You will need to present the following documents to a banker or other lender for the application of your new mortgage:
Self-Employed
• 2 years of Notice of Assessments
• 2 years of T1 general tax return forms
• 2 years' proof of business (your GST number and article of incorporation)
Employed
• Written employment letter from Human Resources stating salary or hour wage /minimum hourly work week/position /start date - if less than 3 months (letter stating you are not on probation)
• Current pay stub
• 2 years of T4 statements if you would like to use overtime earnings
Have these documents ready when you meet with your mortgage specialist and things will move swiftly for you.
Shopping it Around with a Mortgage Broker
When a young woman goes shopping, she doesn't mess around; finding the best deal is worth taking the time and doing it right, and that may include using a professional shopper.
Apparently, shopping for a house mortgage is not much different for Canadian 20 and 30-something women; they are the demographic most likely to use a professional mortgage broker, according to the 2009 Mortgage Consumer Survey [pdf] conducted by Canada Mortgage and Housing Corporation (CMHC).
The survey found that 25 to 34-year old Canadians make up 42% of consumers who use an accredited mortgage professional, while female purchasers make up 43%.
The Accredited Mortgage Professional (AMP) is the only national proficiency standard for Canada’s mortgage industry. Launched in 2004, the AMP designation was developed as part of CAAMP’s ongoing commitment to increasing the level of professionalism in Canada’s mortgage industry.
Raising public awareness and increasing the value of the designation is a high priority for CAAMP.
First-time home buyers are also much more likely to use a mortgage broker than the general public, and that number is on the rise, sharply - from 35% in 2007 to 44% this year who favour brokers.
Loyalty to lenders (e.g. traditional banks) is down significantly among first-time buyers - from 65% in 2007 to 47% loyalty this year.
1/4 of All Mortgages Involved Broker
The CMHC survey shows that from June 2008 to June 2009, one quarter of all mortgage transactions were arranged through mortgage brokers. Aside from the first-time buyers, young and female demographics discussed, the use of mortgage brokers remains stable amongst other Canadians.
Working with a mortgage broker may make the most sense for first-time buyers, to help sort out the complicated formulas required and to minimize damage to one's credit score.
Reasons to use a mortgage broker include:
• Independent, unbiased advice; as a freelancer, the broker won't favour one bank or credit union over another based on anything except rates
• Access to as many as 40 government and CMHC-approved lenders
• Negotiates rates with lenders directly, on your behalf
• You pay no fee (the broker charges the lender)
• The broker educates you on all your options including: open, closed, high ratio, first, second, conventional, CMHC-insured, HELOC, VTB mortgages, prepayment privileges and penalties, reverse mortgages, private loans, and more.
Financial Privacy Issues
However, be wary when sharing your personal financial information; make sure that your mortgage broker has been accredited by a body like the Canadian Association of Accredited Mortgage Professionals and complies with provincial laws requiring education, training and licensing standards. Like in any industry, malpractice by a few brokers has resulted in mortgage fraud (a form of identity theft).
You should check and see if your mortgage broker is licensed and in good standing with your provincial regulator:
• FICOM in BC
• RECA in Alberta
• SFSC in Saskatchewan
• FSCO in Ontario
• ACAIQ in Quebec
• Service NS in Nova Scotia
Have you used a mortgage broker or know someone who has? Share your stories, or questions, below.
Your Mortgage Application Should Resemble a Great Resume
Do you just walk into the bank, sit down and let them make the application on your behalf?
If you answered 'yes' to this question, then you need help!
Think of it this way...
Would you walk into a job interview empty-handed, with no specific information to leave behind with the potential employer about your strengths as a candidate?
Would you hand over a messy resume with all kinds of missing information?
No, of course you wouldn't - not if you wanted that job!
So, if you want a house, why would you treat your written mortgage application process any differently than your polished, well-documented resume or job application form?
