Posts Tagged ‘mortgages’

The Canora Experience: 4 BR Half Duplex Bungalow for $274,900

Friday, September 19th, 2014

Do you know how great investors are distinguished against average people?

They are the ones who grab an opportunity fast whenever it presents itself.
Okay, wait, let me rephrase that. They’re the ones who POUNCE to every bit of opportunity that life presents!
That’s much better.

To elaborate further, great investors are the kind of people who make their own luck. They don’t wish for luck. One of the best books I’ve ever read is “The Richest Man in Babylon by George S. Clason”. There were four quotes mentioned in that book relating to luck that I would like to share with you. First, “Good luck waits to come to that man who accepts opportunity”, second, “To attract good luck to oneself, it is necessary to take advantage of opportunities” third, “Good luck can be enticed by accepting opportunity” and lastly, “Men of action are favored by the Goddess of Good Luck”.

Although the book was written ages ago, the quotes still apply to this day and as I see it, it will persist for as long as there are human existence that strive to achieve a greater sense of being. I’m striving to achieve a good life and if you do as well, then its best that you too take the quotes to heart as it may guide you in your own journey.

A great opportunity is in front of you right now. Take the Canora Experience. This 4 bedroom half duplex bungalow is currently in the market. Given the economic rise of Alberta this year, this kind of real estate property would come ever so rare.

At $274, 900, this 969 sq ft piece of opportunity can and should be your next home or investment. Analyze the data, crunch the numbers, do your due diligence, I assure you all of it would point to same conclusion. To put it simple terms; this will bring the best bang for your buck.

Check out the photos below and see for yourself how this opportunity could change your life.

Edmonton Real Estate MLS Listing

View the complete details of the property here.

Opportunity awaits! Act now before its too late.

5 Easy Steps To Increase Home Value

Thursday, September 18th, 2014

Selling a home is no easy task that is why there are Realtors such as our team, but don’t think of it as a deterrent. The point that you are reading this article suggest that you would like to do something on your end to make the selling process as fast and efficient as possible, which is great! Below are 5 incredibly easy ways for you to help your Realtor market your home and create more value for your priced possession. Follow it and you’re going to be smiling your way to the bank.

edmonton homes for sale

Ceramic Wall Tiles

  1. CHOOSE NATURAL: Materials such as granite, ceramic tiles and even hardwood create more value than synthetic materials such as acrylics. When renovating kitchen floors, chose wood over linoleum as it will look classier to home buyers than the latter.
    Laminated products offer additional value for wall-to-wall renos. Keep the carpets well maintained as it is one of the very first things home buyers see. You wouldn’t want potential buyers to think they’ll spend tons of money just to replace the carpet, wouldn’t you?edmonton real estate MLS
  2. KEEP THE PAINT FRESH: Keeping a fresh coat of paint in the master bedroom, kitchen and other parts of the house will go a long way. It is the most cost effective way to add that buzz to your home.Stay clean and neutral with taupe, brown and off-white colors. Neutral shades is key as bright colors would tend to do more harm in the selling process than good. Lastly, stay off dark colors as it tends to create an effect which makes a room smaller than it really is.house for sale in edmonton
  3. BE ENERGY EFFICIENT: Nothing beats having low electrical bills. You experience it yourself every time the bill comes. An energy efficient house is a very marketable piece of real estate especially now that almost everybody is budget conscious. There are low cost solar panels and rain catchment systems now out in the market that you could take advantage off. You may even ask your local utility company to show how to truly maximize home energy efficiency. Majority of the energy providers do it for free.edmonton home for sale
  4. STORAGE GALORE: The more storage you have in your home, the better. Home buyers nowadays prefer a generous amount of attic and closet space. Having space is very important, especially if the potential buyer/s have a lot of equipment’s, i.e. snow blower, bicycles, lawn mower. In this kind of scenario, an over sized garage would really come in handy. His and hers walk-in closet in the master suite would be synonymous to additional dollars in your pocket.

    edmonton-home-for-sale

  5. LAST BUT NOT LEAST, MAINTENANCE: Hold off the lavish home upgrades and focus on the basics first. Fixing the small things such as leaks, leaky windows, insulating the attic, inspecting the septic system and weeding the flower beds go very long way towards creating value. These small repairs could cost you a hundred dollars but it may create additional zeros to your selling price.

