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01/30/04Five Percent Down Payment Program from Canada Mortgage & Housing Corporation #

Allan Todd - Realtor


With as little as five per cent of the purchase price, all home buyers now have access to mortgage insurance enabling them to enter the housing market, as long as you can manage the costs of home ownership.

Mortgage insurance for 95 per cent mortgages is now available to both first time and repeat home buyers.

Buyers using the Program may consume up to 32 per cent of their gross family income for payments of principle, interest, property taxes and heating, and total debt load cannot exceed 40 per cent of family income.

Insurance premiums on loans above 90 per cent of the lending value of the house will be 3.75 per cent of the mortgage loan. This premium can be added to the mortgage.

Price restrictions include a $300,000 ceiling on homes purchased in the Greater Toronto Area.

The maximum amortization period is 25 years.

Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price.

Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase.

For more information call CMHC at 416-221-2642.

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01/29/04re: Toronto Condo's #

Michael Keong


John Paul ,

Yes , prices have more or less gone through the roof.Vancouver is experiencing similar skyrocketing prices due to the low interest rates and nothing down concept that certain banks are bringing forth.

Buying at the right time can mean that you buy just before the market takes off or the interest rates were lower.I do not understand what you mean by register? Do you mean that before they are listed with an agency?

If that is what you mean then scout for " for sale by owners ".Unless you are experienced in negotiating , your best bet is still to go with a professional realtor like Allan Todd.

Michael.



> John Paul McDonald wrote:
> Hello everyone,
>
>I am searching for a condo in Downtown Toronto and have had a rude awakening with the prices that are coming my way. I hear about all these people that save tens of thousands of dollars because they bought at the right time. What is the right time is it buying from the plans, or before they are registered? And how do you find out about places that arenít registered?
>
>Thank you. John Paul.
>

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01/29/04Toronto Condo's #

John Paul McDonald


Hello everyone,

I am searching for a condo in Downtown Toronto and have had a rude awakening with the prices that are coming my way. I hear about all these people that save tens of thousands of dollars because they bought at the right time. What is the right time is it buying from the plans, or before they are registered? And how do you find out about places that arenít registered?

Thank you. John Paul.

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01/26/04Second Home Ownership Made Easy? #

Gordon McLean


Just for a second forget about Location, Location, Location as Ozzie Jurock the Canadian Real Estate Guru titled as a hot selling book.

Take a moment consider the socio-economic research out there on buying second homes discovered by Harry Dent, another Real Estate Guru.

Add this with the overwhelming demand for recreational property and limited supply and you get innovation and growth in new destinations that are affordable to you and I as well as legacy for children to enjoy.

My goal here is to make buying a second home a rewarding experience that will have your friends and clients buzzing.

Please sign my guest book and visit my page to learn more. Links to information are there for the finding.

Kindest Rewards, Gordon McLean



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01/23/04re: re: First-time Buyer Fears #

Michael Keong


Dear Jo ,

Thank you for the compliments. Your questions are always welcome anytime.

As for the downpayment, there are other ways to get around that.One of the members have brought forth some excellent information....0% downpayment ie 100% funding from the banks or financial institutions.

I do not know about the mortgage laws in the US but 100% funding is extremely hard (if not at all) to come by in Canada.Unless you are financially very strong, such financing must be taken with great prudence.

I have a few that I would like to mention.Look for a seller(vendor)who may be in a situation where he has tax problems if he sells the property outright.Negotiate with him/her to take back 100% financing and work out the payment with him that would be comfortable for you.That way, he will be saving on capital gains and you will be able to get a foothold on homeownership....a win-win situation.It's never easy in such situation but it is possible and can be done.

Another way is partner up with another person who is like-minded.That way you need only to come up with 50% of the downpayment.In this situation you need to have an agreement between you as to how long you agree to keep the property.Each of you has the first right of refusal to buy the other out for whatever reason may arise in the future.

