Improve Any Space With These Interior Design Tips For Rented Homes

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Are you searching for creative ways to make your home look better through interior design? Do you lack the knowledge to help you make those changes? If so, continue reading because the article below will present you many ways that are simple and will give your home that nice new look.
When choosing colors for your interior design, avoid going with fads. Olive green walls may have been popular once upon a time, but it can make your home look dated. Go for neutral colors that can withstand the test of time. That way, you would not feel like you have to repaint every year.
It is ideal that most pieces of artwork are placed at the eye level of those occupying a room. If you hang it in the wrong place it can make your room seem unbalanced.
Use slipcovers. If you have old sofas and couches that you are getting bored with, think about simply buying a slipcover to cover them with. Slipcovers come in all designs and colors, so you are sure to find one that suits the decor in your home. Make sure to wash the slipcover regularly.
When you are getting ready to paint a room, paint just a portion of a wall first, and wait a few days before you decide. You can avoid the hassle and added cost of re-painting a poor color choice by seeing how you feel about it after a couple of days.
As you can see from the above article, you don't have to be someone with a lot of creativity in order to make your home stand out. Interior design is rather simple when you have a few good tips to follow. Incorporate the information you learned today and use it in your own home to give yourself an exciting new place to live.

Does The Thought Of Interior Design Leave You Seeing Spots? Help Is Here For Rented Home!

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A subject like interior design does not have to be one that is hard for you to grasp. Anyone can learn the basics of interior design and fix up their home. So get some ideas down for how you are going to make your home look better by reading this article.
One key tip with regards to interior design is to make sure your room has a focal point. Whether it is a fireplace, piece of furniture or whatever you desire, it is important to have one point in which the entire room revolves around so that whatever item you choose is the highlight of the room.
If you are making decisions about changing the interior decor of your home, get your family involved. Remember that they will need to live with the changes as well. Decisions that are made should be acceptable to everyone to avoid conflict and ill feelings. Your home is the haven for each member of your family, so everyone should feel good about the changes ahead.
When considering an interior-design project you should think about starting in the most popular room of the house. Interior design can be both a lot of work and cost a lot as well. If you want to get the most out of your work and money, you should decorate the room that you will enjoy the most first.
Make sure that before you engage in designing your home that you have a plan in place. This can help a lot to reduce your worry when you are in the process of designing your home. Also, you can organize your finances better when a plan is in place for your project.
With all of the knowledge you gained you might feel a little overwhelmed right now. This is fine, just remember that you can reread this article if you have to. It is always a good thing to understand the material you read so that you can apply everything that you read to the best of your ability.

A List Of Expert Tips For Buying Real Estate


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Article Source: http://www.canadianmortgageupdates.ca

Buying real estate can be a wise investment. There are many things, however, you need to consider before and during the buying process. Do not jump-in-over-your-head and regret your decision! This article can help you with some of the items that need to be considered. Read on. If you're considering buying a house in a new neighborhood, don't just take the real estate agent's description of the area. Find out about crime levels from the local police department, pick up the local newspaper and visit the local grocery store. You can find out a lot about the local area by doing these three things. When making an offer to purchase a home, consider offering more "bottom line" money but ask the buyer to pay some of your fees or add in an insurance contract. This is because your offer sounds higher to the seller so they will be more likely to accept it; however, you still save money. If you are not in any hurry to buy a home, check the paper for homes that are listed to go up for auction. One homeowner's loss may be your gain. You can get a home for far less than market price by going through the home auction process. Chose a real estate agent that is dedicated to working for you. A good Realtor should be available before, during and after a sale. Ask the Realtor for references before making a decision. This person will be your eyes and ears in this process so make sure they are someone you can trust to stick with you. As was stated earlier, buying real estate can be a wise investment. Using good judgment when buying, this is no doubt a big investment. Avoid getting caught up in the moment! Use the information in this article to help you make the right choice.

Tips For Your Next Real Estate Purchase

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Article Source: http://www.canadianmortgageupdates.ca/


So you are thinking of buying a home but want more house hunting information? Perhaps you have already begun searching for a home but you are not getting very far. Either way, what you are about to learn in the following article will help you become more educated in the field of house buying.
Perform a sex offender search in the area of the home you are considering buying. Real estate agents are not required to disclose this information voluntarily, although many must answer honestly if directly asked. Parents especially should be aware of this information before moving to a new area. Be sure to check the offense in detail, as not all offenders are necessarily dangerous.
 Ask your realtor for information on sales from their brokerage or themselves over the last year. This can be a determining factor in whether or not you have a strong enough realtor making decisions with you. This gives you a good idea of both their experience and strengths in the real estate market.
 Buying a home with a great view might have disadvantages, too. Usually, it costs significantly more than the rest of the houses in the neighborhood. Its resale value can also be negatively affected, as the potential buyers might not appreciate the view as much as the original buyer did. There is also a good possibility that during the years, new structures will be erected, significantly altering the original panorama. The basic rule is to pay as little extra for the view as possible.
 In conclusion, it is important to become educated about house buying, whether you have already begun the process or not yet started. The above article gave you important information that could help you find the perfect home for you and your family. After all, being educated in the house buying market is a plus!

Rents Are Up, So Are Evictions

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On average, nationally rents have increased 7 percent year on year while income has only gone up 1.5 percent. Over the long haul, renting has appealed to people because it was less expensive than buying. Renting has traditionally cost about 25 percent of average income compared to ownership costing 30 percent or slightly higher (according to Zillow). Today, renting is costing the same percentage of income as buying does. For many, it would more sense to buy if they could come up with the down payment and qualify for a mortgage. Unfortunately, they can’t qualify and landlords are taking advantage.
One small financial emergency and a month’s rent is missed. That becomes grounds for the landlord to start the eviction process if the tenant doesn’t voluntarily move out. Some greedy and vicious landlords are looking for any minor violation of a lease agreement to send renters to the street so that they can bring in new renters at a higher rent. It can be as minor as a single noise complaint or a claim that the renter is hoarding unwanted materials in the rental unit.
Evictions Are a Legal Process
The eviction process varies from state to state. However, the U.S. Department of Consumer Affairs describes it this way. When a tenant doesn’t voluntarily move out of a rental unit after legally being given notice to vacate, the landlord can file an unlawful detainer lawsuit in superior court. The eviction process is a legal process that will almost always result in the tenant having it added to his or her legal/criminal record.
The tenant is given legal notice that a lawsuit has been filed. These lawsuits move through the courts very fast. The tenant often has no more than five days to file a response if he or she wants to contest the suit. A judge will typically then make a formal decision within 20 days. If the tenant hasn’t made a response and appeared for trial, the judgment will almost always favor the landlord.
The landlord cannot use “self-help” measures to remove the tenant from the rental unit. For instance, the landlord cannot change the door locks or cut off utilities. The landlord must use the court-approved process to evict the tenant. If the landlord does use unlawful methods to remove the tenant, the landlord typically becomes financially responsible for any damages or hardships the tenant incurs.
The Court Eviction Process
The court process does vary from state to state. Generally however, if the tenant presents a case that shows there is no reason for the eviction (perhaps the rent has been brought current), the court will not evict the tenant. Instead, the court might award the tenant damages for filing fees and attorney costs depending on the language contained in the lease.
When the court finds in favor of the landlord, a writ of possession is issued.  The writ of possession is an order for the sheriff to remove the tenant from the unit. Typically, the renter has about five days to voluntarily move before the sheriff physically removes the tenant from the rental unit. The court will likely award damages in favor of the landlord in the form of back rent, court filing fess, and attorney fees. In some states, the court can also order the tenant to pay a fine to the landlord for not leaving the unit when originally and legally told to do so.
All traditional court proceedings apply to evictions. A tenant being evicted can require “discovery of evidence” and/or subpoena witnesses and other legal proceedings. This includes the right to appeal a judgment that goes against the tenant. However, even on appeal, the tenant will typically be required to move before the appeal is heard.

