Friday, June 27, 2014

SOLD: 9322 Romaniuk Dirve 3 Bed 3 Bath Home for Sale in Richmond BC



This one is SOLD

9322 Romaniuk Drive
Richmond BC, V7E 5G7, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/9322-romaniuk-drive-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Woodwards - Blundell
MLS® No.:
Bedrooms: 3
Bathrooms: 3
Total sq.ft.: 1,902
Lot sq. ft.: 4,860


Description:
Popular Woodwards area. Perfect home for family and entertaining. Tastefully renovated & well-appointed with cherry laminate, granite countertops, stainless steel appliances, gorgeous moulding, wonderful fixtures and the latest designer colours in and out to tie it all together. This corner home has been very well maintained with newer high efficiency furnace, windows, toilets, sinks, fixtures and hardware. Relax on the outside patio or play a game of volleyball in the fenced backyard while listening to your favourite music on the indoor/outdoor speakers. Everything is done - all you have to do is move-in. Close to Jessie Wowk Elementary and Steveston-London High School. All amenities just steps away at the Blundell Shopping Centre.

--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Tuesday, June 17, 2014

Should you get pre-approved for a mortgage? Ten things to know

Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for major disappointment.
Sure, pre-approvals have benefits.
  • The best ones accurately measure your qualifications and how much house you can afford.
  • Their 90- to 120-day rate guarantees protect you if rates rocket up while you’re home hunting.
  • They make you seem more serious to sellers and real estate agents. (In competitive bidding situations, they’re almost mandatory.)
  • They’re free and there’s no obligation to use the lender that pre-approved you.
But here’s the problem: pre-approvals are not full approvals. So if you’re going to rely on one, you need to understand their limitations.
Here are 10 pre-approval facts every mortgage shopper should know:

1. Pre-approvals aren’t created equal.
Many lenders don’t review your qualifications when issuing a pre-approval. They provide only a rate guarantee, subject to later approval. (Mortgage advisers should always disclose this.)
“I would caution consumers when a lender only holds a rate, versus asking for documents and confirming qualification,” says Rob Regan-Pollock, a mortgage broker with Invis. “It’s heartbreaking to be told by a lender they cannot qualify after being told they were ‘pre-approved’.”

2. Advice goes only so far
.
Mortgage advisers can “pre-qualify” you to confirm that you meet general guidelines, but only a lender’s underwriter can confirm that your income, down payment, purchase agreement, property information, credit and debt ratios meet their full approval
Unless you have a 20 per cent down payment from your own resources, rock-solid employment, provable income, pristine credit, and low debt, then pick a lender that reviews your application and preferably your documentation before granting its pre-approval.

3. Appraisals are the missing link.Appraisals aren’t done at the pre-approval stage. But they’re mandatory for getting a mortgage. The issue, of course, is that you can’t get an appraisal on a home you haven’t found yet. And that’s the big risk with pre-approvals. If the lender's or mortgage insurer's valuation appraisal reveals that you overpaid, or the property has defects, it can render your pre-approval worthless. That’s why you’re always wise to insert financing conditions in your purchase offer (or at least appraisal conditions) or get an appraisal before you make an offer.
Adding a financing condition is especially important if you’re putting down less than 20 per cent, which typically requires an insured mortgage. That’s because default insurers like CMHC don’t even look at pre-approvals. They can decline you or your property for any number of reasons, leaving those without financing conditions at risk of not closing, losing their deposit and being sued.

4. Don’t over-rely on appraisers.
Even if you get an appraisal before making your offer, “you can’t rely on appraisers to identify every problem with a property,” says Jason Upton, president of Aedis Appraisals. That’s especially true for condos where most appraisers (due to cost and time constraints) won’t review condo board minutes, condo finances and engineering reports. That’s where risks like special levies, reserve deficiencies, legal problems or structural issues can turn up, all of which can kill a lender’s interest and make a pre-approval worthless.

5. Your actions after pre-approval matter.
Beware that missing payments, adding debt, changing jobs, moving around your down payment money or co-signing for someone, among other things, can void your pre-approval.

6. Pre-approvals don’t come with the best rates.
Statistically, only around one in six pre-approved homeowners actually take the mortgage they got pre-approved for. But the lender still has costs (like rate hedging and application processing costs) for the five in six pre-approved mortgages that don’t close.
Given this expense, pre-approvals don’t typically come with the best pricing. They’re often 0.10 to 0.15 percentage points above market rates – which is peanuts compared to your costs if rates soar and you’re not pre-approved.
That said, the best mortgage rates are often for 30- or 45-day closings. Check rates 30 days before closing. If they’re more than 0.10 percentage points below your pre-approval rate, ask your lender to match them. If they won’t, consider re-applying elsewhere. But avoid trading a flexible mortgage for a restrictive one that’s only marginally cheaper. Homeowners routinely underestimate their need for refinancing flexibility later.

7. Sometimes waiting pays.
If you’re very well qualified, a mortgage broker can sometimes time the submission of your pre-approval to get you better rates. “If rates are flat or trending down, the discussion with the client becomes one of monitoring the market and not actually submitting the file until they are within the window of [rate] specials,” Mr. Regan-Pollock says.

8. Reset if appropriate.If rates have stayed low and you’re still actively home hunting, reset your pre-approval every 45 to 75 days. This extends your rate hold, protecting you if rates jump before you close. If your lender restricts rate resets, you might need to look elsewhere.

9. Get a second pre-approval, if needed.Lenders don’t issue more than one pre-approval at a time. So if 45 to 60 days have elapsed, rates have jumped, and you need more time to find a home, consider getting a second pre-approval elsewhere. On the other hand, if you know you won’t close within your original pre-approval’s time frame, save time and try to reset the rate hold period with the existing lender.