My favourite has always been to buy the worst house on the best block. Such property will always sell below its market value for that location.This will allow me to create immediate equity by doing some cosmetic improvements to the property. If I choose to do so, I can go back to bank and refinance to get my downpayment or part of it back.

I hope these additional ideas will open up more avenues for you . There are always creative ways to cut a deal.

Standing by to serve,

Michael.


> Jo Miller wrote:
> Hello Michael, Devin and all,
>
>Thank you Michael! You really did give me valuable information in your post. I'm a novice!
>
>I'm scared to death of buying a home. And, I'm not sure what that's all about. I guess I've rented so long. And, I think the payment scares the h... out of me. I pay almost $2000 a month toward someone else's mortgage. I know how stupid it is, but at these prices, I can't come up with the down payment. And, when I could afford in my area, I thought the prices were inflated. Little did I know that it hadn't even begun!
>
>That's my fear ... not being able to make the payments, not being able to afford my own repairs and not being able to come up with the down is just a reality at the moment. However, I plan to change that and started today!
>
>Thanks for a great group and for the wonderful info that comes from all of you!
>
>J
>: Joanne Miller : Third Stone Media : 949 719.9678 :
>
> Holloway wrote:
>> Over the years, we've worked with a number of first-time buyers.

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01/23/04Hello everyone #

Jacques Dupoux


Hello everyone,
Just stop here to say hello, and hope to meet a few good people.
From what I see, the Ryze network is very beautiful.
Jacques.

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01/23/04How about no money down? #

Devin Holloway


This post is primarily in response to Jo's concerns about not having the money to make a down payment.

Banks such as Wells Fargo now have access to programs which enable buyers to purchase with only 10%, 5%, or 0% down. I've worked with clients who have been able to take advantage of one program that virtually guarantees a no money down loan with a minimum credit score of 660, in addition to a few other parameters. While programs I've seen can't beat $2,000 a month, one could pay as little as ~$2,300, interest only, on a purchase price of up to $500,000. Believe it or not, there are still homes on the peninsula (SF Bay) that are close to $500k!

So there really are options! I've learned that the attainment of goals depends less on circumstances and more on one's aspiration to achieve them. If you really want to own a home, nothing will stop you but you.

If any of your are curious about some of these programs, I'd be more than happy to refer you to some of the lenders with which I work. I'm in California, although the lenders have connections all over the US.

Best,

Devin

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01/22/04re: First-time Buyer Fears #

Angelo Cerase




> Devin Holloway wrote:
> What advice would you give to people thinking about making the plunge?


Well, there are a few pieces of advice I'd give a new homeowner.

First off, visit a mortgage broker for your mortgage, instead of (or in addition to, if you must) just visiting a bank and taking what they give you. Since a mortgage is like a commodity, let the financial institutions fight over who gets to lend you the money. But make sure you find a mortgage broker that first determines with you what type of mortgage is the best fit for you, whether you want a long term, shorter term, fixed rate, variable rate, etc.

Second, the lender may offer mortgage insurance with your mortgage, the same way a McDonalds employee offers your fries with your burger. Get your insurance elsewhere. Why? First off, YOU determine the beneficiary, not the bank. Many people say they love their children or spouse or whowever more than they love the bank, yet the bank is the beneficiary of their insurance? It doesn't make sense. Secondly, if you get it elsewhere YOU own the policy, and not the bank, so you can take the policy with you if you renew your mortgage with another bank. There are plenty of other reasons why, if anyone is interested, email me and we'll talk.

Third, if you are buying a house in the suburbs, find out ahead of time what future developments are planned for your area. I know of a nice housing development that should be expecting construction crews soon to build a highway extension right next door. Actually, this piece of advice does not just include the suburbs, but the entire city as well. In my town, buyers of a new housing development, that was right across the street of a slaughterhouse, were assured by the developer that the slaughterhouse would be closed down by the time the homes were built. This was of course news to the owner of the slaughterhouse that had been in business for many years and had no plans of closing down. Not sure what happened afterwards.