5 Reasons You Should Give Home Automation Some Thought 

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Whether you have just recently moved into a new home or if you have been considering upgrades for safety and for property value purposes, consider the option of home automation. There are a few reasons to consider home automation regardless of the size of your home, how much you travel as well as where you are located.
Safety and Protection
With a home automation system installed, you have the ability to lock down doors, windows and any other access points to your home, whether you are inside or out. Home automation systems detect break-ins and alert authorities as well as homeowners as quickly as an incident occurs, regardless of the severity of the incident itself. Getting peace of mind with a home automation system is another benefit of having one installed.
Accessibility
Many home security systems today allow for the ease of accessibility. It is now possible to view installed security cameras with the use of your television, desktop computer and in some cases, even your smartphone. Using your smartphone or another computer is a way to monitor any cameras you have set up throughout your home or even any outdoor property you are protecting at all times.
Having the ability to check on your home from just about any location is a way to ensure nothing is out of place or that you are not at risk of a potential intruder or danger. Using an automation system with security and smartphones allows you to alert authorities immediately if you spot something that is out of the ordinary while away from your home.
Features and Options
Depending on the type of home automation system you have installed, it is also possible to use a temperature gauge and monitor. Monitoring the temperature in your home is an ideal way to ensure your heating or air conditioning unit is working properly when you are unable to check on it yourself. Be sure to review all of the features and options available provided from individual home automation systems to ensure you are getting the most for your investment. Comparing features and prices is a way to find a home automation that is ideal for your property, regardless of your own needs and its location or size.
Another feature that is available with many home automation systems today includes timed lighting. Timed lighting helps to ensure you are not keeping the same lights on when you are not in the home. By having a timed automated system set up for lighting, it is much easier to leave the home or travel without looking conspicuous or becoming a target to potential thieves who have been looking into your neighborhood.
Home Warranty
Opportunities Working together with home warranty companies is another way to ensure that your home security system is always covered and can be repaired or inspected at any times. A home warranty company is capable of offering long-term warranties to ensure your household is entirely protected for years to come. Having a home warranty for your automation system is a way for you to feel protected whether you are out of state or even traveling globally.
Less Hassle
When Traveling and Out of Town Although it is still advisable to inform close family friends, and even neighbors when you are going tout of town for vacation or business, there is less need to do so with a proper home automation system installed. With features such a timed lighting and the ability to check on your home and all of its rooms at any times, leaving your home unattended has never been easier.
The more you know about what home automation systems have to offer, the easier it becomes to find a security option that is right for you and your household.Whether you require home automation for your main home, a vacation home or even your place of business, there are plenty of packages and options available for you.

Learn To Become A Pro At House Shopping

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Article Source: http://www.canadianmortgageupdates.ca


A lot of people want to buy the best kind of real estate as they invest their money, but they aren't sure how to go about it. What you have to keep in mind is the more you know the better chances you have at buying real estate at the best price.
When you are buying a home you should always have people in your own corner. Get your seller agent first thing. Also when you are doing things like having the home inspected or appraised hire your own people as well.
When you are looking at buying a home look up the neighborhood for sex offenders. The police are in charge of keeping that list updated. However your agent may be able to help you find that information. Of course if you have children you wouldn't want to move next door to someone that has a record that involves children.
If you are a first-time homebuyer, don't make the mistake of buying the first house that you like. You need to view at least three other houses that are comparable in value, before making a decision. Too often, people get caught up in the mere idea of buying a house, not realizing that there may be something better out there.
Look at a lot of houses before you buy, even if you love the first property you tour. It can be easy to fall in love with the idea of buying a house and then, consequently, the first property you see. Make sure to tour many other properties for comparison, just to make sure that the house you choose has everything you want or need.
The information in this article is a great place to start when thinking of strategies you want to use towards buying real estate. Remember that the tips in this article is only a portion of the information you can know about how to be successful in buying the real estate that's right for you.

Study: Green Neighborhoods linked to healthier babies 

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Pregnant women living in “green” neighborhoods are more likely to deliver healthier babies, suggests a new study from researchers at Oregon State University and the University of British Columbia.
What makes a neighborhood green: the presence of trees, leaves, grass, and other greenery. Mothers who live in such greener spaces are more likely to deliver at full-term and have babies born at higher weights compared to mothers who live in urban areas that aren’t as green, according to the study recently published in Environmental Health Perspectives. “This was a surprise,” says lead author Petty Hystad, an environmental epidemiologist at the College of Public Health and Human Services at Oregon State. “We expected the association between greenness and birth outcomes to disappear once we accounted for other environmental exposures, such as air pollution and noise. The research really suggests that greenness affects birth outcomes in other ways, such as psychologically or socially.” Researchers controlled for factors such as neighborhood income, exposure to air pollution, noise, and neighborhood walkability. Between 1999 and 2002, researchers tracked more than 64,000 births in Vancouver, British Columbia. They found that when mothers lived in greener neighborhoods, pre-term births were 20 percent lower, and moderate pre-term births were 13 percent lower for infants. The study also found that infants from greener neighborhoods tended to be of a healthier weight: They weighed 45 grams more at birth than infants from less-green neighborhoods. Why the link to healthier pregnancies and green neighborhoods? More research needs to be done to determine if green space opens the door to more social opportunities and enhances a woman’s sense of belonging in the community, or if it has a psychological effect in reducing stress and depression, Hystad says. The study also was not clear on what type of green space is most beneficial to pregnant women, but Hystad says that adding a planter to a patio or a tree to a sidewalk wouldn’t make a large difference in birth outcomes. The study is one of several recently that shows the health benefits of green space, Hystad says. “We know a lot about the negative influences, such as living closer to major roads, but demonstrating that a design choice can have benefits is really uplifting,” says the study’s senior author Michael Brauer of the University of British Columbia. “With the high cost of health care, modifying urban design features, such as increasing green space, may turn out to be extremely cost-effective strategies to prevent disease, while at the same time also providing ecological benefits.”