10. Features matter.Choose the pre-approval with the longest rate hold (e.g., 120 days), the deepest discount rate, full underwriting and the best mortgage features (i.e., good prepayments, a fair penalty, good port and refinance policies, etc.). Only a minority of lenders meet this criteria.

(Source: Robert McLister a mortgage planner at intelliMortgage Inc)

SOLD 4091 Williams Road: 4 Bed 3 Bath Home for Sale in Richmond BC


4091 Williams Road
Richmond BC, V7E 1J7, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/4091-williams-road-richmond-bc.
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Boyd Park
MLS® No.: V1070401
Bedrooms: 4
Bathrooms: 3
Total sq.ft.: 2525


Description:
Endless Possibilities in this well-kept 4 bedroom and den family home in popular Boyd Park neighbourhood. Vaulted ceilings in living room and master bedroom. Two walk out decks from master; one with Hot Tub and Sauna. Family room with gas fireplace off kitchen with large walk in pantry. Professionally landscaped  fenced yard with newer patio and sitting area.  Walking distance to Diefenbaker Elementary and Hugh Boyd High School.  Close to Seafair shopping centre and historic Steveston Village, transit and all amenities. Approximate age of renovations: 1998, roof has 9yrs left on warranty.

--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Friday, June 13, 2014

SOLD: #209-7431 Blundell Road 2 Bed 2 Bath Condo For Sale



This one is SOLD

#209-7431 Blundell Road
Richmond BC, V6Y 3G8, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/209-7431-blundell-road-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No.: V1069453
Bedrooms: 2
Bathrooms: 2
Total sq.ft.: 937


Description:
Central bright quiet spacious 2 bedroom, 2 full bathrooms with in suite laundry hook-up, wood fireplace, plenty of storage and a big balcony. Spacious Master with walk through closet to ensuite bathroom.  Great amenities include indoor swimming pool, hot tub and sauna, 2 guest suites, and exercise room with newer equipment. Close to all amenities and transportation
--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Tuesday, June 10, 2014

SOLD! #605 - 9133 Hemlock Drive: 2 Bed 2 Bath Condo for Sale



This one is SOLD

#605-9133 Hemlock Drive
Richmond BC, V6Y 4J9, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/605-9133-hemlock-drive-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No.: V1068793
Bedrooms: 2
Bathrooms: 2
Total sq.ft.: 931

Description:
Prestigious "Hampton Park" Quiet safe concrete high rise. Luxurious 2 bedroom & den, 2 full bath home. Delightful open floor plan features rich hardwood floors, granite countertops and stainless steel appliances. Insuite laundry and fireplace. Large balcony with private garden courtyard view. Facilities include indoor pool, hot tub, sauna and gym. Secure parking. Central Richmond close to all amenities & near Skytrain to Vancouver. Building still under warranty.

--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Monday, June 9, 2014

In Latest Bid to Tighten Rules, CMHC Targets Second Homes

Canada Mortgage and Housing Corp. is cutting the types of mortgage insurance it offers, meaning the era of tighter rules for home buyers hasn't come to an end.

The Crown Corporation said recently it will stop insuring mortgages on second homes, effective May 30, 2014. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to self-employed people who don’t have standard documents to prove their income.

CMHC said it does not expect the new rules to have a big impact on the housing market, but hinted more changes are on the way.

Mortgage insurance is mandatory in Canada for banks issuing mortgages to home buyers with down payments of less than 20 per cent, and changes can have significant effects on home sales.
Former finance minister Jim Flaherty tightened the rules that determine which mortgages are eligible for insurance on four occasions in the wake of the financial crisis. He last imposed stricter rules in July, 2012, when he capped the amortization of insured mortgages at 25 years, down from 30. That caused home sales to plunge.

His successor, Finance Minister Joe Oliver, has signalled he wants to play less of an active role in the housing market. Real estate players were hoping that meant rule changes were a thing of the past.
But back in 2012, Ottawa told CMHC it was going to have to start ensuring that its activities contribute to the stability of the country’s financial system. In other words, it should not be selling insurance products that encourage borrowers to take on too much debt and add to the risks in the housing market. CMHC began a review of its business to ensure it is abiding by the new part of its mandate, and this is the “first set of changes” to result, it said.

Drew Donaldson, a mortgage broker with Safebridge Financial Group in Toronto, said he frequently has clients who own a condo with an insured mortgage and decide to rent it out when they buy a house. Those people will no longer be able to buy that house with a mortgage that’s insured by CMHC.
Similarly, parents who have a mortgage that’s insured will no longer be able to act as a co-borrower for their children on an insured mortgage.

CMHC was created in 1946 to help returning Second World War veterans buy homes. The Crown Corporation grew into one of the country’s largest financial institutions.
The federal government backstops CMHC’s business, and CMHC said Friday its review is designed to ensure that it is “reducing taxpayers’ exposure to risk.”

It said second-home insurance and its program for self-employed people who don’t have their incomes validated by third parties account for less than 3 per cent of its insurance business volumes, in terms of the numbers of mortgages it insures. “Given the limited use of these products, their discontinuation is not expected to have a material impact on the housing market,” it stated in a press release.

The Crown Corporation has been offering insurance on second homes since 2005. It has been offering insurance to self-employed people without strong income validation since 2007.

CMHC noted that “self-employed Canadians can still qualify for CMHC insured financing through CMHC homeowner products with a validation of their income using traditional methods.” Those might include audited financial statements, or unaudited financial statements prepared by an independent third party.

CMHC’s two private-sector competitors, Genworth MI Canada and Canada Guaranty, already had less stringent standards than CMHC for self-employed borrowers. It is not clear if they will adopt these product changes, or any future ones that CMHC might make.

(Source: TARA PERKINS - Real Estate Reporter the Globe and Mail)