More info on new MLS provider

As mentioned in our blog last month, Propertyshop.ca is excited to announce our arrangement with John Gagnon of HomeLife/Unlimited Connections Realty Ltd . of Belleville who is advertising a flat fee of $195 (plus HST).  

We have already begun working on new listings with John and have created an easy to follow template of all forms for our members and their staff to use.  The forms are editable so it's easy to make amendments.

 Clients obtain the forms from their Propertyshop.ca lawyer and then complete and sign all of the required forms at once which are then sent to John to validate the information prior to the listing being posted on REALTOR®.ca.  John does this by comparing the information that is faxed to him to the information listed on the Propertyshop website.   

 Once the information has been validated for accuracy, John will date stamp the required form and submit it to the real estate board and the listing is uploaded to the MLS system.  John will then fax back all of the forms with the assigned MLS number on each of the forms and issues an invoice for $195 plus HST. 

Since all of the forms have been signed in advance by the client, the lawyer does not need to bring the client back in to the office if the client wishes to make a price adjustment, suspend their listing, or cancel the listing once a firm offer has been accepted. 

 Propertyshop.ca lawyers simply notify John with their client's wishes, and John will date stamp the next required form and submit it to the real estate board to have the appropriate changes made for the client.

The real estate market is constantly changing -- and Propertyshop.ca will continue its efforts to offer the public this much needed service for private sellers who want legal guidance from the very beginning of their decision to sell privately.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

More info on new MLS provider

As mentioned in our blog last month, Propertyshop.ca is excited to announce our arrangement with John Gagnon of HomeLife/Unlimited Connections Realty Ltd . of Belleville who is advertising a flat fee of $195 (plus HST).  

 

 

 

We have already begun working on new listings with John and have created an easy to follow template of all forms for our members and their staff to use.  The forms are editable so it's easy to make amendments.

 

 

 

Clients obtain the forms from their Propertyshop.ca lawyer and then complete and sign all of the required forms at once which are then sent to John to validate the information prior to the listing being posted on REALTOR®.ca.  John does this by comparing the information that is faxed to him to the information listed on the Propertyshop website.   

 

 

 

Once the information has been validated for accuracy, John will date stamp the required form and submit it to the real estate board and the listing is uploaded to the MLS system.  John will then fax back all of the forms with the assigned MLS number on each of the forms and issues an invoice for $195 plus HST. 

 

 

 

Since all of the forms have been signed in advance by the client, the lawyer does not need to bring the client back in to the office if the client wishes to make a price adjustment, suspend their listing, or cancel the listing once a firm offer has been accepted. 

 

 

 

Propertyshop.ca lawyers simply notify John with their client's wishes, and John will date stamp the next required form and submit it to the real estate board to have the appropriate changes made for the client.

 

 

 

 

 

 

 

The real estate market is constantly changing -- and Propertyshop.ca will continue its efforts to offer the public this much needed service for private sellers who want legal guidance from the very beginning of their decision to sell privately.

 

 

 

Nore info on new MLS provider

As mentioned in our blog last month, Propertyshop.ca is excited to announce our arrangement with John Gagnon of HomeLife/Unlimited Connections Realty Ltd . of Belleville who is advertising a flat fee of $195 (plus HST).  

 

We have already begun working on new listings with John and have created an easy to follow template of all forms for our members and their staff to use.  The forms are editable so it's easy to make amendments.

 

Clients obtain the forms from their Propertyshop.ca lawyer and then complete and sign all of the required forms at once which are then sent to John to validate the information prior to the listing being posted on REALTOR®.ca.  John does this by comparing the information that is faxed to him to the information listed on the Propertyshop website.   

 

Once the information has been validated for accuracy, John will date stamp the required form and submit it to the real estate board and the listing is uploaded to the MLS system.  John will then fax back all of the forms with the assigned MLS number on each of the forms and issues an invoice for $195 plus HST. 

 

Since all of the forms have been signed in advance by the client, the lawyer does not need to bring the client back in to the office if the client wishes to make a price adjustment, suspend their listing, or cancel the listing once a firm offer has been accepted. 

 

Propertyshop.ca lawyers simply notify John with their client's wishes, and John will date stamp the next required form and submit it to the real estate board to have the appropriate changes made for the client.

