to live on your budget, rather than a student budget. Have you heard the saying, “champagne taste on a beer budget”? Essentially, your child is living this motto, and you can rest easy knowing that they are living in a safe place.

It may also be a beneficial arrangement for you. If you were already looking to purchase an out-of-town investment property, there’s a better chance it will be taken care of when you’re not there. And when you are in town, you’ll save on hotel bills by bunking with your child.

Ottawa is fortunate to have many condominium offerings near Algonquin College, Carleton University and the University of Ottawa, but this trend of having parents buy a unit for their child’s university years is most popular in other cities, like Montreal, Toronto and New York.

The number of Ottawa parents pursuing this strategy seems relatively small, according to an informal poll of new condo development sales staff, but out-of-province buyers purchasing for their children here make up about seven to 10 per cent of the condo sales in newer developments.

The biggest reason parents will buy is for the long-term investment. They tend to keep finishes basic and upgrades to a minimum, unless they’re purchasing a condo they will later occupy full time. The idea is to have a clean, safe environment for the student to study and get good grades.

In general, parents do not see the move as a simple investment strategy, but rather as something that will meet their children’s needs and then be sold or later rented out, possibly to other parents in the same situation.

The attractiveness increases for parents with several children who are likely to need housing one after the other, which gives the investment more time to mature.

Although at first glance buying a new condo for this purpose may seem expensive, when the financial and other pros and cons are laid out it may make sense for your situation. With all the condo buildings coming up around the city, you are sure to find one that appeals to you, as an investor or as a parent.

If your child does not drive, for instance, avoid a building in an area with limited pedestrian activity. If, however, your child does drive, ensure the building offers parking, either included in the purchase or as an added feature.

As a first step, create a pros and cons list to ensure you’re meeting both your needs and those of your student.

Multiple Ways to Improve Your Rental Business

News Source:http://firstmortgagerates.ca/

There are several ways to save time and money in the landlord business. Some of the ideas shared here are probably familiar to you and some might not apply but some will. If you have ideas about saving time and money managing rentals please share with others by posting them in the comments below.

1. Paint every unit, every room, every wall, and every ceiling with the same brand and color of paint. You’ll never waste anther can of paint. You’ll never have trouble figuring out what brand and color you need to do a little touch up. Painters will save time and money when they can spray an entire room instead of having to roll it.
2. When sinks, faucets, and other hardware needs to be replaced, do the same thing you did with the paint. Standardizing all the hardware in all of your rental units makes future repairs easy and less expensive.
3. Save the bottoms of your cabinets under sinks by putting some scrap floor vinyl down there. Slow drips won’t slowly rot away the cabinet bottom nor will a spilled caustic cleaning solution eat away at it.
4. Keep appliances looking sharp instead of replacing them. Appliance stores sell a special appliance paint that makes slightly rusted or discolored appliances look like new again.
5. Did a tenant put a fist hole in a hollow bedroom door? Instead of replacing the door, purchase a $6 mirror at Wal-Mart and screw it onto the door to cover the hole. This actually makes the room or hallway look bigger and brighter.
6. Splintered and damaged cabinet drawers in the kitchen? Often, you can pop out the bottom of the drawer and turn it over to make it look like new again. Using a good strong adhesive to glue it back in place will make it stronger and you’ll get twice the life out of it.
7. Tenant retention ideas. Frequent tenant turnover is hard on the unit as well as causes you a month or so of lost rent. Shortly before a tenant’s lease expires, offer to make one upgrade to the unit of their choice (put a price cap on it). Also, make your tenants feel like you care about them. Once a quarter send them a note asking if there is anything you can do for them. This also gets tenants to tell you about things that need repair before the problem gets worse.
8. Use KwikSet Smartkeys when replacing locks. These allow you to change locks in just a few minutes and replacement lock cylinders only cost about $5.
9. If your rentals have wooden steps at the entry, these can become slippery when wet. Tacking down roof shingles is fast and easy and will improve your tenant’s safety and possibly save you from a lawsuit.
10. Make your units show better by improving the lighting. Previous tenants probably replaced burned out bulbs with low wattage bulbs to save on electricity. Replacing these with higher wattage bulbs makes the unit brighter and feel larger. Potential tenants will remember it over other rentals they view.

