USING A MORTGAGE BROKER AS OPPOSED TO THE BANK

Many people don’t know the difference when it comes to using a mortgage broker verse the mortgage representative inside of a bank. Depending on your needs and comfort level understanding which one works best for you can make a world of difference. A rep that works in the bank has to be jack of all trades master of none (more or less) and may only have access to minimal lenders. A mobile mortgage rep has access to many different lenders and can meet you in the comfort of your own home. I’ve had clients that insist on a mortgage person from the bank they work with. Lucky for them, I am connected to mobile mortgage specialists from all major banks.

For the rate shoppers, a mortgage broker will help you get a better deal. A mortgage broker works for you to shop the mortgage market, saving you time and money. They do the rate shopping and are able to put together packages that your bank may not be able to.

For the not so perfect credit consumer, a mortgage broker may be able to get a “B”or “C” lender to approve you where the bank would deny you a mortgage.

My good friends Matthew Taylor and Siobhan Bent (The Mortgage Lady) over at THE MORTGAGE CENTRE are always ready to help with the lending process with:

·         High level  of professionalism and service at all times
·         Absolute confidentiality in regards to personal information
·         Availability and reliability
·         Updates on status of your transaction
·         All calls returned within 24 hrs or less
·         Support and education on details related to your loan
·         Putting people over profits and reputation over revenue
·         Peace of mind knowing you received the right product for you and your family’s future
·         Continued support after the loan processed has been approved

Why Them?

• Independent advice
• More mortgage choices
• Best-available rates
• Fast, convenient, local service
• Specialized knowledge

They'll take your needs and goals into consideration when shopping for your mortgage. They understand that mortgages aren't a one size fits all proposition. Using their exclusive Mortgage Market technology, they're able to factor in a number of lifestyle and financial variables to search for the mortgage that's exactly right for you. Contact me today to get connected to the mortgage broker that is right for you! For all your real estate needs I am more than happy to help you and the people you refer to me. Call 647-308-5148 and if no answer, send a text and I’ll be sure to reply!

Makini Smith
Sales Representative
RE/MAX First Realty Ltd., Brokerage
www.makinismith.com

I'm Social!

Linkedin
Facebook
Twitter
Instagram

REALTORS CARE

Now a days realtors have a bad reputation for being all about the commission, all about themselves, and a quick transaction. I feel that stigma has tainted the minds of many and have pushed consumers to try the DIY (Do it yourself) options out there. Not all realtors are the same just as no two apples are the same. Know the difference between a realtor who cares and the bad apples.

Flood of realtors

In 2013 there were about 38,300 realtors on the Toronto Real Estate Board. 26% sold absolutely nothing, 52% sold 2 or less, and 78% sold 7 or less. Reviewing these statistics it is safe to say that it can be hard to earn a living in a flooded commission based industry so there may be a few realtors that focus on the money. This does not mean ALL realtors do the same. Real estate is a relationship business so for me it is about the relationship and not the transaction. With 38,299 other realtors to choose from, what can one agent do for you that another cannot? The answer is... plenty!  Do not get caught up on commission. What you pay a realtor is compensation for their work. The 26% that sold nothing can easily accept a lower commission to merely post your home on MLS (Multiple Listing Service). Your home may be the largest asset you ever own. Why would you not want the agent that is going to provide the most value, market your home the best way possible, and cater to the individual needs of your family?

Sold on a Cure

RE/MAX realtors who participate in the Sold on a Cure program take an active role in creating a future without breast cancer by voluntarily making a donation to the Canadian Breast Cancer Foundation each time they sell a home. The program raises vital funds and awareness for the Canadian Breast Cancer Foundation across Canada. I am proud to be a part of this program.

Children Miracle Network

Over 48 Million has been raised across Canada. Funds primarily generated through the Miracle Home Program, where RE/MAX realtors donate a percentage of each real estate transaction to their local Children’s Miracle Network member hospital. Offices and agents also participate in various client related fundraisers in support of their local children’s hospital. I am also proud to be a part of this program.

Extra efforts

“Give thanks by giving” is one of my favorite sayings. One small gesture can mean the world to another. With that said, this year I decided to round up some friends to orchestrate a community fundraiser to support the Big Brothers Big Sisters of Ajax-Pickering. On March 23 2014 from 6-9pm at the La Roya Banquet Hall  located at 185 Westney Rd South, Ajax, ON. In further efforts to give back, we are showcasing over 20 female owned businesses. Visit the Facebook event page Click Here . A charity-shop-social! You are more than welcome to join us and if you’re unable to attend, feel free to make a donation. Both can be done on line --> Tickets/Donations

So realtors DO care. It isn’t just about the commission/transaction. There are plenty more just like myself. We care about our clients, we care about our community, and we care about our business. Choose a realtor who cares. Choose wisely. Choose RE/MAX. Choose Makini Smith. For all your real estate needs I am more than happy to help you and the people you refer to me. Call 647-308-5148 and if no answer, send a text and I’ll be sure to reply!

