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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Skills That You Can Learn In The Real Estate Market

Obtaining a mortgage can be intimidating and confusing. Similar to the buyer and seller guides, I’ve outlined the mortgage process for you in 4 easy steps!

Step 1: Mortgage Application

Before an application gets filled out, it’s important to first assess yourself financially. Figure out how much money you have and how much you need to borrow. It’s always critical to sort out how much you can afford so that when you apply for a mortgage you will be able to financially sustain yourself. A mortgage associate will then take an application by phone, in person, or online. Once it has been received, the mortgage application process will begin by verifying the information you have provided.

Step 2: Choose the Right Mortgage Program

Like all homes, mortgages also come in all shapes and sizes. You have to pick which loan is more aligned with your financial situation and goals. There are four basic types of home financing loans.

  1. A) Fixed Rate Mortgage

Fixed Rate mortgages usually have terms that can last from 1 year to 10 years. As the name suggests, the interest rate and monthly payments will remain the same for the specified term. This type of loan should appeal to you if you: Plan to live in the home for more than 5 years Like the stability of a fixed interest payment Think your income and spending will stay the same Don’t like the risk of having a higher monthly payment

  1. B) Adjustable Rate Mortgage

An Adjustable Rate Mortgage (ARM) lasts for 3-5 years. But during these terms, the interest rate on the loan can go up or down which means monthly payments can increase or decrease. This type of loan should appeal to you if you: Plan to say in your home for less than 5 years Don’t mind having your monthly payment increase or decrease Are comfortable with risk of possible payment increases in the future Think your income will probably increase in the future

  1. C) Combination Rate Mortgage

A Combination Rate Mortgage combines fixed interest rates and adjustable interest rates. This type of loan would appeal to you if you: Want to manage interest rate risk Choose to take advantage of both long and short term rates Like the stability of a fixed interest payment Don’t mind having monthly payment increase or decrease

  1. D) Lines of Credit

Utilizing a Line of Credit is becoming an innovative way to finance your home purchase. You can take the amount you need from the credit limit that you were granted. You only pay interest on what you use and this money can be put towards things like home renovations, a child’s education, and debt consolidation.

Step 3: Mortgage Submission and Approval

Once you select the appropriate mortgage program, you will submit this information to your mortgage associate along with any other required documentation. You will then wait for the mortgage approval from the mortgage associate either through email or fax. After the approval, the associate will also review your commitment to the mortgage. Any additional documents that are required by the lender should be sent to the associate no later than 10 days after the approval.

Step 4: Lawyer

The associate will send the mortgage instructions to your lawyer to review and sign the documents. First you will review all the terms and conditions prior to signing to make sure the interest rate and loan terms are what were promised. Double check to see that the names and address are correctly spelled on the documents. Signing takes place in front of a notary public or lawyer. There will be several fees with obtaining a mortgage and transferring property ownership which will be paid at closing. Bring a bank draft check for the down payment and closing costs if required. Personal cheques are not accepted. You will also need to show homeowners insurance policy and other requirements such as flood or fire insurance and proof of payment.

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Learn The Truth About Real Estate Industry

Your satisfaction and happiness is something that is very important to me. I understand how hectic it is to sell a house and it can be difficult if it’s not handled properly. To help you through the entire process, I’ve put together five simple steps.  If you questions just reach out to me and I would happy to assist.

Step 1: Decide to Sell

When you sell, you want to get as much value as you can for your home. So you might want to consider the timing of the sale because it definitely has an effect on the value. At times people considering seasonality as a major factor because typically more homes are sold in the spring rather than the winter. That might be true as majority of people are trying to move into their new home before September.  However, we typically find the more serious buyers and sellers in the fall and winter market and a lot less window shopping.  You can also increase the value by enhancing the appeal of your house.

There are various ways to do this and it all depends on the amount of monetary resources available. You can renovate your house by remodeling an area or just freshen up the walls with a new coat of paint. Even just keeping your front lawn tidy can make a big difference. Buyers love seeing green grass and flowers outside because it feels more warm and inviting to them. Home inspections are also something that you can do to prove the value of your home. Buyers will usually ask for a home inspection, so if you do it ahead of time it will definitely impress them. It also gives you a chance to prevent unpleasant surprises and make any major repairs. Now you’re ready for the for sale sign!