- See more at: http://realtybiznews.com/multiple-ways-to-improve-your-rental-business/98725750/#sthash.IoTnvFNp.dpuf

In Toronto, When A House Doesn't Sell, The Price Goes UP

News Source: http://firstmortgagerates.ca/

Bidding wars have become commonplace in the Toronto housing market, with many realtors saying they hit a fever pitch this spring.

Though “sellers love it,” largely because they drive up the price of houses, many observers argue it’s a sleazy practice, particularly when sellers low-ball the price of a house to get buyers excited — only to see the price inflated enormously by a crowd of bidders.

In perhaps the most egregious example yet, a five-bedroom house in the Yonge and Lawrence area listed for $699,000 this past April, well below the going rate for a standalone house in the area, where most these days are listed above $1 million.

The house attracted 72 offers and sold for nearly double the asking price — $1.36 million.

But as spring moved into summer, apparently the bidding wars slowed down, according to an article in the Globe and Mail. Which means that some buyers are putting their houses on the market at a lowballed price, and not getting the huge markup they had been expecting.

Their reaction? Take the house off the market, and relist at a higher price.

That tactic alienates a lot of buyers, the Globe cites real estate agents as saying — especially those buyers who put in bids for the house at a lower price.

And it’s a sign that Toronto’s housing market — or at least the single-family home segment — has been so hot, for so long, that sellers’ expectations are becoming very lofty.

But with buyers taking advantage of record-low mortgage rates, many are willing to meet those expectations, particularly for single-family homes in the 416, as very few of these are being built anymore.

By one measure, the average price of a single family house in Toronto hit the $1-million mark earlier this year, though the city’s real estate board pegs it closer to $865,000.

That’s still up 8.8 per cent from a year earlier, and sales volumes are up 18.5 per cent.

But new listings are also up, by about 9.7 per cent for all housing types, which may be one reason why bidding wars have slowed down recently.

Toronto Real Estate Board analyst Jason Mercer told the Globe it’s conceivable the supply of new listings will continue to grow in the second half of the year, in which case price growth could slow down in some parts of the market.

But with sellers so confident of the market that they raise prices when a house doesn’t attract enough bidders, even a mild slowdown in price growth could prove to be a shock.

Memphis Is About the Whole Hog

News Source: http://firstmortgagerates.ca/

Memphis doesn’t mess around when it comes to BBQ. They call their title BBQ contest the World Championship of BBQ and the most coveted prize is the Whole Hog. But there is a Grand Champion that enters multiple categories. Teams come from around the globe to be judged in the Memphis World Championship of BBQ. For 2014, the Grand Champion is Big Bob Gibson Bar-B-Q from Decatur, Alabama. The whole hog winner is Yazoo’s Delta Q from Hernando, Mississippi. But interestingly, second place in the whole hog competition went to British Bulldog BBQ from Farnham, Surrey, England.

What’s in a BBQ Title? For many, the Memphis World Championship of BBQ is considered the Super Bowl of Swine. First established in 1978 with only 26 teams competing, this year there were 244 teams competing for $110,000 in cash prizes. But it’s really about the bragging rights that come with a title much more than the money because entry fees can be as high as $5,000 depending on how much real estate you need to set up your BBQ operation. And that’s before you create your one-of-a-kind slow roaster (this year one was made from a 1954 Willys Jeep) and all of the other creative makings for your BBQ camp. The Memphis World Championship is one of the three biggest competitions in the nation (probably the world) and the only one to include the category of “Whole Hog”. The competition is spread out over four days. Big Bob Gibson Bar-B-Q didn’t just win the grand championship this year, they set a new record as the winningest team with their fourth championship and with a fourth win in the pork shoulder category.

What Goes in a Winning Recipe According to Big Bob, it’s mostly time, smoke, and fire. His process takes 20 hours to smolder the perfect piece of pork. He started Friday afternoon by injecting an apple-juice based brine into the pork and applying his secret rub before beginning the smoking over a 225 degree fire. It’s an all night endeavor in preparation for the judging on Saturday at 11 o’clock. He smokes the 20 pound piece of meat for 18 hours and lets’ it rest for an hour before judging. Resting is taking the meat off the smoke to allow the juices to redistribute themselves throughout the large piece of meat.