Makini Smith

Sales Representative

RE/MAX First Realty Ltd., Brokerage

www.makinismith.com

Linkedin

Twitter 

Facebook
Instagram

FINANCIAL RESPONSIBILITIES OF HOME OWNERSHIP

Yay!  You’ve bought your first home. Exciting and overwhelming at the same time. A bitter sweet feeling.  You have that feeling of relief now that you have finally purchased your new home but be aware that financial responsibilities of home ownership is just the start.

Pay your mortgage on time

Whether monthly, biweekly or weekly, be sure that you always make your mortgage payments on time. Making late payments (delinquency) may result in late charges and negatively affect your credit rating. Failing to make payments can even lead to more serious consequences like foreclosure. A good way to prevent late payments is to have the amount automatically deducted from your account every month and to put at least three months’ worth of mortgage payments in savings for emergency situations. If you are having trouble making payments, discuss the situation with your lender.

Saving For Emergencies

Even if you are a contractor, repairs come at a cost. Every building has a life cycle, which means that all parts of a building age and require major repairs or replacement at some point. For example, you might know that your roof will have to be replaced in a few years simply because of its age. Repairs like these are expected and can be planned for. However, many repairs are unexpected and can sometimes be costly. Set aside an emergency fund to deal with unexpected problems ranging from major repairs to illness and job loss. A healthy guideline is saving 5% of your take-home pay and putting it in a special account.

Living Within Your Budget

Prepare a monthly budget for your home and stick to it. You should monitor your bills every month and evaluate your progress in meeting your financial needs. If you continue to spend more than you are bringing in, you must find ways to cut back. If you are having trouble sticking to your budget, don’t hesitate to ask a financial advisor for assistance.

For all your real estate needs I am more than happy to help you and the people you refer to me. Call 647-308-5148 and if no answer, send a text and I’ll be sure to reply!

Makini Smith

Sales Representative

RE/MAX First Realty Ltd., Brokerage

www.makinismith.com

FACEBOOK

TWITTER

LINKED IN

MOVING CHECKLIST ADD ONS

Making a move of any kind can be hectic and stressful. Moving homes can sometimes feel like moving mountains, having so much to do and not knowing where to start. Having a to do list to keep organized can help alleviate some of the stress and having a moving check list can save you from forgetting some extremely important steps along the way. Here are a few things that you may not have on your list to make the experience go smoothly:

1.       Notify everyone about your change of address. The post office offers a temporary forwarding service in case you forget some companies/bill collectors. You will need to update family, doctors, dentist, subscriptions, government offices, bank, etc.

2.       Cancel deliveries for your local paper and any other services that cannot be transferred to the new address.

3.       Disconnect utilities and notify where to send the final bill. The hydro company or hot water tank rental should be on the top of the list. Phone, cable, gas, electric, and any others should be checked to make sure you receive your refund for any deposits made.

4.       Be sure to leave extra keys on the counter for the new occupants. If you kept appliance manuals leave those as well.

5.       Obtain school records for the children if they will be making a transfer to a new school district.

6.       Have the car tuned up for the trip. The extra loads and mileage is hard enough on your vehicle, the last thing you need on moving day is a car that won’t start.

7.       Confirm with the lawyer that you have followed all instructions for closing day. Missing documents or not completing necessary instructions can lead to costly delays.

8.       Don’t forget to clean up after it’s all said and done. Be considerate and don’t leave a mess behind.

Saying goodbye to one home and neighbourhood and discovering a new one can be very exciting. Just make sure it is not hectic as well. You will want to plan ahead to make the transition as smooth as possible for everyone involved. That way, you can breathe easy and enjoy your new home without having to worry so much. If you’re not sure and have questions, I’d be more than happy to help. Contact me for all your real estate needs. Call 647-308-5148 and if no answer send a text and I’ll be sure to reply!

Makini Smith

Sales Representative

RE/MAX First Realty Ltd., Brokerage

www.makinismith.com

HOW YOUR CREDIT EFFECTS GETTING A MORTGAGE

The Importance of Your Credit Rating to obtain a Mortgage

So you want to buy a home? Well first you will need to be approved for a mortgage. Before approving you for a mortgage, lenders will want to see how well you have paid your debts and bills in the past. This is something that isn’t taught enough in my opinion. The importance of paying your bills on time and not racking up all kinds of debt should be taught more in schools and by parents. Far too many people have to learn these valuable lessons though the School of Hard Knocks.