Of course, getting a good realtor, a good lawyer, and a home inspector (even with new homes) are a given.

Hope this helps!

Angelo

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01/22/04re: re: First-time Buyer Fears #

Patrick Mathieu


Hi Jo:

I understand your point of view. I just bought my first home last summer.

I had the same thoughts... all of the "what if's" that come to mind when you think of having a mortgage. What helped me overcome the fear, was coming to the realization that whether I rented or owned, I still had to come up with the money! Something about the words "mortgage" and "ownership" makes it sound like an ominous responsibility for first-timers, but the reality is that there is the same level of responsibility with renting. If you don't have the rent, you can't live there.

So once I convinced myself that paying a mortgage is no different from paying rent, the rest was easy!

Once you've made that connection in your mind, then you should look to professionals (like those on this network) to help guide you through the process!

Best of luck!

ENJOY NOW!
-Patrick

> Jo Miller wrote:

>I'm scared to death of buying a home. And, I'm not sure what that's all about. I guess I've rented so long. And, I think the payment scares the h... out of me. I pay almost $2000 a month toward someone else's mortgage.

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01/22/04re: First-time Buyer Fears #

Jo Miller


Hello Michael, Devin and all,

Thank you Michael! You really did give me valuable information in your post. I'm a novice!

I'm scared to death of buying a home. And, I'm not sure what that's all about. I guess I've rented so long. And, I think the payment scares the h... out of me. I pay almost $2000 a month toward someone else's mortgage. I know how stupid it is, but at these prices, I can't come up with the down payment. And, when I could afford in my area, I thought the prices were inflated. Little did I know that it hadn't even begun!

That's my fear ... not being able to make the payments, not being able to afford my own repairs and not being able to come up with the down is just a reality at the moment. However, I plan to change that and started today!

Thanks for a great group and for the wonderful info that comes from all of you!

J
: Joanne Miller : Third Stone Media : 949 719.9678 :

Holloway wrote:
> Over the years, we've worked with a number of first-time buyers.

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01/22/04re: First-time Buyer Fears #

Michael Keong



Hello Devin,

By human nature ,people do not like change.It makes them uncomfortable.More so when it comes to buying real estate....the biggest investment they will ever make in their lives. Homeownership completely changes the financial siuation where there are new (extra) payments....like property taxes , mortgage payments , light and heating bills and maintenance costs....as opposed to renting.You have a heavy financial commitment.

As you very astutely point out, they will become more comfortable over time as they get use to the routine of being a proud homeowner and making the regular mortgage payments.

Sacrifices need to be made...less eating out, curb your buying impulses and look for discount buying.All these extra savings will make a huge difference to your financial picture.

Today's potential buyers are no different except for one factor....the uncertainty of their employment.There is less security to their job today than say 15-20 years ago.
Having said that it is a great factor of concern but it should not stop anyone from homeownership for the simple reason that it is the best investment in your life over the long haul.

One important advice for those thinking of making the plunge of homeownership is that you must not go overboard and buy a house beyond your means.....I mean by stretching yourself too thin.Leave room for the rainy day.Do not jump into buying a house if you can comfortably buy a townhome and ungrade when you have saved more money.One other factor to keep in mind is not to have a herd mentality....when the market is sizzling hot.

Michael.




> Devin Holloway wrote:
> Over the years, we've worked with a number of first-time buyers. What we've noticed is that most of the fears that buyers have, initially, dissipate after a few mortgage payments. As times change, so do people. I'm interested in what worries today's potential buyers about the responsibility of homeownership. For all of you experienced buyers and Realtors, what fears did you have to overcome prior to your first purchase? What advice would you give to people thinking about making the plunge?
>
>Best,
>
>Devin

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01/22/04First-time Buyer Fears #

Devin Holloway


Over the years, we've worked with a number of first-time buyers. What we've noticed is that most of the fears that buyers have, initially, dissipate after a few mortgage payments. As times change, so do people. I'm interested in what worries today's potential buyers about the responsibility of homeownership. For all of you experienced buyers and Realtors, what fears did you have to overcome prior to your first purchase? What advice would you give to people thinking about making the plunge?

