Archive for October 12, 2007

Laurin Jeffrey | October 12, 2007
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Learning The Financial Services Language

By Anthony Harte, Dream Homes & Condos Magazine

Conditional approval

A conditional approval is a commitment that is binding on both the mortgagor (client) and the mortgagee (bank/financial institution) providing the financing, so long as all conditions have been satisfied and it is executed (signed) by both parties or authorized representatives. The conditional approval, typically, outlines the length of time of the commitment and the relevant amounts of the loan or mortgage. The more relevant information that the conditional approval outlines are those conditions which must be met to make the commitment a firm or unconditional approval. When the conditions have been satisfied, the institution will provide an addendum or schedule to the original commitment outlining that the file is complete or the conditions have been met. At this stage of the process, you are guaranteed financing just as long as you desire it.

What does a decline mean?

The decline is a response provided by a central credit granting centre or by an automated credit granting system. A decline suggests that an application for a specific product was refused as the applicant(s) may not meet the specific criteria for that product. In some cases, where an adjudicator (credit assessment officer) has the time, they may suggest what alternate products the applicant may apply for, but in the case of an average busy and/or hectic day, the adjudicator is only there to assess the applicant’s ability to meet specific criteria for the product they are requesting, given the companies, and in some cases, government guidelines. It is up to the personal banking officer, broker or financial advisor to assess the file and determine what alternate options exist. Typically, during the process of re-assessment of a request, clients receive varied explanations or inconsistent responses from the advisors or representatives, sometimes resulting in confusion or frustration. Ask your representative to provide two or more solutions in the initial stages of your loan interview /financial needs assessment.

Where do you go from here?

In some cases, it is not possible or practical to get a loan or related financing immediately; under these circumstances it is important to get financial advice which considers your current concerns as well as future needs. Usually a long term financial plan incorporating a series of steps which might include any combination of the following options: Budgeting, additional income sourcing, financing, career change, roommate/tenant or additional schooling.

Become proactive with your economic outlook and stay in control of your financial future, using the resources available to all consumers, and with a little faith you can overcome all financial adversity.

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Contact the Jeffrey Team for more information – 416-388-1960

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Category: Mortgages | Tags: , , ,
Laurin Jeffrey | October 12, 2007
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Exceptional communities in eastern GTA

Whether your choice is living in the east or west GTA, Mattamy Homes has irresistible new home communities just waiting for you to explore.

Sizzle in Scarborough

Discover the wealth of choices available at two of Mattamy’s most popular communities – Mattamy on the Rouge and Mattamy on Rouge Park.

Make some time to explore the area, too, as both neighbourhoods are situated adjacent to Rouge Park – one of the largest and most scenic urban parks in North America. Hiking trails and the renowned Toronto Zoo attract visitors from around the world to this natural sanctuary. Plus, within the vicinity homeowners enjoy access to excellent schools, shopping venues, health care facilities, cultural activities and golf courses. It’s a short drive to the amenities of Toronto and Pickering as well, and access to major thoroughfares and public transportation is handy. The homes surround you in luxurious interior finishes such as ceramic tiles and plush broadloom.

At Mattamy on Rouge Park, the selection includes WideLot semis, rear-lane townhomes, three-storey townhomes, and Live & Rent towns located on the north side of Sheppard Avenue, between Meadowvale Avenue and Morningside Road. WideLot semis in sizes from 1,371 to 1,850 sq. ft. are priced from the $260s. Rear-lane townhomes range in size from 1,155 to 1,830 sq. ft. and are priced from the low $200s, and three-storey townhomes from 1,340 to 1,770 sq. ft. are priced from the $230s. Perfect for extended families, Live & Rent townhomes from 2,542 to 2,833 sq. ft. start from the $290s.

Mattamy on the Rouge offers a collection of townhomes located between Neilson and Staines Roads, north of Finch Avenue. All of the three-storey townhomes back onto the Morningside Tributary. Townhomes with detached garages range in size from 1,300 to 1,826 sq. ft. and are priced from the $250s. Three-storey townhomes in sizes from 1,340 to 1,770 sq. ft. are priced from the $230s. For a limited time, receive a fridge, stove, dishwasher and central air conditioning with your purchase.