Judging Hogs Judging at the Memphis BBQ World Championship is a slightly complicated process. There are three rounds of judging. First, there are four judges that have to take an eight-hour class on judging BBQ that then are presented with six “blind” boxes of meat from each category. They are only allowed to give a perfect score to one box per category. Next comes the controversial on-site judging by expert BBQ chefs. This is the judging where the contestants serve up their best cuts of meat. It’s controversial because the cooks are allowed to put up a white tablecloth with arrangements (such as flowers) and B.S. with the judges to improve their scores.

After the first two judging rounds, the scores are announced. The top three teams from each category (ribs, shoulder, and whole hog) are given two hours to prepare for the final judging. The final judging is a lightening round visit by four judges all at once. Presentation is just as important as taste because the difference in final scores is often no more than a few hundredths of a point.

That hundreds of a point win gives the BBQ chef bragging rights as the winner of the Memphis BBQ World Championship. What follows is a two block long line of high paying customers outside of your restaurant back home and several TV appearances. In the case of the 2013 winner, it became a TV series on the Food Network. It’s all about the championship title.

Confused About Taking Out A Mortgage? These Tips Can Help!

Article Source: http://bestmortgagebrokers.net/  

What is holding you back from seeking out a mortgage? Do you feel like you need to learn more before you start the process? Or have you tried in the past and found you just didn't know enough to choose between lenders? Either way, check out the advice below to learn more.

Consider the Federal Housing Authority to be your first stop when looking for a new mortgage. In most cases, a mortgage with the FHA will mean putting a lot less money down. If you opt for a conventional loan, you will be required to come up with a serious down payment, and that can mean not being able to afford the home you really want.

Talk to your family and friends about where they got their home mortgages. Sometimes the best recommendations are from those immediately around you. They'll have lots of information on their own experiences with their banks, so you can feel more secure about where you should shop. Really it can save you many hours of time!

Knowing your credit score is important before trying to obtain a mortgage. The better your credit history and score, the easier it will be for you to get a mortgage. Examine your credit reports for any errors that might be unnecessarily lowering your score. In reality, to obtain a mortgage, your credit score should be 620 or higher.

Having the correct documentation is important before applying for a home mortgage. Before speaking to a lender, you'll want to have bank statements, income tax returns and W-2s, and at least your last two paycheck stubs. If you can, prepare these documents in electronic format for easy and quick transmission to the lender.

With all of these great ideas in mind, you are prepared to get a new mortgage. To buy your first home or provide funds for your current home, a mortgage will help you live out your dreams. Using these tips will allow you to get a great mortgage in no time at all.

Tips To Deal With The Market When Buying Your Dream Home

News Source: http://bestmortgagebrokers.net/

The main issue linked to real estate is the risk that a property will not keep its value. Here are some tips regarding that. Find and network with other real estate investors. In addition to being able to share information, hearing other investors experiences first-hand is one of the best learning tools you can find. It can help you avoid mistakes they have made. Additionally, having a network of connections can alert you to investment opportunities you may not be aware of otherwise. In order to find the best realtor to meet your needs, you should locate one that is an expert in the area where you are searching for homes. A specialist has a wide range of knowledge about the available listings. A good thing to find out is how many homes they have helped clients buy or sell in the area in the last year. Besides giving you advice on homes, they can tell you about schools, shopping, and other community related things. When attending open houses, ask a contractor who has experience in renovating homes to accompany you. They will notice potential repairs that you might have missed if you went on your own. The contractor can give you an idea of how much you will have to spend to make the property look the way you want it to. If you are looking for a home that is cheap but in need of repair, be sure to bring a contractor with you to give you an estimate for the cost of repairs. You are sure to find his input invaluable when making the final decision about whether to make the purchase or not. When people go into buying a home, they are usually surprised by how difficult the process is. Use this advice for help when looking to buy property.

Five-year mortgages holding firm, but just wait

News Source: http://www.consolidatemydebts.ca/

Five-year fixed mortgage rates tend to roughly track the yields on five-year government of Canada bonds, because those influence the cost of the funds that the banks obtain to lend out. Yields on five-year government of Canada bonds have fallen. They ended last year at 1.95 per cent, and this week were below 1.50 per cent.

