1920 50 Ave SW Calgary

This is an absolutely beautiful infill home in Altadore. From the modern kitchen and the hardwood floors, to the spacious and luxurious 6-piece master ensuite, you are sure to love this home. It boasts well over 2,500 sq ft of total living space. Custom cabinetry, Hunter Douglas alouette blinds, thick granite counter-tops and a beautiful stainless steel mosaic back splash are just some of the executive features in this home. The kitchen is perfect for entertaining as you have custom full height cabinets with the appliances blended in, a large island and a gas stove. Upstairs there are three bedrooms, with the master boasting a truly relaxing retreat. The ensuite has a soaker tub, two-headed, large shower with body jets and gorgeous marble tile to top it off! The home is wired for speakers on all three levels and the basement rec room is perfect for your private theatre, as it is wired and ready for a projector and screen. This home is sure to impress!

Peace of Mind for a TD Canada Trust Customer…

As a Mortgage Specialist with TD Canada Trust, my goal is to provide new and existing customers with mortgage advice…but with convenience. Since almost 9 out of 10 first-time homebuyers use the Internet to research mortgages according to CMHC, I set up this blog to do just that. I want to thank those of you who have provided me with positive feedback on my blog and I hope that the information I continue to provide will be useful to you or anyone you know in the future. Today I want to share a story from a TD Canada Trust customer who gave me permission to share his experience. I am glad that my blog on Porting or Replacing your Mortgage gave him peace of mind when he engaged in the purchase of a new house.

“I wanted to thank you for your blog on ports and replacements. As a TD Canada Trust customer with a mortgage held by TD, my wife and I engaged in the purchase of a new house utlizing the Port, Blend and Increase. However, the sale of the old house created a gap of about 53 days after the close of the purchase. We were told that we needed a bridge loan, but we were able to pay the 5% deposit required, closing cost on the purchase and was also given 1% cashback incentive by TD. This eliminated the need for the Bridge financing to the surprise of the local branch manager and the lawyer.

What I was concerned with was the accounting and probably the pessimism that TD would forward me the money for the purchase without funds from the sale. Even more suprising was that the 1% cashback that basically carried the two mortgages for the 53 day gap. Your blog gave me the real understanding that essentially the Port was an opportunity to pay off the mortgage associated with the sale and that we were actually quite well planned with the actions that we took and with the 1% cashback “lucked out”. And that we really are going to carry 2 mortgages.

Without your blog, I would have continued to have sleepless nights. Thank you. Your blog has been helpful and in fact outlined the opportunities in plain language that TD customers have. Again, Thank you. Vince”

No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. If you have any questions or would like to leave a comment, please do so below. Thank You!

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Signing & Creating Documents on iPad

Jared Chamberlain, a Realtor® in Calgary talks about how he uses the iPad from Apple to sign and create real estate listing and purchase contracts. This way of creating and using the iPad to sign documents can be used for any industry that needs this type of technology. If you don’t care for what Jared has to say or if you would like to leave a comment, please do so below or email him at Jared@tcgroup.ca

Co-signors, Co-applicants, Joint Applicants and Guarantors

I recently completed a mortgage for a first time homebuyer who wasn’t aware that her co-signor was also going to be on title of the home, so today I wanted to share with you the meaning of co-signors, co-applicants, joint applicants and guarantors. More importantly, I want to clarify the differences between the four of them and how it can impact your financial situation should you decide to co-sign for someone down the road.

Co-signors and Co-applicants are two terms that are used interchangeably. They are usually required in cases where someone cannot qualify on their own. These reasons might include no current or past borrowing record, poor current or past credit history, insufficient income, limited financial worth, or no tangible security. Most co-signors and co-applicants are restricted to family members of the person applying but TD will consider non-relative requests on an exception basis. Always check with your Financial Institution on what their rules are. Now, a co-signor or co-applicant is equally responsible for the debt until its fully repaid so even though you may be just a co-signor and someone else is paying the debt, it is still your liability in the bank’s eyes. This means that if you apply for credit down the road, they will include this liability on your application, potentially impacting your ability to qualify. As a co-signor or co-applicant on a mortgage, you will also be on title of the home.

Joint applicants usually apply to spousal situations where common assets and liabilities are shared, so like husband and wife or common law relationship. Each are also equally responsible for the debt obligation. Both spouses may or may not have income that can be available to satisfy debt-servicing requirements but if the real estate is owned jointly, both spouses must be included in the application and sign as mortgagors.