Location: Scarborough
Housing Type: Mattamy on Rouge Park – WideLot semis, rear-lane townhomes, three-storey townhomes, and Live & Rent townhomes; Mattamy on the Rouge – three-storey townhomes, townhomes with detached garages.
Prices: Mattamy on Rouge Park WideLot semis from the $260s, rear-lane townhomes from the low $200s, three-storey townhomes from the $230s, and Live & Rent townhomes from the $290s; Mattamy on the Rouge townhomes with detached garages from the $250s, and three-storey townhomes start from the $230s.

New Homes & Condos Magazine is an excellent source of housing information for those looking for information on new homes in Ontario, Canada. We offer the most up-to-date information on new communities across the Greater Toronto Area.

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Contact the Jeffrey Team for more information – 416-388-1960

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Category: Buying Real Estate, New Homes, Scarborough Real Estate | Tags: , , ,
Laurin Jeffrey | October 12, 2007
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Homeowners urged to take eco-action

By Bob Finnigan
President, GTHBA-UDI

I take the fact that we have a national grant program for making existing homes more energy efficient as a huge compliment to the energy efficiency of the newly built homes builders are offering today.

As a result of recent amendments to the Ontario Building Code, the base energy-efficiency of new homes has taken a quantum leap forward, with more to come. Still, many builders are going above and beyond the stringent Code standards through voluntary programs like ENERGY STAR for New Homes.

But as federal Natural Resources Minister Gary Lunn pointed out earlier this year, it’s the massive stock of older, existing homes where energy is being wasted. Lunn indicated that there are more than 13 million homes and 380,000 buildings in this country which use 30% of our energy and generate almost 30% of Canada’s greenhouse gas emissions.

“Only one to two percent of Canada’s housing supply is built new each year. Therefore, an important way to reduce household energy use is to make existing Canadian homes more energy efficient,” the minister stated.

“It’s time to recognize that the largest untapped source of energy is the energy we waste,” Lunn declared in announcing the ecoENERGY Retrofit program in late January.

Details of the program, under which homeowners can qualify for up to $5,000 in federal grants by improving the energy efficiency of their homes, were recently released.

The program design is simple enough. You need to contract a Natural Resources Canada-licensed energy advisor. The advisor will conduct a detailed on-site assessment of your home’s energy use from the attic to the basement including a “blower door” test to find air leaks. The advisor will provide you with the actual energy efficiency rating of your home, along with a report and list of recommended retrofits.

After you have completed your energy upgrades, the advisor will conduct a second evaluation and calculate a new energy efficiency rating that indicates the improved energy use in your home.  From there, the advisor will determine exactly how much you can expect to receive, prepare the paperwork for you to sign, and submit the grant application to the federal government.

Just to give you some examples, you can recover $500 if you install an ENERGY STAR gas furnace, $300 for installation of a heat recovery ventilator, and $200 for an energy-efficient hot water heater. Insulation grants for exterior walls can range up to $1,500 depending upon the area insulated and the R-value, with additional grants available for attic, basement and crawl space insulation. Replacement windows and doors are funded at $30 each.

On the water conservation side, you can get $50 back for replacing an old toilet with a new low- or dual-flush unit.

While the cost of the energy audit is not covered through the federal program, the Ontario government recently announced that it will fund the audits up to $150, and some local municipalities and/or utilities may chip-in as well, so be sure to check.

Natural Resources Canada estimates that homes that are more than 25 years old have the potential to save an average of 35% of their energy use. While it’s easy to get focused on the energy and/or dollar savings or the grants, the true savings come from the fact that when we use less energy in our homes, we help reduce the production of the greenhouse gas emissions that contribute to climate change and harm our environment.

To locate an energy advisor or to get more general information on the ecoENERGY Retrofit program, you can visit www.ecoaction.gc.ca or call 1-800-622-6232.
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Contact the Jeffrey Team for more information – 416-388-1960

Category: Miscellaneous, New Homes |
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