The Ideal Structure
The best way to take advantage of the lowest rates in history is to structure your mortgage application so it's the most appealing it can be before you submit it to a lender.
To assess what goes into the ideal mortgage application; ask yourself:
• What income can I use, and not use?
• What do the banks think of a part-time job?
• What does my credit score need to be in order to get the best rates?
• How much of my consumer debt should I pay down first?
• Should I put a consolidation loan in place?
• How can I best boost my credit score?
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Wednesday, December 9, 2009
Tuesday, December 8, 2009
Housing starts hit 2009 high
Housing starts hit their highest level this year in November, more proof that Canada's real-estate market has clawed out of recession.
Starts rose slightly to 158,500 units, on a seasonally adjusted basis, up from 157,400 in October as single-home construction outweighed a drop in multiple home activity, Canada Mortgage and Housing Corp. said Tuesday.
“The improvement in housing starts continued in November,” said Bob Dugan, CMHC's chief economist.
The results were slightly less than the 165,000 starts economists had expected. Still, they're running at a much stronger level than in April, when they sunk to the 118,500 mark.
Record low interest rates are fuelling a rebound in Canada's real-estate market, spurring rising prices and a flurry of buying activity. The Bank of Canada will provide its current view of lending rates and the economy today at 9 a.m. Eastern time.
More builders have plans in the works, a report showed yesterday. Building permits jumped 18 per cent in October to the highest value in 13 months, Statistics Canada said yesterday.
Multiple starts eased in November, CMHC said, to 71,300 units from 72,500 units a month earlier. Single starts rose 3.4 per cent to 69,800 units.
The annual rate of urban starts has risen the most in Quebec, at 10 per cent, followed by Atlantic Canada.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Starts rose slightly to 158,500 units, on a seasonally adjusted basis, up from 157,400 in October as single-home construction outweighed a drop in multiple home activity, Canada Mortgage and Housing Corp. said Tuesday.
“The improvement in housing starts continued in November,” said Bob Dugan, CMHC's chief economist.
The results were slightly less than the 165,000 starts economists had expected. Still, they're running at a much stronger level than in April, when they sunk to the 118,500 mark.
Record low interest rates are fuelling a rebound in Canada's real-estate market, spurring rising prices and a flurry of buying activity. The Bank of Canada will provide its current view of lending rates and the economy today at 9 a.m. Eastern time.
More builders have plans in the works, a report showed yesterday. Building permits jumped 18 per cent in October to the highest value in 13 months, Statistics Canada said yesterday.
Multiple starts eased in November, CMHC said, to 71,300 units from 72,500 units a month earlier. Single starts rose 3.4 per cent to 69,800 units.
The annual rate of urban starts has risen the most in Quebec, at 10 per cent, followed by Atlantic Canada.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Monday, December 7, 2009
November 2009 Unemployment Rate
Employment rose by 79,000 in November, bringing the unemployment rate down 0.1 percentage points to 8.5%. Despite November's gain, employment was 321,000 (-1.9%) below the peak of October 2008.
Full-time employment increased by 39,000 in November, the third consecutive monthly increase. Part-time employment also rose in November (+40,000), following two months of declines.
November saw an increase in the number of private (+57,000) and public (+54,000) sector employees, while the number of self-employed workers declined (-32,000). In recent months, the number of employees in the public sector, as well as the number of self-employed, has trended up, while in the private sector, the trend has been relatively flat.
Most of the gain in overall employment in November was among women aged 25 to 54 (+51,000) and men aged 55 and over (+17,000).
Almost all the employment growth in November was attributable to the service sector (+73,000), especially educational services. With November's increase, employment in the service sector is back at its October 2008 level, while employment in the goods sector remained well below (-324,000) where it was at that time.
In November, employment growth was widespread across most provinces with the largest gains in Ontario, Quebec and Alberta.
Compared with a year ago, average hourly wages in November were up 2.3%, the lowest year-over-year growth since March 2007.
