Tag Archives: working with a realtor

Mortgage Rates for Nov 24, 2015 — By Peter Paley


Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.


Posted Rates

Our Rates

























Rates are subject to change without notice. OAC E&OE

Prime Rate


5 yr variable


Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage


Peter Paley Mortgage Associate Send an EmailVisit Website


5 Reasons to Hire a Real Estate Professional Today !

5 Reasons To Hire A Real Estate Professional Today | Keeping Current Matters
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.
1. What do you do with all this paperwork?
Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.
2. Ok, so you found your dream house, now what?
According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream.
3. Are you a good negotiator?
So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.
4. What is the home you’re buying/selling really worth?
It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $208,700 compared to $235,000 among agent-assisted home sales.”
Get the most out of your transaction by hiring a professional.
5. Do you know what’s really going on in the market?
There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?
Dave Ramsey, the financial guru advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line:

You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?
Source: KeepingCurrentMatters.com

CMHC to Allow 100% of Suite Income

The market for houses with basement apartments is about to get a little hotter. CMHC has announced it will allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows 50%.
The nation’s largest default insurer says the move is meant to “facilitate affordable housing choices for Canadians.”
“Secondary rental suites are recognized as a source of affordable housing offered at a cost that is often lower than those for apartments in purpose built rental buildings,” it adds. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods.
The new rule takes effect September 28, 2015.
“This is definitely good news for anyone who is looking to buy a home and subsidize the cost” with a renter, says Vancouver-based broker Peter Kinch, of DLC’s Peter Kinch Mortgage Team. “…The ability to utilize 100% of the rental income to qualify for the mortgage…can certainly make the difference for many homeowners and may move a larger number of homebuyers from condo purchases to a single-family home with a mortgage helper.”
Broker Marg Green, of Concierge Mortgage Group, agrees that “there will be a big demand for it,” but rightly notes that more clarity is needed on what CMHC considers a legal suite. “What is legal? Is it fire retrofitted? Is it registered with the city? If the suite isn’t legal, lenders generally won’t use the rental income (for qualification purposes).”
Here’s what we’ve gathered thus far, with respect to what’s required to use 100% of suite income with CMHC:

  • The property must be owner-occupied.
  • The property being insured can have only two units (i.e., a duplex or a single home with a legal secondary suite).
  • Rental income cannot be used if the suite is “illegal/non-conforming” but “legal non-conforming” is okay. (Non-conforming means that the suite was grandfathered in before zoning/regulations restricted such units. You can check with the city to confirm if a suite is legal.)
  • The suite must be self-contained with its own entrance.
  • Property taxes and heat must be factored into the borrower’s debt ratios (which is currently not the case when using rent from legal secondary suites).
  • For existing units, there must be two-year history of rental income from the suite. The maximum rental income allowed for qualification is a two-year average of the unit’s rent.
  • For new units, a market rent appraisal can be accepted if an appropriate vacancy rate has been applied to the estimated rental income.
  • Mortgage applicants must “demonstrate a strong history of managing credit” with a minimum credit score of 680.


On 3-4 unit owner-occupied properties and 1-4 unit non-owner occupied rentals, CMHC will be allowing a net rents calculation (i.e., gross rents less operating expenses).
Note that individual lender guidelines may very well be tighter than what you see above.
Genworth and Canada Guaranty have had a 100% add-back policy for a while (for basement suites), but mainly in Victoria and Vancouver. CMHC’s new policy extends nationwide. Both private insurers say they’re reviewing CMHC’s changes and haven’t decided if they’ll match this guideline. We’ll bet that one or both of them will.
“In the big picture, I do not see that this will have a significant impact on the overall housing market,” says Kinch. “But in certain suburban areas, this shift in CMHC policy will help speed up a trend that is already taking place, and that is the widening price-gap between single-family and multi-family (condo, townhome) homes.”
Another broker, who didn’t want to be named, said the move could encourage more people to lie about owner-occupying a property (i.e., say they’re living in one unit but renting out both units). That minor unavoidable side effect aside, CMHC deserves applause for trying to boost the stock of affordable rentals and allowing young homebuyers an alternative to condo living.
Source: CanadianMortgagetrends.com

