Ontario Mortgage Rates

Monday, Jun. 15 2009  |  Posted by: Surina  |  0 comments

For June 15th, 2009

 

Variable - 2.60%                                5 YEAR - 3.99%

   1 Year Closed - 2.75%                        4 Year Closed - 3.79%   

   2 Year Closed - 3.05%                        7  Year Closed - 5.15%

   3 Year Closed - 3.59%                        10 Year Closed - 5.25%

                          

                            

Permalink  |  Posted in: Mortgage & Finance

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Pre-Approval Update June 2009

Wednesday, Jun. 17 2009  |  Posted by: Surina  |  0 comments

We have received information from many Lenders informing us that due to the high volume of business, Pre-Approvals will no longer be available to prospective Buyers and will be only adjudicating deals that have accepted Agreement of Purchases. 

The bank branches will still do "Pre-Approvals", however it is very important to know that these "Pre-Approvals" may only be a rate hold. Most institutional lenders have centralized underwriting, meaning that a credit bureau is not pulled until the deal is sent to the Mortgage Underwriting Department at head office with an accepted Agreement to Purchase... generally speaking, they do not pull credit reports for a Pre-Approval.

Buyers

You need to know with confidence what you can afford to purchase. You need a lending institution who will work for you to ensure that your future deal will be underwrited properly. You want your lending institution to be thorough and to do the following:

1. Pull your credit report and review it
2. Review amount of Income
3. Review how Income is made (salary, hourly, part time, full time, commission, business for self)
4. Confirm down payment and where it is coming from 

All in all, as a Buyer within this market you need to know what you can afford, to be ensured that you are properly qualified and that there will be no surprises when you return to your lender with your accepted Agreement of Purchase in hand. If all you have is a branch "Pre-Approval" you may just only have a rate hold.

Sellers

How does this information affect you? Prospective Buyers for your home will be inserting conditional clauses within the Agreement of Purchase. One of these clauses is the Conditional Financing Clause which gives the Buyer the opportunity to confirm or obtain mortgage approval from their financial lending institution.

This clause is important not only for the Buyer, but for yourself as well. You need to know if the Buyer can actually afford to purchase your home at the time of Offer, so that you can make the right decision for you and plan for your future. You do not want any surprises between the time your home is "officially" sold and the closing date.

This clause is standard practice and usually, in most recent years, the Buyer was given 3 to 5 banking days sometimes 7 for such approval to be obtained. Within this market, the change that could be seen is of an increase in time which would return to trends of years past of  5 to 7 banking days and maybe even 10 days. 

Permalink  |  Posted in: Mortgage & Finance, For Buyers, For Sellers

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Open House Schedule - GQA

Tuesday, Jun. 02 2009  |  Posted by: Surina  |  1 comments

Quinte Open House Schedule for:  June 2009

 

To view Open Houses scheduled within the Greater Quinte Area...

 

Your personal guide to Quinte & District Open Houses.

1. Click HERE to open the Quinte Open House window
2. To enter the "Start Date" and "End Date" that you would like to view Open Houses, click within the FIELDS for the pop-up Calendars
3. Wait until the Locations load
4. Click on the Municipality that you would like to view a list of Open House
5. Scroll through the list to review and obtain more detailed information

If you would like further information or to schedule your personal viewing on ANY home within the Greater Quinte area, please contact me directly.

Permalink  |  Posted in: Open House Schedule, For Buyers

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