Wayne Winch

Arranging Your Mortgage with the help of a Realtor

2010-03-09T14:43:00Z

Buying a home today is an extremely attractive proposition. Interest rates are at their lowest in decades and the housing market is full of homes to suit just about any budget or family requirement. Still, you'll inevitably have to deal with financing and this will mean taking on a mortgage.

Sorting through the numerous mortgage options available to today's home buyers can be intimidating for everyone from first-time purchasers to long-time owners. The rules seem to change constantly and there's a smorgasbord of terminologies to learn.

Fear not! -- the basics are fairly simple and I am more than willing to help with my bank's, and mortgage specialists at the top of the list.

Nonetheless, you'll want to at least familiarize yourself with the mortgage process, how to arrange one and the different financing strategies involved.

First, it's necessary to know exactly which kinds of institutions will lend you money. Banks and trust companies lead the pack, but credit unions and private lenders also offer funds.

There's also an option to consult a mortgage broker. Brokers have access to a wide variety of lending sources, including domestic banks and trust companies, but they can also employ other alternatives such as pension funds, real estate syndicates and foreign banks.

You may also find yourself in a situation where you can 'assume' an existing mortgage held by the seller. Advantages of assuming a mortgage are that you can speed the buying process due to reduced paperwork and save money in lower legal fees and closing costs. A disadvantage is that the current lending rate may be less than that of the assumed mortgage.

Now that you have an idea who will lend you money, you'll need to know the different kinds of mortgages that are offered. The most common by far is the 'conventional mortgage.' Lenders will loan you up to 75 per cent of the appraised value or purchase price of the property (whichever is lower), and you must come up with the remaining 25 per cent yourself. Many people save specifically for this purpose, but in some cases, alternate or 'secondary' financing maybe available.

A 'high-ratio' mortgage is one alternative if you don't have the 25 per cent down payment. These are available for up to 95 per cent of the appraised value or purchase price of the property (whichever is lower) to a maximum set by government regulation. The proviso is that high-ratio mortgages must be insured, and the cost, from one to three percent of the mortgage amount, falls to you.

'Variable-rate' mortgages are usually offered for both conventional and high-ratio mortgages. Typically, your monthly payments remain fixed for the term, while the interest rate fluctuates with economic conditions. This means that if interest rates climb, you'll be paying more per month in interest. If rates drop, you'll then be paying more off your principal. Conversely, 'fixed rate' mortgages maintain the same rate of interest over the entire negotiated term.

There are some other concepts to become familiar with that will impact your mortgage and financial well-being.

Amortization refers to the time period in which the mortgage is assumed to be paid. A common amortization period is 25 years. This means interest and principal payments are set as if you were paying the amount borrowed over a 25 year payment schedule. Obviously, the shorter the amortization period, the less interest you will pay.

Prepayment privileges are very important for borrowers to consider. These arrangements allow you to pay money against the principal, reducing the total amount of interest you'll ultimately pay.

Open mortgages generally denote those that allow prepayment with few restrictions, while closed mortgages carry no prepayment options.

Don't be daunted by the many concepts and terms regarding mortgages. Arranging one isn't that difficult -- all it takes is a little brushing up on your part and the my experience paired with the aid of one of my mortgage specialists.

Bungalow For Sale in Keswick

2010-02-24T15:57:00Z

• 1 bath, 2 bdrm bungalow - MLS® $215,900 CAD

Keswick, Georgina - # Room Level Dimensions (m)
1 Kitchen Ground 2.76 x 4.67 Eat-In Kitchen
2 Living Ground 4.59 x 4.82 Broadloom
3 Sitting Ground 3.01 x 3.61 Broadloom Combined W/Living
4 Br Ground 2.71 x 2.41 Broadloom
5 Br Ground 3.54 x 2.71 Broadloom

Remarks For Clients: Completely Remodeled Inside, New, New, New!! North End House On Quiet Street, Cute As A Button. Detached Garage With New Concrete Floor. Newer Windows And Steel Insulated Doors. New Broadloom And Flooring Throughout. Updated Bathroom. New Oak Kitchen Cabinets.

Extras: Include All Broadloom Where Laid, Electric Light Fixtures. Show & Sell.

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Bungalow For Sale in Keswick

2010-02-24T15:47:00Z

• 1 bath, 4 bdrm bungalow "Semi" - MLS® $225,900 CAD

Keswick, Georgina - # Room Level Dimensions (m)
1 Kitchen Ground 3.33 x 3.27 Cushion Floor
2 Living Ground 5.53 x 3.70 Broadloom
3 Dining Ground 3.40 x 3.20
4 Master Ground 4.35 x 3.28 Broadloom
5 2nd Br Ground 3.00 x 2.70 Broadloom
6 3rd Br Ground 3.73 x 3.00
7 4th Br Bsmt 6.40 x 3.44

Remarks For Clients: North End Semi-Detached Home In Great Family Area. With a little TLC it could Be Perfect For Raising A Family Or Retirement. Open Concept Home With Access To Garage And Rear Yard From House. Lots Of Room In Driveway For Extra Parking.