Inspection doesn’t necessarily guarantee home’s condition on date of possession

by Todd Lewys


It has been well-documented that purchasing a home can be the most stressful event people experience during their lifetime.
When guided by a knowledgeable REALTOR®, the process usually turns out to go smoother than expected. However, there’s the occasional case where the process, as the saying goes, hits a few bumps in the road.
Normally, a home is sold and the buyer takes possession, perhaps a month or two later. In some instances, a home might be sold and the possession date, for whatever reason, might be further down the road. Sometimes, four to six months can elapse before buyers take possession of a home.
Not surprisingly, issues can crop up when so much time goes by between the time of purchase and the possession date.
An experienced REALTOR® said she recently experienced such a scenario with a newer, high-end home. “We wrote an offer on a home and it was accepted, but the vendors asked that possession could be delayed, and we agreed,” she recalled. “We did our due diligence, having the home inspected prior to buying it. Everything seemed to be fine, except for the HRV unit, which wasn’t working properly. We asked, as part of the terms of completion of the sale, that it be restored to working order.”
As an experienced REALTOR®, she took additional time to write a clearly-stated clause into the terms of the selling agreement. The clause stated that everything in the home was to be in working order when her clients took possession. A safeguard for her clients, she didn’t expect to have to invoke.
Fast forward to possession day. By this time, approximately five months had passed since the sale. As planned, her clients moved into the home, only to be greeted by several major issues.
“I got a call from them, saying there were several things wrong with the home. They were very surprised at what they found.”
First and foremost, the carpet in the basement carried a strong odour. Second, the furnace’s HRV unit was not working properly. And third, the dishwasher leaked. Understandably, the home’s new owners were crestfallen and more than a little bewildered.
“We’re not exactly sure what happened, but it seems that the vendors just let things go in the home after the inspection was done,” she said. “They said that they had the HRV repaired, but when it was examined, it was found to be totally plugged. Downstairs, there was no smell when we did the inspection, but as best as we can guess, it looks like the vendors let their dog have the run of the basement. Then, when my clients tried to use the dishwasher, it leaked badly.”
As buyers moved into the home over the next several days, they found more issues — nine more, to be exact, bringing the tally to 12.
Now, the REALTOR® and her clients are reluctantly being forced to enforce the clause that she wisely, it now turns out, wrote into the terms of the selling agreement for the home.
“It’s not something you want to have to do, but we really have no choice,” she said. “We’re going to have to ask the vendors for financial compensation for all the repairs that need to be done. The carpet downstairs needs to be cleaned or replaced, the HRV needs to fixed so it works properly, and the dishwasher has to be repaired. All the other issues have to be taken care of, too.”
There are lessons that can be learned from the not-so-savoury situation, added the REALTOR®.
“I think the main lesson is that as REALTORS®, we likely need to go further than just saying everything must be in working order at time of possession,” she said. “To best safeguard buyers, I think we need to write in a clause that says buyers can preview a home a month, even two weeks before taking possession. At that time, everything — from the mechanical system, to appliances — must be in the same condition as originally viewed.”
The other lesson is an obvious one. “Based on this experience, I’d have to say that getting a home inspection done doesn’t necessarily guarantee a home is going to be in the same shape at time of possession that it was at the time of purchase,” she said. “You would hope that vendors would have a little pride in the home they’re selling, but I guess that isn’t always the case.”
Source: WinnipegRealEstateNews

The Value Of A Mortgage Broker

Real Estate Understanding each step of the home-buying and mortgage process is key to ensuring the biggest investment of your life matches your unique needs — now and into the future.

