Here is a quick look on the questions related to mortgage financing which all the buyers must know.
Mortgage Financing Matters
PURCHASER'S RESPONSIBILITY TO CONFIRM FINANCING ARRANGED: It is the bueyr's responsibility to arrange any mortgage financing which might be required to complete the purchase. Once the mortgage is arranged, it will be the purchaser's responsibility to:
satisfy any special requirements by the lender (e.g. - proof of income, proof of cash down payment, payment of other debt obligations, if required by the mortgage lender, etc.) in order to avoid last minute financing problems on closing day;
confirm with the mortgage lender that mortgage instructions have been sent to our law office so that we can finalize processing the mortgage financing and obtaining mortgage funds for closing.
PRE-APPROVAL IN WRITING: It is highly recommended that if a buyer chooses to seek pre-approval, (before a property is purchased), such pre-approval should be in writing, confirming the terms of the pre-approval and mortgage.
IF USING A POWER OF ATTORNEY: Mortgage lenders NOW require a copy of the power of attorney document to be used (if any) for a mortgage since mortgage lenders MUST NOW pre approve any power of attorney form being used. Typically, to be approved, the borrower must be an existing customer of the bank OR must have signed the power of attorney document while in Ontario with witnessing done by an Ontario Lawyer.
CONDITIONAL ON FINANCING: It is highly recommended that if financing is required (whether it has been pre-approved or not), any agreement of purchase and sale should be conditional upon written confirmation of financing terms from an institutional lender.
OPEN/CLOSED MORTGAGES: Open mortgages may usually be paid off at any time without a penalty. Closed mortgages cannot be paid off before the end of the mortgage maturity date without being subject to a penalty (i.e. the greater of 3 months interest or the value of the difference in interest rates).
ACCELERATED PAYMENT OPTIONS: Institutional lenders usually offer accelerated payment options in the form of bi-weekly or weekly payment plans that can reduce the duration of the mortgage by paying more towards principal and thereby reducing the total interest cost.
CMHC (CANADA MORTGAGE AND HOUSING CORPORATION) MORTGAGES: Be aware that if a purchaser is arranging an insured mortgage (where the cash down payment is less than 20% of the purchase price), the mortgage lender (on closing) will deduct certain costs from the mortgage advance. PLEASE CONFIRM with the mortgage lender as to what costs will be deducted (For Example: 8% provincial sales tax on the mortgage insurance premium, appraisal fee, property tax holdback or interest adjustment, if any). For further information contact your bank branch.
My close associate who is into Commecial Real Estate in Brampton, just sent me an email few hours ago is worth sharing. Perhaps some of smaritans are already using it, but I was not aware of this tool. Its just good !! It works in Canada and US.
This is just what he sent me!
Google 411 - Good One...NO, GREAT ONE!
Here's a number worth putting in your cell phone, or your home phone speed dial: 1-800-goog411 or 1-800-466-4411.
This is an awesome service from Google, and it's free -- great when you are on the road. Don't waste your money on information calls and don't waste your time manually dialing the number.
I am driving* along in my car and I need to call the golf course and I don't know the number. I hit the speed dial for information that I have programmed (1-800-466-4411). The voice at the other end says, "Say the name of the business and the City & Province." I say, "Kingsville Golf Course, Kingsville, Ontario". He says, "Connecting" and Kingsville Golf Course answers the phone.
How great is that? This is nationwide, Canada & US, and it is absolutely free! Works on cell and landline phones, all you have to remember is 1-800-466-4411. Give it a try.
Click on the link below and watch the short clip for a quick demonstration.
If you have any question related to real estate or if you are seeking an assistance in selling or buying a real estate property in Brampton, Mississauga, Milton,Oakville, Caledon, Etobicoke or anywhere in GTA area, you may conact him at 416-562-8417. Sellers can always ask For a FREE complimentary market evaluaton of your property.
If you are looking for a house and you have a particular School in mind, you must look for these MLS listings with school information.
All the stories are worth reading and have lot lo learn.
Today, fields of brilliant poppies still grow in France.
A writer first made the connection between the poppy and battlefield deaths during the Napoleonic wars of the early 19th century, remarking that fields that were barren before battle exploded with the blood-red flowers after the fighting ended.
During the tremendous bombardments of the First World War the chalk soils became rich in lime from rubble, allowing 'popaver rhoeas' to thrive. When the war ended the lime was quickly absorbed, and the poppy began to disappear again.
After John McCrae's poem In Flanders Fields was published in 1915 the poppy became a popular symbol for soldiers who died in battle.
Three years later an American, Moina Michael, was working in a New York City YMCA canteen when she started wearing a poppy in memory of the millions who died on the battlefield.