Buying Your Dream Home Does Not Have To Be Scary

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Buying a new home or other type of real estate for the first time can be scary, but it doesn't have to be. Pour over this information, including the many tips, to help you understand the process and what to watch out for when making your real estate purchase, and you'll be a pro in no time.
To maximize your chances of getting a wonderful property at an affordable price, consider going house hunting in the fall. Most real estate activity takes place in the spring and summer, so if you wait just a few extra months, you will have fewer competitors and be in a better position to negotiate the price you want.
Be aware of the homeowner's responsibilities that may come with a new piece of real estate. Especially in expensive neighborhoods, buying property may require a homeowner to submit to extensive regulations about how his or her home is to be maintained and treated. A homeowners' association usually has such regulations. Potential buyers should review these requirements carefully before making a decision.
Tour many properties before making your final decision. Keep track of the things that you have liked and the things that you did not like about each one. Maybe even develop some kind of a rating system to help you narrow the long list of potential homes down a bit.
Do your research before starting the search for a home. Determine what sort of neighborhoods will fit your lifestyle and dreams. Keep in mind that a house is a long term commitment and your needs may change over time. Buying a home in an urban hip downtown may be perfect now, but you may wish you had chosen differently when you have kids so look at your dreams for the future and plan accordingly.
Now that you know how the process works, you can methodically and carefully plan your first real estate purchase. Whether you hurriedly go house hunting this weekend, look for apartment buildings to manage or scout for retail-business buildings, your newly found confidence will help you to make the right purchasing decisions.

Practical Tips For Buying Residential Real Estate

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Investors spend a lot of time searching out just the right options and the real estate sector, may perhaps, be one of the safest places to invest. Despite the "doom and gloom" reports regarding real estate, those purchasing real estate for strict investment purchases know that the current situation is a rare opportunity.
When you are in the market to buy a home, do not go looking at the houses that are on the top of your price range first. It is better to look at one in the lower end of your price range. The reason for this is that if you see the more expensive one first, you will always compare the other houses to it.
When deciding if you can afford a property, take outdoor maintenance costs into consideration. A house with a small yard and a big patio will require less costly upkeep than one with acreage and lots of greenery. If there are unhealthy trees that need removal, get estimates for the work, and factor the cost into your affordability decisions.
Check the neighborhood for sex offenders online at the National Sex Offender Public Registry. Knowing if one of these predators lives in the neighborhood that you may move to is important to the safety of you and your family. Check for registered and formerly registered offenders. Taking a minute to look may save your family heartache.
When looking to buy a home, consider waiting until the fall season. It is not during the peak market which allows you to make lower offers on a home because sellers are ready to unload before winter sets in and the market stalls completely. You may get the home that you did not think you could afford at just the right price.
In the end, if you are willing to part with a portion of your finances for an extended period of time, then you could reap massive rewards. When it comes to land, it matters not about market fluctuation, but rather, to the wise investor that sees an opportunity to own a bit of the future recovery.

10 tips for first time real estate investors

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Many people consider investing in real estate as a way to build a nest egg and have tenants help you pay the mortgage. There are pros and cons to taking that leap, but if you do, here are 10 things to know.
1.Visit with a mortgage broker or your bank to determine how much money you can afford to borrow responsibly for your investment.
2.Look for properties that generate a positive cash flow. What this means is that the rent that you receive from tenants should be enough to pay your mortgage payment, property taxes, utilities and insurance bills. Budget an additional ten percent on your overall payments to pay for minor repairs that will invariably arise. Currently this is very difficult to find in the Toronto area. Do not be afraid to expand your search to smaller communities, where you will be able to find more properties that match your search criteria.
3.Use an experienced local real estate agent who also invests in real estate themselves. Investors learn about the pitfalls only through first-hand experience, both good and bad, and you want that experience working for you as well.
4.Have any property inspected by a professional home inspector. In addition, find a contractor who you can trust to give you the right advice for any minor repairs or renovations that may be required, especially for older properties, in order to add the most value to your investment.
5.Consult with your accountant and lawyer as to how you will take ownership of the property. There are some benefits in taking title in the name of a limited company, in order to protect yourself against personal liability should someone get hurt on the property and for other tax planning purposes. However, on the other hand, you will also have to pay about $1,000 in incorporation fees and have to file a separate tax return each year for your company.
6.Keep proper records of income and expenses for your investment property. Do not mingle these with your personal bank account as it will become difficult to properly trace this when you have to file a tax return at the end of the year, regardless whether you own the investment in your personal name or in a company name.
7.If you are buying with a partner, make sure you have a proper partnership or joint venture agreement to protect both of you should things not work out as planned. In particular, provisions should be made if one of the partners wants to sell and the other one doesn’t, one partner is not paying their share of expenses or what happens if one of the partners dies.
8.Hire an experienced property manager to assist you in finding suitable tenants and dealing with any ongoing maintenance, repairs or other complaints by tenants. You do not wish to be woken up in the middle of the night to handle emergency repairs. Budget an additional $100 per month for this service.
9.Be careful not to buy and sell properties quickly. The Canada Revenue Agency may view this activity as business income. This means that you will have to pay tax on any profit you make on your investment. It is preferable to buy properties for the long term, rent them out and use your positive cash flow to reduce the amount of your mortgage owing, building equity in your property. If you then sell years later for a profit, it will likely be classified as a capital gain and thus one half of your gain will be tax free.
10.Don’t be afraid to walk away if the deal does not work for you, no matter how much time you may have invested in the property.

The Purpose of Commercial Real Estate is to Service Society 

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When you consider the future of commercial real estate, what is your number one consideration? It should be the direction that society is going in. From manufacturing to warehousing to retail to apartment buildings, commercial real estate is all about servicing society.
Manufacturers that don’t keep up with technology won’t be able to produce customized products in mere days. The automotive industry has been moving in this direction for years. Manufacturers that master technology that quickly delivers customized products will thrive. Those that don’t will go bust.
Commercial Sectors Behind the Power Curve
Full service malls are already on the decline. Mall anchors such as Sears and J.C. Penny’s are going dark all over the country and causing the smaller stores to shutdown with them. These once major chains might survive in a much smaller online version but the mall format is doomed on two fronts. Both from the continuing growth of internet sales and from the proliferation of discount sellers like Wal-Mart and Target. Mall properties may soon be worth no more that the land they stand on. Warehouses are another sector of commercial real estate in dire trouble. While the high tech distribution centers like Amazon and FedEx have heavily modernized and automated their facilities, most warehouses have not and are way behind the power curve. Most warehouses are nowhere near having the ability to make one day or same day deliveries. This is analogous to car manufacturers that can quickly deliver customized products. The highly automated warehouse will thrive in the future and the antiquated ones will go the way of the large malls. Our population insists on instant gratification and only distributers that can deliver will survive.
The Country Will Urbanize
One sliver of hope for malls is they could be repurposed into the town centers that Baby Boomers, Gen X, and Gen Y are demanding. These massive sections of the population want the charms of city living where they can to live, work and play in a compact area. But just any old building on any old block in the city won’t do. The commercial properties that will thrive are those that reinvent themselves for old technology into modern mixed-use properties. The younger generations work to live instead of living to work as the Baby Boomers did. The younger generations want to take frequent breaks from work and demand amenities in or near the work place. This could lead to a repurposing of malls and older office buildings.
Suburbs Need to be Modernized As Well
The transition into city life doesn’t mean that suburbs will be abandoned. Millennials still like this life style. But as is true for much of our aging infrastructure, suburbs need a major facelift. Millennials want the same compact lifestyle as the other generations except they want it outside of the hustle and bustle of the city. They too want a work-play environment. Suburbs will become more walk able communities with high-speed public transportation into the cities. Besides technology, the other big change to commercial real estate will be the green movement. Society will demand a small carbon footprint that is more ecologically friendly. While “going green” is happening across Europe, it’s still mostly a buzzword here. Still, commercial properties that want to thrive will need to greatly improve technology and go green in the years to come.

