Concerns about the sustainability in Canada’s high-flying housing market are having an adverse affect on lenders’ general underwriting guidelines. Take for example LTV (Loan-to-value) ratios. This is a measure of how much money a lender will loan to you as a percentage of the property’s value. The maximum LTVs have been dropping like flies, especially [...]
Blair Anderson
Joined: 2011-02-09 20:38:26Company:
Anderson Associates Mortgage Brokers
460 Plains Road East
Burlington, Ontario, L7T 2E1
Phone: 905-681-2242 Ext.: 24
E-mail: blair@anderson.ca
Biographical Info:
I have been working in the mortgage industry since 1992. In 1998 I left the corporate world and started my own mortgage brokerage company in Burlington, Ontario. I have never looked back. I work primarily with home buyers and home owners arranging residential mortgages. Its hard to loose the passion for this business; most clients show me a great deal of gratitude and I feel like I have helped them over a big hurdle whether they're buying or refinancing. A native of Toronto, I moved to Burlington in 1997 with my wife and daughter. We rounded things out in 2002 with our second daughter, Riley, our Chesapeake Bay Retriever. With a strong background in math, I enjoy working on refinance applications to help clients determine their best options for saving money. I am also proficient at performing the majority of my work online and by phone, saving you valuable time. As your strategic partner, I’ll be there for advice and guidance with each house and/or income property you buy for the life of each respective mortgage.-
Blair Anderson posted an update: 4 months, 2 weeks ago · View
For Sale by Owner
After almost 4 years of discussions and intense negotiations, Canada’s Competition Bureau reached an agreement with CREA (Canadian Real Estate Association) on September 30th, 2010. The change was made after the competition bureau argued that the old rules stifled competition and raised the price of selling a home. As a result, Canadian home owners can now choose which services they want from a real estate agent when selling their home, and to pay only for those selected services. For example, a home seller hires a real estate agent only to list his or her property on the MLS system and agrees to handle all other details of the transaction directly. For real estate agents, the new rules ensure that they will be able to offer the variety of services and prices that meet the needs of consumers.
According to an Environics poll sponsored by the TitlePlus only 11 per cent of Canadians are aware of the rule changes. Despite the low percentage, the poll also indicated 45 per cent of Canadians would consider bypassing realtors to sell privately with the advice of a real estate lawyer.
The Internet, cell phones and a more hands-on approach by consumers are changing the industry to be sure, but not every consumer is ready or able to sell their home and full realtor services will remain a viable option for many.
If the FSBO market is to become truly successful, a consolidation of websites would be nice. Potential home buyers currently have to visit too many sites to find all the listings and likely don’t even know all the websites to search. Paying to have your property listed on MLS would solve that problem and maximize your exposure. Remember no one works for nothing. If you want agents to show your listing you will have to offer a commission like any listing agent would. Your savings comes from paying one agent only.
And what do the banks have to say about the increase in private sales? I would like to hear from mortgage originators in other channels. Private sales are an area associated with mortgage fraud and some lenders will not lend against private sales. Competition and other market forces will influence bank policy to be sure. Already today one lender has emailed the mortgage broker channel and changed their policy on private sales. More documentation up front will be required to eliminate any foul play.
-
Blair Anderson posted an update: 4 months, 2 weeks ago · View
Thinking of selling your house this Spring?
A few proactive steps before you list your house could pay dividends. To help you identify some common issues, CMHC has developed an easy to follow Homeowner’s Inspection Checklist. Take a look – http://www.cmhc-schl.gc.ca/en/co/buho/buho_002.cfm
Micro Blogs
Inflation rears its ugly head
Tuesday, March 27th, 2012Limits on CMHC insurance?
Tuesday, February 14th, 2012You probably know that borrowers pay for “mortgage default insurance” when financing is greater than 80% loan-to-value (LTV). What we call high-ratio loans. But did you know, many lenders “bulk insure” low-ratio mortgages under 80% LTV. However, in those cases, it is the lender who pays for the insurance, not the consumer. In fact, almost [...]
Thinking of selling your house this Spring?
Wednesday, February 1st, 2012A few proactive steps before you list your house could pay dividends. To help you identify some common issues, CMHC has developed an easy to follow Homeowner’s Inspection Checklist. Take a look – http://www.cmhc-schl.gc.ca/en/co/buho/buho_002.cfm
Loading ...