Amazing in 2013 - Broker with a Difference

You wanna know what's new for 2013?  Well here's a sneak peak....

1.  New Lenders offering Greater Flexibility
2.  Satisfaction Guarantee
3.  Twitter - @Ayoungmortgages
4.  Network of Real Estate and Financial Professionals
5.  Donations made for every deal funded

These are just a few of the new ventures for 2013.  Looking forward to becoming your mortgage professional in 2013! 

Is it a good time to buy a house?

Yes!


Two Reasons...

1.  Buyer's market - better deals
2.  Low interest rates

Put those 2 together, you get a great deal on a house with a low interest rate!!!

Any other questions?

Thanks for visiting!

What's up with appraisals?

 

What’s up with Appraisals?

Let me begin with saying I am not an appraiser.  After many years in the real estate business as a Mortgage Broker and a House buyer, I have developed an understanding of the valuation of Real Estate.

Over the last 3 years, it has become increasingly difficult to anticipate the value of homes.  This has hindered refinances, debt consolidations and sometimes purchases. 

Values will change with the Real Estate market and with the economy.  As the banks tighten up their lending guidelines, more often than not, real estate values drop accordingly.  It is common to find that values drop in a “slow economy” like we are experiencing currently. 

How do appraisers establish a value for your house?  Glad you asked.

Age of the home

Condition of the home

Layout

Size (square footage)

Garage size (how many cars / size)

Land size (frontage / depth)

Recent sales of comparable homes in similar neighborhoods

Appraisers use their knowledge of neighborhoods and resale

Many times, people mistake the value of their home as what they could sell it for on the market.  The real estate sales market is not always indicative of the real value of the home.  For instance, just because the house down the street went multiple sale and went $25k over asking price does not make your $200k home worth $225k.   That is a result from a market condition.

It is important to seek out an experienced appraiser.  You can just ask me and I can get a great one for you!

Bottom line, “before you buy, sell or renew, speak with Andrew!”

Cover your ASSets

 

Cover your ASSets

Welcome back to an AWESOME approach to MORTGAGES.  We have missed you. 

If you didn’t already know, I recently got married and went on a wonderful honeymoon.  We traveled Eastern Europe and saw some amazing sights and met some brilliant people. 

During the process of preparing for the wedding, there were some very important things we needed to address.  We chose the menu for the dinners, the cake, the flowers, the seating arrangements for the tables, etc.  But there were a couple of fundamental things we addressed to protect ourselves before we got married…

1. We reviewed our life insurance, critical illness and living benefit policies
2. We created a will to protect our families and ourselves if anything were to happen to us.

Some might not think this to be very romantic, but it is necessary.  We had a great experience creating our will and our lawyer made it tremendously easy for us.  This process was seamless and we are more than happy with the result.  Our will is in a safe place and we have informed our loved ones the location of our will. 

Whether you have just recently secured a mortgage, renewing soon or have paid off your mortgage.  Please review your financial plan and your insurance needs.  There are many stages in life that you need to have proper insurance and adjust your financial plan.  In life, it is my goal to protect my beautiful wife, in the case that I am no longer around. I want her to be in a great position where she doesn’t have to worry about money and concentrate on erected a statue of me.

The bottom line is to get someone to look at these items for you!  I have some brilliant people I work with who will help guide you through the process and deliver relevant, realistic advice.

Please let me know when you would like me to introduce you to the professionals I use to take care of the important things!

As always, wishing you all my best!

Separations happen! Mortgage Wise is here to make it easier for you!

 

Separations Happen!

Writing this particular blog is ironic as I have my wedding in 18 days!  But it is important for people to know about their options when it comes to separation and divorce.

Going through a separation or divorce can be one of the most difficult periods in anyone’s life.

In addition to the heartbreaking end of a marriage, there are often difficult decisions that need to be made.  Where do the kids live?  How do you divide up the assets?

If you also own a matrimonial home you will certainly have other questions.

Who gets the house?  Can I possibly remain in my home?

Is there enough equity built up so that we can refinance to consolidate or pay out matrimonial debts and / or facilitate a buy out of my spouse?

The new mortgage rules effective July 2012 restrict the refinancing of one’s home to a maximum of 80% of the home’s value.

HOWEVER…there is a way to finance up to 95% of your homes value!

CMHC and Genworth Financial Canada, both suppliers of mortgage default insurance in Canada, will now consider applications for one spouse to buy the matrimonial home from the other spouse with financing available up to 95% of the home’s value.

Mortgage Wise can help.

Here is what we will need;

1. A Private purchase and sale agreement signed by both parties
2. A finalized divorce / separation agreement
3. A statutory declaration signed by the spouse who is relinquishing interest in the property
4. Lender may request additional support documentation depending on your individual situation and an appraisal may be required.

You have the questions.  We have the answers!

Thanks for visiting!

Improve your purchase!

 

Improve your purchase!

Have you found a property that you would like to do some renovations to? 

Maybe there is a property that you are interested in that needs some work.   Maybe there is a property that needs a lot of work before you can move into it.

Here’s how “Purchase plus improvements” works…

1. Find a property.

2. Evaluate the current value and the future value after improvements

3. Get quotes from reputable companies (on company letterheads)

4. An appraiser looks at the values before and after

5. Get the work done (appraiser visits the property) and get the monies refunded to you for the renovation costs

Here are the limitations…

1. You need to carry the costs of the renovations
2. You will need to put a minimum down payment of 5% of the improved value of the property
3. Most lenders max out the improved value to 10% of the purchase price to a Maximum of $20k.  Some will do 20% up to $40k. 
4. If you wish to do a larger renovation, we need to look into a “construction draw mortgage.”

Don’t you feel better now that you know???

I know I do for letting you know.

As always, I am available to help answer any questions you may have about this product and any other products.

Thanks for visiting an AWESOME approach to MORTGAGES.

Please feel free to share this with anyone that needs some mortgage questions answered!

Pre Approvals...What's up?

 

Pre Approvals…What’s up?

If you are thinking of buying a house or looking to renew within 120 days, DO IT!

2 main reasons to get pre approved…

1. Save a great rate for up to 120 days
2. Know that your comfortable with the rate and payments before you buy / Renew / Refi

With pre approvals, you know where you stand with your credit and how much you can afford.

There are 4 things we need to prove when you are purchasing a property:

1. Income
2. Down Payment amount and where its coming from
3. Credit
4. Affordability

Before we meet to do your pre approval, please have the following items ready:

1. Drivers License
2. Social Insurance Number
3. Recent Pay Stub (unless you are self employed)
4. Working knowledge of the debts you have

Let’s get you pre approved so you can shop with confidence!

Thanks again for visiting an AWESOME approach to MORTGAGES!

I missed you!