TESTIMONIAL

new-mortgage-rules

Previously, and up to November 30, 2016, buyers who put down more than 20% of their home price and owners who have more than 20% equity in their homes were considered “low-ratio” borrowers. They could enjoy “low-ratio” mortgage insurance at a much better rate due to the fact that their loans were less “risky”. However, starting on November 30, 2016 a big chunk “low-ratio” borrowers will not qualify for this plan anymore.

Buyers will not qualify for “low-ratio” insurance if one of the following applies:

  • amortization period is longer than 25 years
  • home’s purchase price is over $ 1 million
  • buyer has a credit score below 600
  • property is not owner occupied
  • if you are a self-employed individual applying for a stated income deal

What to expect?

In other words, when this huge segment of properties becomes ineligible for low-ratio insurance, lenders will have to pay higher insurance premiums, which will get passed down to borrowers in terms of higher interest rates on mortgages. In fact, this is already happening. Multiple key mortgage rates climbed higher since Wednesday, and are expected to continue rising, especially after new rules come into play. Keep in mind that when rates rise it will become very difficult to refinance in a constrained market.

filipino-real-estate-agent-fire-extiguisher

You’ve seen fire extinguishers in commercial environments, such as schools, stores and workplaces. Does it make sense to have one in your home?

According to the experts, yes. In fact, a fire extinguisher can quickly put out a blaze that would otherwise quickly grow out of control. There are several types of fire extinguishers that are made especially for residential use. That means they put out the most common fires that occur in the home (Class A, B & K fires), and they are easy to handle and use.

Since most residential fires happen in the kitchen, that’s the best place to keep your extinguisher. Make sure everyone in your household knows where it is and how to use it.

Keep in mind that a home fire extinguisher is meant for small fires that are easy to put out, such as a pan of vegetable oil igniting on the stove. If you find you can’t control the blaze within a few seconds with the extinguisher, get everyone out of the home and call the fire department.

Also, never attempt to fight a major fire yourself. Leave that to the professionals.

Markham Sold

Markham Home Sold Statistics May 2013

Markham, ON. Home Sold Statistics for the month of May 2013. Statistics report of how much a home is sold in Markham, Ontario for the month of April.
Other Links:
Find Out How Much Your Home Is Worth In Todays Market
First Time Home Buyers Guide

 

I shot this video live and uncut showing my client Beth & Christian on posession of their new home entering the door for the first time. My proudest moment is to see them with sense of happiness and fulfillment.

Beth and Christian, it is an honour helping you and from the bottom of my heart I want to thank you for the kind words and the thank you gift along with the cards. You guys didn’t have to do that but many thanks to you and I wish you the best and happiness in many years to come.

Your Real Estate Consultant For Life!

Alex,

www.GreatRealEstateAdvice.com