Wednesday 20 November 2013

Committing to a mortgage with your honey? Consider these house hunting essentials


(NC) House-hunting couples have many important decisions to make together – from deciding on a new-build condo or century-old bungalow to agreeing on the ideal neighbourhood and the type of mortgage that will work best for them.
According to research from TD Canada Trust, 73% of Canadians bought or expect to buy their first home with their significant other. Since a home is the biggest purchase most couples will make, Farhaneh Haque, director of mortgage advice at TD Canada Trust, provides her top three tips to ensure couples are on the same page before hitting any open houses.
Air out financial closets – Couples should be open and honest about their current financial situation and financial history. If anything could affect the ability to secure a loan together, afford monthly mortgage payments or interest rate increases, be upfront about it.
Start on the same foot – From a home office to a kitchen made for entertaining, couples should set a budget and discuss the key characteristics they want in a home, and what they are and are not willing to compromise on.
Saying 'I do' to a mortgage Couples need to give as much thought to their mortgage as they do to their dream home. This includes discussing the size of the down payment, amortization period, type of mortgage and payment schedule.
“The last thing couples want is an unwelcome surprise when they're about to sign on the dotted line,” Haque said. “By speaking with a mortgage specialist well before you've entered the pressure-cooker of the house hunt, couples can make informed decisions that can save money and stress in the long run.”
www.newscanada.com
www.philrom.com

Monday 11 November 2013

Thursday 7 November 2013

Divorced retirees tap their house for extra income


(NC) Financial settlements from a divorce can have a big impact on a person's security – and that concern doubles when a marriage suddenly ends later in life.
If divorce in retirement is happening to you, you're not alone. The so-called 'grey divorce' has been identified as a growing 21st century trend.
Although divorcing later in life poses some unique challenges, it also means that you may have access to some unique financial tools that are not readily available to people in their 30s and 40s.
For instance, if the house is settled on your side of the ledger, you may be able to shore up your finances and enhance cash flow by tapping into the equity of your home. This is done by arranging a reverse mortgage.
“Instead of selling your house and downsizing or even renting, why not stay in it and receive payments based on its real estate value?” says Arthur Krzycki, a director with HomEquity Bank. “Accessing the equity in your home with a reverse mortgage like a CHIP Home Income Plan is a simple and sensible way to reduce the financial burden normally associated with divorce.”
Here's how CHIP works:
• If you're aged 55 and over, you can convert up to 50 per-cent of your home equity into tax-free cash.
• Unlike other loans on the market, you are not required to service the interest, or repay the principal until you choose to move or sell.
• You also have the option to take a lump sum to pay off your debts, or for home repairs and modifications. Or you can schedule monthly advances to enhance your cash flow on a regular basis. Some homeowners do both.
“It's never too late to bolster your finances by taking money out from your house while continuing to live there. For example, using a reverse mortgage to provide additional cash income could save homeowners from having to sell non-registered investments, or prevent the need to withdraw money from a RRIF above the annual minimum. Both of these strategies will likely have tax implications, so be sure to work with a financial advisor for solutions that fit your needs.”
Additional information is also available online at www.chip.ca and www.philrom.com
www.newscanada.com

