Your Mortgage Renewal

The Mortgage is up for renewal.

The average mortgage is Toronto is just under 300K.  Source.  While watching current rates offered to new borrowers we received our Offer to Renew.



I was shocked to see that as a new Buyer my Trusted Mortgage Advisor could obtain 3.0%  (a few basis points below) fixed for 5 years. Why was I being offered 4.4% for the same term?

• Had I missed any payments?
• Had I been problematic?
• Was it in collections?
• Values dropping and they want out?
• Advance to Value declining?

Here are the hard numbers...

The lending institution is gambling that you will not spend a thousand to $1,500 to refinance and move your business elsewhere. We contacted another lender who waived their appraisal and application fees, needed only redocumented legals and a registration on title (lawyer fee). Yes we paid a discharge Fee and Leave Lender Fee; and extra $500.00

They gave us the 3.0% refinance package for 5 years saving me a HARD DOLLAR amount of $4,200 in the first year and the same in each following four years.  An actual savings of $20,000 that can go to principal reduction or other debt repayment instead of bank profits.  Do you have other bills you could have paid?

When we contacted the existing Mortgage Company they said; "Why are you moving your mortgage?"  We responded "We received a better rate." Their mortgage rep then said  "We can match that to keep your business!   Me:  "Why didn't you give us that in the first place?"    Silence.....

We had already signed the commitment with the second Lender.  Legals had been obtained and quoted. I don't have a [money] large enough accounts like UNIONS to threaten the bank with a withdrawal.

Have you had a similar experience?   

Can I recommend a Trusted Mortgage Advisor?  It may even be with the same bank! 


There is The better way to buy or sell a house in #Toronto or #Etobicoke  http://bit.ly//CallDavid  It's all about being part of the conversation....  All the detached houses you can handle.   http://homeswesttoronto.tumblr.com/mobile

https://plus.google.com/u/0/109283965469179719942/about

Should everything be free?

We are here. READY.
You're the customer.
We strive not only for your happiness but for your long term success
Does this mean giving you everything for Free?
Not at all.

To make you happy in the long term; we need to survive in the short term, otherwise we're out of business, No one will be here to fill any of your needs.
  
I'm here to answer your questions and provide context.
What kind of ride are you on?

Are you staring at your neighbour?

Do you believe "ITS" better on the other side?  Do you covet their house?  The Landscaping? Their Curb appeal? Are your kids watching their kids in the tree house? 

When you are looking for a condo; what is the criteria?   Display and presentation?  The ostentatious lobby and double foyer.   But the suites tend to be smallish and less with upgrades. Older is larger.   Maintenance is a concern.

Is it the front lawn and the landscaping.  A Buyer's First Impression that pleases the eyes? Once you are inside that perfect detached home, is their styling exactly as you wish your future home to be?

Before you start comparing features and benefits of homes lets take a moment and discuss  neighbourhoods, transit, schools, a house or worship and distance to your community.  

A wise gentlemen told me yesterday, "The Landscapers charge $2,500 per year to look after the grass trimming, spring and fall clean ups.  That seems expensive since they are in and out so fast. They are many and they have large machinery for the job.   This year we need to have the chimney relined and pointed.   The house is over 50 years old, although it looks great It does need some updating."  He's 88 and still spry.

Back at the condo; I thought about the concierge staff, security, garbage removal, outdoor terrace maintenance and endless BBQs without needing to worry about filling the tank.

Each style has its benefits, Sometimes it looks better over there...

Where would you like to be?

Pick your own place... http://HomeswestToronto.tumblr.com/mobile 

Holy Sh**! I would have paid that

When you are in a multiple offer situation and you are unclear of your direction;  here is some wonderful advice I recently absorbed.    

• Is you offer so good that the Buyer's will Say   Holy Sh**!
• Once you find out how much the house sold for, Is your response "Holy Sh**! I would have paid that!

