Mortgage and Real Estate MarketWatch: #StevenPorter

Showing posts with label #StevenPorter. Show all posts

Tuesday, 8 August 2017

MarketWatch Newsletter - August 2017

August 2017

IN THIS ISSUE

Hello and welcome to the August issue of my monthly newsletter!

Thanks again for your continued support and referrals!

5 SUMMER BACKYARD ENTERTAINING TIPS Source: www.mortgagearchitects.ca
Dust off the picnic table and fire up the grill! But before you arrange a backyard party for your friends and family, check out these tips below to help set the stage for your best backyard bash yet.
1. Put It On Cruise Control By setting up a well-stocked buffet table and drink station, the party will essentially run itself. Everyone can serve themselves and you’ll also create a spot for them to mingle. 2. Keep Everyone Comfortable A good way to keep guests outside comfortably throughout the day and into the night is to provide ample supply of things like water, sunscreen, and bug spray. As night approaches, a few light blankets will help keep the chill away. 3. Bring the Inside Out If you really want to be ‘entertaining’ you should consider bringing your sturdy, indoor utensils and dishes outside for the party instead of using disposable ones.
4. Get the Yard in Order Whether you’re having a few close friends or the entire neighbourhood over, tidy up the yard and patio area so everything looks neat. 5. Consider the Food Ahead of Time A buffet is great for keeping the flow of the party moving, but it’s also wise to think of the menu and how to prep it in time. You’ll need to know about food allergies. You may want to prepare foods ahead of time, and you might even want to make the sides a potluck to ease your workload.

WONDERING HOW TO PAY FOR YOUR HOME RENOVATION? Source: www.mortgagearchitects.ca
Are you contemplating hardwood floors, a new kitchen or energy efficient solutions for your existing or new home? Are you wondering how to pay for this renovation project? Take a look at these affordable financing solutions to renovate the home of your dreams!
Mortgage Refinancing Despite a few increases of late, you can still take advantage of record low interest rates and spread your renovation financing repayment over a long period of time by refinancing your mortgage. Benefits: Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance) Pay less interest than credit card or personal loan rates Access funds immediately Suitable for large scale renovations Financing improvements upon-purchase Finance your renovation project at the time of a new purchase by adding the estimated costs to your mortgage with CMHC Mortgage Loan Insurance. You can obtain financing with only 5% down payment for both the purchase of your home and the renovations for up to 95% of the value after renovations! Benefits: Funds advanced for up to 95% of the value after renovations No additional fees or premiums for progress advances Competitive interest rates CMHC issues premium rebates for Energy saving renovations	Secured Line of Credit & Home Equity Loans Use a secured line of credit or home equity loan to pay for your renovation. Securing your renovation loan against the equity in your home can typically be up to 80% of the property value; accessible at any time. Benefits: Lower interest rates than non secured financing Access funds at any time Interest only payments
Talk to me today to review your renovation financing options!

KEEP IT COOL THIS SUMMER

Source: www.mortgagearchitects.ca

Summer can bring humidity and high temperatures. Remember to keep it cool to ensure a happy and healthy summer. Here are some tips to cool off this summer


		Close your blinds Utilizing curtains can save you up to 7 percent on your bills and lower indoor temperatures. This is especially effective for south- and west-facing windows.
		Use a fan instead of turning on the AC Fill a mixing bowl with ice and position it in front of a large fan. The air whips off the ice at an extra-chilled, temperature.
		Start grilling Your stove and oven bring excess heat into your home. A summer time BBQ is the perfect way to gather with friends and keep the heat outside of your home.