“If you went back to the start of the year, there was an absolute consensus that bond yields were going to head higher,” explains Toronto-Dominion Bank chief economist Craig Alexander. “Not dramatically, but there was an absolute consensus that bond yields would be increasing through the course of 2014. So, one of the big surprises this year has been the drop in bond yields.”

Canadian bond yields tend to mirror those in the U.S. because the market views the securities as alternatives to one another.

“One of the things that happened at the start of this year was, initially, there were some concerns about emerging markets and the angst over the slowdown in China,” Mr. Alexander adds. “But then we started to get very weak economic data out of the United States, and there was news that the U.S. economy outright contracted, and you saw broad-based scaling back of expectations about global growth. So, while some of the fears about emerging markets diminished, it happened at the same time that people found something new to worry about.”

So, a more negative outlook for economic growth in the U.S. and elsewhere turned into good news for Canadian home buyers.

But Mr. Alexander thinks the U.S. economy is on pace to grow faster than most other advanced countries in the second half of this year. “As a consequence, I think that the rally in bonds that we’ve had since the start of the year is likely to be reversed, from an economic fundamentals point of view it’s only a matter of time. The thing that economists are notoriously bad at is timing.”

In other words, economists are still expecting five-year fixed mortgage rates to creep up, they just don’t know exactly when. Mr. Alexander now expects five-year bond yields to creep back up to about 1.95 – where they were at the end of 2013 – by the end of this year. He then sees them rising by about 90 basis points next year, largely during the second half of the year.

Buying Real Estate: The Tips And Tricks Of The Trade

Article Source: http://bestmortgagebrokers.net/

The current real estate market environment is heavily favoring, buyers. This is the perfect opportunity for you to begin investing in this lucrative but volatile market. If you are worried about putting your money here, but still want to or perhaps even need to, then you first need to prepare yourself by reading the following tips.

For prime real estate pay close attention to the reputation of the schools in the area. Even if you don't have children, schools that are held in higher esteem usually indicate a better neighborhood. These neighborhoods are typically safer and more affluent, though they do not always cost a fortune to live in.

Be aware of the homeowner's responsibilities that may come with a new piece of real estate. Especially in expensive neighborhoods, buying property may require a homeowner to submit to extensive regulations about how his or her home is to be maintained and treated. A homeowners' association usually has such regulations. Potential buyers should review these requirements carefully before making a decision.

Hire a real estate agent or a broker for help. They are sure to find you the best deals on the market and help you negotiate with a seller to lower the price of the house. They are experienced in what they do and will likely get you the home you want for less than what you could have on your own.

If you are planning on purchasing lots of real estate as an investor, consider taking some classes or reading up on the subject. Although you don't need to get a license yourself, it will help you to understand the process better and be prepared for the ups and downs of the market.

By understanding the tips provided in this article, as well as gathering as much information on your own as possible, you will be able to enter this market with confidence. By making a smart investment, you will either be able to provide your family with a great home or help to bolster your personal financial portfolio.

Buying the Right Vacation Home

Article Source: http://bestmortgagebrokers.net/

The summer vacation season is well underway and quite a few people will be thinking about purchasing a vacation home. For most this won’t be a decision that is taken on the spur of the moment, but is more likely to be something they’ve dreamed of doing for many years.

An article in aol.com highlights the most important points to consider when purchasing a vacation home in order to make sure the whole experience is as personally and financially rewarding as possible. The first thing to consider is where to buy, and this can depend on how you like to spend your vacations. It can be good idea to make a list of all the things you like to do and to prioritize them. Another thing to do is to look at the Best Places to Buy a Vacation Home list which is produced by Zillow. Any area that is included on the list has to have met certain criteria, as for example anywhere considered to be optimal for outdoor activities needs to be within half an hour’s drive or 20 miles of a national park. The list also rates in each place on its investment potential, and looks at the potential for generating rental income as well as any future increases in property values. Rental potential is definitely worth considering, as even though it might not be an option right away, it could be sometime you wish to do in the future.

It’s a good idea to get to know your chosen area as best you can, and to make sure you don’t jump into anything without researching it first. Try to visit the area in the height of the summer season and the off seasons so you can get a better impression of the local community. You also need to consider the proximity of the area to your main property, as apparently more than 80% of vacation home buyers choose somewhere within driving distance of their main home. Choosing somewhere relatively close by can ensure you use it more frequently and it will be much easier to take care of basic maintenance and repairs.