In an effort to Aide transparency  RECO is amending and adding clauses to REBBA

 On April 18, 2013, the Minister of Consumer Services proposed new legislative amendments to the Real Estate and Business Brokers Act, 2002 (REBBA) through the Stronger Protection for Ontario Consumers Act. This proposed legislation would apply new rules for the real estate sector that would affect both REALTORS® and consumers.The proposed legislation consist of:

• Requiring real estate salespeople and brokers acting on behalf of a buyer to only present offers in writing

• Requiring the brokerage acting for the seller to retain copies of all written offers received, providing clarity for buyers and sellers

• Allowing home sellers and buyers to negotiate a combination of fees and commissions with a real estate professional, tailoring the cost with the services consumers want

For more information regarding the proposed amendments, please visit: http://news.ontario.ca/mcs/en/2013/04/strengthening-protection-for-home-buyers-and-sellers.html 

In a recent Multiple offer situation;  once we selected the final bid, I had  copies of the other offers to display to the BIDDER. There is nothing wrong with honesty and disclosure.

What do you think?

Will you write offers differently?

No wants to buy your house - You smoke

We only have a few cigarettes a day  -  now...
We're trying to quit...

Its his house, and he should be able to smoke....

Does the lingering smell of cigarette odors impact the dollar value of a home's sale price?

Is repainting and new broadloom enough to change the smell? 

What is your situation?

More than half of respondents — 56 per cent — said most buyers are less likely to purchase a home where people have smoked, and 27 per cent said most buyers are actually unwilling to buy a home where people have smoked.
In Canada, an estimated 15 per cent of homes have at least one regular smoker.
The study found that almost half, or 44 per cent of respondents, said smoking in the home affects resale value.
Of these, one in three said smoking in the home may lower the value by 10 to 19 per cent and a further one in three said it may lower the value by 20 to 29 per cent. http://www.cbc.ca/news/business/story/2013/04/16/business-smoking-housing.html?cmp=rss

As realtors we all have had properties with smokers;  I recommend  vinegar in pie plates placed around the property to suppress odors.  BUT they keep smoking...

How do you handle it?

David Pylyp

I answered your question... You didn't like my answer

It doesn't matter if you ask it differently...

What if you rephrased it this way...

The answers remain the same.

We need to qualify you for a mortgage...

They want to see your Notice of Assessments for the past 3 years....

Your deposit needs to be in your accounts 90 days prior to the house / condo purchase...

A house purchase should have a survey...  even if you have Title Insurance.

Your lawyer needs to read and obtain a Status Certificate...

A Power of Attorney will be questioned...

Photo ID is not negotiable  We need to comply with FINTRAC.  And NO we do not TAKE CASH because we would need to report you to Canada Revenue.

Not Declaring Rental Income is Evading Taxes...

Flipping properties without living there for a year [post registration] is a FLIP.  Its taxable.

Not everything you read on the internet is the truth....

But If you want some direct answers to some serious questions...  I can help you.   Not because I'm a KNOW IT ALL, but because I've been doing it for 25 years. If I don't know the answer, I will know where to look for a response.

 Call and ask your questions    416 233 9000

Not getting behind is the NEW Getting Ahead

Refinancing your Mortgage? Why doesn't the bank give you their best deal the first time? They gamble you won't check the market.

Other Lenders will bid on the business so why not give them the chance.

The average mortgage in Toronto is  270,000K   How does that compare with yours?
http://www.canequity.com/ontario/toronto-mortgages.htm

If they quote you 1% higher on a 300K line of credit secured as a Mortgage,  You are paying $3,000 a year EXTRA for the next 5 years.   Is your money EXTRA?






Is your mortgage renewal not the rate that you expected?   #Toronto #Mortgage Just ping me here to get started. 



416 233 9000
David Pylyp

David Pylyp on Google+

Curb Appeal Sells Toronto Real Estate

According to RE/MAX Research Properties that have enhanced their curb appeal tend to sell 7 days faster and for more money.

Some fresh planting or bush trimming could be the magic that you need to get your home sold.

Want to get your house sold faster and for more money?


Talk to your local Toronto real estate professional

My Name is David Pylyp 
Call me at 416 233 9000

Have you outgrown your condo?

Need a little extra elbow room?

Feeling a little cramped stepping over one another?

I can help you with that....

Call me for a larger place of your own.  416 233 9000