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Summer 2007
& MORTGAGE
The lowdown on
“no-down”mortgages
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of homeownership sooner than you think.
P
Attention: Michele Ellis Fax: (604) 898-5732
utting off your home search income to make the higher payments.
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because you don’t18153a down
Account: have You will also need to have sufficient
payment saved? One of the newer
Your Order cash to cover closing costs, which are
mortgage options may be the answer. usually estimated between 1.5% and 4%
Delivery the
So-called“zero-down”mortgages
Issue Quantity of the house price.
Cost week of
eliminate the need for a down payment,
Q1 Winter 2008 200 Jan. 29, 2008
making it easier to get financing.
1 The right choice for you?
$320.65
On a $200,000 home, a down payment
Q2 Spring 2008 200
particularly
Zero-down mortgages areApr. 23, 2008
1 $320.65
of just 5% is a hefty $10,000. If you’re just
Q3 Summer 2008 200
areas
helpful for people who live in 25, 2008with
Jun.
starting out, you may find it hard to come
1 high home prices, where the minimum
$320.65
up with this amount all at once.
Q4 Fall 2007 200 Aug. years
down payment can take many27, 2007 to
1 accumulate, and for people who have
$320.65
An innovativeAnnual Subscription Delivery
Your answer excellent earning prospects but are just
Please check this page carefully! launching order will be delivered to:
With a zero-down mortgage, you borrow This is Yourtheir careers.
the your personalization will Michele a healthy monthly income
100% of howpurchase price. Although appear If you haveEllis
your regular mortgage payments will be
unless you provide us with changes.
and good cash flow, and you want to get
Global Mortgage Corp.
higher and you’ll pay more interest over
If you have any changes, please mark
40339 Park market
into the housing Crescent now to start
term, this solution saves to us
the long them on this form and fax ityou at building equity, this could be a good
Garibaldi Highlands, BC V0N 1T0
from having to put together such a large choice for you.
by Jul. 31, 2007.
1-800-465-8203 Home & Mortgage
lump sum. Also keep in mind, however,
Your payment will be processed on this CSR: Sonia Jun. 11, 2007, 15:21
that you’ll need to purchase mortgage The value of professional advice
date as well.
default insurance, further increasing your The zero-down mortgage is just one of
monthly payments. many strategies that can help you reach
In order to be approved for a zero your homeownership goal. Give us a
down payment mortgage by the lender, call to discuss your particular situation
you’ll need to have an excellent credit and explore the options that may be
history and proof of sufficient monthly right for you.
INSIDE
2 Protecting 3 Step up
against your home’s 3 Creditgive up
Don’t
issues?
title fraud curb appeal on a home
How to protect yourself
against title fraud
Y
ou may have heard about some of the recent high-profile theirs. Home purchasers can also fall prey if they buy a home
cases involving title fraud (also known as home fraud or that’s being sold fraudulently.
mortgage fraud). While this problem affects a very small
percentage of homeowners, it’s devastating to its victims. Protecting your good name
To keep your identity and your home safe, educate yourself A little common sense will go a long way toward protecting
about the issue and take a few simple precautions. you. Following these everyday precautions can help protect
your identity:
How title fraud works n Share personal identifiers such as social insurance, driver’s
Title fraud usually involves forgery or identity theft. It often licence, and health card numbers only with authorized agencies.
follows one of two patterns: Never give this information out over the phone.
n The perpetrator forges documents to transfer your prop- n Always collect your mail promptly and report missing bills
erty into his or her name, forges a discharge of the existing or credit card statements. Obtain a credit report regularly and
mortgage, and then obtains a new mortgage or sells your watch for suspicious entries.
property to an unwitting buyer. n Never throw out paid bills, statements, or anything that
n The perpetrator uses false identification to impersonate contains confidential information without shredding it first.
you and borrows money against your property. In addition, when purchasing a home, always work with a
In both situations, the fraudster takes off with the funds, qualified real estate agent, lawyer, and mortgage broker. Check
leaving the true property owner to deal with the potential loss the accuracy of all paperwork and make sure you understand
of his or her home. Victimized homeowners can incur huge what you are signing.
legal bills trying to win back ownership of what is rightfully Finally, if you are a homeowner, or if you buy a home in
the future, consider purchasing title insurance. In fact, many
lenders now insist that homebuyers purchase title insurance.
Mortgage AB C s
The role of title insurance
Helping you be an Although title insurance can’t stop fraud from taking place, it
educated homeowner can protect you from the associated financial loss. It covers such
issues as encroachments onto an adjoining property, incorrect
n Refinancing lot surveys, unpaid taxes by a previous owner, and errors in
Renegotiating your existing mortgage agreement, either official public records. Perhaps most important, it covers the
legal expenses you incur if you should fall victim to home fraud.
to increase the principal or to repay the mortgage in full.
Obtaining title insurance is easy and relatively inexpensive.
n Second mortgage Many real estate lawyers keep the necessary paperwork on
A loan, secured by property, that is secondary to an hand. The one-time premium is typically less than $400 for a
existing mortgage on that property. house worth up to $500,000, and the coverage is valid for as
long as you own the home.
n Weekly accelerated payments You may find that the relatively small one-time cost is a
Mortgage payments that are one-quarter of the normal worthwhile investment for the protection — and peace of
monthly payment. Accelerated payments reduce the mind — it brings.
mortgage principal more quickly, because in some If you have questions about this or any other topic, please
give us a call. We’re here to provide advice through all aspects
months you’ll be making five payments instead of four.
of the homebuying process to help ensure your safety.