Owning a second home can be an expensive business, as often mortgage rates are slightly higher than for main residences, particularly if the home is to be used to provide rental income. In addition there are all the other general costs associated with home owning such as utilities, taxes, insurance and maintenance. It does pay to take all these things into consideration, as after all a vacation home is meant to be a pleasure not a burden.

Accomplish Buying The Home Of Your Dreams With These Tips

Article Source: http://bestmortgagebrokers.net/

If you have been waiting to buy a home, now is the time. There are so many wonderful opportunities out there for anyone who has been thinking about getting into the housing market. This article will walk you through some steps that you can take to get a good deal and understand the buying process.

When you are buying a home you should always have people in your own corner. Get your seller agent first thing. Also when you are doing things like having the home inspected or appraised hire your own people as well.

When buying a home in the fall, remember to use closing as an opportunity to save even more money. You want to make sure not to turn the seller off by suggesting a price that is significantly lower than they want. However, you can save additional money through something called seller concessions; seller concessions are when the seller agrees to cover some of your closing costs. These are usually around two to nine percent of the purchase price.

One of the biggest mistakes people make when buying home when buying a home, is falling in love with the decor that was there during the showing or open house. You are buying a home for it's structure, layout and design, not the furnishings. Try to remove these images from your mind and look past them when touring a home.

An auction on a home that is being foreclosed can seem like a great way to get a good price. Keep in mind that there may be hidden liens or back taxes on the property that you will have to pay if you win it. Also, you can get sucked into the competition of winning, and end up going over your budget.

Understanding what you are doing when purchasing a home is essential. Don't just rely on your real estate agent to do all of the work for you. You need to have a basic understanding, so that you can make informed choices. This article has given you some of those basics, as well as, some tips to make the process as smooth as possible.

Security is the Biggest Must-Have for Smart Homes

Article Source: http://www.consolidatemydebts.ca/

When it comes to smart homes, consumers are more interested in their security features than the gadgets that control the homes’ appliances.

New research by Icontrol Networks, a home technology company, shows that 90 percent of 932 respondents recently surveyed say that security is one of the most important reasons for using a smart-home system. In fact, 67 percent rank it the No.1 reason, and the majority of consumers say security is a must-have in any home automation, according to Icontrol’s 2014 State of the Smart Home Report. Fire and carbon monoxide alarms, as well as gas leak alarms, were listed as top security features, according to the survey. “For now, safety and security are driving initial mass market adoption,” says Jim Johnson, executive vice president of Icontrol Networks. “But the convenience associated with a connected home will likely play a greater role as consumers realize how much easier automation makes their lives.”

Seventy-eight percent of respondents also ranked energy management as one of the top features that matter most to them in a smart home. HVAC heating and cooling management was cited as the most important feature in helping to reduce utility bills. Nearly 43 percent of respondents say they’d be interested in replacing their thermostat with a “smart thermostat,” one that automatically adjusts when the home is occupied. Would home owners be willing to pay for the extra costs in making their homes smarter and more connected? The survey found that 51 percent of respondents would be willing to pay up to $500 for a fully equipped smart home; 32 percent say they’d pay $500 to $3,000.

Learn About These Home Mortgage Tips Today!

Article Source: http://bestmortgagebrokers.net/

You must follow certain steps to get a good deal in a home mortgage. First, research your options. This article has information that can help you get a loan.

Have at least 20 percent of the purchase price saved. Lenders will want to verify that you have not borrowed the money, so it is important that you save the money and show deposits into your checking or savings account. Down payments cannot be borrowed; thus it is important to show a paper trail of deposits.

You will most likely have to pay a down payment when it comes to your mortgage. Some banks used to allow no down payments, but now they typically require it. You should find out how much you need to put down early on, so there are no surprises later.

Try going with a short-term loan. Since interest rates have been around rock bottom lately, short-term loans tend to be more affordable for many borrowers. Anyone with a 30-year mortgage that has a 6% interest rate or higher could possibly refinance into a 15-year or 20-year loan while still keeping their the monthly payments near around what they're already paying. This is an option to consider even if you have slightly higher monthly payments. It can help you pay off the mortgage quicker.

