Archive for March, 2010

1. Determine how much you can afford. Based on your down payment, income, existing debt, regular expenditures, and other key financial information, we can help you determine how much you can afford to pay every month and the price range that works within your budget. This information can be compiled in a pre-approval application form.
2. Team up with a real estate agent. Finding a real estate agent to help you search for your dream home is important to the home buying process. The best real estate agent will be a combination of a personal advisor, consultant, and negotiator. This expert will show you homes that match your criteria, guide you through the home buying process, and negotiate the best possible price for your home.
3. Make an offer. When you’ve found a place that you’d like to call your own, your real estate agent will help you draw up an Offer to Purchase to present to the seller. This legal document specifies the price, the closing date, and any conditions.
4. Retain a lawyer. It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and you may want a lawyer to look over any offer to purchase before you submit.
5. Arrange the home inspection. Many buyers consider including a home inspection as one of the conditions on their Offer to Purchase. A professional inspection is a good way to uncover major problems with the home. If the home doesn’t pass the inspection, you can adjust or withdraw your conditional offer.
6. Get the mortgage approved. With a copy of the signed Offer to Purchase and the necessary financial information, we’ll submit your application to the mortgage lender that we have selected. The lender will qualify the application and complete a valuation on the property you have purchased. Mortgage insurance gives you the ability to buy a home with a down payment of less than 20% of the purchase price.
7. Get property insurance. Apart from the mortgage, you’ll need to purchase property insurance that protects your home against fire and other damages. Once you have a policy in place, forward a copy to your lawyer and your lender.
8. Check the legal details. With the deal finalized and the financing in place, your lawyer can now search the title and check whether there are any unpaid property taxes outstanding. Your lawyer will arrange for a survey to be completed, if necessary.
9. Complete the paperwork. A few days before the deal is set to close, you’ll meet with your lawyer to review, sign, and get copies of all the documentation. At this time, you’ll also provide the remainder of your down payment and pay legal fees and any additional costs, such as prepaid utility expenses for which the seller should be reimbursed, that are due on closing.
10. Pick up the keys. On the closing day, your lawyer and the seller’s lawyer will exchange documents and cheques. Your lawyer will also register your new home in your name. When these tasks are complete, you’ll get the deed and your keys to your new home, and you can move in.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

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Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

Effective April 19, 2010, loans with a fixed rate term of less than 5 years and for all variable rate mortgages, regardless of the term, the qualifying interest rate will be the greater of the benchmark rate or the contract interest rate.

CMHC defines the benchmark rate as the Chartered Bank – Conventional Mortgage 5 year rate that is the most recent interest rate published by the Bank of Canada (the rate is currently 5.39%). This rate is set each Monday and can be found at The Bank of Canada.

For loans with a fixed term of 5 years or more, the qualifying interest rate will be used for qualification purposes.

So in other words, the 5 yr posted rate is the one that will be used for qualifying VRM mortgages after April 19th.

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

VERICO Designer Mortgages

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VERICO Designer Mortgages Inc. 5-1253 Silvan Forest Drive. Burlington. Ontario. L7M 0B7 FSCO # 10194

Malcolm MacDonald - Mortgage Agent (FSCO Licence M09000084) Paul Smith - Mortgage Agent (FSCO Licence M09000027)

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Canadian housing starts rose more-than-expected in February, led by Ontario, the Canadian Mortgage and Housing Corp said.

Seasonally adjusted housing starts were 196,700 in the month, up from 185,400 in January, the CMHC said. The figure was slightly above analysts’ forecasts for a 190,000 gain.

“The gain in February housing starts was concentrated in the multiple starts segment, particularly in Toronto,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre.

Urban starts rose 28.6% in Ontario, 14.3% in Atlantic Canada, 10.8% in the Prairie region and 8% in British Columbia. In Quebec, urban starts dropped 14.1%.

Rural starts were estimated at a seasonally adjusted annual rate of 17,600 units in February.

Source: Canoe.ca

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

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Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

1. What is the home buyers’ tax credit (HBTC)?

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

2. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Am I eligible for the HBTC?

You will qualify for the HBTC if:

• you or your spouse or common-law partner acquired a qualifying home; and
• you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

4. What is a qualifying home?

A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.

5. Who is considered a person with a disability for purposes of the HBTC?

For the purposes of the HBTC, a person with a disability is an individual who is eligible to claim a disability amount for the year in which the home is acquired, or would be eligible to claim a disability amount, if we ignore that costs for attendant care or care in a nursing home were claimed for the Medical Expense Tax Credit.

6. If I buy a house, can my spouse or common-law partner claim the HBTC?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

7. My friend and I intend to jointly purchase a home, and we both meet the conditions for the HBTC. Can we both claim the credit?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

8. Do I have to register the acquisition of the home under the applicable land registration system?

Yes. Your interest in the home must be registered in accordance with the land registration system applicable to where it is located.

9. How will I claim the HBTC?

Beginning with the 2009 personal income tax return, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.

10. Do I have to submit any supporting documents with my income tax return?

No. However, you must ensure that this information is available, should it be requested by the Canada Revenue Agency (CRA).

11. Is the HBTC connected to the existing Home Buyers’ Plan?

No. Although some of the eligibility conditions for the HBTC and the Home Buyers’ Plan are similar, the two are not connected. Your eligibility for the HBTC will not change whether or not you also participate in the Home Buyers’ Plan.

12. Where can I get more information about the new HBTC?

The CRA encourages taxpayers to check its Web site often-all new forms, policies, and guidelines are posted there as soon as they become available.

Source: Canada Revenue Agency

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

The Bank of Canada is keeping its benchmark lending rate at a record low of 0.25 per cent, reiterating on Tuesday its conditional commitment to hold rates steady until the middle of this year.
Although it held the overnight lending rate steady, the bank acknowledged the recovery appears to be proceeding at a better pace than it had anticipated.
“The level of economic activity in Canada has been slightly higher than the bank had projected in its January Monetary Policy Report,” the bank said in announcing the rate decision.
“Conditional on the current outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.”
It is set to release its next decision on interest rates on April 20.

Source: CBC News

Have we got you interested in getting your first home? Apply now online. It is quick and secure. We will walk you through step by step in arranging your first home.

We guarantee to find you the lowest possible mortgage rate in terms of your situation. If we can’t at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer.

Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox. Call us toll free @ 1-866-RATE-033.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027