Best,

Devin

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01/16/04re: Thank you, Allan! #

Michael Keong


Hello Jo ,

What Allan describes above is completely accurate and true.Home ownership is the best investment over long term. Overtime you gain in capital appreciation.Afterall, you need to pay rent which is like pouring money into the drain.

Having said that , you must remember that home ownership does come with additional expenses like maintenance , property taxes and insurance.

To answer your concerns Jo , real estate will keep going up over the long haul.If you draw a graph for all the spikes and dips over let's say a 10 year period , you can see that the graph goes up gradually.Therefore,taking this fact in mind ,plan always to keep it for minimum 5 years. But the key is to buy it at the right time.What I mean by that is .....if the real estate market is piping hot , I would advise that you sit on the sideline.

When it is sizzling hot....it indicates only one thing ! There is a herd mentality taking place.The value is very artificial.Cracker boxes or not. The value is in the land and has been inflated. The fear of being left behind in home ownership is the main culprit.

In reality , anything that goes up so fast must also come down. No different like we see in the stock market bubble.
Be patient and buy when everyone is telling you not to buy when there is gloom and doom all around you.


IMHO , the best way to see whether you should buy now or not is to chart a graph. See where the current real estate value is on the graph.If it is on the upside near the crest ,then I would wait.If it is at the upside at the low end of a trough, then I would go ahead and buy with discretion.

In the US right now and in Canada,the low interest rates environment has created a buying spree.Great for those that bought 2-3 years ago when real estate was in its doldrums.
Right now , you need to be extra cautious.Unless you come across a special situation like a foreclosure or a tax sale.

Jo ,I wish you well and hope what I have said will make you feel better.

Michael Keong
http://www.quickretirementseminar.com/26943








> Jo Miller wrote:
> Thank you, Allan, for the warm welcome to Ryze and for inviting me to join your group!
>
>My dream is to own a home. I put an offer on a home two years ago, a 3 bedroom condo, it was listed for $370,000 but I was only pre-qualed for $350,000 so I offered $340,000 ... well, they didn't even counter and now, I rent a home RIGHT NEXT DOOR. It's depressing! But, that same model condo is now selling for $560,000 - $590,000.

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01/14/04re: First Time Home Buyers #

Angelo Cerase


You're absolutely correct Allan!

As a Financial Advisor I frequently am in front of new homeowners that want to review their insurance and their financial plan. One way I compare various life or critical illness insurance products is by comparing them to either owning or renting a house.

Fortunately, these new homeowners are well aware of the advantages of owning compared to renting their home, so they can see the advantages of owning instead of renting their insurance (unfortunately too many people 'rent' their insurance when they can easily 'own' it).

Thanks for the great article (which is now saved in my file, referrenced to you of course!)

Angelo

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01/14/04Hi Joanne, Welcome HOME! #

Allan Todd - Realtor


I will post my response in a short while. In the interim, I invite feedback from other HOME members.

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01/14/04Thank you, Allan! #

Jo Miller


Thank you, Allan, for the warm welcome to Ryze and for inviting me to join your group!

My dream is to own a home. I put an offer on a home two years ago, a 3 bedroom condo, it was listed for $370,000 but I was only pre-qualed for $350,000 so I offered $340,000 ... well, they didn't even counter and now, I rent a home RIGHT NEXT DOOR. It's depressing! But, that same model condo is now selling for $560,000 - $590,000.

Tell me ... what do you do in a situation like that? These condos are NOT worth half a million dollars. They aren't worth $350,000 ... but that's what people are paying for these thirty-year old cracker boxes.

If someone can tell me how this happened, I'd sure like to know. Is this balloon going to pop or am I just out of luck?