So that leaves us to our last term and that is a guarantor. A guarantor basically guarantees a mortgage but they are NOT on title of the property. So why wound anyone want to provide a guarantee? Well for one thing it can help strengthen an application for those wanting to help out a family member or close relative but it also gives them the ability to utilize the first time homebuyers plan if they haven’t done so already. There may be other personal reasons why people don’t want to be on title but at the end of the day, this is the main difference between guarantors and cosignors. What a lot of us don’t know is that most lenders will not even include the income of the guarantor because income from other parties to the mortgage is only used when they have an interest in the property. The percentage of secondary income used depends on the quality and durability of the guarantor’s employment. So when I say that a guarantor may help strengthen the application, it’s not actually helping the main applicant qualify, but rather adds an extra cushion in the event of default.

So I hope this clarifies the definitions of co-signors, co-applicants, joint applicants and guarantors. If you are ever in doubt, always seek independant legal advice before entering into any contract. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. If you have any questions or would like to leave a comment, please do so below. Thank You!

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Beautiful Infill in Altadore & A To Do Item

I was doing a photo shoot in an infill in Altadore and this was on their whiteboard.

What Newcomers Need to know

As a newcomer to Canada, it can be very daunting settling into a new place, besides also starting new employment and trying to look for a place of your own. Credit and work history are so important when trying to obtain a mortgage so today I wanted to talk about how to begin building your credit history as soon as possible and some tips that may help you get approved faster. What I am going to share with you today will apply mostly to those who have immigrated to Canada within the last 3 years and who are looking for an insured mortgage but do not have Canadian Credit Bureau history. Every lender has different policies and each scenario is always reviewed on an individual basis.

So as a newcomer to Canada, how do you qualify for a mortgage? Besides falling within the standard debt service ratios, you must have relocated to Canada within the last 3 years, have your landed immigrant status and obtain a minimum of 3 months full time employment in Canada. If you are being transferred under a relocation program, we may consider a shorter time frame on an exception basis. Since you probably won’t have Canadian credit history, here are some tips that will help you show that you are able to repay a mortgage.

• Open a bank account and use it regularly
• Pay your bills on time including rent, utilities, cable, and insurance premiums
• Apply for a credit card or small loans to prove that you can pay on time
• Try to remain with the same employer for an extended period of time

Insurers such as CMHC will consider factors other than traditional credit history when considering your application for a mortgage. For example, they will consider a 12 month rent payment history and proof of 2 other payment for 12 months such as a utilities or a cable bill. If this is not available, they will consider payment of any 3 bills for 12 months such as childcare, insurance premiums or regular savings. Some lenders may accept a letter of reference from a recognized Financial Institution outlining history and past credit experience or even 6 months of bank account statements. Now when it comes to the down payment, 5% must come from your own resources. The rest may come from a corporate Relocation Subsidy or be gifted by an immediate family member. The best thing to do is to consult with your lender or give me a call and I can help. To find out more about CMHC loan insurance premiums, click here. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. Thank you!

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Source: CMHC – Buying your first home in Canada

2718 9 Ave SE Calgary

This is a prime inner city home that you are sure to enjoy with a lot that is already subdivided! Situated in the quiet neighborhood of Albert Park, you will love the mature yard and re-done home. Upgrades and reno’s include new roof, windows & window coverings, casings, baseboards, re-finished hardwood floors, and new linoleum in bathroom, laundry and kitchen. There is a lot of character and charm to this home. The plumbing has also been upgraded with new fixtures in the bathroom, a new washer & dryer and a new custom made deck with south exposure – perfect for entertaining your guests! There are front & rear parking pads, and the basement can be accessed through a floor hatch in the bathroom. This is also a great buy and hold property for future redevelopment as it is 50 ft wide and already subdivided. Call Today!

VIEW VIRTUAL TOUR OF THIS HOME

Is it Time for a Mortgage Check-up?

Hi! It’s Josephine Ng, your Mobile Mortgage Specialist with TD Canada Trust. While many of us visit our Doctors and Dentists to ensure our health is in check, how many of us are checking our financial health by reviewing our mortgage? With many changes that we all go through including career, kids, retirement and who knows, even new found money, having the right mortgage can make a huge difference on our financial health. So today I want you to take a moment and think about the following things.