11 Failed Home Designs

Tuesday, September 16th, 2014

After a hardcore Monday work, time for you to catch some breath and recoup before blazing again through the rest of the week. If you have already subscribed to our blog (great for you!), you might have already noticed that we here at Team Leading Edge always mix up our articles and this time we wanted to feature something funny. I figured nothing is funnier than seeing a home that have failed in some engineering or architectural way-or basically a photo that sums up loss of common sense. I don’t want to be mean but being in the real estate industry myself, I have seen a fair share of failed home designs and it always cracks me up. Too bad I wasn’t able to take photos of the failed home designs that I saw when I was doing site visits!

Now lucky for you I have done the leg work and filtered the worst, funny and crazy home designs around. Check out the list below to see Failed Home Designs.

Remember to view our list of amazing homes for sale in Edmonton through our MLS real estate listing after. You would not be disappointed.

  1. WRONG ERECTION. I don’t know if the owners are one of those “fertility” believers but, really, this is just wrong.edmonton homes for saleBut, Austin Powers like it.

    11 FAILED HOME DESIGNS

    Time to get your mojo

  2. SUICIDE DOOR. They took it literally. Judging from this photo, I can safely assume that if the 3rd floor is for rent, they would have extremely low tenancy rate due to this fatal flaws in the floor design.edmonton real estate mls listings for sale   11 FAILED HOME DESIGNS
  3. LEANING COUSIN OF PISA. Get it? No? Shame on you.edmonton real estate for sale
  4. DRA-WHERE? A big facepalm right here. Complete waste of storage space.edmonton real estate for sale
  5. BACKDOOR. In some weird way, this isn’t really that much of a failure. Looking at the positive side, if you ever really really needed to use the toilet when you arrive home, you wouldn’t need to go inside the house, you can dash straight at the backdoor!home for sale in edmonton
  6. [             ]. I will just leave this one for you to think of a caption.edmonton real estate mls
  7. WRONG SIDE. Seriously. You had one job!homes for sale in edmonton11 FAILED HOME DESIGNS
  8. ECO-FRIENDLY GARAGE. They didn’t want to cut down the tree for environmental purposes. Should’ve moved the garage though. See amazing garage designs here. 

    edmonton home for sale

  9. MAKE ROOM FOR THE FRIDGE. Yup! Squeeze it right there. Perfect!homes for sale in edmonton

    11 FAILED HOME DESIGNS

    I know how Patrick feels

  10. SOME MEN WOULD RELATE.edmonton home for sale
  11. OKAY, THESE TWO DESERVE THE LAST SPOT.
    Plumber was just making sure that if there would be a leak, he already had it covered.home for sale in edmontonBro, just no.
    home for sale in edmonton
    Here’s hoping you won’t do the same mistakes seen here or your work may just end up in our future list! That’s about it, don’t forget to subscribe.

    See beautiful homes with great working designs for sale in Edmonton here.

Amazing Garage Designs

Friday, September 12th, 2014

I love cars, Lexus LFA type of cars to be exact. The only game on my iPhone is Asphalt 8, a kickass car racing game. Cars today aren’t just simple mechanical tools used to travel from point A to point B, no, they have evolved to become an extension of one’s self. The brand, color and interior all provides subtle clues into who or what the owner is. As for me, I’m always in awe with the aesthetics of it, the status-symbol and the toys-for-the-big-boys bragging rights that it brings to the table.

Amazing Garages

This is love.

With that in mind, I wanted to know what the best garage designs look like and what I found brought tears into my eye-yes, I stared so long on the computer screen that my eyes got watery-probably you would too. Be warned, some of the images might be disturbing, as one user pointed out “some of these cars spend the night in a better room than I do!”. Couldn’t agree more [Insert sobbing emoticon here].

