15 Mar

AFFORDABLE HOUSING IN CORNWALL

General

Posted by: Jenni MacDonald

21 REASONS WE LOVE CORNWALL, ONTARIO & AREA

Why Do We Love Cornwall, Ontario?

A local Century 21 Real Estate Agent, Mike VanderMeer, and I have compiled a list of the reasons we love Cornwall, Ontario.  We’ve compiled 21 reasons, which we will share with you, one at a time.  We would love to hear the reasons you love to live here too!

#5: AFFORDABLE HOUSING

We are one of the least expensive places in Ontario to buy a home. We have a wide variety of homes available – waterfront, condos, hobby farms, executive homes, starter homes just to name a few.  Located in the middle of the three United Counties of Stormont, Dundas and Glengarry, Cornwall has many surrounding towns & villages.

Many of these villages have historical significance.  Some were even newly created with the flooding of the Seaway in the 1950s. For those who like the smaller town feel while being close to major amenities, the many towns & villages are there for you.  You can also choose a country home or farm for privacy and space.

If you are interested in relocating to Cornwall and Area in Ontario, I’d be happy to look at your mortgage options with you.

📲View current mortgage rates

📲Apply for a mortgage

To learn more about the Cornwall Housing Market visit http://www.century21.ca/shieldrealty

 

 

7 Mar

CORNWALL PARKS, BEACHES & MORE

General

Posted by: Jenni MacDonald

21 REASONS WE LOVE CORNWALL, ONTARIO & AREA

Why Do We Love Cornwall, Ontario?

A local Century 21 Real Estate Agent, Mike VanderMeer, and I have compiled a list of the reasons we love Cornwall, Ontario.  We’ve compiled 21 reasons, which we will share with you, one at a time.  We would love to hear the reasons you love to live here too!

#4 PARKS, CAMPGROUNDS, BEACHES and MARINAS

Just minutes from Cornwall, we have access to the Long Sault Parkway, Guindon Park, Upper Canada Village, Upper Canada Migratory Bird Sanctuary, Lamoureux Park, Crysler Park Marina, Charlottenburg Park, and Lost Villages Park as a few examples.  We even have an off-leash dog park so our canine friends can enjoy our great outdoors!  There are many boat launch areas so boating enthusiasts can enjoy hours on the river.  There are many ways to enjoy the natural beauty that surrounds Cornwall and area.  If you don’t own your own boat, there are several scenic boat tours and boat rentals available.

 

If you are interested in relocating to Cornwall and Area in Ontario, I’d be happy to look at your mortgage options with you.

📲View current mortgage rates

📲Apply for a mortgage

To learn more about our great City, check out these local websites: www.choosecornwall.ca or www.cornwalltourism.com.

4 Mar

CORNWALL BIKE PATH

General

Posted by: Jenni MacDonald

21 REASONS WE LOVE CORNWALL, ONTARIO & AREA

Why Do We Love Cornwall, Ontario?

A local Century 21 Real Estate Agent, Mike VanderMeer, and I have compiled a list of the reasons we love Cornwall, Ontario.  We’ve compiled 21 reasons, which we will share with you, one at a time.  We would love to hear the reasons you love to live here too!

#3: WATERFRONT TRAIL and BIKE PATHS

Cornwall has one of the nicest bicycle paths in the province. There is approximately 40 km of trails running throughout the city and from Lancaster to Morrisburg.  The trails run along the remains of the old Canal and the St. Lawrence River.  You can enjoy biking, running or walking on this beautiful trail.  It is easy to get almost anywhere in the City by bicycle.  What a great asset to Cornwall and Area!

The largest part of the recreational path spans the entire waterfront, offering great views of the St. Lawrence River. This part of the recreational path is also part of the Waterfront Trail, which stretches from Niagara-on-the-Lake to the Quebec border.

If you are interested in relocating to Cornwall and Area in Ontario, I’d be happy to look at your mortgage options with you.