Although using money given to you as a gift from relatives for your downpayment is legal, make sue to document that the money is a gift. The lending institution may require a written statement from the donor and documentation about when the deposit to your bank account was made. Have this documentation ready for your lender.

With this great mortgage education in mind, you should begin your search immediately. Use the tips above to help guide you through the lending process. Whatever type of mortgage you need, you are now able to go out there and get it.

Saving for retirement should trump rush to pay off mortgage

News Source: http://www.applymortgageonline.com/

High house prices can damage your retirement.

It all starts with young couples buying homes with mega-mortgages. Realizing how incredibly much they owe, they start stressing – and using any extra cash to pay down their mortgage.

Sounds sensible, right? And it is, except for one thing. Young couples would achieve a better financial balance by investing that extra cash for retirement than using it to pay down a mortgage that will gradually disappear all on its own.

The percentage of homeowners taking steps to get their mortgage paid off sooner has been steady since 2000. But the way people are attacking their mortgages has changed in a way that highlights the heavy load of paying a mortgage and all the other costs of everyday life.

The latest mortgage market survey from the Canadian Association of Accredited Mortgage Professionals shows that 15 per cent of homeowners have been increasing the amount of their payments in recent years, down from 19 per cent in the 1990s and early 2000s. Instead, owners are increasingly paying down their mortgages with lump-sum amounts. Sixteen per cent of owners did this in recent years, a rate that has crept higher since the 1990s.

Increasing the amount of your regular payments gives you less flexibility to manage your household cash flow – that’s an explanation of why lump-sum payments are becoming more popular. From the perspective of rising interest rate risk, these lump-sum payments make sense. The more you reduce your outstanding mortgage balance, the less you have to refinance at renewal. Moreover, lump-sum payments do the most good in the early years of a mortgage, when your regular payments are skewed toward interest and you barely dent the principal.

But lump-sum payments that come at the expense of retirement saving can unbalance your finances. You’ll be emphasizing your house too much and giving retirement too little attention.

Just as you get the biggest benefit from mortgage prepayment in your early years of home ownership, so do your retirement savings profit from contributions made when you’re young. So don’t tell yourself you’ll make up for neglecting your retirement savings when your mortgage is paid off.

If you contribute $5,000 to your retirement savings annually for 30 years and get an average return of 5 per cent after fees, you end up with $348,804. If you tripled your savings to $15,000 but invested for only 15 years, you’d end up with $339,862. Think you’ll have scads more money to put in your retirement savings when your house is paid off? You may find that other expenses get in the way.

For example, paying off the mortgage may have left you with little or nothing to contribute to a registered education savings plan for your children’s college or university education. You may want to catch up when your mortgage is paid off. There may also be a temptation to take on new debt, maybe through buying a car. Or, you may decide to move to a bigger house and thereby take on more mortgage debt.

A traditional way of looking at the quandary of paying down the mortgage or investing is to compare the interest rate on the mortgage to the return on the investment. Mortgage rates are in the 2- to 3-per-cent range these days, while net investment returns in the 5- to 6-per-cent range are achievable. If you look at those returns on an after-tax basis (mortgages are paid with after-tax money), they should still be a bit ahead of today’s low mortgage rates. At rates closer to historical norms, mortgage pay-down make more sense.

If you bought a house at the April national average resale price at $409,708, your mortgage with a 5-per-cent down payment and mortgage default insurance premiums included would be $399,926. If you made monthly payments at $1,893 (assumes a 3-per-cent mortgage rate), you’d have the mortgage paid off in the standard 25 years, assuming no prepayments. If you paid $946 on an accelerated biweekly basis (26 payments per year), then you’re down to 22.2 years.

That’s an entirely reasonable time frame for getting a mortgage paid off in advance of retirement. Even if you buy in your mid-30s, you’re clear of the mortgage before 60 without making a lump-sum payment. You don’t need to rush.

Finally, let’s ask a veteran financial planner how she answers the question of paying down the mortgage or investing for retirement. “I have a philosophy of doing a little bit of a lot of things,” said Barbara Garbens of BL Garbens Associates Inc. “A combination of both is probably what I would recommend to a client.”

Good Solid Advice About Home Mortgages That Anyone Can Use

Article Source: http://bestmortgagebrokers.net/

When you wait for mortgage approval, you may feel a lot of stress. There are a lot of regulations and recommendations for you, but the following information will educate you with some ideas about what you will need to be approved. These simple tips are meant to help you get through the process of getting a mortgage loan.