During a 1920 visit to the United States a French woman, Madame Guerin, learned of the custom. On her return to France she decided to use handmade poppies to raise money for the destitute children in war-torn areas of the country. In November, 1921, the first poppies were distributed in Canada.
Thanks to the millions of Canadians who wear flowers each November, the little red plant has never died. And neither have Canadian's memories for 116,031 of their countrymen who died in battle.
Today, fields of brilliant poppies still grow in France.
A writer first made the connection between the poppy and battlefield deaths during the Napoleonic wars of the early 19th century, remarking that fields that were barren before battle exploded with the blood-red flowers after the fighting ended.
During the tremendous bombardments of the First World War the chalk soils became rich in lime from rubble, allowing 'popaver rhoeas' to thrive. When the war ended the lime was quickly absorbed, and the poppy began to disappear again.
After John McCrae's poem In Flanders Fields was published in 1915 the poppy became a popular symbol for soldiers who died in battle.
Three years later an American, Moina Michael, was working in a New York City YMCA canteen when she started wearing a poppy in memory of the millions who died on the battlefield.
During a 1920 visit to the United States a French woman, Madame Guerin, learned of the custom. On her return to France she decided to use handmade poppies to raise money for the destitute children in war-torn areas of the country. In November, 1921, the first poppies were distributed in Canada.
Thanks to the millions of Canadians who wear flowers each November, the little red plant has never died. And neither have Canadian's memories for 116,031 of their countrymen who died in battle.
I’ll admit I’ve been slow to catch onto to social media, but I am now bitten by the bug. I started using Twitter back in the spring of this year. I bumbled along for a while feeling clumsy and awkward. I just couldn't seem to figure out how to use in a meaningful and intelligent way. I took a long break and then after several Tweet-less months I again succumbed to all the hype and jumped back on-board.
I now enjoy Twitter as a communication tool that is near real time and global. The key to make it an even more useful tool is to segment sending and receiving Tweets by subject and geography. That is true, at least for me, regardless if I am tweeting for business or personal.
Twitter hasn’t generated any leads so far but I am learning more about how to have fun with it while driving traffic to my website and blog (which is also quite new.) Actually, it doesn’t really matter if I generate any leads with Twitter. I’ve discovered some very useful information tweeting along the social media highway and frequently book marked some great resources. One in particular that I stumbled on called HootSuite I find quite remarkable.
Before HootSuite I was using Tweetdeck and I thought that was great. The ability to have several columns open and sorted, kind of, seemed incredible at the time. And that was barely a week ago. With HootSuite you can have multiple columns and multiple tabs which gives you many different ways to organize the sending and receiving of Tweets. It also handles multiple profiles and you can even schedule Tweets to be sent at a later time.
But the most powerful tool in HootSuite by far is called Hootlet. When you use the Hootlet tool to shrink a link and then to send a Tweet with that link the click-through statistics are collected. You can come back in just a very few minutes and see the number of clicks on the links in your tweet. You can even see what country the users are in. And of course, the best part of all is that it is free. I find that quite amazing.
I am having fun with Hootsuite and with Twitter while promoting sustainable real estate. I always take care to distribute quality information, not sales hype. I block and unfollow salesy Tweets without hesitation. I don’t like it and I assume other people don’t either.
Once this week, I had nearly 80 clicks on a mere 7-8 Tweets that only took a few minutes to initiate. I find that absolutely amazing. Of course, I am still amazed with telephones, televisions and airplanes.
I am curious how others may be using Twitter in their business.
In Flanders Fields the poppies blow Between the crosses, row on row, That mark our place; and in the sky The larks, still bravely singing, fly Scarce heard amid the guns below.
We are the Dead. Short days ago We lived, felt dawn, saw sunset glow, Loved, and were loved, and now we lie In Flanders fields.
Take up our quarrel with the foe: To you from failing hands we throw The torch, be yours to hold it high. If ye break faith with us who die We shall not sleep, though poppies grow In Flanders fields
In Flanders Fields was first published in England's Punch magazine in December 1915. Within months, this poem came to symbolize the sacrifices of all who were fighting in the First World War. Today, the poem continues to be a part of Remembrance Day ceremonies in Canada and other countries throughout the world.
The poem was written by a Canadian-John McCrae, a doctor and teacher, who served in both the South African War and the First World War.
Incidently, I have been dealing mostly with the Buyers. But right now, I really need some good listings.
Just Sold and the closing is by month end !
I have three buyers looking for detached homes in Mississauga or Brampton, but do not have the any listing matching thier requirements. Realtors store is low on inventory because of surge in buying. The last two months have been very active and hot.