Saturday 2 November 2013

Protect your home against winter's wrath

(NC) As Canadians, we are fortunate to experience nature's splendour through all four seasons. However, extra steps need to be taken to protect your home against damage that could be incurred with cold temperatures, ice and snow.
“Preparing your home for old man winter's arrival will help you to protect your investment,” says Royal LePage broker Carla Bouchard. “A few simple steps can restore your peace of mind and have your home winter-ready.” Bouchard recommends the following tips for winter home preparation:
1. Clean out your gutters and install gutter guards. Reduce the chance of an ice dam by removing debris from your gutters. Ice dams form when indoor heat melts the ice on your roof. If there is nowhere for the melted ice to flow, it will collect in your gutters and re-freeze, causing potential water damage when warmer temperatures return. The Canadian Mortgage and Housing Corporation also recommends using electrical de-icing cables or low-corrosion chemical de-icers.
2. Use a chimney sweep service at least once per year. Many Canadians enjoy a crackling fire on cold winter nights. Chimney sweep services remove soot, blockages and any accumulating creosote, a highly flammable substance, from your chimney, thereby reducing the potential for a chimney fire.
3. Protect pipes located near the exterior of your home. Frozen pipes are one of the most common problems caused by freezing temperatures. It is important to ensure that pipes running through your garage or other exterior areas are well insulated. If you plan to be away, set your thermostat at 65 degrees Fahrenheit and open cupboards under your sinks to allow heat to flow through. You can find more information at 
www.philrom.com
www.newscanada.com

Thursday 24 October 2013

Tap your home ownership for a cash flow

(NC) The prospect of retirement can be a double-edged sword. On the one hand, it appears to be a future filled with fun and freedom. On the other hand, it may seem like the day of reckoning is here. When you leave the workplace, will you have enough money to see you through the retirement you've always wanted?
Indeed, as many as 50 per cent of all seniors surveyed recently said they believe their retirement savings will be exhausted within 10 years. This means that, for many, finding a creative solution will be critical for maintaining financial independence.
How about this one?
Stay in your home for as long as you like and, based on the real estate value, receive a cash flow to supplement your income. Here's how it could work for you:
• If you have reached age 55, you may be eligible for the CHIP Home Income Plan from HomEquity Bank. It allows you to convert up to 50 per cent of the equity into tax-free cash.
• Unlike other loans on the market, there are no credit or income qualifications and you are not required to service the interest, or repay the principal until you choose to move or sell.
• It is also guaranteed that you will never have to repay more than the fair market value of the house at the time of the sale.
When considering if this solution is right for your financial circumstances, you may be interested to know that a typical CHIP customer has an annual household income under $75,000 and 79 per cent of them had less than $250,000 saved for retirement. If this sounds a little like you, the CHIP reverse mortgages may be a good way to enhance your day-to-day cash flow.
Ask a financial advisor or a mortgage broker for details – and additional information is also available online at www.chip.ca.
www.philrom.com

Thursday 17 October 2013

News & Rate Advisor!



Courtesy of  Phil Romano, CPMB 905-516-1150

Certified Professional Mortgage Broker #M10002221
Verico House of Mortgage Experts

Welcome to the October issue of the News & Rate Advisor.

Current Discount Mortgage RatesOct 2013
Variable Rate2.60%
1 Year2.89%
2 Year2.79%
3 Year3.09%
4 Year3.39%
5 Year3.59%
7 Year3.99%
10 Year4.29%
Prime Rate3.00%
* Rates subject to change and OAC.


Canadian Qualifying RateOct 2013
Rate5.34%
Source: Bank of Canada


Current Posted Mortgage RatesOct 2013Oct 2012Oct 2011
1 Year3.14%3.10%3.50%
3 Year3.95%3.70%4.05%
5 Year5.34%5.24%5.29%
Source: Bank of Canada


Nationwide Building PermitsAug 2013Aug 2012Aug 2011
Residential$3,912,170,000$4,223,624,000$3,586,852,000
Commercial$2,427,537,000$3,234,985,000$2,328,832,000
Total$6,339,707,000$7,458,609,000$5,915,684,000
Source: Stats Canada - preliminary figures


Current Bank of Canada Rate & Prime RatesOct 2013Oct 2012Oct 2011
Bank Rate1.25%1.25%1.25%
Prime Rate3.00%3.00%3.00%
Source: Bank of Canada