Extras: Include: Broadloom Where Laid And All Electric Light Fixtures.

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Commercial For Sale in Keswick

2010-02-24T15:38:00Z

• 2 bath, 2 bdrm commercial - MLS® $439,900 CAD - Store front with 2 apts

Keswick, Georgina - Remarks For Clients: Excellent In Town Commerical Property With Store Frontage For Display Sales And Repair.Main Floor One Bedroom Apartment And Second Floor, One Bedroom Apartment.Two Gas Furnaces One For Store And One For Apartments. Hwt(R) Gas.Kit 3.37X5.77 Eat-In Cushion Floor Walk Out To Deck. Lr 3.55X4.34 Broadloom Br 3.40X2.50 Broadloom.
Extras: 2nd Floor App. Kit 4.31X1.31 Cushion Lr 5.69X3.29 Hardwood, Br 3.95X3.26 Broadloom, Sun Rm 5.69X2.06. 3Pc And 1Pc Bath On Main Floor, 4Pc Bath On Second Floor. Store 5.5X3.5 And 7.7X5.5 Front Entrance Display Area.
Remarks for Brokerages: Buyer's Agent To Verify Zoning Is Site Specific. Incl: Aelf, Shop On Prop Is Approx 20X30 W/Over Head Door. For Your Convenience Pls Use Our Online System To Book All Viewings. Pls Print Deposit Schedule Incl W/All Offers.

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Price Reduced on 384 Raines St in Keswick

2010-02-23T14:48:00Z

Keswick, Georgina - Announcing a price reduction on 384 Raines St, a 2 bath, 3 bdrm bungalow. Now MLS® $279,900 CAD - .

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Price Reduced on 51 Shore Crescent in South Shore Estates

2010-02-23T14:47:00Z

South Shore Estates, Georgina - Announcing a price reduction on 51 Shore Crescent, a 3 bath, 3 bdrm bungalow. Now MLS® $569,900 CAD - .

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Single Story For Sale in Baldwin

2010-02-17T05:15:00Z

• 3 bath, 3 bdrm single story - MLS® $439,000 CAD

Baldwin, Georgina - # Room Level Dimensions (m)
1 Living Ground 3.84 x 5.08 Fireplace Broadloom Leaded Glass
2 Dining Ground 3.58 x 3.08 French Doors Laminate
3 Family Ground 4.77 x 3.97 Broadloom W/O To Patio
4 Kitchen Ground 8.04 x 4.00 W/O To Patio Eat-In Kitchen Pantry
5 Master 2nd 5.88 x 4.85 Broadloom Ensuite Bath
6 2nd Br 2nd 3.99 x 4.03 Broadloom
7 3rd Br 2nd 3.30 x 4.14 Broadloom

Remarks For Clients: Lovely Estate Subdivision On Over 1 Acre With Circular Driveway, Gardens And Mature Trees. Interior Features All Main Floor Laundry, Family Room, Complete With Leaded Glass Doors, Fireplace In Living Room. Multi Walkouts Front And Back. Privacy. Great Neighbourhood To Raise A Family Or Retire.
Extras: Include: All Electric Light Fixtures, Broadloom Where Laid, Appliances (Fridge, Stove, Built In Dishwasher, Washer And Dryer)And Glass Doors On Fireplace.
Remarks for Brokerages: Roof Replaced In 2009, Patio Door In Kitchen Replaced 2009.

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Single Story For Sale in Keswick

2010-01-27T01:40:00Z

Building Lots

• single story - MLS® $79,900 CAD

Keswick, Georgina - north end lot close to school and church. walk to lake and golf course. build your new home to fit your budget and family.

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Single Story For Sale in Mount Albert

2010-01-27T01:28:00Z

• 2 bath, 3 bdrm single story - MLS® $529,900 CAD

Mount Albert, East Gwillimbury - Located In The Quaint Village Of Mount Albert, This Executive Home Features Custom Finishes Thruout, Reno'd Kit, Master Suite With Ensuite, Crown Molded Ceilings, Hdwd Flrs,Skylights,Walkout To Deck W/Sunken Hot Tub Overlooking Inground Pool.

Includes: Bwl,Aelfs,B/I D/W,B/I Microwave,3 Gas Fps, Hot Tub, Inground Pool With Heater And Equip, Inground Sprinkler System.

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Sale Stats for January 2010 compared to January 2009

2010-01-26T00:13:00Z

For the "905" area code (including Keswick)

Total of houses sold to date in January 2010: 1,041

Average selling price: $391,353

Total houses sold to date in January 2009: 519

Average selling price: $319,455

Bungalow For Sale in Keswick

2010-01-22T14:00:00Z

• 2 bath, 3 bdrm bungalow - MLS® $289,900 CAD

Keswick, Georgina - Large Country Lot In Serviced Area. Located At The North End Of Keswick With Two Road Frontages. Great Opportunity For Investor.