📲 View current mortgage rates

📲 Apply for a mortgage

To learn more about our great City, check out these local websites: www.choosecornwall.ca or www.cornwalltourism.com.

2 Mar

MINIMAL TRAFFIC IN CORNWALL

General

Posted by: Jenni MacDonald

21 REASONS WE LOVE CORNWALL, ONTARIO & AREA

Why Do We Love Cornwall?

A local Century 21 Real Estate Agent, Mike VanderMeer, and I have compiled a list of the reasons we love Cornwall, Ontario.  We’ve compiled 21 reasons, which we will share with you, one at a time.  We would love to hear the reasons you love to live here too!

#2 TRAFFIC

(Or Lack Thereof) – Our “rush hour” only lasts about 15 minutes.  Plus, you can easily get from one end of the city to the other in about 10 minutes.  And, just in case it ever gets really busy, we have our own Traffic Circle!

Cornwall also offers many transportation options & services 👇

Rail Service

Cornwall is serviced by four (4) trains that connect Cornwall to Toronto and other communities west along Highway 401, as well as four trains that connect Cornwall to Montreal. The Via Rail station is located at 1650 Station Road, just east of Pitt Street. It can be reached via taxi or by Cornwall Transit Route-1. Washrooms and Wifi internet are available at the station.

Contact VIA Rail directly to book tickets.

Inter-City and Commuter Bus

417 Bus Line offers a weekday commuter service between Cornwall and Ottawa. Commuters can choose packages that best suit their individual needs. For more information please contact:

417 Bus Line
613-764-2192

Two inter-city bus lines provide Cornwall residents with access to other neighbouring cities in Ontario and Quebec. Greyhound provides regular service to Ottawa, where connections are available to other major centres. The service is available on Thursdays, Fridays and Sundays at 1:00 pm. Meanwhile, Coach Canada and its partner service Megabus provides regular service to Kirkland and Montreal to the east of Cornwall, Brockville, Kingston, Whitby, Scarborough and Toronto to the west. The Coach Canada/Megabus terminal is located at the Irving Service Centre on Brookdale Avenue, north of Highway 401.

Greyhound
MacEwen Gas Station 5757 St. Andrews Road (Highway 138)
(613) 933-0320

Coach Canada/Megabus
Irving Service Centre, Brookdale Avenue
1-800-461-7661

City Transit

Cornwall is well serviced by one of the most efficient public transit systems in Canada. Cornwall Transit operates Monday thru Saturday from 6:00am to 10:45pm. Regular, Handi-Transit, Community Bus services are offered.  For more information:

Cornwall Transit
613 930-2636

Taxi Service

Cornwall is serviced by three taxis companies as follows:

  • Choice Taxi :  613 938-8899
  • Tip Top Taxi : 613 932-2727
  • Veteran’s Blue Line :  613 932-7311

Air Travel

Cornwall residents are fortunate to be located within 60 minutes of 2 international airports: Ottawa International Airport and Pierre-Elliot Trudeau Airport (Montreal). Local shuttle service is available.

Cornwall Regional Airport

The Cornwall Regional Airport is located a short drive east of the city. The airport has a single 3,500 ft × 100 ft paved runway oriented east-west and offers both AvGas and Jet Fuel 24 hours a day. The airport is open year round and is designated as an Airport of Entry for customs services. Cornwall Aviation operates a flight school and maintenance hangar at the airport.

If you are interested in relocating to Cornwall and Area in Ontario, I’d be happy to look at your mortgage options with you.

📲 View current mortgage rates

📲 Apply for a mortgage

To learn more about our great City, check out these local websites: www.choosecornwall.ca or www.cornwalltourism.com.

 

 

 

27 Feb

CORNWALL IS A GREAT LOCATION!

General

Posted by: Jenni MacDonald

21 REASONS WE LOVE CORNWALL, ONTARIO & AREA

Why Do We Love Cornwall, Ontario?