Employment gains in Ontario and Quebec
In Ontario, employment rose by 27,000 in November, the largest gain in the province since September 2008. The unemployment rate, at 9.3%, was unchanged in November. While employment in Ontario remains well below its October 2008 level (-179,000 or -2.7%), since May 2009, employment has edged up slightly.
In Quebec, employment grew by 21,000 in November, pushing the unemployment rate down 0.4 percentage points to 8.1%. During the economic downturn, employment has fallen in Quebec, albeit at a slower pace than the national average.
Employment in Alberta rose by 13,000 in November, the largest monthly increase in the province since October 2008. Since March 2009, employment in the province has edged down by 7,000 (-0.4%), a much smaller loss than the 48,000 (-2.4%) observed during the five months following the peak of October 2008.
In British Columbia, employment edged up in November. Since March 2009, employment has grown by 27,000 (+1.2%), in contrast to the downward trend observed during the first five months of the labour market downturn (-69,000 or -3.0%).
Employment also rose in Manitoba (+3,100), pushing the unemployment rate down 0.5 percentage points to 5.3%. Overall, Manitoba's employment has remained stable throughout the labour market downturn.
In Newfoundland and Labrador, employment increased by 2,700 in November. This caused the unemployment rate to fall 1.1 percentage points to 15.9%.
The unemployment rate represents the number of unemployed persons expressed as a percentage of the labour force. The unemployment rate for a particular age–sex group is the number unemployed in that group expressed as a percentage of the labour force for that group.
Both sexes, 15 years and over
Seasonally adjusted
%
YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1999 7.9 7.9 7.9 8.2 8.0 7.6 7.6 7.5 7.4 7.2 6.9 6.8
2000 6.7 6.8 6.8 6.8 6.7 6.7 6.8 7.0 6.9 7.0 7.0 6.8
2001 6.9 7.0 7.1 7.1 7.0 7.1 7.1 7.2 7.2 7.4 7.6 8.0
2002 8.0 7.9 7.8 7.7 7.8 7.5 7.6 7.4 7.5 7.5 7.5 7.5
2003 7.4 7.4 7.3 7.6 7.9 7.7 7.7 7.8 7.9 7.6 7.5 7.3
2004 7.3 7.3 7.4 7.2 7.2 7.3 7.1 7.1 7.0 7.1 7.2 7.1
2005 6.9 7.0 6.9 6.8 6.9 6.9 6.7 6.7 6.7 6.7 6.3 6.5
2006 6.6 6.4 6.3 6.3 6.1 6.1 6.4 6.5 6.4 6.2 6.2 6.1
2007 6.2 6.1 6.1 6.1 6.0 6.0 6.0 6.0 5.9 5.9 5.9 5.9
2008 5.8 5.9 6.1 6.0 6.1 6.2 6.1 6.2 6.2 6.3 6.4 6.6
2009 7.2 7.7 8.0 8.0 8.4 8.6 8.6 8.7 8.4 8.6 8.5
Source: Statistics Canada
www.statcan.gc.ca
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Full-time employment increased by 39,000 in November, the third consecutive monthly increase. Part-time employment also rose in November (+40,000), following two months of declines.
November saw an increase in the number of private (+57,000) and public (+54,000) sector employees, while the number of self-employed workers declined (-32,000). In recent months, the number of employees in the public sector, as well as the number of self-employed, has trended up, while in the private sector, the trend has been relatively flat.
Most of the gain in overall employment in November was among women aged 25 to 54 (+51,000) and men aged 55 and over (+17,000).
Almost all the employment growth in November was attributable to the service sector (+73,000), especially educational services. With November's increase, employment in the service sector is back at its October 2008 level, while employment in the goods sector remained well below (-324,000) where it was at that time.
In November, employment growth was widespread across most provinces with the largest gains in Ontario, Quebec and Alberta.
Compared with a year ago, average hourly wages in November were up 2.3%, the lowest year-over-year growth since March 2007.
