Posts Tagged ‘Real estate’
Closing Costs – What You Need To Know
Mortgage Closing Costs Explained More often than not first time homebuyers neglect to set aside enough money for their closing costs. They assume they can use all of the money they have saved for their mortgage down payment and are usually not aware there will be closing costs that will need to be covered on closing day. Closing Cost Advice The rule of thumb is to set aside 1.5% of the purchase price of your home or condo for closing costs. In fact most lenders will require you to prove that you have this amount in liquid assets ready to go on closing day. Most first time homebuyers in Ontario will get a portion if not all of their land transfer tax back, but the lender still requires you to have this cushion in case any unforeseen expenses arise. You will have to provide three month's worth of bank or investment statements showing you have these funds available....cash from a shoebox will not be considered acceptable. What is included in closing costs? Closing costs are made up of several items and depending on the ...
More Than Just Mortgages – REBarCamp Toronto
I spent most of last Friday in King West Village in Toronto attending the first REBarCamp in Toronto. Real Estate Bar Camps have been held in the United States for the past couple of years, but last week Toronto finally got one of its own. Basically it is a gathering of Real Estate professionals who use social media as a means of marketing their business as well as reaching their current and potential clients. Social media (Facebook, LinkedIn, Twitter...Blogs...etc) has had a significant impact on the Toronto Real Estate Industry in the past couple of years with more and more Realtors jumping on board and using on-line tools instead of the more traditional direct mail marketing of the past. It is a much more cost effective method of marketing and can really give the audience a comfort level with your abilities and personality. As a Toronto Mortgage Broker I use Social Media to not only advertise my mortgage rates, but also ...
Using a Buyer’s Agent
Are you using your own Toronto Realtor to purchase your property? Many Toronto First Time Homebuyers can be tempted to use the seller's real estate agent when purchasing their first home. They think they are going to save money because the Realtor will usually reduce the total commission when they are representing both parties in the deal.....but do they really end up saving? Does the seller's agent really have the buyer's best interests in mind? They have been hired by the seller to get the most money as possible for their home. In turn the buyer expects the Realtor to get them the home for the least amount of money. Do you see the conflict? Most Realtors are very honest and do their best to make sure both parties win in the deal, but at the same time, there is still the conflict between selling the property for the most money and buying it for the least. I recommend to all my clients that they should always use their own buyer's representative. This way you can be ...
Flaherty Tightens Mortgage Lending Criteria in Canada
Jim Flaherty announces changes to Canadian Mortgage regulations. For several weeks there has been speculation surrounding the tightening of mortgage lending criteria and today those changes were finally announced. Flaherty was careful to reiterate that we are not currently experiencing a housing bubble, however these changes are being put in place to prevent Canada from experiencing the same real estate bust the US experienced. So What Changes Did Flaherty Announce For Canadian Home Buyers? All borrowers must qualify at the current five year rate. This means even if you are looking to get a 1 or 2 year mortgage with a rate that is lower than the current five year rate, you still need to make enough money to qualify for the mortgage amount at the going 5 year mortgage rate. We have already seen a rule similar to this imposed by the lenders with variable rate mortgages, but this new rule will make it mandatory across all lenders and mortgage types. Maximum loan to value for a ...
Social Media In Real Estate
I had a great meeting yesterday with George O'Neill a local Toronto Realtor and expert in using social media to not only get new clients, but also effectively market his clients' properties. If you in the real estate business and live in Toronto you have probably seen George speak at any number of events around the city over the last year.He raised an interesting point that most people refer to social media as the future of the internet and advertising, but the future is now. More and more companies and individuals are using social media to reach their desired audience. It is great for small businesses since it takes very little money to effectively reach a large audience of prospective clients. Stats in the US show that over 80% of people start their real estate search online before they even contact a Realtor. Is your real estate agent using the internet effectively to market your property? You might want to ask him or her what they plan to do besides open houses to ensure your property sells quickly. Twitter, Facebook and Blogging are all great ways for ...