To make sure that you get the best rate on your mortgage, examine your credit rating report carefully. Lenders will make you an offer based on your credit score, so if there are any problems on your credit report, make sure to resolve them before you shop for a mortgage.

Before beginning any home buying negotiation, get pre-approved for your home mortgage. That pre-approval will give you a lot better position in terms of the negotiation. It's a sign to the seller that you can afford the house and that the bank is already behind you in terms of the buy. It can make a serious difference.

If you are planning on purchasing a house, make sure your credit is in good standing. Most lenders want to make sure your credit history has been spotless for at least a year. To obtain the best rate, your credit score should be at least 720. Remember that the lower your score is, the harder the chances of getting approved.

Try to have a down payment of at least 20 percent of the sales price. In addition to lowering your interest rate, you will also avoid pmi or private mortgage insurance premiums. This insurance protects the lender should you default on the loan. Premiums are added to your monthly payment.

Many people who search for a mortgage have to deal with a lot of stress when they try to have their mortgage approved. Obtaining financing does not need to be stressful. This article has provided some necessary advice and simple to tools to help you through the process.

WHAT CANADIANS WANT: HOUSING DEMAND

Article Source: http://www.applymortgageonline.ca/

Winter (and the threat of it) drives Canadians south of the border, not displeasure with their communities or way of life.

Why don't we build more housing attached to covered areas like shopping malls, entertainment centres, and urban underground shopping concourses so we can stay home and get out in all weather? Why aren't Canadians masters at creating housing that includes space for year-round gardens and room to stretch our legs and connect with neighbours without having to jump over snow banks?

This is one case of housing demand that is running ahead of housing development. As travelling and living outside the country becomes more expensive and less secure, we'll see more people who'd like a connected, all-weather Canadian lifestyle.

Newly-emerging demands go hand-in-hand with modifications to the way "home" is built and used. One significant driver of change is the "new" retirement orunretirement, which represents first-time-in-history decades of active, involved extended living with 21st-Century, technology-rich style. Related shifts in thinking and life-stage abilities will dictate changes in home design and ownership approaches, for example:

Bye Bye, Stairs Ask real estate professionals in any community if there is local unsatisfied demand for one-floor homes, and you'll usually unleash a tirade of pent-up emotion over another target for frustrated consumer demand. Owners of two-storey homes, who want to stay in their neighbourhood or community, can rarely find spacious one-level living without leaving the area. Highrise condominiums are not an alternative in every area, nor does the lifestyle appeal to everyone.

Although bungalows may not be cost-effective for developers, one-floor living represents a popular accessible design. Technology provides a "great equalizer" solution to remove the problem of stairs—affordable residential elevators.

Ageism or prejudice against age–often your own–has suppressed the potential of this viable alternative to one-level living, as it has for so many barrier-free modifications. Residential elevators have traditionally been lumped in with stair- and wheelchair-lifts as equipment earmarked for individuals with disablities or for the "frail elderly." With this stigma, residential elevators have not become standard roughed-in equipment anymore than grab bars and levered handles–all practical universal-access design features that are avoided by those stuck on ageist stereotypes.

Gradually forward-thinking consumers and developers have realized what a luxury it is to have choice in how you move through your home. Although stairs can be good exercise, lugging heavy equipment or yourself from level to level can be exhausting and dangerous. Experience a temporary injury or long-term mobility change, and the elevator can become the essential element in your continued enjoyment of that multi-level house, or in forestalling an unwanted move. Those who are not ready to spend the C$15,000 plus for a new elevator when they build can have this mobilizer roughed-in to facilitate future installation.

Time Is the Rare Commodity What do you run out of most days? Time. This finite commodity becomes more valued as the years go by. Do you really want to spend your precious time on home maintenance or worrying about your property when you're away?

