Surina Hart, Quinte Real Estate Broker Royal LePage | MLS listings for Belleville, Brighton, Cramahe, Quinte West, Trenton & Prince Edward County

Why Use A Mortgage Broker?

Tuesday, Jan. 05 2010  |  Posted by: Surina  |  0 comments

With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage consultant lies in the opportunity to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders.

As a result, the popularity of independent mortgage brokers is growing. Last year approx 25% of all mortgages placed in Canada were through a mortgage broker compared to 14% in 1999.

A mortgage consultant can also be a source of information and provide unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable rate mortgages? Having problems getting a mortgage because you're self-employed? Or perhaps you need assistance with arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.

What is a Mortgage Consultant (Broker)?

A mortgage consultant (or mortgage broker in some provinces) is an independent agent, or intermediary between you the consumer and the mortgage lender. The mortgage broker will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances.
A good investment advisor can make you thousands of dollars. But a good Mortgage Broker will SAVE you thousands of dollars. Whether you are buying a home, refinancing or renewing a mortgage, consider making a Mortgage Consultant part of your financial plan this year. The best part, depending on your credit picture, there is no charge to the consumer for the service! The mortgage consultant's fee is normally paid by the lender.

provided by:
Mark A. Piers
Dominion Lending Centres Alliance

Permalink  |  Posted in: Mortgage & Finance

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Improve Your Payment History

Monday, Jan. 04 2010  |  Posted by: Surina  |  0 comments

Since your payment history accounts for 35% of your credit score, you need to make sure that all your accounts are up to date and don't show late payments. Pay off past due accounts, and then concentrate on paying your bills consistently before the due date. If you tend to forget to mail your payment in on time, consider automatic bill payment options (either through your bank or online).

You may be wondering how liens, judgments, collections, and bankruptcy will affect your credit score. I won't lie to you. These bad marks will seriously lower your credit score, but not indefinitely. Since this information may only be reported for 7 to 10 years, it will eventually drop off your record. And, if you can consistently pay your bills on time for two or three years, the impact of these negative items will not be as great.

 

Permalink  |  Posted in: Mortgage & Finance

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Home Selling

Monday, Jan. 04 2010  |  Posted by: Surina  |  0 comments

Interior Preparation

What should you do to the interior of your home, before you list it for sale?

Every room should look as spacious, bright, and warm as possible.

• Wash walls, ceilings, and trim. Consider painting with light, neutral colours. Repair cracks.
• Tighten loose knobs, towel racks, switch plates, and outlet covers.
• Fix tight doors and windows, squeaky floorboards, and loose stair banisters.
• Clean and repair caulking around tubs and sinks. Fix leaky faucets; remove water stains.
• Clean and organize the basement and attic. (This is a good opportunity to throw out all the bits and pieces you don't want to move.)
• Organize closets. Get rid of the clutter. Limit the number of items stored overhead or on the floor.
• Clean out kitchen cabinets, and remove clutter from counter tops.
• Clean drapes, blinds, and curtains. Shampoo carpets, and wax floors.
• Now is a good time to spray for bugs.
• Arrange furniture to make rooms appear as spacious as possible.
• Remove any items you're taking with you, such as chandeliers and mirrors.

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Curb Appeal

How important is the exterior look of your home?

 First impressions really do count. If the impact of your curb appeal is strong, people will want to see what is inside.

• Cut the lawn.
• Cut and trim the shrubs.
• Remove dead tree limbs and other yard debris.
• Brighten up the garden with fresh shrubs and flowers.
• Get rid of the clutter. Put away toys and gardening equipment.
• Touch up peeling paint on doors, siding, and trim.
• Repair and paint the fence.
• Fix damaged roof shingles and flashing.
• Clean windows, replace broken panes, and fix torn screens.
• Clean gutters and downspouts.
• Wash the driveway and sidewalk. Patch cracks or holes.
• Clean up the garage and shed.
• Have the gas grill ready for use.
• Make sure outside lights and doorbells work.

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Renovations

What renovations will give you the greatest return when selling your home/property?

The top three renovations that get you the most money* are:

1. Bathrooms (75 to 100% return)
2. Kitchens (75 to 100% return)
3. Interior and exterior painting (50 to 100% return)

*Appraisal Institute of Canada's 2004 Home Renovation Survey

  Other renovations and their average rate of return (the value they add compared to what they cost) include:

• Replacing roof shingles (50 to 80%)
• Replacing the furnace and heating system (50 to 80%)
• Renovating the basement (50 to 75%)
• Adding a recreation room (50 to 75%)
• Installing a fire place (50 to 75%)
• Up-grading floors (50 to 75%)
• Building a garage (50 to 75%)
• Replacing windows and doors (50 to 75%)
• Building a deck (50 to 75%)
• Installing central air conditioning (25 to 75%)

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Listing Agreement

What is involved with the signing of a listing agreement?

The listing agreement is a contract between you and your REALTOR's® brokerage company. It will:

• Provide a framework for subsequent forms and negotiations
• Clearly spell out the rights and obligations of all parties, the length of the agreement, and the compensation
• Set the listing price, and accurately describe the property (including lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions)
• Detail what is, and what is not, included in the sale (As a general rule, fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.)
• Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property

The agreement binds both parties to its terms and conditions. You and the listing REALTOR® sign the listing agreement and each of you receives a copy.