Mortgage Architects

Steven PorterCRMS ABR SRES

Broker Lic. No. M15001919
Mortgage Agent

P 905-878-7213
C 905.875.2582

Brokerage #12728
14 Martin Street, Milton, ON, L9T 2P9

5675 Whittle Road, Mississauga, ON, L4Z 3P8
Privacy Policy

Tuesday, 1 August 2017

Mortgage Fraud - How to protect yourself

MORTGAGE FRAUD: HOW TO PROTECT YOURSELF WHEN PURCHASING OR REFINANCING A HOME Source: www.cmhc-schl.gc.ca
Beware of promises of "easy money" in real estate. Consumers who knowingly misrepresent information when buying or refinancing a home are committing mortgage fraud.
What is Mortgage Fraud? Mortgage fraud occurs when someone deliberately misrepresents information to obtain mortgage financing that would not have been granted if the truth had been known. This can include: Misstating your position or inflating your income or length of service at your job. Stating you are a salaried/full time employee when you are a contract, part time, hourly or commission-based employee or are self-employed. Misrepresenting the amount and/or source of your down payment. Purchasing a rental property and misrepresenting it as owner-occupied. Not disclosing existing mortgage and/or debt obligations. Misrepresenting property details or omitting information in order to inflate the property value. Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage. Another common form of fraud is when a con artist convinces someone with good credit to act as a "straw buyer". A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing they will not be responsible for the mortgage payments. Consequences of Misrepresentation Borrowers who misrepresent information and straw buyers who allow a property to be purchased in their name are committing mortgage fraud and will be liable for any financial shortfall in the event of default. They may also be held criminally responsible for their misrepresentation.	What Can You Do to Protect Yourself? To protect yourself and your family from becoming victims of, or accomplices to mortgage fraud, be an informed consumer. This means: Never deliberately misrepresent information when applying for a mortgage. Never accept money, guarantee a loan or add your name to a mortgage unless you fully intend to purchase the property. If you allow your personal information to be used for a mortgage, even for a brief period, you could be held responsible for the entire debt even after the property is sold. Always know who you are doing business with. Use licensed or accredited mortgage and real estate professionals. Never sign legal documents without reading them thoroughly and being sure you understand them. If uncertain, obtain a second legal opinion or, if necessary, the services of a translator. Get independent legal advice from your own lawyer / notary. Talk to your lawyer / notary about title insurance and other alternative methods of protection. Your lawyer will advise you if anyone other than the seller has a financial interest in the home or if there are any outstanding liens or tax arrears. Contact the local provincial Land Titles Office to obtain the sales history of any property you are thinking about buying, and consider having it inspected and appraised. An accredited appraiser will provide the property sales and MLS history. If a deposit is required, make sure the funds are payable to and held "in trust" by the vendor's realty company or a lawyer / notary. Be wary of anyone who approaches you with an offer to make "easy money" in real estate. Remember: if a deal sounds too good to be true, it probably is.

Here’s a quick and easy way to guard title to your property and avoid hefty legal fees.

When you buy a home, what you're buying is the title to the property, which means you own the property. It's important to know that the title is valid so you'll be able to sell your home in the future or take out a mortgage on it.

Traditionally, homebuyers have relied on lawyers for the legal work involved in a purchase transaction, including registering you as the owner in the land registry system. Over the past decade, a new alternative has become available called title insurance.  

Title insurance protects you against any losses that result from undetected or unknown title defects for as long as you own your home.

Specific Benefits Include:

Lower cost than lawyer's fees. The total cost is known up-front
Faster closing process than traditional legal work  
Coverage against defects in the survey, as well as zoning and permit issues
Protection from mortgages fraudulently registered against your property
Coverage for legal fees associated with resolving title issues

Call me today to discuss other smart mortgage options!

Posted by Steven Porter. Steven is a licensed Mortgage Agent with Mortgage Architects, Certified Reverse Mortgage Specialist (CRMS); Seniors Real Estate Specialist (SRES) and Accredited Buyer Representative (ABR) and retired, real estate broker with 30 years experience in residential real estate. Steven can be reached at 1-905-875-2582; steven.porter@mtgarc.ca or online at 1800Mortgages.ca

Tuesday, 25 July 2017

Going On Vacation?