Okay, enough with the introduction and let’s get down to business. Below is a gallery I made of what I believe is the most epic, amazing, outrageously expensive and very creative garage designs. Also, don’t forget to check out our list of amazing Edmonton houses for sale (with garages, of course) in our supreme Edmonton MLS real estate listing. Enjoy!

Here’s the mother lode of amazing garages I hand picked from luxury4play.com:

Elegant garage from Houzz.com:

Condo living to the max! This sky garage is the future:

Amazing Garage Design

I don’t know about you but it may take sometime for me to afford one of these garage designs but hey, if there’s a will (or wheel for that matter) there’s a way, right?! Share with us your own garage design in the comment section below.

Edmonton Home For Sale: 4+1 BR Rundle Heights

Saturday, September 6th, 2014

Edmonton Real Estate For Sale

6 September-Today on our For Sale list we feature this 4+1 bedroom home in Rundle Heights, Edmonton. The house includes hardwood flooring in the living room, dining room, and bedrooms, newer stainless steel appliances in the kitchen, and renovated bathrooms just to name a few.  The spacious master bedroom also features a walk-in closet and half bath. Enjoy the album below and remember to call Team Leading Edge at 780-634-8151 to view your next home!

Call Team Leading Edge now 780-634-8151

View details here

Sneak Preview! 3BR 2 Storey Home in Rutherford

Friday, September 5th, 2014

Edmonton Real Estate News

Sneak Preview of new listing coming up next week in Rutherford.

  • 3 bdr. 2 storey home with hardwood floors.

  • Just under 2,000 sq.ft. above grade.

  • Upgrades include central air conditioning.

Asking Price: $519,900Call us today before it goes on MLS

780-634-8151

 

 

 

 

5 Home Office Design Ideas

Thursday, September 4th, 2014

This past few months, I’ve been contemplating on whether or not to convert the spare bedroom into my very own home office. It seem I’m always either too busy or too lazy to do it (sometimes both). I finally came around today and decided to do it already. Just like any young ordinary men in their 20’s, I have little or no clue as to the design of a home office. I knew I needed to throw in tables and chairs but wondering as to what kind exactly? This burning question led me to ask the almighty Google for answers-and I was not disappointed.

With my work function managing the online marketing campaign of the team, my job entails that I work 90% of the time in front of the computer, this could get a bit tiring and dull when done in a not-so-engaging environment a.k.a the living room. The only time my work environment change is when I go to my favorite coffee shop. Well, now it will all change because I would finally have my own little nook of an office!

With this excitement I chose to share with you the best of things I found on Google. Unsurprisingly enough, majority of the great ideas came from Pinterest where there’s a truck load of different designs ranging from the beautiful to the weird. Luckily for you I filtered it out to what I subjectively see as awesome and simply doable ones. I arranged it from simple to elegant.

1. The small but workable: We start off with this light hearted design. The simple materials used such as vintage table and chair (with a very cool pattern) makes it seem doable. The moss green wall background blends perfectly with the setup. The little add-ons too makes it more creative.
The only con that I see is that there isn’t a lot of table space or cabinets to put materials in.

Edmonton home officePhoto courtesy of McKelden Creative

2. The maximized: One thing that immediately stand out when I saw this design is the print on the floor, it creates the illusion that the room is bigger than what it really is. The deciding factor that landed this on the number 2 spot is its great use of dead space-the table barely fits! A few file holders, some motivational photos on the wall (the dollar) and plant furniture make it affordable.
The only downside that I see in this photo is the overhead light fixture, being 5’9’’ I see myself bumping my head into it 95% of the time when I stand up-it’s clever, I have to give them that.

Edmonton Home Office DesignPhoto courtesy of Pink Ronnie

3. The ideal kind: As the title says, this is one of the most ideal designs in the list. Overhanging cabinets for storage, front window for natural lighting, multiple drawers for more storage and the hand painted leather desktop just makes it so sleek!