A local Century 21 Real Estate Agent, Mike VanderMeer, and I have compiled a list of the reasons we love Cornwall, Ontario.  We’ve compiled 21 reasons, which we will share with you, one at a time.  We would love to hear the reasons you love to live here too!

#1: LOCATION, LOCATION, LOCATION:

Montreal & Ottawa are only 1 hour away. We are on the border of the USA and can get to Lake Placid in about 90 minutes. We are situated on the St. Lawrence River.  To the south, you can see the Adirondack Mountains and with a short drive to the northeast, you can visit the Laurentian Mountains. It just doesn’t get any better than this.

You’ll be amazed at what you get when you choose Cornwall as your place to live in Ontario. Looking for an estate home or a downtown condo overlooking the river? We have some available, as well as a whole range of family-friendly homes near schools and parks. Not only will you find great homes, but also larger lots, quiet roads, and your choice of safe, fully serviced neighbourhoods.

Average housing prices in Cornwall by type

  • Bungalow – $184,977
  • Elevated Bungalow – $237,292
  • Split Level – $221,167
  • Two Story – $204,875
  • One and a Half Story – $121,433
  • Semi – Detached – $171,500
  • Condominium – $200,279
  • Townhouse – $131,103
  • Income – $126,108

Cornwall among other places by average housing prices

  • Canada – $494,938
  • Ontario – $527,278
  • Ottawa – $374,460
  • Toronto – $717,213
  • Montreal – $344,870
  • Cambridge – $377,197
  • Cornwall – $204,885
  • Durham Region – $516,923
  • Guelph District – $415,478
  • Hamilton Metro – $493,193
  • Kingston Area – $304,114
  • Kitchener – Waterloo – $378,008
  • London – St. Thomas – $277,218
  • North Bay – $229,025
  • Peterborough – $320,611
  • Sudbury – $253,154
  • Thunder Bay – $217,966

If you are interested in relocating to Cornwall and Area in Ontario, I’d be happy to look at your mortgage options with you.

📲View current mortgage rates

📲Apply for a mortgage

To learn more about our great City, check out these local websites: www.choosecornwall.ca or www.cornwalltourism.com.

2 Oct

Rate Holds

General

Posted by: Jenni MacDonald

You May Have Heard of the Term “Rate Holds”.

Lenders offer rate holds to potential clients purchasing a new property who need a mortgage.  Rate holds are not used for refinancing a mortgage or transferring it from one lender to another.

Lenders will typically hold a rate for 120 days.  However, some lenders will hold the rate for a shorter period of time.  Each lender offers different options and a Mortgage Broker can walk you through the different options that are best for you.

What Does a Rate Hold Mean

A rate hold does not commit you to working with that particular lender.  It does not influence your chances of receiving an approval down the road.  When lenders offer a rate hold, they do not collect your documents or confirm that you will qualify for the amount of mortgage requested.  It simply hold the rate.  If a lender or Mortgage Broker collects and verifies your documents it is called a “Pre-Approval”.

The Way Rate Holds Work

  1. Mortgage Broker submits your application to a lender for a fixed interest rate of 3.59% for 5-years with a 120 day rate hold.
  2. 30 days later, that interest rate moves to 3.69%. As long as your mortgage closes in the next 90 days (within the 120 day window from when you got your rate hold), you can keep your 3.59% rate.
  3. If rates go down, not up, you can also take advantage of the lower interest rate.
  4. Once the 120 days expires, you can submit another rate hold.  It will be for the interest rate on the day of the new submission.

Best Choices

In my opinion, there is more value in a complete pre-approval in which a Mortgage Broker will verify all of your documents and also get you a rate hold.

If you have any questions, contact me at Dominion Lending Centres The Mortgage Source.

.