	GOING AWAY ON VACATION? PROTECT YOUR HOME AND BELONGINGS WITH THESE TIPS Source: www.independenttraveler.com
		Summer is a popular time for people to go away to exotic locales or closer to home at a cottage on the lake. No matter your destination, it is key to do some due diligence and make sure your home is safe and protected while you are away. Here are some tips:

To give the impression you are at home in the evenings - install timers to turn on your interior lights. However, ensure the times work on a varied schedule as opposed to the exact times each day.
Every would-be robber knows the hide-a-spare-key trick so remove your spare key and instead leave it with a trusted friend, family member or neighbour.
Lock up any valuables including jewellery and other items in a fire-safe proof or at a safety deposit box at your bank.
Shhh! Keep mum on your public social media profiles. Don’t advertise to the world of your absence on your open public social media profiles.

Choosing to own a vacation property or second property can offer you many exceptional advantages, but are your ready for the commitment?


	GREAT INVESTMENT Real estate has historically risen in value, especially in areas with limited availability.
	RENTAL INCOME If you choose to rent, you can benefit from additional income.
	RETIREMENT TEST DRIVE Experience the benefits of retirement ahead of time & see if the reality lives up to the dream.
	CONVENIENCE Your vacation property allows you to take holidays at the drop of a hat, without the hassle of that extra baggage.

	UPFRONT FEES A vacation home will very likely cost more than renting. You also have to furnish and decorate.
	MORTGAGE COSTS Downpayments are often greater (30-35%) as are the interest rates.
	UPKEEP EXPENSES Just as you do at home, you’ll have to maintain your vacation property.
	JUSTIFICATION Since you have made the investment you will feel obliged to visit it. Make sure you’ll love it as much as you do right now.

NEED SOME ADVICE ON YOUR DECISION?CONTACT ME TODAY!

Tuesday, 18 July 2017

What Determines Mortgage Rates in Canada?

Source: www.StevenPorter.ca
A generation ago, it wasn’t uncommon to see mortgage rates top double digits. But for a good portion of the last decade, the rates have remained historically low. While it’s always hard to predict where mortgage rates will go in the future, it is worth looking at their history and an explanation for what influences their fluctuation.
Variable mortgage rates Variable mortgage rates are determined by commercial banks’ prime rates, which are mainly swayed by the Bank of Canada’s key interest rate. That means an increase in the key interest rate almost automatically leads to a similar increase in variable mortgage rates. The Bank of Canada will typically raises its key interest rate in an effort to combat inflation. Fixed Mortgage Rates Fixed rate mortgage loans are primarily influenced by the yield on Canadian government bonds (bond yields) of corresponding maturity. The correlation between the fixed rates and the yield on five-year Canadian government bonds is almost a near match. This is the case because bond rates represent the benchmark for financial institutions’ cost of funds.
Factors Influencing Bond Yields There are a number of factors that influence government bond yields. Since they are guaranteed by the Canadian government, these bonds are generally among the least perilous assets. Since a large amount of bonds are traded daily in the market, the supply and demand game in the bond market determines their price, and therefore their yield.

In the marketplace today, you can choose from two mortgage rates – fixed or variable. Are you comfortable with some risk in order to possibly save some money in the long run or prefer the peace of mind that comes with stability? These among other factors are important to consider before deciding between fixed or variable.

STILL NOT SURE WHAT MORTGAGE IS RIGHT FOR YOU?
CONTACT ME TODAY!

Friday, 30 June 2017

MarketWatch Newsletter July 2017

July 2017

IN THIS ISSUE

Hello and welcome to the July issue of my monthly newsletter!

Thanks again for your continued support and referrals!

