16 Feb

So you are considering buying your first place in Toronto?

General

Posted by: Sean Smith

 

 

FIRST TIME HOME BUYERS

Having so many friends that are so close to purchasing their first home, it only makes sense to share with you what is involved in this exciting process.

 

 

1.

Be definitive about buying 
(i.e. Decide you are going to buy a home)

 

 

2.

Get qualified for a mortgage. It is extremely important that you know exactly what you can qualify to buy and what you’re comfortable borrowing. (contact me to do a quick mortgage application)

 

 

3.

Get educated. This is difficult and time consuming. Either spend the time it takes to be an expert or hire one. Real Estate agents can offer you a certain crash course in your preferred real estate in a few hours. The best part is that it is free. Buyers don’t have to pay an agent a fee, the seller does. (feel free to ask me who I recommend)

 

 

4.

Know all the hidden and exposed extra costs. There are several refunds and breaks available to first time home buyers. Including;  Provincial and Municipal Land Transfer Tax Refund, Home Buyers Tax Credit, RRSP Home Buyers Plan (use your RRSP’s tax free towards your down payment)

 

 

5.

Do not rush into anything but do not drag your feet either. Currently, and for the past eight years the real estate market in Ontario and the rest of Canada has been very strong.

Rushing into buying before you have seen four to eight properties or have been very well schooled by a knowledgeable and honest real estate agent is unwise.

Equally unwise is wasting everyone’s time by dilly dallying when the right property comes your way. Be decisive and make your move. Indecision usually costs a buyer more than making an educated decision.

 

   

6.

Make an offer – just do it!

 

 

7.

Cold feet. Everyone except for sociopaths gets cold feet. It’s expected and it’s ok. If you’ve followed steps 1-6 you’ll be ok. Proceed with confidence.

 

 

8.

Do not chicken out! There are hundreds of stories of first time buyers that lost their nerve. Every single one of them was worse off for it, and most of them ended up realizing this fast and deeply regretted their decision to bail.

9 Feb

New Mortgage Rules

General

Posted by: Sean Smith

 

Hello Everyone,

 

Did you know effective March 18, 2011

 

–         The maximum amortization period (the length of time you have to pay back your mortgage) will be reduced from 35yrs to 30yrs for new mortgages with less than 20% as a down payment.

– This means that mortgages will be more expensive for first time home buyers who need that extra 5 years to pay off their mortgage.


–         The maximum amount that applicants can borrow when refinancing will be reduced from 90% to 85% of the value of their home

 

Now may be the time for you to look at consolidating  your debts or taking out equity for home improvements ie: new kitchen, new bathroom or perhaps roof….

 

Here is a link from CMHC, should you require any additional information.

 

http://www.cmhc.ca/en/hoficlincl/moloin/hopr/upload/CMHC-Refinance.pdf

 

If you need any other information, please do not hesitate to let me know.

Have a wonderful day!

8 Feb

Rising Interest Rates

General

Posted by: Sean Smith

As a Mortgage Agent I like to keep everyone informed on changes in the mortgage industry that could affect you.

 

The situation

Yesterday TD Canada Trust raised their interest rates. This week, other institutional lenders will be following their lead.

 

The opportunity

ING is one of the leading financial institutions in Canada. They have an offer for you that will avoid this potential interest rate increase. Send me an email with your name and phone number by midnight tonight and ING will agree to hold the 3.99% interest rate for 120 days while you decide if it’s right for you. This is a risk free offer to you that could save you thousands of dollars.

 

Sean Smith – Mortgage Agent

seansmith@dominionlending.ca

7 Feb

Who is a Mortgage Agent, and what do they do?

General

Posted by: Sean Smith

I realized recently, when talking to someone very close to me just how misunderstood my profession was. This friend knew I was a Mortgage Agent, but thought we only worked with people who had bruised credit and had no idea that I represent all the major banks.

As much of my business comes via referrals from my happy loyal clients, I realized how important it was for me to educate my family, friends and social circles of exactly what I do, and when someone might use my services.

Here is some information that may help you understand a little more of how I help my clients:

Who I work with:

I work with Canada’s leading Financial Institutions including Banks, Trust Companies, and Credit Unions. They include Scotia, Toronto Dominion, RBC, National Bank, CIBC, ING, and many others. There is a complete list of all our lending partners on my website at GetMortgagesNow.com

My company, Dominion Lending Centres, sends these lenders more than 10 billion dollars in mortgage volume annually, so these lenders provide us with exceptional rates, fast turnaround times and flexibility with approvals.

When you use me:

When you use me to find you the very best mortgage, and negotiate on your behalf, there is no cost to you. The lender pays me a fee for finding and bringing them the business. Remember it saves them from the cost of additional employees in wages, vacations, training cost, office space and benefits. So, there is no cost to you, and I only earn a fee if I arrange the mortgage for you.  

Some of our lenders specialize in providing mortgages for clients who are self employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. We have seen all situations and are experienced in getting the unconventional mortgages approved.

Many consumers think their bank will automatically give them the best rates because they have been loyal customers for many years, have multiple accounts with them or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.

I am a fully licensed mortgage agent and am governed by The Financial Services Commission of Ontario (FSCO). The safety and security of your personal information is of utmost importance and all discussions, documentation and file management are completely confidential at all times.

Often clients make the time consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rates. Each time a Financial Institution pulls your credit report, your Beacon score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage actually disqualifies you from qualifying. At Dominion Lending, we forward your credit report electronically to our lenders so that it isn’t pulled over and over.

 

The interest rates today are the lowest in history. They are a direct result of Emergency pricing from the Canadian Government in a bold attempt to prevent what happened in the USA to Canada. Mark Carney (Bank of Canada’s Governor) and many other Industry Professionals expect rates to begin to increase sometime this year, some believe there will be significant increases.

If you, like so many other Canadians, have high interest credit card debt, department store debt, line of credit debt or other outstanding payments, now might be the ideal time to refinance your existing mortgage and consolidate it all into one simple payment at the lowest rates of all time. This consolidation can sometimes reduce your monthly payments by more than a thousand dollars per month. I would be happy to calculate the saving for your specific situation.

There has never been a better time in history to consolidate debt, refinance your mortgage or purchase investment properties.


In summary, I am your trusted mortgage agent and I work for you, not the banks. It’s my job to provide you with timely, expert advice and make certain my clients have the very best mortgage products for their specific situation. Your business is very important to me!

Contact me for a complete mortgage review at your convenience but remember the lowest rates in history won’t last long.

I am never too busy for your referrals and will take amazing care of anyone you think who may find my services valuable.

Sean Smith:

Mortgage Agent

 

416 889 3916:

seansmith@dominionlending.ca

GetMortgagesNow.com