 

 

 

The real estate market is constantly changing -- and Propertyshop.ca will continue its efforts to offer the public this much needed service for private sellers who want legal guidance from the very beginning of their decision to sell privately.

Propertyshop.ca announces new supplier of mere posting on mls service

We are excited to announce our arrangement with John Gagnon of HomeLife/Unlimited Connections Realty Ltd . of Belleville who is advertising a flat fee of $195 (plus HST). We will be sending copies of the required forms to our member lawyers to bring them up to speed on our new arrangement. The real estate market is constantly changing -- and Propertyshop.ca will continue its efforts to offer the public this much needed service for private sellers who want legal guidance from the very beginning of their decision to sell privately.

45% of Canadian want to sell privately according to a sutdy commisioned by Titleplus

A survey has found that almost half of Canadians would consider selling their homes privately, but few are aware of exactly what a recent law change means.

Canada is very much like the UK, with most homes traditionally being sold by agents. However—again like the UK—the Canadian Competition Bureau recently changed the law, to allow Canadians to use agents in order to list their property on the Multiple Listings Service (MLS), which is the largest real estate sales portal in Canada. As a side-note, it will be interesting to see the change this makes in private sales figures, given that the UK's biggest portal (Rightmove) is still presently blocked from private sellers.

Now, an Environics poll sponsored by the TitlePlus has found that while 45% of Canadians would consider selling their home without a real estate agent, only 11% are aware of how the law change makes this task easier.

Looking on the web using the the Google.ca (Canadian Google) search engine I can't find any Canadian portals specifically aimed at private sellers, not to say that they don't exist. Given this, the MLS would pretty much be a must for Canadians, perhaps even more so than Rightmove is to private sellers in the UK. Thus the new law has the potential to really increase private property sales in Canada, which could be good for the market.

Some argue that house prices should not be determined by people who make profits proportional to sale prices (agents charge percentage-based commission) and that removing agents from the house sales equation on a wider scale could alleviate the boom-bust cycle most markets around the world fall prey to. Unfortunately for Canada there is no real voice behind private sales to push forward information about the new law, and unless one pops up the change could well prove to be even slower in Canada than it is in the UK.

Read more: http://blogcritics.org/culture/article/half-of-canada-property-owners-want/#ixzz1OhVCjMAr

Competition Bureau sue Tronoto Real Estate Board for anti-competitive behaviour

http://www.cbc.ca/news/business/story/2011/05/27/competition-bureau-treb.html

Considering buying or selling a home without an agent? What you need to know before taking on the real estate market.

New study shows majority of Canadians aren't aware of changes that will affect real estate transactions

TORONTO, April 25 /CNW/ - Although most Canadians (97 per cent) who have bought or sold a home are aware of the Multiple Listing Service (MLS), only one-in-ten (11 per cent) understand how recent changes to the MLS will affect when they buy or sell a home privately, according to a new poll commissioned by the TitlePLUS program.

MLS provides Canadians with access to listings for thousands of homes from coast-to-coast which, until recently, was only available with the full suite of services traditionally provided by a real estate agent. Recent changes allow people who are selling their homes privately to use a real estate agent only to get their property listed on the MLS system, while they handle all other details of the transactions directly.

The TitlePLUS poll showed that while three quarters (72 per cent) of Canadians were not aware of the changes made to the MLS, almost half (45 per cent) of Canadians say they would now consider using a real estate lawyer and selling privately rather than using a real estate agent.

"What these findings show us is that there is an appetite among Canadians to conduct the sale of their home privately," says Ray Leclair, vice-president, TitlePLUS. "But buyers and sellers alike need to recognize the limitations of going it completely alone because of the intricacies of the often perceived common transaction. Consulting with a real estate lawyer early on in the process can ensure that consumers' interests are protected and that they are armed with the most up-to-date information available."

Overall, Canadians recognize the value of advice and the importance of using a real estate lawyer with seven-in-10 Canadians seeing value in working with a lawyer. The lawyer's role will now become even more critical in consumer protection as Canadians consider going it alone when buying or selling.