Living in an Older City is “Healthier”, claims new study

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Older cities are generally healthier than many newer cities because compact street networks promote more walking and biking, according to researchers at the University of Colorado Denver and the University of Connecticut.
The study’s co-authors looked at 24 medium-sized California cities with populations between 30,000 and just over 100,000, examining street network density, connectivity, and configuration. They studied how street design correlates with obesity, diabetes, high blood pressure, heart disease, and asthma rates collected by the California Health Interview Survey since 2003.
The report concluded that more intersections in a city leads to a reduction in obesity at the neighborhood level, as well as a reduction of obesity, diabetes, high blood pressure, and heart disease at the city level. The study also found a correlation between wider streets with more lanes and increased obesity and diabetes rates.
“Over the course of the 20th century, we did a great job of engineering utilitarian active transportation out of our daily lives,” said Wesley Marshall, study co-author and assistant professor of engineering at CU Denver.
“While they were well-intentioned design decisions, they effectively forced people to make an effort to seek out exercise and we are now seeing the health implications of these designs.” Researchers also looked at each city’s “food environment,” and found that more fast food restaurants were associated with higher diabetes rates and more convenience-type stores correlated with higher obesity and diabetes rates. “While it is possible to lead an active, healthy lifestyle in most any type of neighborhood,” Marshall said. “Our findings suggest that people living in more compact cities do tend to have better health outcomes.
” Additionally, the study found that the presence of a “big box” store tends to be indicative of poor walkability in a neighborhood, and was associated with a 13.7 percent rise in obesity rates and a 24.9 percent increase in diabetes rates.
“Taken together, these findings suggest a need to radically re-think how we design and build the streets and street networks that form the backbone of our cities, towns, and villages,” said Norman Garrick, co-author and associate professor of engineering at the University of Connecticut. “This research is one more in a long line that demonstrates the myriad advantages of fostering walkable places.”

Memphis Is About the Whole Hog


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It is easy to look at a flipped home through rose-tinted spectacles, and to assume it is ready to move into and that there won’t be any major pitfalls. Unfortunately this might not be the case, as most property flippers or contractors will be anxious to shift the house as quickly as possible so they can move onto their next project. As a result, work can often be rushed and below standards you’d typically like to see in your own home.  An article in aol.com has highlighted the major things to look out for when buying a flipped property, to help avoid any nasty surprises once you move in.
One thing many of us are guilty of is getting caught up in the excitement of buying somewhere new. It can be very easy to focus on nice shiny new appliances, or marble or granite countertops, and to not pay attention to the overall quality of the work. A properly refurbished home will be nicely finished. Signs that this  isn’t the case can  include moldings that aren’t properly lined up, gaps in between the wall and countertops, poorly finished tiling and light switch plates that don’t quite fit properly. Often the cabinets in the kitchen won’t quite shut properly. Even though these seem like minor cosmetic issues, they could indicate more important jobs haven’t been carried out properly, and it is well worth paying closer attention to other areas that could be more expensive to rectify. This might include water heaters gas lines or the electrics panel. It is easy for potential buyers to assume a home that has been newly renovated is new enough not to require an inspection, but this could be a costly assumption to make. An inspector can make sure all work was up to code and can check the general standard of the work.
It is worth getting an inspection even if the work has already been signed off by the city as they will only have been interested in the health and safety aspect. A home inspector will check every part of the house, ensuring it is perfect. It is even more important to make sure the contractor obtained all the relevant permits, and that they were all signed off. You should receive copies of all the final permits, or otherwise you should be able to find them online. Failing to check these details could mean you end up being liable for illegal or poor quality work.
Although work on flipped homes is often carried out to a good standard, it is worth carrying out your due diligence to make sure you don’t get caught out.

A Beginner's Guide To Buying A Home

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Article Source: http://bestmortgagebrokers.net/  


If real estate is a new thing for you, you need to learn a few things before considering buying anything. The following information will help you to be able to tackle any real estate endeavor that should arise.
Take the time to investigate the inspector for your potential property. You should make sure that they are certified, work for a reputable company and if possible are with an inspector association that is non-profit. If not, their credentials may be supplied by a non-reputable organization that supplies them for nothing more than a fee.
Even if you are buying a home or commercial property, consider hiring a real estate appraiser to get an appraisal of the property. Appraisers are independent third parties who assess value and don't make a commission off of the price; they will provide you with evidence for their valuation. If you buy the property, you will also need to know what the assessed value is, so why wait?
First-time home buyers should consider not only the home they're looking at, but also the neighborhood. What are the schools in your new neighborhood like? How convenient are shopping and entertainment sites? Questions like this are important to ask so you can establish or maintain a lifestyle that works for you.
Don't be caught off guard by hidden fees. Ask your Realtor upfront for an estimate of what the closing costs will be. Items like commissions, attorney fees and home owner association fees should be disclosed upfront. Review the settlement and all the terms before you are ready to close.
As you are now aware after reading the tips from above, purchasing real estate may be a scary process in the beginning, but after applying common sense and getting educated you can quickly get up to speed. Follow our tips and you're sure to become wise to the ways of the real estate market.

Recent Report Thinks Housing Will ‘Soar’ in 2015

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Just recently there have been quite a few rumors that the housing market is about to take a turn for the worse, but an article in Housingwire is predicting the opposite. This is based on a report released by Altos Research which says the market will begin to soar next year. Although the report does concede that demand will ease, it is still quite bullish about the outlook for the housing market. Based on its models, the company is forecasting another year where home values will rise. It is predicting a 7% increase for next year. This is quite remarkable as some experts are anticipating that house prices will depreciate next year.
Apparently this negative view is largely due to the media, according to the report from Altos Research. They think this outlook is short-sighted, and even though they concede the concerns are valid they feel the variables affecting home prices are proven to be driven by new household formation and low supply in the market, constrained by low new construction. The main reason Altus Research feels prices will increase by 7% is that it expects inventory levels to increase by another 10%. It’s anticipated that as inventory levels and the number of transactions continues to increase, alongside house prices, then participants in the real estate market will broadly benefit.
In addition they point out that the number of days houses remain on the market before attracting a buyer is still low compared to figures seen before the housing crisis. This shows it’s still very much a sellers’ market. During a sellers’ market, sellers are able to list their homes at a higher value in the hope that a buyer will be tempted to pay the price. If this fails to attract a buyer, then the seller always has the choice of reducing the price closer to market values which also gives the buyer the impression of a compromise. According to Altos, just over a third of properties will see the price is reduced in this way, something the company sees as an indication of weaker overall demand combined with strong competition.
The report points out that the housing market recovery will soon enter its fifth year. The market is still dealing with low inventory levels and demand, but is boosted by an expanding economy and overall remains healthy. As a result supply and demand are becoming more balanced.

