Mortgage Financing Document Checklist

When purchasing a new home, refinancing or transferring an existing mortgage, knowing what documents and information may be requested by a lender can speed up the financing process and help you avoid any last minute surprises. Here is a checklist to help you prepare...

IF YOU ARE PURCHASING A HOME
o Copy of the MLS listing and the purchase and sale agreement
o Full name and contact information of your solicitor
o Confirmation of down payment from one or more of following sources: Personal savings or other investment accounts; Proceeds from sale of a different property; A gift
o Most recent 3 months bank / investment statements showing down payment funds

IF YOU ALREADY OWN YOUR HOME
o A recent mortgage statement
o Your current homeowner insurance policy
o You’re most recent property tax assessment
o The property’s value, from a recent property tax assessment or comparable MLS listings
o A legal description of property from the original agreement or property tax statements

OTHER DOCUMENTS
For both first time buyers and homeowners:
Ø If you are salaried or employed full time or regular part time...
o 2 recent and consecutive pay stubs
o Copy of a current bank account with statements indicating direct deposit of your income
o A letter from your employer on company letterhead, including your name, pay rate, title or position, length of employment, # of weekly hours worked and the title of the person signing the letter
Ø If you are self employed, on contract, or you intend to include other income such as bonuses,profit sharing, overtime or tips...
o NOA’s (Notice of Assessments) from the Canadian Revenue Agency (last 3 years)
o T1 Generals with attached statements of business activities
o Business license

ADDITIONAL INFORMATION
o List of assets and liabilities?
o What life and critical illness insurance coverage you presently have?
o How much are the annual property taxes and heating costs?
o Total square footage of the home and land?
o In the case of a condominium purchase, a copy of the new home warranty certificate

Carbon Monoxide: What You Need to Know

Carbon monoxide (CO) is an odorless, colorless and toxic gas. Because it is impossible to see, taste or smell the toxic fumes, CO can make you very sick, or even kill you before you are aware it is in your home. It is produced when fuels such as wood, propane, oil, natural gas, kerosene, gasoline, diesel, coal or charcoal do not burn properly.

To read more, click on the following link:

http://canadarealtynews.com/nl_preview.asp?a=&id=57604&cid=1105&agent=nprealtor

Home Maintenance Checklist for Fall and Winter

As the winter season approaches and the air become crisp, it's time to start thinking about preparing your house for the season. The winter season means spending more time indoors, hence roofs need to shed rain and snow, windows and doors need to reject the cold, and the heating system needs to keep rooms comfortable. If any of these components don't hold up, you might be faced with scrambling around in the wet, cold and dark to fix them.

By handling these important yet reasonably easy tasks now, you can avoid considerable grief later.

Click on the link below to read further:

http://www.canadarealtynews.ca/nl_preview.asp?a=&id=57606&cid=1105&agent=nprealtor

Pace of Home Sales Remains Brisk in October

Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
"The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011," said Toronto Real Estate Board President Richard Silver. "Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall."
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
"Sellers' market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis."Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions."
Click here to see Full Report

Mortgage Interest Rates

The interest rate gap between variable rate mortgages and fixed rate mortgages is narrowing.

The rate difference is now under 1%, down from 1.50% a month or so ago.

Although the prime rate of 3.00% may not change for a year or so it is now more tempting to lock in a 5 year term fixed rate, especially since it it unlikely that fixed rates will come down much more. So the choice for a new mortgage, on average, is between a 5 year term 2.70% variable rate and a 3.49% fixed rate at most banks.

Stats

Stats for first 2 wks of Sept/2011 (compared to 1st 2wks of 2010)

Unit sales-up 25%
New listings-up 14%
Average price-up 11%

Average price of a Toronto detached home $681,223

Stats

Aug 2011

Units sales up 24% over Aug 2010

Listings at 12,509 are up 20% over aug 2010

Prices are up 10% over Aug 2010 to $452,000

We've Moved!!

It's our pleasure to announce that we are now part of the Harvey Kalles Team of Realtors.
This boutique office is located within our neighborhood of specialty and is better suited to our ever growing clientele.
We're excited for this new change and look forward to hearing from you and serving your real estate needs.

Out of the core: Yorkdale mall draws shoppers and condo developers

Who said Toronto’s condo craze has to revolve around the downtown core? In the city’s northwest — just minutes from the ever-expanding and über-popular Yorkdale Shopping Centre, Highway 401 and steps to Downsview Park and several subway stations — a new crop of suburban condominium projects is sparking excitement. These much-anticipated midrise buildings are promising to fill a void in an area that has long been the domain of small post-war single-family bungalows and two-storeys as well as expansive custom homes and subdivisions built over the past 20 years.

To read more: click http://www.nationalpost.com/news/core+Yorkdale+mall+draws+shoppers+condo+developers/4225213/story.html