Take for example the agreement of purchase and sale. Consumers who choose to go it alone privately need to ensure this document is drafted to protect their interests and reflects their views of what was agreed to between the buyer and seller - i.e., was that antique hutch included in the sale price or not? Lawyers can prepare or vet this agreement to protect their clients - either the buyer or seller -- and offer objective, expert advice and identify potential issues early in the process that may need to be addressed to prevent the sale of the home from falling through. Consulting a lawyer upfront also helps the parties understand the legal implications of the transaction and the role of the various players.

About LawPRO and TitlePLUS title Insurance
TitlePLUS title insurance is provided by Lawyers' Professional Indemnity Company (LawPRO), an insurance company that is licensed to provide professional liability insurance and title insurance in most jurisdictions across Canada.

TitlePLUS title insurance is the only all-Canadian title insurance product on the market today. It protects home buyers and mortgage lenders under the same policy (and for the same premium) from title-related and other problems that could affect ownership or the marketability of the property, and covers the legal services provided by the lawyer closing the purchase.

79% of Canadain home owners believe it is time to allow technologies to change the way they sell their home.

Recent Canadian research by a leading national polling company has confirmed that the majority of home owners (79%)  are looking for a new alternative to traditional real estate model,  (74%) say real estate commissions are too high, and two thirds (64%) are open to considering an alternative to a high-fee real estate agent to sell their home. 

 Propertyshop.ca  a new  concept utitlizing the internet and traditional marketuing methods to allow  individusld to sell tand market their property while having  their lawyer  involverd  and having legal advise at all times. Through a business arrangement  Propertyshop.ca has with  Best Value Real Estate allows client's property to be listed  on mls. and realtor.ca the most widely search data bases when someone is looking for a property. . In Ontario you cannot transfer property wiithout a lawyer,  it only makes sense to has a trusteed professional in your corner therough out the whole transation and the cost is a fraction of traditional real estate fee. Change is coming.

Knob and Tube wiring and insurance issues

Knob and tube wiring can effect getting insurance on your property.

 

Decisions Price

This is, of course, the first and single most-important decision. And by now it should already be made. Set a preferred range on the price you want to pay, and then set an upper limit — the highest price you are comfortably willing to pay. There is no sense in looking at a $300,000 house if you know $175,000 is your upper limit. However, if your preferred range is $175,000 but you could go as high as $200,000, then you know what price range to look within.

Pre-qualify for a mortgage

When you have determined how much you are willing or able to spend on house expenses, make sure your mortgage lender agrees. You can go through a mortgage broker or through the financial institution of your choice. A few minutes with a loan officer and a credit check will let you pre-qualify for a mortgage. That means the financial institution will commit to a maximum they will loan you on a mortgage, and that lets you determine how much you can afford to pay for a house. Of course, the more you can put on the down payment, the more you can afford to spend on a home. (Don't forget to consider the other costs associated with closing the purchase, as well. (Planner attached)

Pre-qualifying for a mortgage will take a lot of the uncertainty out of house hunting, especially when you find that perfect home. As you prepare to make an offer, you will already know how much money the mortgage lender is willing to give you. (The mortgage company may still want to approve the specific house to make sure that the price you are willing to pay truly reflects the value of the property and that the property is in acceptable condition.)

Minor Maintenance

When you went through your home looking at it as a potential buyer, you made notes of the things that needed attention. Your notes should include all the minor maintenance items that, although they will take a little more time and effort than housekeeping, will be relatively simple and inexpensive. These are often the best investment you can make in the value of your home.

Things like simple repairs, fresh paint, patched cracks and mended screens take little time, are not very costly, but add hugely to that first impression.

Let's go back through that same tour now looking for the minor repairs.

Housekeeping in the Basement and Attic

These two areas also make a strong impression on potential buyers so it is important not to neglect them. You will soon be moving, so now is a good time to get rid of anything you won't be taking with you. And it is a good time to pack anything you won't need before you move. Giving your storage areas an organized appearance will make them seem roomy and easy to work in. They will also be easier to clean. Make sure there is good lighting on the stairway to the basement and in the entrance to the attic, if applicable.

Housekeeping the living areas

Again, clean and tidy are the two key words. Clean all floors and vacuum all carpets. Wash walls, woodwork or trim.

