If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think?  If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. Click on the link to find out more.
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Now that the weather is getting noticeably colder everyday, we have come to the realization that we have officially entered the fall climate. Here are some fun tips to change up the look of your space to make it seasonal or if you are in the market to sell your home and want some small tweakings.

1. Try painting one wall; Giving your space an accent wall can create drama and focus in a room. It can also change the feel of the room, depending on the colour chosen.

2. Adding framing to your walls; This can completely change the feel and look of the designated space in a room. Just be sure to keep it symmetrical if you are doing more than one and dont forget that level!
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Good Afternoon Everybody!

Hope you are all enjoying the lovely fall weather.

Current mortgage rates are still at an all time low with 5 year fixed averaging 3.59% and variable at 2.60%.
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There comes a time in people’s lives, who work and live in the city, when they decide they would like to purchase a home. They either get tired of renting or condo’s are not their scene anymore. They want a single family home so they can start their journey of life and possibly start a family of their own in Suburbia. By purchasing a cheaper home in a rural area and commuting to work, you would think long term you are saving money. Maybe we really need to analyze this ideal as it does not seem to be the case when comparing the two. Here are some important factors to consider:
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If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.

Guidelines for qualification are:

• Must have landed in Canada within the last 3 to 5 years (depending on lender)
• Must have full time permanent employment for over 3 months
• Must have a down payment of at least 5%
• For borrowers who do not have established credit in Canada must provide two sources of credit information such as rental agreement, phone bill, bank account etc.   An international credit bureau can also be used pending lender stipulations

For more details or to obtain a pre-approval please contact:

Robert Clancy, AMP,

Mortgage Agent

VERICO Safebridge Mortgage Solutions

SAFEBRIDGE Financial Group

Tel:  (416)-899-1467

Fax: 1-(866)-385-4049

Email: robert@safebridgefinancial.com

www.bestratesmortgages.ca

This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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A Home Equity Line of Credit or HELOC, is a secured loan against your home. This is just like a mortgage but with the features of a line of credit. It is completely open(paid down at any time without penalty) and is also revolving (can be paid down and then used again). The loan is always available until closed out. A Secured Line of Credit can be added alongside a mortgage as s separate product. For example, if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit. This can be applied on the purchase or refinance of a home. Secured Lines of Credit can be used to purchase another property. It is important to note that the equity in your home is yours, so you can borrow against the equity to use to purchase a new property or as a down payment. This can also be converted into a regular mortgage to pay down the loan. For clients wanting to invest in investment properties, a secured Line of Credit is a great product tool to have. No payment is made on the loan until it is used and if desired the payments can be kept to interest only.
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Imagine you are a first-time home buyer and you have recently purchased a pre-construction condo when rates were relatively low (back in April of this year). The move in date could be scheduled for January of this year however, we know sometimes these dates can and will get pushed back with delays. As the months have passed since you first purchased it in April, you are starting to slowly panic as you noticed rates have gone up almost a whole percentage in just a few short months. How do you decrease the effect of these steadily increasing rates? The current fixed rates are looking at 3.49%-3.89% and when you inquired for a pre-approval in April, you got an extremely low rate of 2.79% for a 5 year fixed. Here are some tips to avoid being caught in this scenario:
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According to Toronto Life, the top 5 neighborhoods in Toronto are as follows:

1.Rosedale-Moore Park

This neighborhood is right before the downtown core, proving its excellent location. Buyers beware as the average home prices starts at $951,300.00. The crime rate is low and this neighborhood definitely values their privacy. This is an ideal place to live for families who want to stay within the city.
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Great article discussing the Canadian housing market. A must read!

http://business.financialpost.com/2013/08/15/canadas-housing-market-the-one-that-no-one-can-predict/