Mortgage Term – Is your mortgage coming up for renewal? If so, how are you choosing your mortgage term? Instead of just signing the renewal letter without considering your current needs, you may end up savings thousands of dollars by spending less than 15 minutes speaking with a mortgage advisor. You should put just as much thought into a renewal as you did when you signed the initial deal.

Interest Rates – This is obviously one of the most important factors to consider. If you’re making a commitment to be mortgage free in 25 years, you should have a longer term view of what interest rates will look like over that period. If they’re going up, make sure you can afford the higher monthly payment that may come at renewal time, or lock into a fixed rate if you’re on a variable. If rates are dropping below your existing rate, you might want to refinance or renew early. Choosing between a fixed or variable option can be a tough decision but the more adverse you become to risk, the less likely a variable mortgage will be right for you. To get more insight on this topic, please visit my blog on Fixed or Variable. I have also attached our Historical Rates for your information.

Consolidate – Consolidating higher interest unsecured debt into your mortgage can save you significant interest costs and may possibly help you get out of debt sooner. It may also help you free up some cash flow by combining all your debts into one monthly payment. The best thing to do is to always continue making the same level of payments which will reduce your principal and lower your interest costs. The Example attached demonstrates how one family with mortgage, line of credit, and credit card payments exceeding $1800 per month was able to reduce their annual interest expenses by $4200, while also saving over $900 per month in debt repayments. By consolidating all of their financial debts and exploring the benefits of a home equity line of credit, the family has the ability to better manage their monthly payments.

Amortization – Knowing how amortization works will help you to understand how to properly manage your debts and also pay it off quicker. Amortization is how long you are scheduled to repay a mortgage or loan. Most banks will allow you to make a certain percentage of lump sum payments against the principal of your mortgage and increase your monthly payments. For tips on paying down your mortgage faster, please visit by blog on Saying Goodbye to Your Mortgage Faster.

At the end of the day, understanding your whole financial situation and not just your mortgage can help. Even something simple like undertaking renovations can affect your mortgage options. A mortgage also has its tax advantages if you’re thinking of investing in a business, buying a rental property or purchasing other investments. The interest paid on money borrowed on a principal property can be written off against revenue from those investments. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. It may be a lot easier to review your situation now and do something before your situation changes. If you have any questions or would like to leave a comment, please do so below. Thank You!

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

The Importance of Home Inspections

Hi everyone! It’s Josephine Ng, your Mobile Mortgage Specialist with TD Canada Trust. Are you in the market for a new home?  Not only is a home one of the biggest investments you’ll ever make but one that doesn’t come with a money-back guarantee which leads to what I want to share with you today and that is the importance of doing a home inspection. Most of us wouldn’t think twice about how a chimney can affect the structural integrity of a house but seeking advice from a home inspector and even an insurance expert before you buy can help prevent any surprises that can be very costly to fix. For about $500, a home inspection will identify what repairs need to be made and at what cost. Depending on your financial situation, the report could have an impact on your purchase decision or it may even give you some bargaining power with the seller. A home inspection looks at the structure and major systems including the roof, exterior, electrical, heating, cooling and plumbing. So what exactly should you be looking out for? An article I found on the Globe and mail shares some tips on what what you should be aware of.

The roof – Is there is any deterioration and any improper installation of downspouts, gutters, vents, and chimneys?

Plumbing - Is the plumbing system outdated? This can lead to potential hazards and costly water damage if it isn’t maintained or updated.

Heating – An older heating system, such as an oil furnace, could leak and cause damage to your home and the surrounding area if not maintained properly.

Foundation - Cracks or dampness in the foundation could indicate larger issues that are costly to repair.

Back-up Valve/Sump Pump - A functioning sump pump will drive water from the lowest part of the basement to avoid flooding and water damage.

Windows – Windows that aren’t properly sealed could lead to water damage, pest problems and increased heating and air conditioning bills due to drafts.

Exterior – An overall review of the exterior structure of the home will identify problem areas that could lead to water damage, mould or even structural problems for the home.

Use this Checklist to review the report you receive from the home inspector. Remember, no matter what type of mortgage financing you are looking for, it makes sense to speak to me first. Thank you!

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com

Original Source: The Globe and mail

Technology in Real Estate – iPad

Jared Chamberlain a RE/MAX Calgary Realtor vlogs about how the iPad could change many business run and look at online mediums. The iPad is not an oversized iPhone by any means and is a fantastic tool that can be used to even digitally sign documents. If you would like to leave any comments or don’t care for Jared’s thoughts you can leave a comment below or email him at Jared@tcgroup.ca.

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