Ensure all windows and window coverings are clean and in good working order. When you show your home, open drapes and curtains to brighten rooms. Well-lit rooms appear larger so make sure all light fixtures are clean and all lights are on. If necessary, put in brighter light bulbs.

Use an air freshener to eliminate any musty or offensive odors and lubricate any sticky or squeaky doors and windows.

Remember the closets. Like the kitchen cupboards, you don't want to create the impression the closets are small and cramped. Installing closet organizers and arranging articles in the closets will give the appearance of roominess and adequate storage.

Arrange each room for the appearance of maximum spaciousness. It might mean storing a chair or table out of sight or rearranging furniture so the rooms show to their best advantage.

Generally, tidy up newspapers and magazines and remove any excess knickknacks and memorabilia that you have collected over the years.

Personal or family photos should also be packed away at this time. You want potential buyers to envision their own belongings in this house – not constant reminders that this house belongs to you.

Yard and outside work

Keep the lawn mowed. An application of fertilizer and regular watering will create a lush-looking lawn.

Trim or prune any unruly shrubs, especially those that block light into the house or that hang over the driveway or porch.

Weed and cultivate the flower beds and use an edging tool to make a nice, neat border. A few minutes with a hoe or rake on a regular basis can keep the flower gardens looking their best.

If you don't have flower beds, consider creating some. Or, consider putting planters near the front door. Flowering plants are relatively inexpensive, are generally available throughout the growing season, and add significant appeal to any property.

Keep the walks, porches, steps and driveway swept clean of dust and debris. Edging the grass along the walks and driveway and getting rid of any grass growing up through minor cracks will also dramatically improve the appearance.

During the winter, make sure walks, driveway, steps and porches are always kept clear of ice and snow.

Look at the yard for clutter. Pick up bikes, toys, sports equipment and the like and store them neatly. Storing them in the garage or shed is preferable, but if that isn't possible, gather them together and make them look organized rather than having them scattered across the property.

Get rid of broken or abandoned toys and generally police the yard for trash and debris.

If you have a garage or a shed, clean them up. Sweep out the garage or shed and store things neatly to create the appearance of as much roominess as possible.

If there are oil or gas stains in the garage or driveway, clean them up.

The Kitchen

This may be the single most important room in the buyer's mind. Make the kitchen look roomy by clearing the countertops of all unnecessary items.

You may be comfortable working in your kitchen - you've gotten used to working around the coffee maker, microwave and blender; however, if a potential buyer "feels" that the kitchen is cramped or short of working space, it may leave a negative impression. Even if the kitchen is small and counter space is limited, you can make it "feel" comfortable to work in by opening up as much space as possible.

Look at the whole room for a feeling of roominess and comfort. If you have extra chairs around the table, do they make the room feel crowded? If so, remove a couple of them.

Look in the cupboards, too. Like most people, you have probably accumulated lots of dishes and utensils over the years and your cupboards are full. However, a potential buyer opening cupboards and seeing them crammed full might get the impression that cupboard space is limited. Go through the cupboards and remove many of the things you don't use very often. You can pack these things away now - after all, you are moving soon. Make your cupboards look neat and roomy and your kitchen will make a good impression.

The importance of cleanliness in the kitchen can't be overstressed. The condition of your kitchen will create an impression that will carry throughout the house.

Wash the walls and ceiling to remove accumulated cooking vapors. Clean the hood over the range. Make sure curtains are clean and fresh and the counters and sinks are spotless. Clean the stove, oven and fridge even if they aren't going to be included in the sale. They are part of the overall impression.

A small rug or carpet in front of the sink is a nice addition. It should be clean and not worn.

A bright plant or some fresh flowers will be a nice finishing touch.

Inside the Entrance

Look carefully at your foyer or entrance hallway. Do everything you can to make the entranceway feel roomy and welcoming.

Store boots and shoes out of site, or if you must have them by the door, store them neatly. A mat, boot tray or shoe rack will work nicely here. The same applies to coats and jackets. Store them in the closet if possible. If not, hang them neatly.

If your entrance space feels confined, consider removing any unnecessary furniture you might have that is just taking up space. Hang a mirror, an attractive picture, or other creative decorations that give a homey touch. If you have a mat on the floor, make sure it is clean and in good condition.