Employment gains in Ontario and Quebec
In Ontario, employment rose by 27,000 in November, the largest gain in the province since September 2008. The unemployment rate, at 9.3%, was unchanged in November. While employment in Ontario remains well below its October 2008 level (-179,000 or -2.7%), since May 2009, employment has edged up slightly.
In Quebec, employment grew by 21,000 in November, pushing the unemployment rate down 0.4 percentage points to 8.1%. During the economic downturn, employment has fallen in Quebec, albeit at a slower pace than the national average.
Employment in Alberta rose by 13,000 in November, the largest monthly increase in the province since October 2008. Since March 2009, employment in the province has edged down by 7,000 (-0.4%), a much smaller loss than the 48,000 (-2.4%) observed during the five months following the peak of October 2008.
In British Columbia, employment edged up in November. Since March 2009, employment has grown by 27,000 (+1.2%), in contrast to the downward trend observed during the first five months of the labour market downturn (-69,000 or -3.0%).
Employment also rose in Manitoba (+3,100), pushing the unemployment rate down 0.5 percentage points to 5.3%. Overall, Manitoba's employment has remained stable throughout the labour market downturn.
In Newfoundland and Labrador, employment increased by 2,700 in November. This caused the unemployment rate to fall 1.1 percentage points to 15.9%.
The unemployment rate represents the number of unemployed persons expressed as a percentage of the labour force. The unemployment rate for a particular age–sex group is the number unemployed in that group expressed as a percentage of the labour force for that group.
Both sexes, 15 years and over
Seasonally adjusted
%
YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1999 7.9 7.9 7.9 8.2 8.0 7.6 7.6 7.5 7.4 7.2 6.9 6.8
2000 6.7 6.8 6.8 6.8 6.7 6.7 6.8 7.0 6.9 7.0 7.0 6.8
2001 6.9 7.0 7.1 7.1 7.0 7.1 7.1 7.2 7.2 7.4 7.6 8.0
2002 8.0 7.9 7.8 7.7 7.8 7.5 7.6 7.4 7.5 7.5 7.5 7.5
2003 7.4 7.4 7.3 7.6 7.9 7.7 7.7 7.8 7.9 7.6 7.5 7.3
2004 7.3 7.3 7.4 7.2 7.2 7.3 7.1 7.1 7.0 7.1 7.2 7.1
2005 6.9 7.0 6.9 6.8 6.9 6.9 6.7 6.7 6.7 6.7 6.3 6.5
2006 6.6 6.4 6.3 6.3 6.1 6.1 6.4 6.5 6.4 6.2 6.2 6.1
2007 6.2 6.1 6.1 6.1 6.0 6.0 6.0 6.0 5.9 5.9 5.9 5.9
2008 5.8 5.9 6.1 6.0 6.1 6.2 6.1 6.2 6.2 6.3 6.4 6.6
2009 7.2 7.7 8.0 8.0 8.4 8.6 8.6 8.7 8.4 8.6 8.5
Source: Statistics Canada
www.statcan.gc.ca
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Saturday, December 5, 2009
Ecotourism: Promoting Responsible Travel
Over the last decade or so, ecotourism has boomed. Defined as "responsible travel to natural areas that conserves the environment and improves the welfare of local people" by The International Ecotourism Society (TIES), ecotourism has been growing at a rate of 20 to 34 percent per year-and for good reason. Ecotourism allows you to visit some of the world's most beautiful-and remote-locations.
A subset of ecotourism is eco-luxury travel. "You can either go to Africa and be a backpacker or you can have a $10,000 tour," says Claudia G. Green, Ph.D., director of the Hospitality and Tourism Management Program at Pace University in New York. "The higher end traveler wants to be responsible, but is not going to give up comfort." These travelers enjoy all the comforts of home, personal service and elegant accommodations. Wilderness Safaris, for example, houses its travelers in luxurious tents, with en-suite bathrooms. Some of its African camps have pools and spa services.