Average House Prices by CityAug 2013Aug 2012Aug 2011
Yellowknife$318,363$433,300$385,838
Vancouver$784,567$725,086$778,545
Victoria$479,978$475,550$536,631
Edmonton$348,758$334,391$325,322
Calgary$432,576$400,277$394,251
Saskatoon$327,281$320,903$315,774
Regina$311,860$304,513$280,972
Toronto$503,094$479,095$451,663
Hamilton-Burlington$376,284$364,464$321,036
Ottawa-Carleton$348,822$347,673$339,415
Quebec City$268,104$263,113$239,136
Montreal$327,165$331,721$318,567
Fredericton$177,192$164,707$162,483
Saint John$176,632$170,057$169,024
Halifax-Dartmouth$272,069$270,170$257,663
Winnipeg$261,666$248,301$236,306
Source: CREA - Most Recent Month Reported


Average House Prices by ProvinceAug 2013Aug 2012Aug 2011
National$378,369$350,192$349,916
Yukon$362,507$300,095$343,421
Northwest Territories$318,363$433,300$385,838
British Columbia$533,400$491,145$539,953
Alberta$381,642$356,488$349,533
Saskatchewan$286,809$269,967$261,565
Manitoba$253,297$239,234$229,210
Ontario$386,444$366,797$347,719
Quebec$269,421$276,170$263,470
New Brunswick$164,824$161,080$159,979
Prince Edward Island$159,432$145,586$166,013
Nova Scotia$212,268$208,749$201,999
Newfoundland$288,660$262,436$249,280
Source: CREA - Most Recent Month Reported



 "Always Striving to be your Trusted Mortgage Advisor!"

Monday 16 September 2013

Hamilton Real Estate: August sales up 8.8% year-over-year

Hamilton Real Estate: August sales up 8.8% year-over-year: The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1203 properties sold through the RAHB Multiple Listing Service® (MLS®) in ...

September News and Rate Advisor!!



Courtesy of  Phil Romano, CPMB 905-516-1150

Certified Professional Mortgage Broker #M10002221
Verico House of Mortgage Experts

Welcome to the September issue of the News & Rate Advisor.

Current Discount Mortgage RatesSep 2013
Variable Rate2.70%
1 Year2.89%
2 Year2.79%
3 Year3.09%
4 Year3.24%
5 Year3.59%
7 Year3.89%
10 Year4.19%
Prime Rate3.00%
* Rates subject to change and OAC.


Canadian Qualifying RateSep 2013
Rate5.34%
Source: Bank of Canada


Current Posted Mortgage RatesSep 2013Sep 2012Sep 2011
1 Year3.14%3.10%3.50%
3 Year3.95%3.85%4.35%
5 Year5.34%5.24%5.19%
Source: Bank of Canada


Nationwide Building PermitsJul 2013Jul 2012Jul 2011
Residential$4,135,192,000$4,276,431,000$3,853,954,000
Commercial$3,857,984,000$2,532,937,000$2,727,925,000
Total$7,993,176,000$6,809,368,000$6,581,879,000
Source: Stats Canada - preliminary figures


Current Bank of Canada Rate & Prime RatesSep 2013Sep 2012Sep 2011
Bank Rate1.25%1.25%1.25%
Prime Rate3.00%3.00%3.00%
Source: Bank of Canada



Average House Prices by CityJul 2013Jul 2012Jul 2011
Yellowknife$472,467$292,125$292,125
Vancouver$757,338$667,462$761,673
Victoria$482,908$475,768$467,052
Edmonton$345,335$337,304$334,444
Calgary$438,192$409,670$397,613
Saskatoon$323,441$323,165$303,439
Regina$311,759$297,708$272,548
Toronto$513,246$476,947$459,122
Hamilton-Burlington$383,240$345,807$349,235
Ottawa-Carleton$362,346$340,352$342,925
Quebec City$265,785$266,552$240,225
Montreal$329,339$331,577$317,519
Fredericton$178,883$181,917$181,231
Saint John$169,592$177,955$158,448
Halifax-Dartmouth$275,046$268,723$262,723
Winnipeg$262,727$249,175$238,258
Source: CREA - Most Recent Month Reported


