Your Mortgage

Find out about your mortgage options before you start looking. There's nothing more frustrating that falling in love with a home, only to find out you can’t afford it.

Pre-qualifying for a mortgage is the best way to find out how much you can afford. Your financial institution will look at your income, expenses and debt to determine how much they will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Once you have pre-qualified, consider applying for a pre-approved loan. Then, when you find the home you want to buy, it will speed up the purchasing process. For more information about planning your mortgage, and organizing your finances. 

House hunting begins at home... with planning. Before you grab the road maps and hit the streets with Bev, you need to know how expensive a house you can afford to buy. Knowing your affordable price range will bring your house hunting into focus.

Want to get an idea of how much you can afford? Try the Mortgage Affordability Calculator for a quick estimate.

------------------------------------------------------------------------------------------------------------------------------------------

TD Canada Trust Mortgages

Franco Briglio , Manager, Residential Mortgages

Cell:    613-866-2744 
Pager: 613-767-5446
Fax:     613-823-7713
e-mail: franco.briglio@td.com

Web: www.tdcanadatrust.com/msf/francobriglio

Mortgage Architects

Elaine Simpson, AMP
1390 Prince of Wales Drive, Unit 204
Ottawa Ontario K2C 3N6

Tel:  613-769-3206
Fax: 613-736-1765

e-Mail: elaine.simpson@mtgarc.ca

Web:mortgagearchitects.ca/broker.php?id=simpson

INVIS, Mortgage Consultant
Kelly Wilson

1335 Carling Ave, Ottawa

Cell:   613-266-3570

Bus:   613-792-1001 x 224
Invis Toll Free: 866-854-6847

e-Mail: kellywilson@invis.ca

Web: www.WilsonTeam.ca

Why Hire A Lawyer?

A legal professional is there to represent your interests and to process the legal documentation required..

It is not a legal requirement to use a lawyer, but it will save you a lot of time and frustration and make the sale much smoother. Lawyers specializing in real estate will be well worth the cost. For their fee, they will:

• search the property's title to ensure there are no existing mortgages or liens registered against it;
• search the City Zoning Department to make sure the property complies with zoning;
• search gas, water and hydro records to determine whether there are any outstanding work orders attached;
• determine if property taxes are paid;
• prepares the land transfer tax affidavit;
• On closing day, attend the Registry Office to register the deed and mortgage.

In addition to the Lawyer's "Fee for their Service", you are also responsible for the lawyers "disbursements". These include costs that the lawyer paid on your behalf including but not limited to searches and sub searches, title insurance land transfer tax, any long distance calls, photocopies, courier charges etc. Other closing costs include your proportionate share of the property taxes, and leftover heating oil, if applicable which will be identified on your statement of adjustments.

COSTS RELATED TO A REAL ESTATE TRANSACTION

The conveyance of real property results in the payment of certain expenses by the parties involved. Set forth below is brief summary of theses expenses, that are incurred when transactions are handled properly and professionally, viewed both from the position of the Buyer and from the position of the Seller. Buyers should budget approximately 2-3% of the purchase price for closing costs.

Land Transfer Tax

This is paid by the Buyer at the date of the final closing to the Treasurer of Ontario
pursuant to the Land Transfer Tax Act. The tax is based on the purchase price and the
current rates became effective on June 1st,1989.

The rates are as follows for a single family residence:

$0-$55,000                    0.5%
$55,001-$250,000             1% less $275.00
$250,001-$400,000        1.5% less $1525.00
$400,001– and up          2.0% less $3525.00

Example: To calculate the land transfer tax on a purchase price of $275,000, multiply the
purchase price by 1.5% and deduct $1,525 ($4,125 - $1,525 = $2,600)

Disbursements – Purchase

In addition to the payment of Land Transfer Tax, Buyers are responsible to pay for
certain disbursements incurred by their lawyer in respect of various certificates, searches
and registrations. Examples of such approximate disbursements are as follows:
i) Registration of Deed                                                                  $ 70.70
ii) Registration of Mortgage                                                            $ 70.70
iii) Municipal and utility searches OR title insurance                          $270.00
iv) Abstract of Title & Execution Certificate                                      $150.00
v) Transaction Levy                                                                       $ 50.00
vi) Couriers, photocopies, postage, closing agent                             $ 75.00

For a typical purchase (including one mortgage), a Buyer should budget about $650.00 for disbursements. There will also be further costs for adjustments, land transfer tax and legal fees.

Title Insurance - A MUST!

What is Title Insurance exactly? Should you get it? Do you need it? This article will provide you with some background information about title insurance to help you make an informed decision.



Title to Property

Title is the legal term for ownership of property. As a Buyer you want "good and marketable" title to a property - good title means title appropriate for the buyer's purposes; marketable title means title the buyer can convey to someone else. Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. The search might reveal, for example, existing mortgages, liens for outstanding taxes, utility charges, etc., registered against the property. At closing the buyer expects property that is free of such claims, so normally they must be cleared up before closing. For example, the seller's mortgage will be discharged and outstanding monetary expenses (such as taxes and utility charges) will be paid for (or adjusted for) at closing.

Sometimes problems (or defects) regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that a dock and boathouse built on a river adjoining a vacation property was built without permission. The buyer of the property could be out-of-pocket if he is later forced to remove the dock and boathouse. Or, the property might have been conveyed to a previous owner fraudulently, in which case there is the risk that the real owner may come forward at some point and demand their rights with respect to the property.