Includes: All Electric Light Fixtures, Window Coverings, Fridge, Stove, Washer, Dryer, Hot Water Tank Owned. Central Air. Hardwood & cushion flooring. Large 90x184ft lot.

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Walmart Super Centre Clears Final Hurdle

2010-01-22T13:44:00Z

Jan 21, 2010

The Keswick Walmart super centre finally received its building permit late Friday afternoon and should start building any day.

The Advocate had received calls and e-mails from readers over the past several weeks with concerns construction on the Woodbine and Glenwoods avenues site had come to a complete standstill.

A slight delay has now been rectified after the retail giant satisfied all agency and government stipulations, economic development director Karyn Stone confirmed late Friday afternoon.

Last fall, the target for a grand opening of the 320,000-square-foot super centre was set for this November, just 10 months away.

The completed site will have nine stores; two big box (one being Walmart, the other rumoured to be Home Depot) and seven smaller commercial businesses, including three banks (TD, BNS and RBC), Mark's Work Wearhouse and two restaurants.

Negotiations are under way with tenants of the other spaces, land use planner Brad Rogers of B.G. Rogers and Associates said two months ago when the company presented its final design plans to the town.

The Keswick Walmart store will feature a food and fashion component, home and garden centre, pharmacy and a McDonald's restaurant and stretches across 35 acres with 155,000 square feet of shopping space.

It is expected to hire up to 250 employees, said Katherine Cruz, Walmart real estate manager.

The store will incorporate environmentally friendly LED motion-sensored lighting that shut off when there's no movement in the store isles and powered by Bullfrog energy, Ms Cruz said, adding the roof is painted white to deflect heat and there are no CFCs in the refrigeration units.

This Walmart is part of the store's new branding initiative, which is even more up-to-date than the new Aurora and Stouffville super centres, she said.

Nearly 1,800 parking spots surround the shops and stores with interlock pedestrian walkways, lighting, greenspaces and sitting areas, the plan shows.

There will be three entrances off Glenwoods, one entrance off Woodbine and three entrances on Dovedale Drive. Along the rear of the store on the north side will feature a 10-acre natural habitat area.

- Tracy Kibble The Georgina Advocate

Lot / Land For Sale in South Shore Estates

2010-01-22T04:35:00Z

• lot / land - MLS® $219,000 CAD

South Shore Estates, Georgina - Remarks For Clients: 1/2 Acre Corner Lot Located In South Shores Estates, Treed, Backs Onto Ravine, Build Your Dream Home. Town Water & Sewers Available At Lot Line, Close To Lake & Golf. Easy Commute Via, Hwy 404.
Remarks for Brokerages: Subject To An Easement Over Parts 23. $1,241.12 L.I.C. To Be Assumed By Buyer Until 2026(Included In Property Tax Amount) Contact Listisng Agent For More Information. All Offers Conditional Upon Availablity Of Permits.

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Price Reduced on 51 Shore Crescent in South Shore Estates

2010-01-22T04:30:00Z

South Shore Estates, Georgina - Announcing a price reduction on 51 Shore Crescent, a 3 bath, 3 bdrm bungalow. Now MLS® $585,000 CAD - .

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2 Story For Sale in Roches Point

2010-01-02T03:15:00Z

• 4 bath, 4 bdrm 2 story - MLS® $595,000 CAD

Roches Point, Georgina - # Room Level Dimensions (m)
1 Living Ground 3.00 x 4.40 Hardwood Floor Combined W/Dining Pot Lights
2 Dining Ground 4.30 x 4.40 Hardwood Floor Combined W/Living Large Window
3 Family Ground 5.50 x 4.90 Hardwood Floor W/O To Yard Gas Fireplace
4 Kitchen Ground 4.40 x 4.20 Ceramic Floor Granite Counter Centre Island
5 Master 2nd 5.40 x 4.20 Hardwood Floor W/I Closet 4 Pc Ensuite
6 2nd Br 2nd 3.80 x 3.00 Hardwood Floor
7 3rd Br 2nd 3.80 x 3.00 Hardwood Floor
8 4th Br 2nd 3.60 x 3.10 Hardwood Floor

Remarks For Clients: Beautiful New 2300 Sq Ft Custom Built Stone & Stucco Home.Good Area In Roches Point-Finest Quality Throughout-Solid Hardwood-Granite Counters-Porcline Tile Floors-6 Energy Eff S.S. Appliances-Oak Stairs + Railings + Ballustrades-Solid Wood Entry Doors-Docora Crank Windows-Kitchen Island Cupboards-Wine Rack-Swing Out Pantry-C/V-C/A-Tankless Hot Water-200 Amp Service-Hi Eff Gas Plus Hv Air Ventilation Circulating System-Insulated Concrete Foam Construction(Icf)
Extras: R30 Walls & R40 Ceilings.Garage & Bsmnt Walls Finished-Close To Lake Simcoe With 2 Beach Associations Available-500 Acres Walking & Bike Trails- Stone Driveway-Rock Gardens. Truly Beautiful Home-Exceptional Quality Throughout.

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