Your Royal LePage REALTOR® may also ask for:

• Plan of survey or location certificate – A survey of your property showing the lot size, location of buildings, and any encroachments from neighbouring properties. Some jurisdictions need this to complete the sale of your home. Your lawyer may recommend a survey, especially if significant changes have been made to your property.
• Property tax receipts – Most listing agreements include information about current annual property tax assessments.
• Mortgage verification – Details about your mortgage provided by a mortgage lender upon your authorization.
• Deed or title search – A legal description of your property, and proof that you own it.
• Other documentation – Annual heating bills, water and sewage costs, electricity bills, and recent expenditures on home improvements. Many provinces also require a signed property condition disclosure statement.

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Marketing Your Home

How will your home or property be marketed for sale?

Your Royal LePage REALTOR® will develop a detailed marketing plan that will give your property the maximum exposure and attention it deserves.

 When you list with a Royal LePage REALTOR® you will:

• always know what actions are being taken to sell your home
• receive regular progress updates
• be kept informed of changing market conditions
• be kept up-to-date on sales of other homes in the area

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Receiving an Offer

How does your Royal LePage REALTOR® help you manage your offers?

A buyer interested in purchasing your property will make an offer and, as an act of good faith, put down a deposit.

The buyer's REALTOR® communicates the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to you or your representative. The offer states how much the buyer is willing to pay and details the conditions.

The offer can be firm or conditional.

Firm Offer to Purchase: Usually preferable to the seller, because it means that the buyer will purchase the home without any conditions. If the offer is accepted, the house is sold.

Conditional Offer to Purchase: Means the buyer has placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of buyer's existing home. The home is not sold until all the conditions have been met. The seller can accept the offer, reject the offer, or make a counter offer.

Acceptance: The seller agrees to all the terms and conditions exactly as set forth in the Offer to Purchase.

Rejection: The seller does not agree with any of the terms and conditions set forth in the Offer to Purchase.

Counter offer: The seller agrees with some of the terms and conditions of the offer, but not all of them. The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions. When the buyer receives the counter offer, he or she can accept the new terms and conditions or reject them.

A signed offer is a binding contract. Make sure you understand and agree to all of the terms before you sign. You may want to have a lawyer review the offer first.

 

 

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Closing the Sale

What is involved with closing the sale?

On or before closing day, lawyers for the seller and the buyer will set up a trust account for the money coming from the sale. This money will be used to pay off any mortgages you owe on the property, after which you receive the balance.

  Your lawyer should also ensure that you receive compensation for pre-paid expenses, such as property taxes, electrical or gas bills, or, if applicable, heating oil left in your tank.

You will give the property deed or transfer documents, mortgage details, and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing.

You will also pay the listing brokerage company their compensation (your lawyer can arrange the payment from the proceeds of the sale).

 

 

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Moving Calendar

What's the best way to prepare for a move? 

Four weeks before moving

• Decide what you want to take, what you want to throw out, and what you want to donate to charity or sell.
• Start using up frozen food and staples. Don't buy any more than is necessary before moving.
• Start planning your trip. Make airline reservations. Book hotels and rental cars.
• Arrange for important school, medical, financial, and legal records to be transferred.

Three weeks before moving

• Arrange to have your pets transported or boarded. Start preparing your plants for the move.
• Get back any items you have lent (and give back any items you have borrowed). Pick up any items that are being repaired.
• Dispose of flammable items such as paint, aerosol cans, and cleaning fluids.
• Send change of address information to the post office and other businesses.

Two weeks before moving

• Schedule a date for a service firm to disconnect and prepare the appliances you are moving.
• Start packing non-essential items.
• Arrange for a babysitter for moving day.
• Start planning to disconnect utilities.
• Draw up a floor plan for your new home and start planning your furniture arrangement. (It makes moving in twice as easy.)

One week before moving

• Finish packing suitcases and basic essentials. Make sure valuable documents, currency, and jewellery are in a safe and easily accessible place.
• Drain garden hoses, lawn mowers, and other machinery.
• Defrost and dry the fridge and freezer. Don't forget to empty the defrost water pan.
• Take down items such as curtain rods, shelves, light fixtures, and mirrors that you are taking with you.
• Dismantle large power tools, such as lathes and grinders.
• Make sure all of your important papers, keys, medications, and plane tickets are available for the trip.
• If you are travelling a long distance by car, you may want to have the car serviced.

Packing day

• Leave a clear workspace for the packers.
• Identify fragile and valuable items, items you are taking with you, and items being left for the new owners.

Moving-out day

• Plan to stay home until the moving van has left.
• Tour the house with the van operator during inventory. Sign the bill of lading. Confirm your new address and delivery date. Check destination contact phone numbers.
• Do a final check for overlooked items. Make certain windows and doors are locked, lights are turned off, utilities are discontinued or turned off, and the keys are transferred.

Moving-in day

• Try to get to your new home the day before the moving van arrives. Make sure the utilities are connected. Take another look to see if where you want your furniture to go is correct.
• When the mover arrives, check items unloaded against the inventory. Make arrangements for installation of appliances. Confirm unpacking requirements.

Provided by: Royal LePage Canada

Permalink  |  Posted in: For Sellers

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