Jim Murphy
Jim Murphy AMP, President and CEO, CAAMP

The Value Of A Mortgage Broker

It’s in a broker’s best interest to ensure you receive the best possible mortgage product and rate tailored to your unique requirements.

Whether you’re in the market to purchase your first home, looking to buy another property or if it’s time to renew or refinance an existing mortgage, the services offered by a mortgage broker are truly invaluable.
This is the first expert you should consult, even before you enlist the services of a real estate agent to help you find your dream home.
The very first step is to secure a preapproval through your mortgage professional. That way, you know the amount for which you qualify prior to heading out home shopping, avoiding the risk of falling in love with a home you simply can’t afford.
Mortgage brokers are knowledgeable about the various mortgage products and rates available in today’s market, as well as the issues and trends that may affect you and your mortgage over the long term.

“If you don’t understand something your mortgage professional has explained to you, be sure to ask questions until you feel comfortable.”

When qualifying for a mortgage, there are three key variables that determine your mortgage qualification amount and interest rate:

Credit score

In simple terms, this is determined by your past record of making payments. The higher your credit score the better. Be sure to pay down or pay off your monthly debts, including credit cards, lines of credit and other loans.


This is an extremely important factor when qualifying for a mortgage, so steady or rising income is to your advantage.


A lender will take into account the property being purchased, in particular its location and condition. A property appraisal will also be required.

Once a mortgage broker sits down with you in order to fully understand your income, type of work and total assets, as well as whether you’re new to Canada or self-employed, they’ll be able to then negotiate on your behalf with multiple lenders – including banks, credit unions and trust companies – based on your specific financial and credit situation.

“Although rate is important, there are many other questions that are just as critical when it pertains to your mortgage.”

And this is a service that’s generally free to the homeowner. In the vast majority of cases, mortgage brokers across Canada are paid by the lender once they successfully place your mortgage. So it’s in a broker’s best interest to ensure you receive the best possible mortgage product and rate tailored to your unique requirements.

Ask questions

If you don’t understand something your mortgage professional has explained to you, be sure to ask questions until you feel comfortable. The more knowledge you gain throughout the mortgage process, the more comfortable you’ll feel taking on likely the largest financial obligation of your life.
It’s important to keep in mind that, although rate is important, there are many other questions that are just as critical when it pertains to your mortgage.
Are there penalties for breaking the mortgage early? What are the prepayment options ?
These considerations can end up costing you thousands of dollars down the road if you neglect to read the lender’s fine print.
A mortgage professional’s job does not come to a close once your mortgage has been finalized. There are often updates from the Bank of Canada, the real estate market and the government that may affect a homeowner, depending on what type of mortgage you have.
Your mortgage professional will help you stay on top of that activity to ensure you’re always equipped with the mortgage to best meet your requirements throughout the life of your mortgage, not just within a single term.

Source: homeimprovementinfo.ca

Create the bedroom of your dreams

(NC) As we work to beautify our homes, most often it is those rooms frequented by family and guests that garner the decorating attention. But there are rewards in bestowing some attention on the bedroom.


“This is the one room in the home where you can express your unique personality,” says JoAnn Jusdanis, a broker-owner with Royal LePage Burloak Real Estate Services in Burlington, Ontario. “While the bedroom allows for creativity, it’s always wise to think of future buyers of your home in consideration of any decorating project.”


Jusdanis recommends approaching your bedroom design with these guidelines:


• Envision life in your new room. Will it serve as a quiet retreat or a place to gather the family for lazy Sunday mornings? Let the usage of the room guide your choices.


• Does your style whisper or make a bold statement? Add colour and personality as long as your choices are graceful and harmonious. Think how the room will play on your senses.


• Be creative, but have an eye to the future. Is this your forever bedroom, or do you plan to sell your home within a few years? Asking this question could temper your vision, in a good way.


More information is available at www.royallepage.ca


Source: www.newscanada.com