WHAT DETERMINES MORTGAGE RATES IN CANADA? Source: www.StevenPorter.ca
A generation ago, it wasn’t uncommon to see mortgage rates top double digits. But for a good portion of the last decade, the rates have remained historically low. While it’s always hard to predict where mortgage rates will go in the future, it is worth looking at their history and an explanation for what influences their fluctuation.
Variable mortgage rates Variable mortgage rates are determined by commercial banks’ prime rates, which are mainly swayed by the Bank of Canada’s key interest rate. That means an increase in the key interest rate almost automatically leads to a similar increase in variable mortgage rates. The Bank of Canada will typically raises its key interest rate in an effort to combat inflation. Fixed Mortgage Rates Fixed rate mortgage loans are primarily influenced by the yield on Canadian government bonds (bond yields) of corresponding maturity. The correlation between the fixed rates and the yield on five-year Canadian government bonds is almost a near match. This is the case because bond rates represent the benchmark for financial institutions’ cost of funds.
Factors Influencing Bond Yields There are a number of factors that influence government bond yields. Since they are guaranteed by the Canadian government, these bonds are generally among the least perilous assets. Since a large amount of bonds are traded daily in the market, the supply and demand game in the bond market determines their price, and therefore their yield.

	GOING AWAY ON VACATION? PROTECT YOUR HOME AND BELONGINGS WITH THESE TIPS Source: www.independenttraveler.com
		Summer is a popular time for people to go away to exotic locales or closer to home at a cottage on the lake. No matter your destination, it is key to do some due diligence and make sure your home is safe and protected while you are away. Here are some tips:

To give the impression you are at home in the evenings - install timers to turn on your interior lights. However, ensure the times work on a varied schedule as opposed to the exact times each day.
Every would-be robber knows the hide-a-spare-key trick so remove your spare key and instead leave it with a trusted friend, family member or neighbour.
Lock up any valuables including jewellery and other items in a fire-safe proof or at a safety deposit box at your bank.
Shhh! Keep mum on your public social media profiles. Don’t advertise to the world of your absence on your open public social media profiles.

MORTGAGE FRAUD: HOW TO PROTECT YOURSELF WHEN PURCHASING OR REFINANCING A HOME Source: www.cmhc-schl.gc.ca
Beware of promises of "easy money" in real estate. Consumers who knowingly misrepresent information when buying or refinancing a home are committing mortgage fraud.
What is Mortgage Fraud? Mortgage fraud occurs when someone deliberately misrepresents information to obtain mortgage financing that would not have been granted if the truth had been known. This can include: Misstating your position or inflating your income or length of service at your job. Stating you are a salaried/full time employee when you are a contract, part time, hourly or commission-based employee or are self-employed. Misrepresenting the amount and/or source of your down payment. Purchasing a rental property and misrepresenting it as owner-occupied. Not disclosing existing mortgage and/or debt obligations. Misrepresenting property details or omitting information in order to inflate the property value. Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage. Another common form of fraud is when a con artist convinces someone with good credit to act as a "straw buyer". A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing they will not be responsible for the mortgage payments. Consequences of Misrepresentation Borrowers who misrepresent information and straw buyers who allow a property to be purchased in their name are committing mortgage fraud and will be liable for any financial shortfall in the event of default. They may also be held criminally responsible for their misrepresentation.	What Can You Do to Protect Yourself? To protect yourself and your family from becoming victims of, or accomplices to mortgage fraud, be an informed consumer. This means: Never deliberately misrepresent information when applying for a mortgage. Never accept money, guarantee a loan or add your name to a mortgage unless you fully intend to purchase the property. If you allow your personal information to be used for a mortgage, even for a brief period, you could be held responsible for the entire debt even after the property is sold. Always know who you are doing business with. Use licensed or accredited mortgage and real estate professionals. Never sign legal documents without reading them thoroughly and being sure you understand them. If uncertain, obtain a second legal opinion or, if necessary, the services of a translator. Get independent legal advice from your own lawyer / notary. Talk to your lawyer / notary about title insurance and other alternative methods of protection. Your lawyer will advise you if anyone other than the seller has a financial interest in the home or if there are any outstanding liens or tax arrears. Contact the local provincial Land Titles Office to obtain the sales history of any property you are thinking about buying, and consider having it inspected and appraised. An accredited appraiser will provide the property sales and MLS history. If a deposit is required, make sure the funds are payable to and held "in trust" by the vendor's realty company or a lawyer / notary. Be wary of anyone who approaches you with an offer to make "easy money" in real estate. Remember: if a deal sounds too good to be true, it probably is.