Step 2: Choose the right agent

There are thousands of real estate agents, so how do you chose one that’s right for you? You have to pick carefully. They will be acting as your representative and you will need someone to look out for your best interests. You will need someone that you can trust and someone who understands what you want. There are a few ways to look for your perfect Realtor: Jot down some names and numbers that you find on “For Sale” signs Ask friends and family for a recommendation Visit one of the local offices in your area They have to be a trained professional who knows your area inside out. A great agent is someone who offers you quality services to help you accomplish your goal.

Step 3: List your Home

Now that you’ve found the perfect real estate agent, they will list your home. First they will value your house and set a price. A report on market data will be complied to properly value your home based on the prices in your area. Once they’ve done that the agent will market your home through various media outlets and listing sites to create strong buyer interest. They can post on Multiple Listing Service (MLS), social media, blogs, and websites. There will be open house appointments as well to showcase the potential of your home to various individuals. At this point, Realtors may also suggest to stage the home to help these individuals imagine themselves living in your house.

Step 4: Receive an Offer

Not all offers are equal and that’s where your real estate agent comes in. They will help you get to know the terms and conditions regarding the price that the buyer wants to pay, financing conditions, or other things like inclusions and exclusions that the buyer wants to make. Not only is it about the price of the home, but you have to carefully look at the other details included in the sale. Appliances, chandeliers, or even minor renovations can also be part of the deal. Shorter or longer closing dates can also be specified by the buyer. If there is something in the offer that doesn’t satisfy you, counter offers or negotiations can also be presented to help get you what you want.

Step 5: Close the Sale

There will be closing costs associated with the sale that need to be paid either by or on the closing date. It can include mortgage application fees, inspections, and legal fees. But once that’s taken care of, you can pass your old keys to the new owners. Congrats! You’ve officially sold your house!

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10 Quick Tips About Business Development

TOP Renos For Selling Your Home

When it comes time to sell your home, you will likely be put in a situation where home updates, repairs, and upgrades are recommended in order to boost the value of your home for maximum returns! Now before tearing down a wall or throwing your money at everything it’s important to understand not all home renovations are equal. Below you will find a list of the top 5 home renovations that have significant impact on your selling potential:

Improve energy efficiency

This one is often a surprise to people – when you think of home improvements, they are generally the physical changes you see with your eyes. The secret is that potential buyers are taking energy efficiency very seriously when making considerations on what to buy.

Just to give an example, attic insulation projects return approximately 120% of their costs! Other energy-efficiency upgrades that are effective include updating HVAC, water heaters, and windows. If you do these changes early in the process (enough to get utility bills), your real estate agent can show potential buyers the difference between the monthly costs before and after the upgrades!

Spruce up your curb appeal 

First impressions matter, and it starts the moment a potential buyer lays eyes on your home. These exterior improvements don’t need to be radical either, there are many subtle touches that have huge impact. Some examples include power washing the home exterior, re-painting window frames and doors, and installing some pot lights. If your property has abundant green space, you should consider landscaping services which beautify the lawn with mulch, shrubs, and planting seasonal colorful plants. If you have the means for it, adding new stone veneers, entry doors, and garage doors almost always recoup 100% of their cost.

Minor kitchen remodeling

The heart of the home; the kitchen. Buyers often report that the kitchen is their favourite room – and so it’s easy to see how a gorgeous kitchen can entice even the most reserved buyers. In fact, if the kitchen is impressive enough, buyers may be more forgiving to other outdated spaces.

As the title suggests, I’m not recommending that you spend tens of thousands to improve the kitchen. I’m talking about the minor renovations that bring the most impact. Some examples include re-painting cabinets, installing new handles, installing stainless steel appliances, upgrading countertops, and putting up a new backsplash!

Bathroom remodeling

Next to the kitchen, buyers will zipline to bathrooms to develop their opinion of the home. Studies have shown that a minor bathroom remodel can provide a 102% return on investment – consider re-grouting tile and replacing the caulk around the shower, tub, and toilet. In some cases it may be best to replace the toilet – accomplishing both a modern look as well as energy efficiency (remember, energy-efficiency is a huge selling point).