Lenders for a mortgage simply get a copy of your credit history (credit report) from a credit bureau to check these things. This provides them with information on your financial past and use of credit. Before your lender sees your credit history, you should get a copy for yourself to make sure the information is complete, accurate and worth applying for a mortgage. Simply contact one of the two main credit-reporting agencies (Equifax Canada Inc. or TransUnion of Canada) to get a copy of your credit report. There is often a small fee for this service.

Lack of Credit History

If you have no credit history, it is important to start building one by, for example, applying for a standard credit card with good interest rates and terms, making small purchases and paying for them as soon as the bill comes in.

Fixing a Credit Record

If you have bad credit, lenders might not want to give you a mortgage loan until you can re-establish a good credit history by making debt payments regularly and on time. Most unfavourable credit information, including bankruptcy, is dropped from your credit file after seven years. If you have bad credit, you may want to consider credit counselling.

Despite your poor credit history, you might still be able to get a mortgage loan if you have a relative such as a family member willing to be a guarantor or co-signer on the loan. This person must meet the lender’s borrowing criteria, including good credit history, and is legally obligated to make the mortgage payments if you do not.

The six “C’s” of credit

1. Capacity
2. Capital
3. Collateral
4. Character
5. Credit History
6. Common Sense

Your credit report is crucial not only for getting a mortgage when purchasing a home, but so many other areas in your life. Even if it’s just the minimum payment, always pay your bills on time. To get connected to a mortgage broker nearest you for a pre approval or credit counselling contact me today!

Makini Smith

Sales Representative

RE/MAX First Realty Ltd., Brokerage

www.makinismith.com

REGULAR HOME MAINTENANCE AND REPAIR

By doing regular maintenance to your home and taking care of small repairs right away, you’ll avoid the more expensive unnecessary costs later on. One of the best things you can do is to get to know your home as best as possible. Wishing I had decided to do so sooner than later, but a lesson learned after a recent flood in my home due to the ice storm of December 2013. Knowledge is power and sharing is caring so here are some things I feel you need to know:

• Your home is made up of various components that work together. These include mechanical systems (heating, air conditioning and ventilation) and the building envelope (foundations, floors, walls, windows, doors and roof).

• You need to learn enough about the major mechanical systems of your home to be able to perform routine maintenance and handle various emergencies.

Every adult member of your household should know the location of and how to operate the following:

– Main shutoff valves for water and fuel (oil or natural gas);

– Emergency switch for the furnace or burner;

– Hot water heater thermostat and breaker;

– Main electrical switch;

– Fuse box or circuit breaker box.

• Renovations targeted at increasing energy-efficiency may affect appliances venting by a chimney. Check chimney performance if you tighten the envelope or add exhaust fans. Remember that homes, like people, get old. Just as we require regular checkups as we age, It’s a good idea to inspect your home regularly and replace or repair parts and materials that wear out with use and time. And remember that since different components of your home work together and affect each other, minor repairs can quickly become major ones if they are not taken care of quickly.

You will probably be able to do many of the repairs yourself. If I can do it, trust me you can too! However, if you feel it’s too complex of a job to handle on your own, it is best to call an expert. Feel free to contact me for a list of referrals. It’s not too important who carries out the repair, just remember that the work has to be done correctly. Bad materials and poor workmanship will end up costing you more in the end and devalue your home.

Makini Smith

Sales Representative

RE/MAX First Realty Ltd., Brokerage

www.makinismith.com

IS HOME OWNERSHIP FOR YOU?

Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision. When we know better, we do better. Do your research and make informed decisions.

Although buying a home almost always seems like a great idea, it is important to understand what homeownership involves. Being a homeowner is a proud accomplishment but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

Here are some things to consider:

• Financial Security. If housing prices rise, your home can provide you with some financial security due to capital appreciation. The equity built in your home can be taken out or used as a secured line of credit.

• Stability. Having a place of your own gives you a sense of permanence as opposed to the displacement some renters feel. There is security in knowing the home belongs to you.

• Financial Load. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances. On a positive note, you are building your own equity which can’t be done through renting.

• Maintenance. Keeping your home in good shape requires time and money. Pride in ownership can be cashed out when it’s time to sell. A well kept home is most appealing to buyers.

• Responsibility. You alone are responsible for payments, repairs and maintenance. But this gives control, power, and leadership to do as you wish (within legal boundaries).

• Flexibility. You can decorate or renovate your home to meet your own family’s personal tastes and needs. Most condos may have restrictions on color of window coverings, pets, noise, etc.

Now that you have an idea of what to expect, it’s important to work with someone that understands homeownership is not for everyone. To find out if owning a home is right for you, contact me at 647-308-5148. If busy, send a text!

LIKE US ON FACEBOOK!

TWEET US!

FOLLOW US ON INSTAGRAM!