Photo courtesy of Alan Design Studio via houzz.com

4. Storage Galore: I always tried to be organized… keyword = tried. With this design, I might just be able to succeed in the endeavor. Plenty of overhead storage, side by side drawers and a generous desktop real estate all provide an environment of success, especially in my side of the business. The diamond-shaped cross laces also looks aesthetically good and utterly functional-you can pin pictures in it! I can populate it with notes in a week! Though small, the flower creates serenity, it would specially be useful in relaxing the eyes after starring long hours at the computer screen. Based on a Time Magazine article (http://time.com/3257927/you-asked-can-computers-ruin-eyes/) starring for long hours at the computer screen could ruin your eye sight so it is best to have something to look at elsewhere every few hours.

Edmonton Home Office Design
Photo courtesy of Samantha Hackradt

5. The 1%: I added this last one just for fun. I was looking for a Don Draper kind of office design but unfortunately Don Draper doesn’t work at home so this would do. This is the design I would most probably have in my late 30’s. It’s classic, elegant and most of all functional. Everything is within reach and the ladder shelves are just ingenious. The taker in this photo is the front view of what I assume is a beautiful landscape. Huge windows provide natural lighting which complements the nature-inspired theme of the room. See, even the dog like it. There are a lot of people who are working at home now but only a very few would most probably have this kind of home office design.

Edmonton Real Estate
Photo courtesy of Rey

Here’s a bonus. Wouldn’t it look good on any kind of office? It’s functional too, aesthetically and metabolically.

Edmonton House For SalePhoto courtesy of Chris Carmody

So there you have it, a dose of inspiration for what would I hope to be a successful project. I wish you luck in your next home office!

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*About the author: Jake Nasol Loria is the Internet & Social Media Marketing Director of Team Leading Edge.

Mortgage matters: know your terms and conditions

Sunday, February 23rd, 2014

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Melanie McLister is answering tough questions from mortgage consumers.

“It used to be, ‘What’s the best rate?’ Now they are asking about prepayments, blended increases, port features, penalty calculations,” says McLister, mortgage planner and co-owner of RateSpy, a mortgage rate comparison website.

“There’s been a really big push to help homeowners understand the terms and conditions of their mortgages, and I think it’s actually getting through,” she says.

One point of confusion is what to do when a mortgage comes up for renewal.

Taking an active approach to a mortgage that is reaching its maturity can be an excellent opportunity to make adjustments and save more money.

But many Canadians will opt for a laissez-faire approach and let their mortgages automatically renew for another term. This means they may not get the best interest rate or best conditions.

McLister points to a few reasons for this.

“A lot of people still don’t understand how the renewal process works so there’s a bit of a fear there. Another part is inconvenience and also a lack of time,” she says.

“You do have to go through all the paperwork all over again to obtain a new mortgage (from a different lender). So there is an element of work involved in the process.

“But if you can push papers around to save a few thousand dollars, I would highly recommend doing it,” says McLister.

The Canadian Mortgage and Housing Corporation (CMHC) 2013 Mortgage Consumer Survey says 88 per cent of those renewing a mortgage will stick with their existing lender.

For the 12 per cent who opt for a switch, 44 per cent say it’s for a better interest rate.

A lower interest rate may translate to more money in your pocket. Consider this example from the Financial Consumer Agency of Canada (FCAC):

If you have a $200,000, 25-year mortgage with a 5 per cent interest rate, you would pay $148,963 worth of interest.

Lower your rate just 0.5 per cent and you’d pay $132,083. That’s a savings of $16,880 through the life of your mortgage.

Katharine Trim, spokeswoman for FCAC, says you don’t need to be a savvy negotiator to land a better interest rate, but you should know what’s on offer.

“Be an informed consumer. Ask questions and get proposals from different financial institutions,” she says.

“Ask your lender for a better rate; it’s a fair question to ask.”

A lender from a federally regulated institution, such as a bank, must provide you with a renewal statement at least 21 days before the end of the existing term.