Five-year mortgages holding firm, but just wait

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Article Source: http://firstmortgagerates.ca/



Five-year fixed mortgage rates tend to roughly track the yields on five-year government of Canada bonds, because those influence the cost of the funds that the banks obtain to lend out. Yields on five-year government of Canada bonds have fallen. They ended last year at 1.95 per cent, and this week were below 1.50 per cent.
“If you went back to the start of the year, there was an absolute consensus that bond yields were going to head higher,” explains Toronto-Dominion Bank chief economist Craig Alexander. “Not dramatically, but there was an absolute consensus that bond yields would be increasing through the course of 2014. So, one of the big surprises this year has been the drop in bond yields.”
Canadian bond yields tend to mirror those in the U.S. because the market views the securities as alternatives to one another.
“One of the things that happened at the start of this year was, initially, there were some concerns about emerging markets and the angst over the slowdown in China,” Mr. Alexander adds. “But then we started to get very weak economic data out of the United States, and there was news that the U.S. economy outright contracted, and you saw broad-based scaling back of expectations about global growth. So, while some of the fears about emerging markets diminished, it happened at the same time that people found something new to worry about.”
So, a more negative outlook for economic growth in the U.S. and elsewhere turned into good news for Canadian home buyers.
But Mr. Alexander thinks the U.S. economy is on pace to grow faster than most other advanced countries in the second half of this year. “As a consequence, I think that the rally in bonds that we’ve had since the start of the year is likely to be reversed, from an economic fundamentals point of view it’s only a matter of time. The thing that economists are notoriously bad at is timing.”
In other words, economists are still expecting five-year fixed mortgage rates to creep up, they just don’t know exactly when. Mr. Alexander now expects five-year bond yields to creep back up to about 1.95 – where they were at the end of 2013 – by the end of this year. He then sees them rising by about 90 basis points next year, largely during the second half of the year.

Altos: Ignore the Critics, Housing is Ready to Boom in 2015

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News Source: http://bestmortgagebrokers.net/



The housing market is going to surge in 2015, despite the bearish predictions from many critics in the housing industry recently, according to a report to be released today by Altos Research, a housing data provider.
“While we see signs of demand easing, we are significantly more bullish on housing than many of the recent headlines seem to suggest,” says Michael Simonsen, Altos CEO. “Based on our models, we’re forecasting another year of home price appreciation, with a 7 percent home price increase for the year of 2015.” Altos is also projecting for-sale inventories to rise another 10 percent. Researchers point out that the number of days on the market remains low compared to prior to the housing crisis, an indicator of a seller’s market. Some other housing experts in recent weeks have projected that a depreciation in the nation’s housing market is coming. But Altos researchers are blaming it on recent negative headlines throughout the media:
“In our view, these attitudes reflect a myopic view of actual market conditions and conflate concerns over the mortgage industry, the otherwise-constrained new construction market, and more broadly, the long-term financial stability of the U.S. consumer with specific current housing market supply and demand dynamics. While these are valid long-run concerns, the variables impacting home prices have proven to be driven by low available supply and growing household formation.” Altos researchers say that home prices across the country are poised for a fifth consecutive year of recovery.
“The market is still faced with low inventory and demand, buoyed by an expanding economy, which, among other factors, remains healthy,” according to the report. “Both supply and demand conditions are moving from extreme bullish conditions to healthy condition.”

Buying Real Estate - Advice That Will Keep You From Making Mistakes

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Article Source: http://bestmortgagebrokers.net/


Whether for commercial or residential purposes, buying real estate today can be quite an experience, one that has shifting feelings, and one that carries a great deal of risk. If you aren't careful, you can find that your investment is made improperly, leading to loss, while you could also miss out on prime properties due to your lack of knowledge. Gain a greater idea of what to expect with these tips on buying real estate.
When considering purchasing a piece of real estate that will be your primary residence, you should visit the property several times at varying times of day. You want to see what it is like during the day when everyone is at work, at night when all your neighbors are at home, and on the weekend, when they may tend to throw loud parties.
Before buying a property, make sure you walk through the home a few times. This will help you to really get a feel for it. Nowadays, due to the internet and 'virtual tours', people are tempted to make an offer, simply by what they see on a realtor's website. This is a big mistake, as you only get to see the positive aspects of the home.
To make money off real estate, look for thriving areas in a promising metropolis. You can buy a home there at a reasonable price and sell it years later once the prices on the local real estate market go up. Ask the advice of a professional if you are not sure about investing.
Whether exciting or a task you must complete to enhance and expand your business, buying real estate is a venture that should never be taken with a blind eye. You should always know first what to expect and how to find the right real estate before you make any type of decision. With this article and its tips in mind, you could make a much more successful purchase.

New Home Sales Plummet by 8.1 Percent


Sales of newly built, single-family homes dropped 8.1 percent in June, the largest decline since July 2013, the Commerce Department reported Thursday. New-home sales were at a seasonally adjusted annual rate of 406,000 units in June. May’s sales pace was also revised from a previously reported 504,000 units to 442,000 units.
“The numbers are a little disappointing, but May was unusually high and some pull back isn’t completely unexpected,” says Kevin Kelly, chairman of the National Association of Home Builders. “Our surveys show that builders are confident about the future and we are still seeing a gradual upward trajectory in housing demand.” Across the country, new-home sales were down, falling by the largest amount – 20 percent – in the Northeast. New-home sales were also down by 9.5 percent in the South; by 8.2 percent in the Midwest; and by 1.9 percent in the West. Inventories of new homes for-sale rose 3.1 percent in June to the highest number since October 2010, reaching a 5.8-month supply at the current pace.
Builders are still optimistic that the new-home sector will see improvement later this year. “With continued job creation and economic growth, we are cautiously optimistic about the home building industry in the second half of 2014,” says David Crowe, NAHB chief economist. “The increase in existing home sales also bodes well for builders, as it is a signal that trade-up buyers can move up to new construction.”

5 tips for a happy retirement

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News Source: http://www.canadianmortgageupdates.ca/



A new book offers not just a plan to retire, but a way to do it sooner and to be happy when you do.