Eco-luxury travel appeals to a sophisticated traveler, someone who wants to see some of the world's most beautiful places without making an impact on the environment. Eco-luxury experiences are popping up in exotic and remote locales all over the world, from Namibia and Botswana in Africa to India, Chile and even Pakistan. Green says that up-and-coming destinations include Gabon, Laos and Bhutan.
In addition to minimizing the impact on the environment, a goal of eco-luxury travel is to improve the welfare of the local people and promote the protection and conservation of the environment-and statistics show that it's accomplishing this goal. TIES reports that while 80% of the money paid for a traditional tour goes to airlines, hotels and other international companies, eco-lodges hire and purchase locally, investing as much as 95% in the local economy.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
New Locks Go High Tech
It's a familiar scenario. A family hits the road, headed to their vacation destination only to arrive and wonder: Did we lock the front door as we were leaving?
No need to worry, thanks to two well-known lock companies that recently introduced innovative, high-tech door locks that allow homeowners to control access to their homes remotely.
In September, Kwikset launched its remote access control solution, called SmartCode with Home Connect Technology. These keyless entry electronic locks, developed to work with home automation and security systems, can communicate wirelessly with other devices in the home. The locks allow you to check door lock status as well as control the lock using either a Web-enabled device or a home automation system. Now, if you forget to lock your door, and you're already at work, you can just do it yourself with the click of a mouse.
Schlage also offers a remote door lock system called Schlage LiNK. Using wireless technology, homeowners can remotely lock or unlock doors equipped with Schlage's wireless keypad locks, as well as monitor entry. Remote access can be obtained from a computer or Web-enabled mobile phone. The system can even be set up to notify parents when their children arrive home from school, by e-mail or text message.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Shopping for a holiday tree?
Under ideal conditions, a fresh cut tree can last up to two weeks in your home. Follow these tips for choosing and maintaining a fresh holiday tree:
• Buy from a reputable tree seller.
• Inspect fresh trees by lightly shaking them or pulling on the needles. A fresh tree should hold its needles and show no signs of browning.
• Make a fresh cut in the bottom of your tree when you get home. Secure it into a sturdy base that contains water.
• Always keep the end of your tree just below the water line to prevent it from drying out. Check water levels often.
• Place the tree away from furnace vents, fireplaces, radiators and heat-generating appliances, including televisions.
• Decorate with energy-saving lights that give off little heat; unplug all tree lights before going to bed or leaving your home unattended.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
• Buy from a reputable tree seller.
• Inspect fresh trees by lightly shaking them or pulling on the needles. A fresh tree should hold its needles and show no signs of browning.
• Make a fresh cut in the bottom of your tree when you get home. Secure it into a sturdy base that contains water.
• Always keep the end of your tree just below the water line to prevent it from drying out. Check water levels often.
• Place the tree away from furnace vents, fireplaces, radiators and heat-generating appliances, including televisions.
• Decorate with energy-saving lights that give off little heat; unplug all tree lights before going to bed or leaving your home unattended.
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
Wednesday, December 2, 2009
Residential Mortgage Market in Canada
As a member of the Canadian Association of Accredited Mortgage Professionals, I am please to share with you the December issue of CAAMP Stats. This attachment is its fall annual report on the state of the residential mortgage market in Canada.
To read the report please click on the link below.
http://onlineoffice.century21.ca/PublicStorage.c?ID=d349c165-5715-4251-af8e-153a0be16f64
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
To read the report please click on the link below.
http://onlineoffice.century21.ca/PublicStorage.c?ID=d349c165-5715-4251-af8e-153a0be16f64
It's Your Career - I'm Here To Support YOU!
Constantine Isslamow
Real Estate Broker/Mortgage Broker/Manager
Century 21 United Realty Inc. Brokerage/CENTUM Core Financial Inc.
Independently Owned and Operated
Blog / Website / Follow Me / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642 Constantine Isslamow License#: M08005391
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