Housekeeping

Let's talk about housekeeping first. Ask yourself if your housekeeping inside and out is doing everything that can be done to help you make your sale. Neat and tidy sells. Potential buyers look at housekeeping as an indication of how well other, less visible maintenance is looked after, so a neat, clean property makes a very strong first impression.

Selling Tips

You only get one chance to make a first impression. So does your house. And for most potential home buyers, that first impression often determines whether they will seriously consider a property.

Your home may have all sorts of wonderful features — after all, you bought it for a reason. But if your home doesn't make a good first impression, potential buyers may never see the most appealing aspects.

You have decided to sell your house. The first thing to do is to try to look at your house through new eyes. Remember, you live there, you are comfortable. You don't notice the stained siding anymore or the chips in the paint. You have learned to step over the crack in the sidewalk; you know just how to jiggle the latch so the gate opens.

Your first challenge is to step back and look at your house the way a potential buyer would look at it, seeing it for the first time. (Read our Tips For Buying A Home on this website to get an idea what potential buyers are looking for.)

Start right out at the street. What impression does your home make as you approach it? Is it neat and tidy with a well-kept lawn and gardens? Is the paint fresh? Is the siding clean? Does it look inviting or, does it look a little tired? Are the eaves sagging? Does the front porch need touching up? Do the shrubs and bushes need trimming? Are the flower beds sparse and weedy?

Using those same "first impression" eyes, take a tour of your home as though you were seeing it for the first time as a potential buyer. Go slowly, take notes as you go.

Look at your home at three levels: housekeeping, minor maintenance, and major maintenance.

Housekeeping issues are the easiest to fix. Minor maintenance — like painting, repairing marks on walls or replacing damage baseboard take a little more effort, but are relatively low-cost and can add significant first-impression value to your home. Major maintenance can take a lot more effort, and in some cases can be a lot more costly. You need to consider carefully whether the improvements will add enough value to your home to be a good investment. A basic rule is to do the cosmetic things which will improve your chances of selling, but avoid the major projects unless they add more value to the home than they cost.

Some things may be unavoidable such as repairs for structural soundness. Others, such as new flooring or a major bathroom renovation, might better be left to the new owner so they can do the work to their own taste.

Marketing, Open Houses and Viewing

Propertyshop.ca will be your most effective marketing tool, but you will also want to consider other options including print advertising and open houses.

Classified word ads directing potential buyers to your detailed listing on Propertyshop.ca are worth considering, particularly if you choose to hold one or more open houses.

Open houses and viewings of your house are effective marketing opportunities you should consider, but be sure to ask people for their names, addresses and get identification from them when you let them into your home. (You wouldn’t let strangers into your house at any other time without knowing a little bit about them.) Serious potential buyers should not be put off by this request.

When showing your house make sure you have put away all valuables and any objects that could easily be taken. When potential buyers are viewing your home make sure you or some other responsible person escorts them through your house.  You do not know these people . You do not want them in your house without someone you know with them. Prior to having a viewing or open house it is important to prepare your house so you make a good impression and also ask some questions of the potential buyers to qualify them that they can indeed afford to purchase your house (see Selling tools below for detail lists on qualifying potential buyers and preparing your home for viewing or open house).

Have copies of a fact sheet to hand out at your open house (you can simply print whatever pages you choose from your listing on Propertyshop.ca)

With the business arangement propertyshop.ca has with Best Value Real Estate you can also get your property on the mls.ca and realtor.ca websites.

Lawn signs for selling your property

Never underestimate the power of a lawn sign. The majority of houses are sold because a potential buyer saw the lawn sign and found the property attractive enough to call about it. A Propertyshop.ca lawn sign will stand out. It will have instant attraction because it will tell interested prospects how to get information about your house immediately, by phone. They can even call from their car while they are right out front looking at your property that has caught their attention.

And if they want more information, they can leave a message for you - all in the same call.

Setting the right Price when selling your home

You have decided to sell your home. The very first thing you think about is "How much is my home worth?"

In one sense, the answer to that question is: "My home is worth whatever a buyer is willing to pay." The problem is, you really only find that out at the end of the process what that price is. Meanwhile, you have to set a target, a listing price to give potential buyers an idea of what you think your home is worth.