4 Jul

Properties With A Second Unit

General

Posted by: Jenni MacDonald

Properties with a Second Unit

Have a look through many MLS listings and you will see terms like: “Secondary Suites”, “Basement Apartments”, “Accessory Apartments”, “Granny Flats”, “In-Law Suites”, “Granny Suites” or “Nanny Suites”.    Whether a buyer is looking for a unit for an aging parent to stay nearby or to make some extra money to help make the mortgage payments or cash flow, a Second Unit can be a great solution.

What are Second Units?

Second units are self-contained residential units with a private kitchen, bathroom facilities and sleeping areas within a single family or semi-detached home.

Benefits of Second Units

In addition to increasing the amount of affordable rental accommodation in an area, second units benefit the wider community in a number of other ways. They:

  • provide homeowners with an opportunity to earn additional income to help meet the costs of home ownership
  • support changing demographics by providing more housing options for extended families or elderly parents, or for a live-in caregiver
  • maximize densities and help create income-integrated communities, which support and enhance public transit, local businesses and the local labour markets, as well as make more efficient use of infrastructure
  • create jobs in the construction/renovation industry.

The Canadian Mortgage and Housing Corporation (CMHC) recently announced that in order to facilitate affordable housing choices for Canadians, it would be making some policy revisions on how they consider income derived from secondary suites. Considering the last 4 years have been nothing but tightening of rules, making it harder for Canadians to secure mortgage financing, this news is certainly welcome!

Cautions about Purchasing a Property with a Second Unit

  1. Regardless of where they are located, second units must comply with health, safety and municipal property standards, including but not limited to, the Ontario Building Code, the Fire Code and municipal property standards by-laws.  In addition, a building permit may be required to establish a second unit depending on whether alterations to the house are needed.  As such, buyers considering purchasing a property with a Second Unit or homeowners considering establishing a second unit should contact their municipality prior to doing so.
  2. In many cases, illegally-operated secondary suites also go unreported to insurance providers. If a Secondary Unit is not reported to your insurance provider you run the risk of not being covered in the event of a loss.
  3. In addition, your lawyer will be required to order a work order search since you are technically purchasing a multi-unit residential property. This results in a longer timeline, a few more dollars and, possibly, some setbacks to deal with in order to close on the anticipated closing day.
  4. Be sure to speak to your accountant if you will be receiving rent from the second unit. There are several tax implications for receiving rental income not the least of which is having to claim Capital Gains on the sale of your personal home.
  5. A final word of caution, if one (or both) of the units are currently tenanted, be sure to ask for vacant possession of the unit that you will be living in.  If the tenant in the extra unit is staying, be sure to ask for a copy of the lease to make sure your rights are protected.  If the tenant in the second unit is also leaving, make sure you require vacant possession of that unit as well.  Banks will no longer allow the flexibility of a tenant to “move out in 60 days” in order to qualify for a residential mortgage with 5% down payment.  On closing day, the discovery of a “Rent Adjustment” by your lawyer will immediately cancel your mortgage if the lender was not aware that a tenant would be remaining in any of the units.

So What Does This Mean for You?

If you would like to discuss how much mortgage you qualify for and look at different scenarios of qualifying with a secondary suite rental income, I would love to have an in depth look at your finances and provide you with mortgage options!

25 Apr

The 5 Benefits of CHIP Reverse Mortgages

General

Posted by: Jenni MacDonald

One  product.  Many  benefits.  CHIP Reverse Mortgage by HomEquity Bank.

Designed  to  fit  into  any  financial  plan,  the  CHIP  Reverse  Mortgage  offers  many  benefits and  opportunities  that  make  it the  right  solution  for  so many  older  Canadians  so  they  can  live  the  lifestyle  they’ve  worked  so  hard  for.

1.  Maintain complete ownership of your home.

2.  No  regular  monthly  mortgage  payments if you choose not to.

3.  Tax-free cash

4.  Access to up to 55% of the equity of your home

5.  No medical checks are required.

If  you  would  like to  learn  more,  please  contact  me  at jmacdonald@dominionlending.ca or 613-551-0639.