A fresh coat of paint

A clean coat of paint is the facelift every seller can benefit from – we are talking 109% returns on investment here! New paint will lighten rooms and hide any defects. If your home has rooms with non-neutral paint colours, then painting over those spaces with neutral tones can have huge benefits! The buyer wants to enter the home and impose their personality within it, and areas with too much personality often work against your goal of selling effectively.

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12 Tips To Buying A New Condo

If you are thinking of buying a new condo, there are many things to consider.

Here are some helpful tips:

  1. Make sure you understand exactly what is and isn’t included in the purchase price.
  2. Carefully review the unit’s layout, boundaries, and unit factor.
  3. Review the planned amenities and decide if they meet your needs.
  4. Make sure you have a good understanding of what you can afford in common expenses fees and determine what the expected fees for the unit are.
  5. Carefully review your disclosure statement and clarify any questions you might have with the developer or a legal professional.
  6. Ask about what types of changes or modifications are permitted, and how much they cost. This includes bigger modifications like moving windows and doors, and smaller things such as flooring or cabinet colours or finishes.
  7. If you are concerned about future development or changes in your area, you can inquire with your municipality about whether there is any planned construction nearby.
  8. Ask whether the utilities will be included in the corporation’s common expenses, or whether each unit owner will pay individually for their own.
  9. Ask the developer about noise and/or odour reduction measures.
  10. Review the information about new condo warranties on Tarion’s website and the different occupancy dates included in your purchase agreement.
  11. Confirm with your developer that the building will be accessible for individuals with disabilities, particularly if you or someone who will reside in the unit has accessibility needs.
  12. Speak to a lawyer and/or real estate professional before signing any documents.

In general, shorter interim occupancy periods are better for condo buyers, because you can avoid paying interim occupancy fees. When evaluating potential condos to purchase, you should consider whether a builder has had lengthy interim occupancy periods for other projects. Once the interim occupancy period ends and ownership of the unit is transferred, you may be owed money if your declarant collected more money for property tax than the actual property tax amount. Alternatively, you may owe your builder money if they collected less property tax than the actual amount that was charged by the municipality.

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10 Things Your Competitors Can Teach You About Real Estate

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London Ontario Neighbourhoods

Explore London Ontario Neighbourhoods And Gain Insight Into The Communities.

North West London

North West London consists mostly of residential area and established neighbourhoods.  You can find a number of new residential builds in the River Bend, and Fox Hollow neighbourhoods.  There is plenty of shopping: SmartCentre london North West located in the corner of Fanshawe Park road and Hyde Park, Masonville Mall located at Richmond and Fanshawe Park road, London Mall and Hyde Park Plaza.  This part of London is also home to the University of Western Ontario.

Fox Hollow: About 92% of the residents are home owners with the average household income of around $100,942.

Hyde Park: About 90% of the residents are home owners with the average household income of around $103,836.

Masonville: About 73% of the residents are home owners with the average household income of around $150,543.

Medway: About 72% of the residents are home owners with the average household income of around $89,180.

Oakridge: About 87% of the residents are home owners with the average household income of around $123,998.

River Bend: About 88% of the residents are home owners with the average household income of around $155,485.

Sunningdale: About 80% of the residents are home owners with the average household income of around $163,008.

West London: About 24% of the residents are home owners with the average household income of around $49,692.

Woodhull: About 93% of the residents are home owners with the average household income of around $189,699

Other well known neighbourhoods in the area: Fox Field Community, Hickory Heights, Lawson, Orchard Park, Sherwood Forest, University Heights, Whitehills, Old North, Upper Richmond Village, Blackfriars, Cherryhill, Deer Ridge, Eagle Ridge, Hazelden, Hunt Club, Oakridge Acres, Oakridge Crossing, Oakridge Meadows, Oxford Park.

North East London:

This area of the city is developing fast and since high appreciation rates. Well establishment older neighbourhoods with lot of new construction projects on the go.  There are a number of smaller shopping plazas but nothing major in the area.  This community is also known for Fanshawe College – a public college and long history and positive reputation.  This part of London is also home to London International Airport – with regular flights to the United States and number of major Canadian cities.