------------------------------------------------------------------------------------------------------------------------------------------

Irving Farber

Farber and Robilliard

330 Churchill Avenue
Ottawa, ON K1Z 5B9

Phone: 613-722-9418 ext 222
Fax:     613-722-5981

Richard Bradley, Gerald Hiscock

Bradley and Hiscock

1581 Greenbank Rd (Barrhaven)
Ottawa, ON

Phone: 613-825-4585
Fax:     613-825-5101

Bradley Wright

Barrhaven Mall, Green Bank Rd (Barrhaven)
Ottawa, ON

Phone: 613-825-8800
Fax:     613-825-9200

Michael Dunlap

978 Merivale Road

Ottawa ON

Phone: 613-724-9900

FAX:     613-722-3798

Murray Young

1580 Merivale Rd. Suite 310

Ottawa ON

Phone: 613-224-1621

Fax:      613-224-8827

Norm Fera

Lang Mitchener

50 O'Conner Street, Suite 300

Ottawa ON

Phone: 613-232-7171

eMail: nfera@langmichener.ca

Sanctuary Paint & Decor - A Benjamin Moore Signature Store
420 Hazeldean Road, Unit #3
Kanata, Ontario K2L 4B2
Telephone: 613-836-9507
Fax: 613-836-9509
E-mail: yoursanctuary@sanctuarypaint.ca
Web: http://SanctuaryPaint.ca

Buying a home is probably the biggest single investment you will make. A home inspection prior to making an offer will protect you and your investment.

A qualified home inspector will give your house a thorough examination, checking the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and visible structures of the home.

The inspector will point out the need for major repairs, identify areas that may need attention in the near future, and explain what maintenance will be necessary to keep the house in good shape. But, it is not all negative. Most inspectors are more than happy to tell you about the home's good qualities as well.

Home inspections are relatively inexpensive considering the size of the investment that you are about to make. Many people consider this a small price to pay for peace of mind.

An appraisal is a report containing an estimate of the value of the property. Appraisals are conducted for the purpose of mortgage lending by certified appraisers. The appraisal should not be confused with the home inspection or the market analysis.

------------------------------------------------------------------------------------------------------------------------------------------

Rick Henry
Peace of Mind Home Inspections
Telephone: (613) 824-9754
E-mail: inspectfyi@yahoo.ca
Web: www.energuideforhouses.gc.ca

Harry Bradford

H.J. Bradford Group Inc.

Telephone: (613) 489-0464

E-Mail: harryb@bradfords.com

Brian Callaghan

Alert Home Inspections

Telephone: (613) 860-6155

E-Mail: bcallaghan101@yahoo.ca

Sean Shea

Precision Home Inspections Inc.
Business: 613-798-3018
Fax: 613-271-0957
phi@sympatico.ca
www.precisionhomeinspections.ca

The Handyman Connection

Steve McCulloch... (613) 266-0187

Painting, ceramic, hardwood & laminate floors, closet doors, windows, drywall repairs, kitchens & bathrooms

Bath remodels. Basement renovations. Drywall. Electrical. Kitchen remodels. Painting. Plumbing. Tile work. To-do lists. Windows & doors. Wood repair and much more.

The Handyman Connection is independently owned and locally operated. 

http://www.handymanconnection.ca

General #: 613-723-5021.

All are bonded and insured.

Experienced craftsmen

Quality workmanship

Service you can trust

Magnum Electric

Dave Henry, Master Electrician: (613) 762-1167

Over 15 years experience in Ottawa

email: magnumelec@yahoo.ca

www.magnumelectric.ca

Specializing in:

- Custom Lighting

- Rewiring

- Service Upgrades/Changes

- Renovations

- Outdoor Plugs and Lighting

- Smoke Alarms/Carbon Monoxide Detectors

No job is too big or too small

Atlas Van Lines is a preferred supplier of Royal LePage and a proud gold sponsor of our corporate events and initiatives. Visit www.atlasvanlines.ca to find an Atlas Van Lines agent in Canada, United States or Internationally. In Ottawa, call...

AMJ Campbell Van Lines

Jamie Kingsbury , National Relocation Consultant, would be more than happy to help all my clients with any and all moving related questions and inquires. They provide FREE in home detailed estimates for all local, long distance moves within Canada, USA and beyond. Have a look at their site for more information regarding their service and features www.amjcampbell.com

They also operate a locally based moving box and supplies company www.movingboxes.ca for those do-it-your-selfers or pack-it-your-selfers. They carry a wide range of moving supplies plus their exclusive “Perfect Packs” not to mention delivery is absolutely FREE on all order over $89.

Jamie can be reached at AMJ Cambell Van Lines by email or at 613-737-0000 Ext.: 242, or
Toll free: 1-888-766-0000 Address: 2710 Stevenage Drive, Ottawa ON K1G 3N2

------------------------------------------------------------------------------------------------------------------------------------------

Fred Guy Moving and Storage

Wayne Lyttle or Betty Shields can be reached at 613-744-8632, Fax 613-744-8988 or E-Mail sshields@fredguymoving.com Address: 1199 Newmarket Street, Ottawa ON K1V 3B1.  Request an Estimate

------------------------------------------------------------------------------------------------------------------------------------------

BOYD moving and Storage Ltd. :

Local and Long Distance, Packing, Moving, Storage, Specialized Crating

613-244-4444 www.boyd.ca

Personal Effects Storage:

"Ottawa's largest, custom-bonded , modern storage facility"

Overseas Shipping:

Providing moving services to Foreighn Affairs Employees since 1947

Need Boxes?  Cartier Supply & Rentals Ltd. 731 Belfast Road, 613-244-7225 to buy new & used boxes, bubble wrap, furniture bags etc.  Rent dollies, hand carts, appliance carts etc. www.boydgroup.on.ca