29 Jan

Breaking Up Is Hard To Do! Do You Need a Spousal Buyout Mortgage?

General

Posted by: Jenni MacDonald

When Breaking Up is Inevitable Consider a Spousal Buyout

Life can hit us hard and it’s hard to move forward.  But, we pull up our boots and take one step at a time.  When couples decide that a divorce (or Breaking up) is inevitable, if a house is involved, the question of whether the house has to be sold arises.

Spousal Buyout

You can apply for a mortgage products called a Spousal Buyout.  This product allows a spouse, who wants to keep a matrimonial home, get a mortgage up to 95% of the value of the property in order to payout an amount owing to the other.  In the past, if both names were already on the deed and mortgage, the maximum one party could pull from the house was 80% of the value as a refinance.

Requirements for a Spousal Buyout Product

The rules for the 95% mortgage product are quite stringent. You will need:

  1. An appraisal.  An appraisal report will already have been obtained in order to determine the Equalization of Assets during a divorce.  Unfortunately, in most cases, the same appraisal is not acceptable to a lender unless it was originally ordered by a third party (such as a Mortgage Broker or lender or lawyer) for the dual purpose of Equalization of Assets and Financing.  Also, an Appraisal Report is acceptable for 90 days (less with some lenders).  If the appraisal was ordered early in the divorce proceedings, another one may be needed by the time the details are settled.  If the value changes over that time, the negotiations between parties usually start again to determine payout amounts.
  2. A signed Separation Agreement written by or signed by a lawyer.
  3. An Agreement of Purchase and Sale between the parties.
  4. Proof of payout amounts.  The proceeds can payout the ex-spouse.  With this product, CMHC will not allow the funds to payout other debts.  Genworth and Canada Guaranty are more flexible in their requirements.  Keeping these facts in mind is important when the negotiations between parties take place.

Including a Mortgage Broker early in the Separation process can help ease you through this horrific experience.

24 Jan

Credit Scores – How do you score?

Mortgage Tips

Posted by: Jenni MacDonald

All the recent mortgage changes translates into needing a strong credit score more than ever.  Most Lenders rely on the “Equifax” score.  Equifax calculates a daily “risk” score out of a maximum score of 900.  Using Creditkarma.ca, will access a TransUnion score which is not used by many lenders but is a good way to monitor activity.  Establishing a score of 700 or higher is considered an excellent score and opens the doors to the better interest rates and bank approvals.

PAYMENT HISTORY

This factor determines about a third of your score.  Even a one day late payment can negatively influence your score and shows on your bureau for 6 years.  It’s more important to pay the minimum payment on time than to pay a larger amount late.  Setting up all of your accounts on pre-authorized payments for the minimum amount will ensure that you will never have a late payment.

The MOST important advice I can give is to avoid having anything sent to COLLECTIONS.  No lender will provide a mortgage to someone with an unpaid collection.  Each one decreases your score by about 80 points.  If you are having a dispute with your cell phone or internet provider, pay the bill and then argue about it later!!!

AMOUNT OF CREDIT USED

Amount of usage is another large factor in determining your credit score.  The more of the limit you have used, the lower your score will be.  Keeping your balance under 30% of the total available amount will help your score increase.  If you are in a hurry to improve your score, consider calling your credit companies for a limit increase.  The secret to this trick: DO NOT use the increase !!

OTHER FACTORS

Your Beacon score is also calculated by AGE OF YOUR ACCOUNTS, TYPE OF CREDIT you have and  NUMBER OF ENQUIRIES on your bureau in the last 12 months.  Lenders want to see at least 2 different kinds of credit established for at least 2 years for a total limit of at least $2,500.  A combination of credit cards, loans and lines of credit are desirable.  If you make numerous calls looking for credit from different companies you will lower your score and is a red flag to lenders.  Keep in mind, if you close an account, your score could drop by almost 100 points!!

To have a closer look at your credit situation, make an appointment or apply online at jmacdonald.ca .  Start the year off strong!