“But our recommendation is that you start shopping around about three months in advance,” says Trim.

Instead of a better rate, you may want different conditions. Investor Education Fund, a non-profit funded by the Ontario Securities Commission, says there are a few key points to keep in mind:

The amortization period. This is the total length of time it will take to pay your mortgage in full.

The mortgage term. As a general rule, the longer the term, the higher the interest rate.

The type of mortgage. An open mortgage allows you to pay back your mortgage back in full at any time. It may come with a higher rate. A closed mortgage is more restrictive.

The kind of rate. In a fixed-rate mortgage, you’ll pay a set amount for the duration of your term. A variable rate mortgage, on the other hand, changes as the Bank of Canada changes the rate.

The prepayment privileges. You may be able to “double up” or make lump sum payments to pay down your mortgage faster.

Knowing your financial goals may help you choose a suitable mortgage.

Perhaps you’d like to pay off your mortgage faster.

In this case, you may want to consider a mortgage with fitting prepayment privileges. You can also achieve this goal by making larger payments or changing the payment frequency from monthly to accelerated biweekly.

Perhaps your goal is to better balance consumer debt with mortgage payments. In this case, choosing a fixed-rate term may be more desirable than a variable rate term as you know you’ll have set payments for a set period.

“Another thing to think about is how much risk you want to take on. If interest rates go up in the future, can you afford those payments? A consumer really needs to think about their own personal situation at renewal time,” says Trim.

You do not need to stay with your current lender if you find a better mortgage elsewhere.

There may be extra costs involved when switching.

Fees to consider include setup and discharge fees, the cost of registering the new mortgage, transfer or assignment fees, appraisal fees and other administrative fees.

You may incur fees while visiting your lawyer, for example. Your mortgage default insurance premiums may rise if you increase the amount of you mortgage loan or extend your amortization period.

“Weigh all the different costs of the new package against the benefits of staying where you are,” says Trim.

Ask the lender whether they will waive any or all of the fees to gain your business.

You can also approach your existing lender with the package you’ve been offered.

They may just offer you the same or a better deal.

McLister says financial institutions are competing for your business, not the other way around.

“But at the end of the day, the onus is on the client to do their own due diligence when their mortgage is up for renewal,” says McLister.

Know your rights and responsibilities

before signing a mortgage

Your rights

A financial institution must provide you with clear information about:

  • The principal, interest rate, term, amortization period and any payments due;
  • Prepayments and any associated charges
  • The cost of default insurance, how it is calculated and any associated fees
  • How interest is calculated and how you will be charged

A lender may offer you better mortgage conditions if you agree to use some of their other services. It’s important to note, you are not required to buy additional products from a lender in order to get a mortgage.

If you need to buy mortgage insurance, for example, a financial institution can’t say that you must buy it from them.

Further, you are not required to open other accounts with them.

Most financial institutions have a complaints process that includes a speaking with a supervisor or a complaints officer.

If you have an issue and the process isn’t working, you have other routes. For federally regulated financial institutions, contact the FCAC or the Ombudsman for Banking Services and Investments.

For credit unions, caisse populaires, trusts, or insurance companies, contact your provincial regulator.

Your responsibilities

Before signing any contract you have the responsibility to read it and understand all its terms and conditions.

If you’re unsure of anything, ask your lender to clarify.

You are bound by the terms in the contract once you’ve signed.

The written contract overrides any of the discussions you’ve had. If the lender has made a commitment to you, make sure it’s in the contract.

To help you along, take notes during your conversations. Cross-check to make sure everything that was promised to you appears in the contract.

If you don’t meet your end of the contract, a lender can take the property you have mortgaged and sell it to recover the outstanding funds. If more is required, a lender can sue you personally for the difference.

This can have lasting effect on your credit rating and inhibit your ability to borrow in the future.