If you have any questions related to real estate and if you are seeking an assistance in selling or buying a real estate property in Brampton, Mississauga, Milton,Oakville, Caledon, Etobicoke or anywhere in GTA area, you may conact me at 416-562-8417. Ask For a FREE complimentary market evaluaton of your property.
If you are looking for a house and you have a particular School in mind, you must look for these MLS listings with school information
If you have any questions related to real estate and if you are seeking an assistance in selling or buying a real estate property in Brampton, Mississauga, Milton,Oakville, Caledon, Etobicoke or anywhere in GTA area, you may conact me at 416-562-8417. Ask For a FREE complimentary market evaluaton of your property.
If you are looking for a house and you have a particular School in mind, you must look for these MLS listings with school information
Five new French Immersion schools have been approved by the public school board.
Next September, French Immersion classes will be held at Rowntree and Worthington Public Schools in Brampton and Edenrose and Ridgewood Public Schools and Edenwood Middle School in Mississauga. Peel District School Board trustees approved the plan at their last regular meeting.
Also approved was community consultation on reorganization of French Immersion programs at Mississauga's Hillcrest and Whiteoaks Public Schools. Brampton's Agnes Taylor Public School and Mississauga's Credit Valley, Plum Tree Park and Oscar Peterson Public Schools will be monitored for possible opening of new French Immersion sites in 2011.
Springdale, Brampton east and west will be monitored annually, along with Southeast Mississauga, for French Immersion enrolment growth. High schools will also be watched for growth changes.
Special parent information evenings at all French Immersion schools are scheduled for Nov. 25, at 7 p.m. The deadline to register for French immersion programs next year is Jan. 29, 2010.
If you have any questions related to real estate and if you are seeking an assistance in selling or buying a real estate property in Brampton, Mississauga, Milton,Oakville, Caledon, Etobicoke or anywhere in GTA area, you may conact me at 416-562-8417. Ask For a FREE complimentary market evaluaton of your property.
If you are looking for a house and you have a particular School in mind, you must look for these MLS listings with school information
A Home Equity Line of Credit can be good or bad depending on how you use it. There are 10 things savvy home owners should look for when considering a Home Equity Line Of Credit:
1) No HELOC application fee or at least the fee should be refunded at closing. If your lender assesses an application fee, make sure it's refundable at closing.
2) No home loan appraisal or closing costs - there are plenty of no-cost options available that you shouldn't have to pay a HELOC appraisal fee.
3) No HELOC account maintenance or check-writing fees - Lenders already make money when you write checks (read - borrow) on the home equity credit line. If your lender tries this, dump him!
4) No "usage" fees - Apparently, HELOC lenders don't approve of the notion that a homeowner may want to have a HELOC as an emergency "reserve" account. Definitely look for a lender that does not charge this type of fee.
5) Variable APR equal to or near the prime rate (adjusted quarterly) - Interest charged on the balanced borrowed should be the only cost involved with a good home equity credit line!
6) Periodic cap on interest rate changes (the amount that the rate can be changed at one time) - Look for a Home Equity Line of Credit that adjusts quarterly (rather than monthly) in increments of 0.5% or less.
7) Lifetime cap on rate increases (the amount that the rate can be adjusted over the loan's life) - You'll want to find a HELOC loan with a lifetime rate cap that you can live with. Ask your loan officer to clearly spell out the "worst case" scenario for HELOC rate increases!
8) Ability to convert to a fixed rate loan - When rates do rise, people often get skittish about their variable-rate debt. A useful feature to look for in a HELOC loan is the ability to convert the line of credit to a standard fixed-rate, fixed-term home equity loan.
9) Interest-only payments allowed - Get this option but only use it if you need to! It's always best to pay down the principle, not just interest!
10) Unrestricted ability to repay principal without penalty - You should be able to pay off the Home Equity Line of Credit at any time without paying extra!
Enjoy these ten basic tips and now, more than ever, be careful! There are a lot of shady deals out there and if you don't take your time reviewing the fine print, it will come back to bite you!
If you have any questions related to real estate and if you are seeking an assistance in selling or buying a real estate property in Brampton, Mississauga, Milton,Oakville, Caledon, Etobicoke or anywhere in GTA area, you may conact me at 416-562-8417. Ask For a FREE complimentary market evaluaton of your property.
If you are looking for a house and you have a particular School in mind, you must look for these MLS listings with school information.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Today, fields of brilliant poppies still grow in France. 
I’ll admit I’ve been slow to catch onto to social media, but I am now bitten by the bug. I started using Twitter back in the spring of this year. I bumbled along for a while feeling clumsy and awkward. I just couldn't seem to figure out how to use in a meaningful and intelligent way. I took a long break and then after several Tweet-less months I again succumbed to all the hype and jumped back on-board.
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