Average House Prices by ProvinceJul 2013Jul 2012Jul 2011
National$382,373$353,147$361,181
Yukon$311,481$366,075$317,128
Northwest Territories$472,467$292,125$292,125
British Columbia$534,360$474,954$540,877
Alberta$379,696$363,924$359,103
Saskatchewan$285,147$277,297$256,870
Manitoba$253,714$239,116$231,391
Ontario$393,984$368,329$363,121
Quebec$272,033$275,689$263,371
New Brunswick$159,502$156,913$160,568
Prince Edward Island$169,864$154,876$163,725
Nova Scotia$215,094$219,708$212,821
Newfoundland$288,517$273,649$250,948
Source: CREA - Most Recent Month Reported



 "Always Striving to be your Trusted Mortgage Advisor!"

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Tuesday 27 August 2013

Solutions for Cash Stressed Seniors

(NC) For many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their homes.
The amount saved by baby boomers, as well as their ever lengthening retirement prospects make finding additional sources of income more necessary than ever. Did you know that as many as 50 per cent of all seniors surveyed (by the Investor Education Fund) said they believe their retirement savings will be exhausted within 10 years of leaving the workplace?
Their concern is well justified as, according to a 2012 Leger Marketing study, 58 per cent of Canadians in their 50s say they have less than $200,000 saved for retirement. Other surveys show that as many as 59 per cent of retirees owe money to a lender, up from only 40 per cent just two years ago.
So modest savings combined with the increasing costs of servicing debt is making it imperative for seniors to look for ways to enhance their cash flow.
“The solution for remaining financially independent doesn't have to be as drastic as downsizing, selling the house, delaying your retirement, or going back to work,” says Arthur Krzycki, a director with the HomEquity Bank. “If you own a home it should remain your security for the long haul and there are a couple of sound ways to let your house pay back while you live in it.”
Empty-nesters, says Krzycki, might want to become landlords, a viable solution especially if you live in a prime location and have a separate entrance to available rooms, or to a basement that can be turned into a self-contained apartment.
“Or, if you're not comfortable with strangers in your home,” he continues, “why not access some of the equity with a reverse mortgage? Based on the value of your house, this option gives you a reliable cash flow to supplement your income.”
Here's how a reverse mortgage like a CHIP Home Income Plan could work for you:
• If you have reached age 55, you may be eligible for the CHIP Home Income Plan. It lets you convert up to 50 per cent of the equity in your home into tax-free cash.
• Unlike other loans on the market, there are no credit or income qualifications and you are not required to service the interest, or repay the principal until you choose to move or sell.
• It is also guaranteed that you will never have to repay more than the fair market value of the house at the time of the sale.
“While it almost seems too good to be true, CHIP's increasing popularity is easy to understand as soon as you talk to our clients,” Krzycki explains. “As many as 78 per cent tell us they would recommend this kind of reverse mortgage to others as a good source of extra cash in retirement.” Financial advisors and mortgage brokers have details and additional information is also available online at www.chip.ca.
www.newscanada.com
www.philrom.com

Wednesday 24 July 2013

How to 'nail' an affordable home reno

(NC)—Anyone who has lived in the same house for a number of years inevitably gets the reno itch. While a gut job is expensive, home renovations are still an affordable way to upgrade without moving.
“It's natural that after a certain point, homeowners start to notice the flaws in their homes,” said Farhaneh Haque, director of mortgage advice at TD Canada Trust. “It could be that the layout is no longer practical, the bathrooms are outdated or the exterior needs some curb appeal. Each of these areas can increase the property value of a house while making it more suitable to the homeowner's needs.”
Before picking up the hammer and hardwood, Haque recommends homebuyers plan for the cost of a home renovation:
• Consider upgrades that save money: Green options, like installing insulated glass windows, may cost more initially, but they can make sense financially in the long-run when future energy bill savings are considered.
• Research and budget for the unexpected: The reality is that a home renovation often costs more than planned. Before starting any work, consult with at more than one contractor to help accurately assess costs of materials and labour. It's also a good idea to build a buffer into the budget for any unexpected expenses.
• Explore financing options: A home equity line of credit (HELOC) allows homeowners to use the equity they've already built in their homes to finance upgrades at a competitive interest rate. Consider using a HELOC to pay different tradespeople as the work progresses to avoid paying interest on credit that hasn't been used. With ongoing access to credit, it can be tempting to go overboard, so remember to stick to the budget.
For further advice on financing a renovation, visit: www.tdcanadatrust.com/homeownership.
www.newscanada.com
www.philrom.com