It is essential that the listing price you set be realistic. If it is too high, you may discourage potential buyers. If it is too low, you may find it sells very quickly, but you will not have realized the maximum value.

Many factors influence the value of your home: location, age, condition, size and style are among the most common factors. The biggest influence, however, is market conditions. When demand is high, prices generally tend to be higher; when demand is low, prices are lower, too.

How do you know what is a reasonable price for your home? You can check other listings on Propertyshop.ca. You can look at other websites, newspaper advertising, and real estate publications to see at what price similar homes have listed. You can talk to friends and acquaintances that have bought or sold recently.

These are indications only. They will put you in the ball park perhaps, but they won't factor in things that may be unique to your home.

The best, surest way to make sure your home is priced appropriately taking into account all the factors we have mentioned, including market demand, is to have a professional appraisal.

This is well worth the price. You will be assured that, based on the appraisal, you are setting the right price for your home. The appraisal is confidential between you and the appraiser. You don't have to show it to anyone. But it is a valuable document to have if you want to show it to a potential buyer during negotiations. That is your choice alone.

The appraisal will take into consideration the specific condition of your home. (See our Selling Tips for a number of ideas to enhance the value or the "sellability" of your home.)

You may choose to combine the appraisal with any improvements you make in order to find a fair asking price. Remember, selling a house is a negotiation. Your asking price should be higher than the price you are willing to accept, but not too much higher.

There is a danger in overpricing your house. It can end up sitting on the market for an unreasonable length of time, and people can start to wonder if there is something wrong with the house if it hasn’t sold.

In a competitive market where real estate agents are competing for listings, you can end up with someone “buying” a listing by promising an inflated price. This almost always ends up in creating false expectations on the part of the owner and, ultimately, disappointment.

With Propertyshop.ca you aren’t influenced by competition for listings. You set your own price based on a realistic assessment of all the factors that determine the value of your home.

Nobody will try to “sell” you on an unrealistic price.

Closing Date

The closing date of a transaction is the day that the full price is paid and the deed is delivered along with any other necessary details involved in completing the transfer of property. The keys are given over after payment is made  and the purchasers  take possesion of the property.

 

Social Media Revolution 2 (Refresh)

via youtube.com

Social Media is changing everything including real estate sales

Issues with Wood Stoves

via youtube.com

This video deals with special issue when purchasing a house with a wood stove.

CLOSED MORTGAGE:

A mortgage that can’t be paid out until the term expires. Currently, shorter terms are very common. Conversely, an open mortgage can be paid off early if the purchaser decides to, without incurring any penalties. Rates are higher for open mortgages

EASEMENT:

A right of land given by a landowner to a third party to make use of the land in a specific way. There may be several easements on your property, including for passage of utility line or poles, sewer or water mains, and even a driveway. Once the right is given, it continues indefinitely, or until released by the party who received it.

Mortgage rates rise at TD and CIBC

TD and CIBC have raised their mortgage rates,  other banks will most likely follow, their 5 year fixed rate has risen to 5.44 per cent per anum. In March new reforms are being implemented changing the maximum term for mortgages from 35 years to 30 years, meanig monthly payment will rise. . Mr Alexander chief economist at TD Bank does not esxpect a shock to the housing market rather he sees the housing market going sideways.    

BUILDING LINE OR SETBACK

The exact distance from the front, back, or side of a lot beyond which construction or improvements may not extend without permission from the proper governmental authority. The building line may be established by a filed plat of subdivision, by building codes, or by zoning ordinances

BRIDGE LOAN:

If you find yourself in the inadvisable situation where you have closed on a new home before you have sold your old one, you may need a short-term bridge loan. Such loans enable you to borrow against the equity that is tied up in your old house until it sells

ANNUAL PERCENTAGE RATE (APR):

This figure states, the total yearly cost of a mortgage as expressed by the actual rate of interest paid. The APR includes the base interest rate, points, and any other add-on loan fees and costs. The APR is thus variably higher than the rate of interest that the lender quotes for the mortgage.

AMORTIZATION:

The method of paying back a loan by regular periodic payments. The payments are made up of both interest and principal portions. Amortization isn’t to be confused with the term, which is the duration of a mortgage contract. When the amortization ends, the mortgage has been totally paid out but when the term ends, the outstanding balance is due (although most people simply refinance for another term).