Carling: About 39% of the residents are home owners with the average household income of around $52,351.

Fanshawe: About 97% of the residents are home owners with the average household income of around $119,915.

Huron Heights: About 56% of the residents are home owners with the average household income of around $69,872.

North London: About 55% of the residents are home owners with the average household income of around $112,829.

Stoneybrook: About 97% of the residents are home owners with the average household income of around $114,169.

Stoney Creek: About 71% of the residents are home owners with the average household income of around $85,211.

Uplands: About 82% of the residents are home owners with the average household income of around $133,382.

Other notable neighbourhoods:

Airport, Cedar Hallow, Fanshawe Ridge, Forest Hill, Grenfall Village, Huron Heights, Kilally, Kipps Lane, Merwin heights, Northridge, Ridgeviews heights

South East London:

Depending of the area except to find wide range of home prices – a place for everyone. Be sure to find a number of major commercial industries situated along the Veterans Memorial Parkway, which connected directly to the 401.  The major shopping area here is Argyle Mall.

Argyle: About 66% of the residents are home owners with the average household income of around $68,073.

Brockley: About 88% of the residents are home owners with the average household income of around $103076.

Crumlin: About 88% of the residents are home owners with the average household income of around $83,543.

East London: About 49% of the residents are home owners with the average household income of around $52,288.

Glanworth: About 70% of the residents are home owners with the average household income of around $89,242.

Glen Cairn: About 60% of the residents are home owners with the average household income of around $63,137.

Hamilton Road: About 72% of the residents are home owners with the average household income of around $63,514.

Jackson: About 95% of the residents are home owners with the average household income of around $101,776.

Westminster: About 84% of the residents are home owners with the average household income of around $77,378.

Other notable neighbourhoods:

Bonaventure Meadows, Bradley, Chelsea Green, Chelsea heights, Ealing, Fairmont, Hale Street District, Nelson Park, Old East Village, Old Vicotria, Pond Mills, Pottersburg, Ronleigh Village, Summerside, Trafalgar heights, Whitlow Estate

South West London:

Clear sign of the City working towards expending residential areas towards the 401.  Lot of new construction and new subdivisions.  White Oaks area you can find a number of condo units and Townhouses.  White Oaks mall and a number of smaller commercial plaza provides shopping opportunities.  Along the Wellington road you can find a number of Hotel plazas for the tourists.

Bostwick: About 47% of the residents are home owners with the average household income of around $87,249.

Byron: About 87% of the residents are home owners with the average household income of around $114,652.

Highlands: About 60% of the residents are home owners with the average household income of around $80,133.

Lambeth: About 93% of the residents are home owners with the average household income of around $131,054.

Longwoods: About 88% of the residents are home owners with the average household income of around $101,233.

Sharon Creek: About 82% of the residents are home owners with the average household income of around $115,067.

Southcrest: About 39% of the residents are home owners with the average household income of around $53,801.

South London: About 46% of the residents are home owners with the average household income of around $69,933.

Talbot: About 65% of the residents are home owners with the average household income of around $67,781.

Tempo: About 66% of the residents are home owners with the average household income of around $105,772.

Westmount: About 63% of the residents are home owners with the average household income of around $98,850.

White Oaks: About 70% of the residents are home owners with the average household income of around $67,781.

Other notable neighbourhoods:

Andover Trails, Brockley, Berkshire Village, Cleardale, Copperfield, Glanworth, Kensal Park Lockwood Park, Manor Park, Markland Wood, Norton Estates, Old South, Park Lane, Rosecliffe, Rowntree Park, Somerset Hills, Somerset Ridge, Talbot Village, The Coves, The Ridgeway, Warbler Woods, Wickerson Heights

Central London:

Downtown, SoHo, Woodfield, Central London – the central part of London.  The downtown serves purpose to a number of professionals in the area of law, accounting, banking sectors, and Tech.  Home the biggest library in the city of London, London City Police, London City Hall.  Richmond row provides ample opportunities for night time entertainment – number of great bar, food, and club options.

Central London: About 22% of the residents are home owners with the average household income of around $52,477.

Downtown: About 26% of the residents are home owners with the average household income of around $69,304.

All statistical neighbourhood profile information has been collected from the City of London.