Unretirement may also change the way we consider property ownership and, therefore, what we own. If you want a home to live in for only part of the year, why incur a full-year of cost and responsibility? Fractional ownership and related part-year, shared-ownership alternatives will be the answer for increasing numbers, and not just for recreational purposes. Fractional ownership is simply that—registered ownership of a unit or a house for a fraction of the year. Having your name on the deed makes this a more secure investment than timeshare programs where you buy the right to occupy a specific unit for a few weeks. Fractional ownership projects have popped up in most Canadian resort and recreational areas. Buy in and you can receive the full measure of fun, status, security, and investment-return you'd expect from owning a cottage or vacation home. As a bonus, gone are year-round responsibilities and worries, as well as the physical demands of maintenance . Expect to see these shared-ownership options appear in traditional residential settings, too.

This ownership variation can also save you money by doubling as a world-wide travel vehicle. Most fractional ownership resorts belong to an international exchange network like RCI or Interval International that may allow you to swap time at your Whistler or Muskoka home for a visit to comparable accommodation in the south of France or on a California beach.

Instead of withdrawing from life in 20th-Century retirement, this housing model ensures access to great living in unretirement. In fractions of 1/10th to 1/4, there's room to own two or three completely-furnished, full-service "homes" in which to spend your year, here or in a growing range of locations around the world. Eventually, fractional resorts will provide direct transportation for residents and you'll be able to make the circuit from one resort to another as your interests and the seasons change.

Even if your current home seems a comfortable place to continue your life, get out there and see what choices you have. If you were to consider a different neighbourhood, a different lifestyle, or a different focus for your life, where might you end up?

The best developers and real estate professionals expect consumers to learn as much as they can about any project or property they visit, even if they don't expect to move in. The knowledge you gain from investigating one development may help you appreciate another's unique offering or enable you to suggest a great location to a friend or family member. You'll get hooked on the depth of vision and creativity that builders and developers bring to today's real estate projects.

Consider what each development and housing alternative might help you decide about your ideal future. Explore as many differing views on how to live and where to live as you can find. You'll clarify your needs and wants while expanding your thinking beyond what retirement used to be.

Welcome to unretirement, extended living that takes you decades into a never-before-experienced future. What are you going to do about this shift and the changes to "home" it brings with it?

Super Ideas To Help You Rebuild Your Credit Score

Article Source: http://bestmortgagebrokers.net/

If an individual is careful with their financial activities they can protect and repair their credit. Information to make one's decision making process can and is about to be learned for any individual reading this now. One is now on their way to repairing their credit as they have hoped of.

To avoid getting in trouble with your creditors, keep in touch with them. Explain to them your situation and set up a payment plan with them. By contacting them, you show them that you are not a customer that does not intend to pay them back. This also means that they will not send a collection agency after you.

To improve your credit history, ask someone you know well to make you an authorized user on their best credit card. You do not need to actually use the card, but their payment history will appear on yours and improve significantly your credit score. Make sure to return the favor later.

If you paid off an account, do not try to have it removed. Paid off accounts do have a positive effect on your FICO score, especially as they age. Every item on your report that shows that you have at some point made payments is a positive item.

Be wary of all companies related to your finances as there are a ton of agencies out there with a million and one scams dealing with your money. Credit protection plans, offering to rebuild your credit or suspend your debt, are all generally scams. Research anything dealing with your money before signing up.

Being responsible will allow one to manage their money wisely and one will be able to repair their credit. Following information that one has now picked up will aide one through out the process of repairing their credit. Maintaining the attitude that one has will also further the process for one.

Canada’s New Home Prices See Moderate Gains In December

New home prices in Canada climbed 0.1 percent in December from November, as expected, for an average annual increase in 2013 of 1.8 percent, the slowest since 1999, according to Statistics Canada data released on Thursday.

The monthly advance matched the median forecast in a Reuters poll of analysts and reinforces the view that the country’s housing market is stabilizing after a recent boom.

The closely-watched Toronto-Oshawa region was the top contributor to the monthly advance in the new housing price index with a gain of 0.2 percent in December and of 1.4 percent year-on-year.

Vancouver, another hot market for real estate, saw a 0.1 percent monthly decline in prices and a 1.1 percent decline from a year earlier.

Nationwide, prices rose 1.3 percent in the 12 months to December, down from 1.4 percent in November and the fifth straight month of slowing growth.

Overall, prices were unchanged in 11 metropolitan regions, down in five and up in five.

The Canadian government has intervened in the mortgage market several times since 2008 to cool the sector, and most economists expect a gradual softening rather than a U.S.-style crash.

The new housing price index excludes condominiums, which the government says are a particular cause for concern.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.