Source: thestar.com

Becoming Mortgage-Free Faster

Wednesday, July 3rd, 2013

Regardless of how long you’ve had your mortgage or how large or small the current balance is, there are a variety of ways to make prepayments work for you to pay down your mortgage faster and, therefore, pay less interest throughout the life of your mortgage.

After all, each extra payment amount will reduce your principal balance, which, in turn, reduces the amount of interest you’ll have to pay on your borrowed mortgage amount.

Most lenders allow you to make a lump-sum payment of anywhere between 10% and 25% of the value of your mortgage per year. The lump-sum payment is based on either the original amount you borrowed or the amount currently outstanding. Since mortgages decrease with each payment, it’s best to negotiate a lump-sum payment option based on the original amount you borrow. That way, if you come into an inheritance, a bonus or save some extra money, you can pay down the largest amount possible.

Another factor to consider is when you can make a lump-sum payment. Some mortgages allow prepayments throughout the year, while others permit them only on the anniversary date. Still others allow you to make prepayments on the day you make your regular payment.

If you can’t pay the maximum prepayment amount, it’s still worth your while to at least make some form of extra payments, even if it’s a few

thousand dollars each year. That will still save you thousands of dollars in interest payments throughout the life of your mortgage.

Another prepayment option involves taking advantage of flexible payments. Most lenders allow you to increase your regular payment up to a set maximum, such as 15%, while others allow you to double up your payments.

If, for instance, you have a $1,000 per month mortgage payment and increase it by 15% to $1,150, you could shave off as much as five-and-a-half years on a $200,000 mortgage.

Even rounding up your mortgage payments a few dollars each payment can help make your balance decline sooner. If you round up your mortgage payment from, say, $766 to an even figure such as $800, you can feel confident in knowing that every extra bit goes toward your principal.

You can also pay off your mortgage faster by moving to a different payment schedule. Instead of making monthly payments, make them biweekly or even weekly. Using an accelerated mortgage payment plan – where you make payments every two weeks as opposed to twice a month – you actually make one extra payment each calendar year. By paying more and paying faster, you reduce your principal earlier, which lowers the amount of interest you pay.

As always, if you have questions about paying your mortgage off quicker, or other mortgage-related questions, I’m here to help!

Royal Bank to boost residential mortgage rates again on Tuesday

Saturday, June 29th, 2013

By: The Canadian Press, Published on Fri Jun 28 2013

Royal Bank of Canada is once again boosting some of its home mortgage rates effective Tuesday.

The increases will range from one-tenth to three-tenths of a point, depending on the type of mortgage.

Royal Bank says its special discounted four-, five-, seven-, and ten-year rates are going up to 3.39, 3.69, 3.99 and 4.29 per cent respectively.

Royal increased some of its mortgage rates earlier this month following a plunge in bond prices in May.

Scotiabank and TD Bank have also recently increased their special discounted rates.

The recent increases have been small — just one-tenth to three-tenths of a percentage point — but economists and industry experts say these may be definitive signs of rates returning to historically normal levels.

“When something is on sale, whether it’s pastrami or mortgages, you buy it. But the fact is you must be prepared for prices to go back to normal,” Michael Gregory, senior economist at the Bank of Montreal’s BMO Capital Markets said earlier this month.

“Keep in mind that when you refinance a loan, whether it’s a car loan or a mortgage, you may be paying higher interest rates than you are now. Be prepared for normal.”

Federal Reserve Board chairman Ben Bernanke said on June 19 that the U.S. central bank will begin slowing the pace of its bond-buying stimulus program, now worth about $85 billion (U.S.) per month, later this year because the economy is gaining momentum.

As a result of his remarks, stock markets turned sharply lower, and yields on government bonds surged.

“The Fed knew that the moment they started to talk more openly and clearly about stopping their purchases, the market was going to puke. That’s a technical term,” Gregory said.

“There’s a general sense that the era of low yields is over,” he added.

“I believe we’re in an upward trend in yield. Will we get an increase of 30 basis points every two days? No,” he said. “These things move in fits and starts. Our sentiment is we will get a grinding gain, two steps forward and one step back.”

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.