WIN Archives - GLM Mortgage Group

Mortgage Qualification 101

Geoff — Wed, 25 Jun 2014 21:49:55 +0000

At my last presentation for the Wealthy Investors Network was a success, and I wanted to share it with you here.
The “ins and outs” of qualifying for a mortgage for both employed and self-employed.
Click below to see the full presentation:

Mortgage Qualification 101 from Geoff Lee

This presentation goes through the steps and the exact things you’ll need when going for a mortgage. But what if you don’t income qualify? Is there another way? YES!! There most certainly is! Be sure to watch my full presentation to see all your options.
Please feel free to be in touch with any questions as well.

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The Hidden Costs of Home Ownership

Geoff — Fri, 16 Nov 2012 00:30:09 +0000

For as long as I’ve been doing this, I’ve rarely come across someone who has NOT been somewhat overwhelmed with the extra hidden costs that are associated with buying that new home and moving.
Just to give you an idea, here is a list of the types of extra costs that you can expect.
Legal fees
Fees and disbursements usually cost around $1,000. You can hire a lawyer or a notary, but it’s best to deal with someone who specializes in real-estate transactions.
Property transfer tax
This land-registration tax must be paid when you register changes to a certificate of title at the land title office. It varies from province to province. In B.C., for example, the tax is 1 per cent on the first $200,000 and 2 per cent on the balance.
Provincial sales tax
Again, this amount varies across the country, but is charged on new condos, townhouses and homes. For example, new homes or properties that have undergone a substantial renovation, are subject to 13 per cent HST in Ontario. For a home with a purchase price of $310,000, you’ll be required to pay $40,300 in HST. Ouch! But, depending on the purchase price of your home, buyers may be eligible for a new home rebate, which will help to alleviate some, or all, of the HST sticker shock.
Home inspection
You can spend anywhere from approximately $200 to close to $1,000 for a qualified inspector to see what’s lurking behind the cosmetic upgrades. Find an inspector with a solid reputation and have them spell out exactly what services they’ll provide. (ie: some inspectors offer a checklist; others take photos and provide a detailed report). It’s best not to skimp on this one.
Land survey
Most mortgage lenders will require a survey of the property done by an accredited land surveyor to determine whether the home sits within its specified legal boundaries and complies with local bylaws. This usually costs about $500 but can be much more in complicated cases.
Closing adjustments
This cost includes any adjustments between you and the seller for things like property taxes and utilities that were paid in advance. Your lawyer or notary can calculate these charges.
Mortgage insurance
If your mortgage is more than 75 per cent of the home’s selling price, it’s considered high-ratio and you must buy insurance from the Canada Mortgage and Housing Corporation. The amount is calculated based on the ratio of mortgage to home value.
Property taxes
If you’ve never owned your own place before, you’ve never had the joy of paying this monthly expense. This is on top of monthly strata fees if you’re in a condo.
Movers
At its most basic, there’s the cost of hiring a company to haul all of your worldly possessions to your new digs; then there’s the potential expense of having someone pack all of your things for you too. Costs vary widely and depend on how far you’re going.
Ask in advance whether the movers charge for travel time to get to you in the first place.
If you have to be out of your old place before you can move into your new place, you’ll have storage costs as well.
Appliances
These may or may not come with the home, so you may find yourself shopping for a washer and dryer or even a fridge, oven and dishwasher.
Window coverings
Again, these aren’t necessarily automatically included. Be clear about this in your offer so you’re not left doing an emergency run for blinds or curtains.
Connection fees
Telephone, cable, Internet and alarm-system companies will ding you a connection fee. Then there are charges to set up heat, water, gas and electricity. However, some of these charges may be negotiable if you’re staying with the same service provider. It never hurts to ask what the company can do to retain you as a loyal customer.
Miscellaneous
As a proud new homeowner, you may need to invest in items like a lawn mower, sprinklers, garden tools, hoses, shovels, a ladder, a freezer, basic tools and the like. It all adds up. Best to start saving now.
Are there any other hidden costs that are associated with buying a new home and moving that I may have missed that you can add in the comment section? I’d love to be able to provide a full and complete list for my readers.
Should you be thinking of moving, know that I am always here for you to help get you a fast yes at the sharpest rate … guaranteed!
PS Just a note, if you have an interest in learning about Real Estate Investing, I am presenting at our monthly Wealthy Investor Network meeting on Wednesday, November 21st in Surrey, BC. Read all the details here. I would be honored to have you there as my guest!

As an addendum to this post, here are some more suggestions of Hidden Costs:

Homeowners Insurance
Strata Fees
Parking

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The Wealthy Investor Workshop

Geoff — Mon, 16 Jul 2012 10:00:06 +0000

Profit is created when expenses are minimal . Learn what to look for and the reasons for early repairs, it could save you a bundle and improve your bottom line. Be sure not to miss this presentation about this very important topic.

Please join us for the next “Wealthy Investor Network” (WIN) Seminar:
Workshop July 18th , 2012
6:30pm – 9:00pm
We have an excellent meeting planned and we have very informative presentations lined up.
We are proud to have as our guest speaker :
Property Inspector Mr. John MacKay, owner of Hawki Home Inspection Ltd. He will be giving both novice and experienced investors some helpful hints. His topic is titled “Home Maintenance, don’t let minor repairs become major”.
Profit is created when expenses are minimal . Learn what to look for and the reasons for early repairs, it could save you a bundle and improve your bottom line. Be sure not to miss this presentation about this very important topic.
WIN Founder & real estate investor Anton James will be presenting a topic he titles: “ Creating Investor Trust “ With such a variety of investment options out there, what factor does an investor consider the most important BEFORE he makes that ‘buy’ decision ?. Trust must indeed be on the top of the list . Hence creating investor trust is highly important. Anton will be discussing the essential elements needed to develop such trust. Do come on out and do not miss this presentation.
Also, I will be providing a “ Monthly Mortgage Update “ in which I will provide a better perspective of what’s happening with mortgage rates and forecast on where mortgage rates are going. With the newly announced changes to the mortgage lending guidelines; should you be considering buying your next property or refinancing, you will want to hear this update.
There will also be
Success Stories –
Sharing Your Success to Help Motivate Others
5 New Friends –
Power Networking with Fellow Investors.
And much, much more….
The Wealthy Investor Network (WIN) is a members only investment group.
We seek to provide exceptional value to our members .
We would like WIN to be a good “fit “ for you .
As such we would like to invite first time guests to experience what WIN has to offer by allowing you to attend this month’s workshop for FREE .
If you attended a previous WIN Workshop before but would like to attend this upcoming event; the cost is $35.00 at the door.
So register now to ensure you take advantage of this offer and secure your seat.
The next workshop is being held :
July 18th , 2012
Networking 6:30 – 7:00pm
Workshop Starts: 7:00pm (SHARP)
Location:
The Coast Surrey Guildford Hotel
10410 158th Street Surrey, BC
(click here for a map)
You must take control of your future.
Come to WIN and learn the “how to” .
Make a personal commitment to achieving a financial quantum leap in your life.
Bring your friends to our upcoming meeting and be part of a community that is focused on personal success through financial education, in-depth market knowledge and community support.
To register contact 604-882-6901 or e-mail at wealthyinvestornetwork@gmail.com.
We look forward to seeing you at our upcoming workshop!
Event Sponsor:
” Your Success is Our Business.”
www.ProsperityInvestments.ca

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