Mortgage Quick Close Special!

September 17th, 2009 No comments

Special:  Mortgage renewal or closing coming up within 30 days – 5 year fixed rate 3.84%

Call Charmaine at Verico Designer Mortgages Inc  Today to find out more about how you can cash in on this amazing offer.

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Need Financial Assistance To Build A Secondary or Garden Suite?

September 10th, 2009 No comments

Thinking of building a Secondary or Garden Suite? Canada Mortgage and Housing Corporation (CMHC) offers financial assistance for the creation of a Secondary or Garden Suite for a low-income senior or adult with a disability – making it possible for them to live independently in their community, close to family and friends.

What is a Secondary Suite and a Garden Suite?

A secondary suite, sometimes called an in-law suite, is a self-contained separate unit within an existing home or an addition to a home. This means there are full kitchen and bath facilities as well as a separate entrance.

A garden suite is a separate living unit that is not attached to the principal residence, but built on the same property. Garden suites are sometimes referred to as “granny flats” because they were originally created to provide a home for an aging parent of a homeowner. Like a secondary suite, a garden suite is a self-contained unit.

Who Can Apply?

You may be eligible to receive assistance if:

  • You are a homeowner or private entrepreneur owning residential property that would accommodate an affordable, self-contained rental unit for a low-income senior (65 years of age or more) or adult with a disability.
  • Your property meets with the applicable zoning and building requirements.
  • You consent to enter into an Operating Agreement that establishes the rent that can be charged during the term of the Agreement.
  • You also agree that the household income of the occupant(s) of the newly created self-contained unit will be below a CMHC set level.

 

Financial Assistance:

The assistance is in the form of a forgivable loan that does not have to be repaid provided that you, as the owner, adhere to the conditions of the program. The maximum loan available varies in accordance with the geographic zone in which the property is located.

Zone 1 – Southern areas of Canada: Max Loan/Unit is $24,000

Contact Information:

To find out how to apply for financial assistance or for more information about these programs please call CMHC toll free at 1-800-668-2642.   

Or call Charmaine at Verico Designer Mortgages Inc. 905-336-5997, Toll Free 1-866-824-8057.


(Source: Canadian Mortgage Housing Corporation/ www.cmhc.ca)

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Categories: Reviews Tags: ,

Finding and Flipping Homes

September 9th, 2009 1 comment

Flipping houses is a hot topic these days. Here are 10 tips to help you find the perfect flip from HGTV’s The Big Flip renovator’s John Stassen and Randy Mackay.

1.      Find properties that are diamonds in the rough – homes that are rundown in comparison to those around them – as these often have a low list price.

2.      Are the surrounding properties well maintained? This can add value and clinch a sale when your house goes back on the market.

3.      Scrutinize previous renovations. Poor quality workmanship can mean you have paid a premium for finishes that you will have to repair or replace yourself.

4.      Can you add bathrooms, storage or enlarge a small kitchen to meet the needs of today’s average family? If you can’t, walk away, as these features often make or break a sale.

5.      Ensure you do a thorough home inspection before purchasing properties – this could save thousands of dollars in the long run.

6.      Identify your potential buyers (i.e. young professionals or families) and design the house with their needs in mind.

7.      Find a real estate agent who understands the market. There are thousands of real estate agents; get one who is experienced and understands the business of flipping houses!

8.      Do your research and find areas that are up and coming. Neighbourhoods that are in the early stages of being gentrified often contain homes that offer large returns on their investment.

9.      Be realistic with your budget and always leave room for hidden costs. Early budget optimism can mean cost cutting later on, which means sacrificing quality – and profits – in the final sale.

10.  Keep your eye out for properties with good layouts that can be easily updated with new paint and trim. You may get lucky and find a home that’s a good price and only needs finishing touches, adding tens of thousands of dollars with minimal investment.

Source: (Article by John Stassen and Randy Mackay / www.hgtv.ca)

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Categories: Reviews Tags: ,

Trouble Making Your Mortgage Payments?

September 1st, 2009 No comments

For most Canadians, your home is your most important investment. But owning a home also comes with a great deal of responsibility. When unforeseen circumstances impact your ability to meet your mortgage payments, it’s important to take quick action and contact your lender. With early intervention, your lender can help you fund a solution to your financial difficulties.

For mortgages insured by the Canadian Mortgage and Housing Corporation (CMHC), CMHC provides lenders with the tools and the flexibility they need to achieve a solution to your unique financial situation. Depending on your circumstances, this might include:

  • Converting variable rates into fixed to avoid sudden rate increases
  • Temporary short-term payment deferral.
  • Extending your repayment period to lower your monthly payments
  • Adding any missed payments to your outstanding balance
  • Arranging special payments unique to your particular financial situation


CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.

For more information visit: CMHC or contact me on 1.866.824.8057, and we can help guide you in the right direction.

Source: Canada Mortgage and Housing Company/Charmaine Idzerda, Verico Designer Mortgages Inc.

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Energy-Efficient Housing Made Affordable with Mortgage Loan Insurance

August 26th, 2009 No comments

More than 17 percent of the energy consumed in Canada is used to run our homes. Buying an energy-efficient home or making energy-saving renovations can offer big savings. A 10% CMHC mortgage loan insurance premium refund and extended amortization period without surcharge may be available when you use CMHC insured financing to purchase an energy-efficient home or make energy-saving renovations.

Help the Planet, Help Your Wallet

CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of a longer amortization (the period of time required to repay your mortgage) from 25 years to a maximum of 35 years for loan-to-value ratios in excess of 80% (or 40 years for loan-to-value ratios of 80% or less), significantly reducing your monthly payments.

 

The Government of Canada actively promotes energy conservation and initiatives to reduce greenhouse gas emissions that contribute to climate change.

How It Works

Obtaining an energy assessment through an NRCan qualified energy advisor.

NRCan has developed an energy assessment and labelling system to help homeowners make energy-saving choices when buying a home or renovating. For a fee, a NRCan qualified energy advisor will evaluate the house to determine its energy efficiency rating on a scale of 0 – 100.

For more information, including information on the Government of Canada’s ecoEnergy initiatives, please visit:

http://ecoaction.gc.ca/buildings

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