ADJUSTMENT PERIOD OR ADJUSTMENT FREQUENCY:

This refers to how often the interest rate for adjustable-rate mortgages changes. Some adjustable rate mortgages change every month, but it is more typical to have one or two adjustments per year. The less frequently your loan rate shift’s, the less financial uncertainty you may have. But less frequent adjustments in your mortgage rate mean that you will probably have a higher teaser, or initial interest, rate. (The initial interest rate is also called the “start rate”.)

ADJUSTABLE-RATE MORTGAGE (ARM):

An adjustable-rate mortgage is a mortgage whose interest rate and monthly payments vary throughout its life. ARM’s typically start with an unusually low interest rate (see teaser rate) that gradually rises over time. If the overall level of interest rated drops, as measured by a variety of different indexes (see index), the interest rate of your ARM generally follows suit. Similarly, if interest rates rise, so does your mortgage’s interest rate and monthly payment. Caps (see also periodic caps and lifetime caps) limit the amount that interest rates can fluctuate. Before you agree to an adjustable-rate mortgage, be sure that you can afford the highest payments that would result if the interest rate on your mortgage increased to the maximum allowed.

Representations and Warranties when selling your home.

via youtube.com

Reverse Mortgage

I have had numerous people ask me about a reverse mortgage which enables elderly homeowners, typically who are low in cash, to tap into their home’s equity without selling their home or moving from it. Specifically, a lending institution makes a check out to you each month, and you can use the check as you want. This money is really a loan against the value of your home; because the money that you receive is a loan, the money is tax-free when you receive it. The downside of these loans is that they deplete your equity in your estate, the fees and interest rates tend to be on the high side, and some require repayment within a certain number of years.

Reverse Mortgage

I have had numerous people ask me about a reverse mortgage which enables elderly homeowners, typically who are low in cash, to tap into their home’s equity without selling their home or moving from it. Specifically, a lending institution makes a check out to you each month, and you can use the check as you want. This money is really a loan against the value of your home; because the money that you receive is a loan, the money is tax-free when you receive it. The downside of these loans is that they deplete your equity in your estate, the fees and interest rates tend to be on the high side, and some require repayment within a certain number of years.

Pre-Qualify before you look to buy a house

When your planning to purchase a house it is always important to pre-qualify for financing before looking. You should contact a mortgage broker or your bank and find out how much you can finance. It also depends on your down payment and what your monthly payments will be. If you know what you can afford before you put in a conditional offer on financing this can save everyone time and you will not be disappointed if you do not qualify for a home that is out of your prize rangge.

Propertyshop.ca on Facebook and Twitter

Propertyshop.ca has joined facebook and twitter, facebook and twitter links are now on each listing so potential buyers or sellers can share their lisitng or a listing they are interested in with their friends and followers. The main site is  linked allowing consumers to share and  learn about this new real estate concept offer by propertyshop.ca and their real estater lawyer.

Canada Housing Market Dependent on World Economy

Canada Mortgage and Housing Corporation CMHC have predicted that Canada's housing market is stabilizing, however, they point out that the economic uncertainty is still present in world markets and if there is a slower recovery of the U.S. economy or other world financial markets, that could lead to a slower growth in employment in Canada.  Unemployment for Canada is forecasted to be 8.1% and 8.8% in Ontario for 2010.  This could then lead to a lower demand for housing which CMHC have forecasted.  On the other hand, if there is a  greater recovery, then the demand could be greater in the housing market than their forecast.  Their forecast also assumes that mortgage rates will remain relatively flat through the end of 2011.  For more information visit their website at  http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2010_Q04.pdf?fr=1294425225015

Ontario Housing Market

Canada Mortgage and Housing Corporation CMHC predicts that the recovering economy and improved employment will push Ontario new housing starts up 18.9% in 2010. That will be 59,900 new home start units in 2010 up from 50,370 units in 2009.  Of these new home units, it is predicted that 27,000 will be single home starts, and 32,900 will be multiple-family home starts. Resales are predicted to have 191,800 unit sales. The average price for a home is predicted to be $342,600. For more details on this article, visit their website at  http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2010_Q04.pdf?fr=1294347670140