Archive for the ‘Featured Articles’ Category
Featured Property #1
8 WYTHENSHAW WOOD - TORONTO, ONTARIO Listing Price: $549,900 Agent Contact: Janis Evanoff 416-266-3339 MLS# E1732472 DESCRIPTION: Entertainer's Dream Home! Urban Living At Its Finest! Tucked Away On A Quiet Court, This Contemporary Open-Concept Bungalow Features A Dazzling Custom Chef's Kitchen, Multiple Fireplaces & Skylights, French Dr. W/O To Private Deck & Intimate Courtyard With B/I Bbq For Enchanting Summer Evenings! Completely Finished Lower Level W/ 2 Bdrms, Rec Rm, Games Rm & Reno'd 3-Pc Bath!**** EXTRAS **** Viking Professional S/S 6-Burner Gas Stove & Double Oven W/Commercial Exhaust Hood, S/S Miele D/W, Double S/S Fridge/Freezer, All Elfs, All Window Covgs, Washer, Dryer, B/IGas Bbq, Alarm System, Egdo & Remote, B/I 57' Sony Hd Tv
The ABC’s of Mortgage Insurance
One of the biggest roadblocks for first time homebuyers is saving the downpayment. With the burdens of paying rent, student loans and other expenses it is not realistic to expect you can save 20% of a home's purchase price for your downpayment. What is Mortgage Loan Insurance? Mortgage Loan Insurance is just that — insurance from a trusted third party, which protects lenders against default on a mortgage loan by a homeowner. In Canada, Mortgage Loan Insurance is generally required whenever a homebuyer has less than 20% of the purchase price available as a down payment. Because the lender is protected, they are able to offer mortgage financing even if you have a smaller down payment, at a rate of interest that is comparable to the lower rates typicallyreserved for homebuyers with a larger down payment. To obtain Mortgage Loan Insurance, an insurance premium must be paid based on the total amount of the loan (the purchase price minus the down payment). This premium can be paid in a lump sum, or added to your mortgage and included in your monthly payments. The latter is normally the case. How Much Does it Cost? In general, the larger your down payment, the lower your premiums will ...
Mortgage Life Insurance – Protect Your Investment
I find it difficult to explain the benefit of mortgage insurance to my clients. Most clients do all they can to get their monthly mortgage obligations as low as possible (extended amortizations, larger down payments, haggling for the lowest rate....), which is why their immediate response to mortgage insurance is "no". I always encourage them to take some time to think about the coverage and what it would mean for their family. Let's step back and look at exactly what "Mortgage" life insurance is. Unlike term or hole life policies, mortgage insurance only covers your mortgage. In the unfortunate event you or your family needs to collect, the insurer sends a cheque directly to the lender to pay-out your mortgage in full. You do not receive any of the money and you can not elect to use that money for anything other than the mortgage. This is why I always encourage my clients to think twice before declining even if they already hav life insurance through their employer. Your mortgage is usually the largest piece of debt most people carry. Having the piece of mind knowing it will be paid in full and therefore allowing your family to spend any other ...
Home Renovation Tax Credit
The Canadian Government announced a Home Renovation Tax Credit with the 2009 budget allowing Canadians to receive up to $1,350 in a tax credit on eligible renovations completed between January 27, 2009 and February 1, 2010. The property must be a residence you live in and the renovations/alterations must be of an enduring nature. Appliances, furniture and tools are not eligible for this tax credit. Take a quick look at the video above for more detailed information on this tax credit and how it can benefit your family. If you have any questions please do not hesitate to contact me.
Benjamin Tal Economic Outlook
I was lucky enough to be able to attend a talk held by Benjamin Tal, CIBC's head economist. As would be expected from an economist his talk was laced with statistics, bar graphs and acronyms. Unlike most economists he is actually quite interesting to listen. He was able to get the audience laughing at several points during the presentation and the hour flew by. I have taken a few of the more relevant points he made and listed them below. If you are interested in reading more about Benjamin Tal feel free to Google him and you will find countless articles that he is quoted in. The first point he made was he expected the Canadian Real Estate market to continue to decline for 5-7 more months and possible fall another 7 to 10% in value. Of course this is an average and will not hold true across all markets. Of course no one has a crystal ball, but it is encouraging to hear an "expert" discuss the light at the end of the tunnel and be reassured that we are not going to be in a free fall for the next 2 years. At the end of the discussion one of ...
Credit Crisis Explained
Everyday we read the news and hear about another company going bankrupt or thousands more people losing their jobs. The financial markets are in turmoil and our retirement nest eggs are now worth half of what they were a year ago. What caused this global financial disaster? Why does the government have to bail out the largest financial institutions in the world with billions of tax payer dollars? Well, the answer isn't nearly as complicated as you might think. If you have 10 free minutes to watch this short animated video you will see how financial instruments developed by the banks called mortgage backed securities lead to our current financial meltdown. Keep in mind although this animation is based on the US's predicament, and is actually nowhere near as severe here in Canada. The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