Financial planner Wes Moss, author of You Can Retire Sooner Than You Think: The 5 Money Secrets of the Happiest Retirees (McGraw Hill Education, $18), says if you hit a few benchmarks, then retirement starts to take on a new look.
A survey of 1,350 current retirees helped him identify a few traits that can make you happy, or unhappy, during your retirement years. These include a good cash cushion, but also activities, hobbies or interests you love to pursue.
Moss has five tips to help you get where you need to go.
The process starts with asking hard questions about your vision of a life without work. Will you travel? Stay at home? Volunteer? Keep working? How much will that life cost you?
Four of the five secrets to a happy retirement have to do with money, but the other one, the one about being happy, is what Moss always comes back to. Retirement gives you freedom, he says. Being able to fund the kind of retirement you desire gives you even more freedom. And freedom is what we all want.
Here are his five best practices for a happy retirement.
  • Determine what you want to spend your money on.
  • Figure out how much you need to save.
  • Create a plan to pay off your mortgage.
  • Develop an income stream from multiple sources.
  • Become an income investor.

Tips On Buying Your New Dream Home

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Article Source: http://bestmortgagebrokers.net/

There are so many things that need to be considered when buying real estate. Things from the property itself to the financing that is going to be needed to pay for it. This article was written to help you gain the knowledge and advice that is needed to make your experience a positive one.
When buying a home in the fall, remember to use closing as an opportunity to save even more money. You want to make sure not to turn the seller off by suggesting a price that is significantly lower than they want. However, you can save additional money through something called seller concessions; seller concessions are when the seller agrees to cover some of your closing costs. These are usually around two to nine percent of the purchase price.
To get the home you want, you should react very quickly. Once you have visited a place you think about buying, do not take more than a couple of days to think about your decision. You should definitely consider the pros and cons but keep in mind that somebody else might buy it before you take a decision.
Make sure that you are looking for a home that will adequately fit your family if you are planning on having children or already do. Pay attention to safety too, especially if the home you are looking at has stairs or a swimming pool. If you buy a house from a family who has raised their children in it, it should ensure that the house is relatively safe.
If you have learned the many helpful things that were intended for you to learn, you are ready to head out and start shopping the vast real estate market. Use the valuable information to your benefit and you are sure to have the positive experience that home buying can be.

Participants with mental illness, addictions thrive after being given apartments: five-year national study  Social housing study shows financial, life benefits

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Article Source: http://www.applymortgageonline.com/
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A five-year study that housed people with mental illness and drug addictions in apartments scattered throughout Vancouver found most participants stabilized their lives and coexisted peacefully with their neighbours.
The findings mean residents should not be afraid of social housing mixed into neighbourhoods throughout the city, concluded the Mental Health Commission of Canada’s final report into the Vancouver At Home/Chez Soi research project.
“Historically, projects in Vancouver that have tried to house people who were formerly homeless or experiencing mental illnesses in neighbourhoods outside of the Downtown Eastside have met opposition and sentiments of ‘not in my backyard’,” says the report, to be released today.
“That has not been the case for (Vancouver At Home) participants, who have successfully joined neighbourhoods scattered throughout the City of Vancouver.”
Indeed, just last year, Yaletown residents used social media to fight a winter homeless shelter in their neighbourhood and a group of Abbotsford business owners protested the creation of 20 housing units for homeless men because the building could scare away customers.
At Home study participants chose to live in apartments outside the Downtown Eastside, and acceptance from landlords and other tenants was “a hugely powerful part” of their transformation, said SFU health sciences Prof. Julian Somers, the Vancouver study’s lead investigator.
“I think people now understand to a greater degree that housing preference matters,” he said. “Regardless of the state of your mental health or your economics, within reason being able to exercise choice is pretty important to thrive in life.”
The final report into the Vancouver portion of the national Mental Health Commission of Canada (MHCC) study was provided early to The Sun.
The local arm of the $110-million federally funded study took 200 chronically homeless people off the street and put them in random apartments all over the city, where participants were living next door to the buildings’ other tenants.
The research project, which concluded a year ago, found those given homes, compared to a control group of 200 homeless people who were not given housing, had more stable living conditions, committed fewer crimes and relied less on social services.
The final results of the study — which was held in five Canadian cities — were released by MHCC in April, and found that paying for housing and support services for high-needs, homeless people cost nearly the same as leaving them on the street to rotate through shelters, emergency rooms and jails.
The price breakdown in Vancouver was similar: it cost, on average, $28,282 annually to provide housing and support to high-needs participants living in the scattered apartments; as a result, their lives stabilized and they used, on average, $24,190 less per year in social services, the MHCC report said.
That means that for every $10 invested in providing this “housing first” model of support, there was an average savings of $8.55 in avoided use of social services.
For the difference of $1.45, the participant went from living a chaotic life on the street, to living inside and starting to address challenges such as mental illness, addictions, terrible health, poverty and poor quality of life.
“It’s more possible than we thought to support rehousing and recovery for people who have been left out of housing and support for far too long,” said Somers.
“And their success stories can be remarkable, and surprising.”
Those in the high-needs group who were housed relied on emergency rooms “significantly” less and had far fewer criminal convictions compared to their years before entering the study.
They reduced their use of drop-in centres, ambulances and food banks, although more research is required to determine why in some categories use by the unhoused group also fell.
A portion of the 500 Vancouver participants were classified as moderate needs, and the financial and social results for them were not as black-and-white.
For example, intervention costs to provide services to the moderate needs group were, on average, $15,952 per year in Vancouver. But, instead of costing the health and social welfare system less once they were housed (such as the high needs group did), this less-marginalized group actually cost the system $2,667 more each year because their increased use of some services (community health centres and hospital medical units) were not offset by their reduction of use of other services.
Somers, though, argued the moderate needs folks would have cost the system more while living on the street (and, therefore, offset the study intervention costs) if there were more services available — such as drug treatment and mental health services — that they desperately need.
He also insisted this outcome does not mean this model doesn’t work for moderate-needs homeless people — only that intervention early can stop them from becoming a high-needs person, which ultimately costs the system more in crisis response.
“Just because it is cheaper (to leave moderate needs people on the street) than housing them, doesn’t some how lead to the inference that that is acceptable,” he said.
The 300 Vancouver study participants who were given homes are no longer receiving the same social services — and in some cases not living in the same housing — as they did during the study, although most are receiving some form of support.
The MHCC study increased the talk in Canada about the Housing First model — giving a chronically homeless person a place to live first, and then addressing other obstacles such as addictions and mental health.
The federal government pledged in 2013 to spend $600 million over the next five years on Housing First initiatives, because of the findings of the At Home study.
In a speech in Surrey Wednesday, federal secretary of state for social development, Candice Bergen, said $41 million of that money will be allocated to Metro Vancouver and implied it would be invested in neighbourhoods outside the Downtown Eastside.
“The Downtown Eastside is where many of the region’s homeless are found. It is an eye-opening experience to see their conditions firsthand,” Bergen said.
“That’s why our government has placed such an important priority on addressing the issue of homelessness through ... Housing First.”
Somers applauded Ottawa’s move, but said other governments and agencies need to do more.
“There is definitely a movement in the support for Housing First, we are moving in the right direction, but we are not there yet,” he said.
The Downtown Eastside is crammed full of service agencies because it is the last chance for people to rent a room near the welfare rate of $375. Ten years before the study started, Somers said, most participants lived in other neighbourhoods but gravitated to the DTES when their situations deteriorated.
The study’s final report found Vancouver’s homeless population, compared to the rest of Canada, was unique for its “geographic concentration” in the Downtown Eastside.
“The housing options available for people in these circumstances are limited and often of poor quality, which contributes to worsening health conditions and social exclusion,” the MHCC report says.
“Alongside the SROs, a high concentration of drop-in centres, community health clinics, outreach support services, and emergency shelters can be found in the DTES, which comprise a substantial proportion of usual care services for people experiencing homelessness and mental illnesses in Vancouver.”
The MHCC report says its research provides new evidence in the ongoing debate about how best to service Vancouver’s sizable homeless population.
“While service agencies and institutions have struggled to overcome differences of organizational cultures, mandates, and styles of work, the (Vancouver At Home) study has encouraged diverse stakeholder groups to come together and establish a common framework.”
Starting Saturday, The Vancouver Sun launches a four-day series that, for the first time in recent history, tallies the organizations providing services to the Downtown Eastside, as well as the annual costs in the neighbourhood.
The newspaper spoke to many experts about whether these services need to be scattered, in central hubs, to other neighbourhoods throughout the city to better serve our most vulnerable residents.