Monday 15 July 2013

News and Rate Advisor!


Courtesy of  Phil Romano, CPMB 905-516-1150

Certified Professional Mortgage Broker #M10002221
Verico House of Mortgage Experts

Welcome to the July issue of the News & Rate Advisor.
Current Discount Mortgage Rates Jul 2013
Variable Rate 2.79%
1 Year 2.79%
2 Year 2.69%
3 Year 2.79%
4 Year 3.09%
5 Year 3.39%
7 Year 3.59%
10 Year 3.89%
Prime Rate 3.00%
* Rates subject to change and OAC.
Canadian Qualifying Rate Jul 2013
Rate 5.14%
Source: Bank of Canada
Current Posted Mortgage Rates Jul 2013 Jul 2012 Jul 2011
1 Year 3.14% 3.10% 3.50%
3 Year 3.75% 3.95% 4.35%
5 Year 5.14% 5.24% 5.39%
Source: Bank of Canada
Nationwide Building Permits May 2013 May 2012 May 2011
Residential $4,558,415,000 $4,184,799,000 $3,679,871,000
Commercial $2,765,107,000 $2,825,538,000 $2,749,555,000
Total $7,323,522,000 $7,010,337,000 $6,429,426,000
Source: Stats Canada - preliminary figures
Current Bank of Canada Rate & Prime Rates Jul 2013 Jul 2012 Jul 2011
Bank Rate 1.25% 1.25% 1.25%
Prime Rate 3.00% 3.00% 3.00%
Source: Bank of Canada

Average House Prices by City May 2013 May 2012 May 2011
Yellowknife $373,454 $441,465 $350,994
Vancouver $772,569 $732,736 $831,555
Victoria $477,281 $506,195 $527,181
Edmonton $350,921 $347,078 $331,537
Calgary $440,675 $429,459 $416,055
Saskatoon $341,737 $318,603 $317,932
Regina $322,029 $303,393 $296,838
Toronto $542,174 $516,787 $485,520
Hamilton-Burlington $416,664 $369,292 $344,864
Ottawa-Carleton $370,591 $363,502 $353,046
Quebec City $273,389 $260,230 $254,529
Montreal $331,594 $329,282 $318,355
Fredericton $200,245 $201,176 $187,905
Saint John $182,829 $175,815 $182,626
Halifax-Dartmouth $285,583 $283,010 $263,318
Winnipeg $274,437 $266,379 $248,548
Source: CREA - Most Recent Month Reported
Average House Prices by Province May 2013 May 2012 May 2011
National $388,910 $375,605 $376,817
Yukon $344,053 $381,871 $371,688
Northwest Territories $373,454 $441,465 $350,994
British Columbia $534,013 $519,923 $596,872
Alberta $385,702 $374,653 $357,086
Saskatchewan $294,414 $280,517 $268,574
Manitoba $267,662 $256,923 $241,504
Ontario $418,430 $403,156 $381,026
Quebec $277,225 $274,840 $264,752
New Brunswick $173,256 $175,466 $174,632
Prince Edward Island $166,994 $153,137 $125,078
Nova Scotia $229,646 $237,285 $222,667
Newfoundland $274,342 $255,897 $246,092
Source: CREA - Most Recent Month Reported


 "Always Striving to be your Trusted Mortgage Advisor!"