Confused in Newport Beach,

Joanne
:: Joanne Miller :: Third Stone Media ::

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01/14/04First Time Home Buyers #

Allan Todd - Realtor


Finding the home that's right for you

This year, Ontario consumers are can count themselves lucky in one important aspect: they are living in time that offers unequalled opportunities to realize the dream of home ownership.

Interest rates are among the lowest in decades and the availability of housing of all varieties is at the highest level in years.

In fact, in many situations, renting a family dwelling can actually be more expensive than buying. If you consider a $150,000 mortgage at 8 per cent for a 5-year term, the monthly payments would be less than $1,200 per month. Compare this to renting a suitable three bedroom apartment or townhouse in many urban centres, and it's easy to see that buying a home has become an attractive alternative.

If you take a $100,000 mortgage at the same rate and term, the payments shrink to less than $800 per month. Even better, if you're willing to accept a one-year term, the interest rate drops at least two percentage points. This would peg a $100,000 mortgage at only $650 per month and a $150,000 mortgage at around $975.

There is another important benefit to home ownership that often gets overlooked. Over the course of 25 years (the usual amortization period for mortgages), the total amount of money paid by many renters can actually exceed the amount paid by a home owner. This is due not only to the fact that mortgage payments can be cheaper than rent, but because rental fees generally increase over the long term. Of course, interest rates may also rise, but so probably will the value of the property. Therefore, additional equity will be gained.

Add to this the reality that after a mortgage is paid off, homeowners will no longer make monthly payments while renters will continue to bear the burden for the rest of their lives. This savings can greatly impact your quality of life upon retirement.

These figures are only intended as broad examples. The fact remains that money spent on rent is still money down the drain.

Regardless of the number crunching, the bottom line is that owning a house is the best way to assure the happiness and well-being of you and your family. A home gives a family room to grow, and room to prosper.

The best childhood memories many of us hold include Sunday dinners in the family dining room, retreating to the rec room when friends visit, or skating on the backyard rink throughout the cold winter months.

If you've made the decision to buy, the first person you should talk to is a Realtor. These real estate professionals will help you with virtually every aspect of your home ownership needs. From putting together a 'buying blueprint' that details your specific housing requirements, to giving advice on what you can afford, a Realtor can cut through the complexities.

Constructing a 'buying blueprint' is a critical step for first time buyers. In it, you will list items such as: how many bedrooms do you really need; is a finished basement a necessity or can you afford to wait; how big a yard do you need; and most importantly, where do you want to live? All these considerations will affect your ability to buy.

For example, many first-time buyers will forego a property close to the downtown core in favour of a suburban or even a rural home. This can lead to huge savings which can be used to either lower the mortgage and monthly payments, or to acquire a bigger home for the same cost.

Opting for a townhouse or resale home are other alternatives that can help first-time buyers escape the 'rent trap' and channel their funds into a solid investment.

When you've narrowed your requirements, a Realtor will scout properties for you and make recommendations on homes that suit your needs. Once you begin viewing, your Realtor will accompany you, offering advice on matters such as the amenities of the neighbourhood, repairs or upgrades that could be necessary, building inspections, carrying costs and so forth.

So, if you're one of the thousands of Ontario families caught in the cycle of paying rent and seeing nothing in return, now is the time to make a move. Buying a home can pay off in so many ways--you simply can't afford to pass up the opportunity.

Source:OREA

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01/10/04Welcome All! #

Kathy Przybyla Kloth


Allan is right, it is alot easier to obtain a home than you might realize.

Best of luck to all in this new year!!!!!!!!!!

Kathy

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01/07/04re: Hello! #

Allan Todd - Realtor


Hi Angelo,

Welcome HOME!
I look forward to seeing your advice and input on insurance matters here.

> Angelo Cerase wrote:

> Hi All!
>
>Just joined this message board and just wanted to introduce myself and say hello to everyone!
>
>Angelo

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01/07/04Hello! #

Angelo Cerase


Hi All!

Just joined this message board and just wanted to introduce myself and say hello to everyone!

Angelo

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