Real Estate Buying Advice For Potential Home Owners

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Article Source: http://bestmortgagebrokers.net/
Suppose you are moving to a new town because you have just gotten a job there. How do you decide on the area where you want to live? The Chamber of Commerce can be a good place to start. They can give you information about a much wider area and put you in touch with accredited real estate agents.
Look at a lot of houses before you buy, even if you love the first property you tour. It can be easy to fall in love with the idea of buying a house and then, consequently, the first property you see. Make sure to tour many other properties for comparison, just to make sure that the house you choose has everything you want or need.
When you want to buy a home and you have the credit, the job and the necessary funds, usually there are no good reasons to postpone the purchase. In some cases for example, when you are new to the area, your job is not secure enough or you are getting married in the near future, you might consider putting off the purchase.
Meet with a lender prior to looking at homes. Ask about the available loan options so you will get an idea of how much cash out of pocket you will need for closing costs, down payments, and any other fees. You may find yourself surprised at the amount of money that you may be able to afford due to the low interest rates.
You begin your search by broadly and gradually narroweing its focus. When you find a nice-looking neighborhood close to your new job, take a moment to walk around and get to know the area. Don't hesitate to strike up conversations with neighbors asking about schools and so on. Once decided, you'll just need to go to a real estate agent to check out listings in your chosen neighborhood so that you can find the best home for you with the best location!

Home Equity Rises, But Is It Enough?

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Article Source: http://www.applymortgageonline.com/
About 312,000 residential properties regained equity in the first quarter of this year, raising the total of residential properties with equity to more than 43 million, CoreLogic reported Thursday in its annual home equity report.
Still, as of the first quarter, about 6.3 million homes – or 12.7 percent – have negative equity compared to 6.6 million or 13.4 percent in the fourth quarter of 2013. Negative equity refers to borrowers who owe more on their mortgage than their homes are currently worth.
What’s more, of the 43 million residential properties who do have equity, about 10 million have less than 20 percent equity, an at-risk position to be in if home prices were to fall, according to CoreLogic’s report. About 20.6 percent of all residential properties are in what’s considered such an “under-equitied” position.
“Despite the massive improvement in prices and reduction in negative equity over the last few years, many borrowers still lack sufficient equity to move and purchase a home,” says Sam Khater, CoreLogic’s deputy chief economist. “One in five borrowers have less than 10 percent equity in their property, which is not enough to cover the down payment and additional costs associated with a conventional mortgage.”
But CoreLogic is projecting an additional rise in home prices of 5 percent over the next 12 months which is expected to lift another 1.2 million properties “out of the negative equity trap,” says Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic’s report shows the following states have the highest percentage of all mortgaged properties in negative equity:
  • Nevada: 29.4%
  • Florida: 26.9%
  • Mississippi: 20.1%
  • Arizona: 20.1%
  • Illinois: 19.7%

Home Mortgage Information That Can Help You Out


When it comes to locating a great mortgage company, don't let the process feel like a huge burden. There are many things to consider when finding a mortgage lender. This article will provide important tips to get you started on your path toward choosing the right mortgage lender. This article is designed to help you through this process.
Knowing your credit score is important before trying to obtain a mortgage. The better your credit history and score, the easier it will be for you to get a mortgage. Examine your credit reports for any errors that might be unnecessarily lowering your score. In reality, to obtain a mortgage, your credit score should be 620 or higher.
Hire an attorney to help you understand your mortgage terms. Even those with degrees in accounting can find it difficult to fully understand the terms of a mortgage loan, and just trusting someone's word on what everything means can cause you problems down the line. Get an attorney to look it over and make everything clear.
Find out about the property taxes associated with the house you are buying. Before signing a contract, you should know how much the property taxes are going to cost you. Sometimes property taxes are a lot higher than you may imagine at first. This can turn into a real surprise.
Do not take out a mortgage loan for more than you can comfortably afford to pay back. Sometimes lenders offer borrowers a lot more money than they need and it can be quite tempting since it would help you purchase a bigger house. Decline their offer because it will lead you into a debt pit you cannot get out of.
It can be very empowering to have all of the correct information available to you. Rather than jump in without thinking you are doing the right things, you can now navigate through mortgage companies knowing you are. Be confident about your choice, and analyze your options carefully before moving forward.

Canada’s New Home Prices See Moderate Gains In December

New home prices in Canada climbed 0.1 percent in December from November, as expected, for an average annual increase in 2013 of 1.8 percent, the slowest since 1999, according to Statistics Canada data released on Thursday.

The monthly advance matched the median forecast in a Reuters poll of analysts and reinforces the view that the country’s housing market is stabilizing after a recent boom.

The closely-watched Toronto-Oshawa region was the top contributor to the monthly advance in the new housing price index with a gain of 0.2 percent in December and of 1.4 percent year-on-year.

Vancouver, another hot market for real estate, saw a 0.1 percent monthly decline in prices and a 1.1 percent decline from a year earlier.

Nationwide, prices rose 1.3 percent in the 12 months to December, down from 1.4 percent in November and the fifth straight month of slowing growth.

Overall, prices were unchanged in 11 metropolitan regions, down in five and up in five.

The Canadian government has intervened in the mortgage market several times since 2008 to cool the sector, and most economists expect a gradual softening rather than a U.S.-style crash.

The new housing price index excludes condominiums, which the government says are a particular cause for concern.

Canada’s New Home Prices See Moderate Gains In December

New home prices in Canada climbed 0.1 percent in December from November, as expected, for an average annual increase in 2013 of 1.8 percent, the slowest since 1999, according to Statistics Canada data released on Thursday.