2 SUMMER 2007
9 ways
to step up
curb appeal
Help give family — and potential buyers — a
warmer welcome with these outside renos.
E
xterior renovations have many practical advan-
tages and can boost your home’s curb appeal
dramatically. Maybe that’s why, according to the
Canada Mortgage and Housing Corporation, 39% of
Canadians who renovated last year focused on
improving the outside of their homes.
Here are some exterior projects to consider.
1. Siding. This long-term investment turns tired up a boxy front yard. Tip: Select plants and materials for year-
exteriors to terrific. Tip: Go neutral to expand paint round green and overall structure.
colour options. 6. Driveway and walk. Repairing asphalt and concrete
2. Roof and eavestroughs. Replacing a worn-out roof makes paths neater and safer. Tip: If your budget allows,
protects your home while sprucing up the exterior. Tip: Plan replace with cozy and traditional stone or brick.
your house’s overall look before choosing a shingle colour. 7. Porches. A pressure wash and stain or a fresh coat of
3. Windows and doors. New windows and doors give your paint can do wonders. Tip: Warm, sophisticated neutrals are a
house a facelift and contribute to its energy efficiency. Tip: Find modern and inviting choice for exterior features.
windows with the Energy Star® rating for your zone. 8. Lighting. Consider your home’s nighttime allure.
4. Paint. Fresh paint makes a home look cared for. Tip: For a Tip: Solar lighting by the pathway can add a charming glow.
quicker fixer-upper, consider painting just the trim and door. 9. Accessories. Updating your mailbox, house number, or
5. Landscaping. Choose plants of varying colours and light fixtures is an easy way to add style. Tip: Choose the
height — a little organized chaos goes a long way in perking same material for all three.
Credit issues are no reason
to give up on homeownership
Have you given up on getting a mortgage because of a mortgage, say three years.
poor credit history? There is a solution. By taking a longer- Your interest rate may be
term approach, you can make your homebuying dream slightly higher than those
come true. Not only that, but by making your regular commonly posted by the
mortgage payments on time, you’ll also be building equity banks — at first. But when it’s time to renew, your good
and improving your credit rating along the way. record may help you qualify for a lower rate.
The lesson: Don’t give up on your financial goals. With
Never say never
perseverance, ingenuity, and professional assistance, you
Mortgage brokers have a wide range of lenders to work
can own your own home.
with, including credit unions, life insurance and trust compa-
nies, and private mortgage companies. Many of these Be proactive
lenders have mortgage products designed for people with a If you’re already a homeowner and you’re experiencing
less-than-perfect credit history. As well, some offer secured credit challenges, don’t wait to seek help. We can look into
credit cards, which also help you re-establish your credit. mortgage refinancing options that can help you get back
One common strategy is to begin with a shorter-term on track.
SUMMER 2007 3
Summer Almanac
Secrets for Add colour with
surviving container gardening
your reno! For balconies, decks, and even small backyards, planting in
containers can add colour and greenery to brighten your
Are you in the throes of a renova- outdoor area all season long.
tion this summer? Consider these n What to use. For a rustic look, gather terra cotta pots of
organization and safety tips. They’ll varying sizes and shapes and disused items such as watering
help you make it through the noise, cans. For a modern ambiance, choose metal finishes in sleek,
dust, and chaos with your sanity angular shapes. For a traditional feel, choose urns, concrete
intact. containers, or wooden window boxes.
n Pack everything. Purchase
plastic sealable, reusable bins, or use n How to plant. Seal containers to prevent drips and ensure
cardboard boxes and seal all edges proper drainage with a layer of pebbles in the bottom. Plant
with packing tape to prevent dam- generously, so that pots will spill over with foliage and blooms.
age to your belongings. n Where to put things. Grouping containers is more
n Seal off the work area. The attractive than displaying single pots. Experiment with varying
contractors should take care of this, heights and sizes.
but check that the construction site
n How to keep it beautiful. Container gardens need frequent
is always securely partitioned off
watering — every day when it’s hot or windy. Replenish dying
from the rest of the house.
or thinning plants and add fall-friendly foliage to brighten your
garden through to the first snowfall.
Keep your cool this summer
Stay cool, save money, and help the environment this summer by following these
simple tips:
n Clear any accumulated debris from your central air conditioner and clean or
change the filter before turning it on.
n Change or rinse the filters in window air conditioners at least once a month.
n Turn your central air thermostat up in the warm
n Create a survival kit. Pare weather, and set it to run the circulation fan after
down your accessible belongings to the A/C cycle has stopped.
the essentials that you need for day- n Check that the directionality of ceiling fans is set
to-day living. for summer, so the air is directed downward.
n Stock up on cleaners. Make n Run fans only when someone is in the room.
sure you have adequate cleaning n Use a dehumidifier — drier air feels cooler.
products and rags because you’ll be n Pull drapes and blinds closed in the daytime.
cleaning constantly. A small shop vac n Open windows on breezy days and evenings.
is ideal for quickly picking up fine n Shut the door to infrequently used rooms and close the central air vents.
dust and small chunks of debris. n Keep appliances, lights, and electronics turned off when not in use.
4 SPRING 2007