The monthly advance matched the median forecast in a Reuters poll of analysts and reinforces the view that the country’s housing market is stabilizing after a recent boom.

The closely-watched Toronto-Oshawa region was the top contributor to the monthly advance in the new housing price index with a gain of 0.2 percent in December and of 1.4 percent year-on-year.

Vancouver, another hot market for real estate, saw a 0.1 percent monthly decline in prices and a 1.1 percent decline from a year earlier.

Nationwide, prices rose 1.3 percent in the 12 months to December, down from 1.4 percent in November and the fifth straight month of slowing growth.

Overall, prices were unchanged in 11 metropolitan regions, down in five and up in five.

The Canadian government has intervened in the mortgage market several times since 2008 to cool the sector, and most economists expect a gradual softening rather than a U.S.-style crash.

The new housing price index excludes condominiums, which the government says are a particular cause for concern.

Top 10 Tips For Mortgage Borrowers in 2014

The clock is ticking for buyers and homeowners who want to grab a low mortgage rate in 2014. But if you stay on top of your game, keep your finances in order and act quickly, you can still grab attractive mortgage deals.

These 10 mortgage tips can help you with your mortgage decisions in 2014.

1. Document your finances. Lenders will be extra diligent when underwriting home loans in 2014, as new mortgage regulations went into effect in January. The rules put pressure on lenders to verify that borrowers have the ability to repay their loans.

Keep good records of your finances, including bank statements, tax returns, W-2s, investment accounts and any other assets you own. Be ready to explain any unusual deposits to your accounts. Yes, the $500 that Grandma deposited in your account for Christmas could delay your loan closing if you can't prove where the money came from.

2. Lock a rate as soon as you can. Rates will likely climb in 2014 as the Federal Reserve is expected to reduce the pace of the economic stimulus program that has long helped keep rates low. If you are planning to get a mortgage, lock in a rate as soon as you are comfortable with the numbers.

3. Refinance now - if you still can. Many homeowners lost the opportunity to refinance at a lower rate when rates jumped in 2013. But those who are still paying more than 5 percent interest on their home loans might still have an opportunity.

If you think you may be able to save with a refinance, but you are not sure, it doesn't hurt to try. Speak to a loan officer and take a look at the numbers to see if refinancing still makes financial sense for you after you consider how long it will take to break even with the closing costs.

4. Buyers, use your bargaining power. As mortgage rates climbed, lenders lost a big chunk of their refinance business. In 2014, they will turn their attention to homebuyers and will fiercely compete for their business. Buyers should take advantage of bargaining power they gain with that increased competition. Shop around for the best deal and look beyond the interest rate on the loan.

5. Learn your rights as a borrower. Mortgage borrowers will get many new rights as consumers this year when new mortgage rules created by the Consumer Financial Protection Bureau go into effect in 2014. If you run into issues with your mortgage servicer in 2014 or fall behind on your payments, make sure you are aware of your rights and put them to use.

6. Take good care of your credit. It's nearly impossible to get a mortgage without decent credit these days. That will continue to be the case in 2014. If you are planning to get a mortgage, monitor your credit history and score until your loan closes. The best mortgage rates usually go to borrowers with credit scores of 720 or higher. You may still get a mortgage with a score of 680, but lower scores will mean higher rates or higher closing costs.

7. Don't overspend. Lenders don't want to give out loans to borrowers who will have little money left each month after they pay their mortgages and other debt obligations such as credit cards and student loans. If that becomes the case, the lender will tell you that your DTI, or debt-to-income ratio, is too high and you don't qualify for a loan. Try to keep your monthly debt obligations, including your mortgage and property taxes, below 43 percent of your income.

8. Consider alternative mortgage options such as ARMs. Mortgage rates are rising, but there are alternatives to grab a lower rate, depending on your plans.

A homeowner planning to keep a house for seven to 10 years could take advantage of lower mortgage rates by choosing a seven- or 10-year ARM instead of the 30-year traditional fixed-rate mortgage. Rates on adjustable-rate mortgages can be as much as 1 percentage point lower than on fixed-rate loans.

If you are not sure for how long you plan to keep the house, a fixed-rate loan is probably the better choice.

9. Considering an FHA loan? Reconsider. FHA loans have long been popular among first-time homebuyers because they require low down payments and have somewhat less strict underwriting standards than conventional loans. But they come at a price. Mortgage insurance premiums on FHA loans are likely to continue to rise in 2014, and after recent changes, the borrower is now required to pay for mortgage insurance for the life of the loan. Try to qualify for a conventional loan before you apply for an FHA mortgage.

10. Don't panic. Yes, mortgage rates will likely climb in 2014. But don't panic, thinking you have to buy a home now to grab a low rate. If you are shopping for a home, do your best to move quickly, but remember that this is one of the biggest financial decisions of your life. Get your mortgage and buy your home when you feel ready.

Canada Scraps 'Millionaire Visa,' Sends B.C. Property Market Reeling

Real estate agents in Vancouver say property prices could take a hit, after Canada scrapped a program which allowed wealthy immigrants to fast-track the visa process.

The Immigrant Investor Program, launched in 1986, offered visas to business people with a net worth of at least $1.6 million who were willing to lend $800,000 to the Canadian government — for investment across Canada — for a term of five years.

By 2012, the scheme had to be temporarily frozen due to a huge backlog of applications from wealthy mainland Chinese hoping to come to B.C. Now, the government has announced it will end the program for good and scrap all 59,000 applications backlogged worldwide.

The decision came less than a week after the South China Morning Post published a series of exclusive investigative reports into the controversial scheme.

Property prices could take a hit

In West Vancouver, real estate agent Clarence Debelle is still receiving offers from mainland China for luxury property, but she’s concerned the end of the investor program will have an impact on the local economy and the high-end housing market.

“I deal directly with these people who bring a lot of wealth, who are creating lots of jobs for local Canadians — builders, trades, architects, realtors like myself,” said Debelle.

“Most of the buying is coming from Chinese immigrants who are wealthy, so if we make it difficult for them to come into this country, we have killed 80 to 90 per cent of the buying in West Vancouver.”
Immigration lawyer Richard Kurland agrees.

“When you suddenly stave off the intake of literally hundreds of millionaires in the Vancouver property market, prices can only go one way and that’s down,” said Kurland.

Market impacted by more than investors

Others aren’t so sure. Even with the investor program frozen, housing prices continued to rise.
Tom Davidoff with UBC’s Sauder School of Business says the market is driven by other things like low interest rates and the local and global economies.

“Given that in the last couple of years, we haven’t seen the market cool off, it’s hard to believe that freezing the investor market is going to kill even the high-end in Vancouver,” said Davidoff.

The government has also announced the end of the Entrepreneur Program, a smaller scheme for business people who plan to own and manage a business in Canada.

However, wealthy investors can still come to Canada through the Start-up Visa Program, which encourages immigrant entrepreneurs to partner with private sector organizations to invest in local start-ups.