Things to consider when refinancing your mortgage

Mortgage repayment is one of the most pressing issues a homeowner has to deal with while preparing his budgets. Consumers seek low monthly pay-out scheme so that it is less straining on their purse. In times of economic misfortunes like this the mortgage rates have plunged to an all time low, experienced since decades. Therefore, it is quite obvious that homeowners are rushing to the doors of the mortgage lenders to obtain a refinance on their existing mortgage in the hopes of saving some hard earned money.

But before taking onto the refinance bandwagon, it is very important to analyze one’s financial health so that there is nothing to regret after refinancing. So, for that reason here are few points that should be looked into before opting for a refinance:

Interest Rate – Mortgage-backed securities bought by the Federal Reserve have sent the mortgage rates crashing down. Now is the lucrative time to opt for a refinance. This way some money will be saved.

Duration – Refinance is profitable for those people who intend to stay in their current or principle residence for a longer period of time. This is because; loan amount depends on the duration of an individual’s stay on that property. The longer the stay is, the lower will be the loan amount.

Home Equity – There have been rise in the number of homeowners being “underwater”. This implies that these people have an outstanding mortgage loan that is more than the present market value of their principal residence. In such cases, getting a refinance is impossible unless the difference between the home equity and the mortgage loan amount is negated.

Costs – Many a times it’s been found out that there is a prepayment fine for paying off the existing mortgage with the refinance loan. Moreover, other costs such as the loan origination fee, attorney fee, appraiser fee, application fee and so on should also be taken into consideration before applying for refinance. These sorts of fees almost amount to 2-3% of the loan amount. Therefore, the calculation will help in deciding whether or not refinance is a smart decision.

FICO score – Before approving a refinance loan, banks look for the applicant’s credit or FICO score to know the person’s credit worthiness. Banks believe that consumers with a FICO score of 740 are the most suitable candidate to avail their best rate. The reason being so is that banks rely on such people after knowing their impressive credit score. It is quite unlikely that these people will default on their monthly repayments.

Every bank is coaxing the general consumers in to order sell their products before anyone else makes the cut. This is a good sign as there are several alternatives available to choose from. Therefore, it is a wise decision to do some prior market research and obtain few mortgage refinance quotes so as to select the best refinance loan from the available options.

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Greater Vancouver Home Listings Rise in March but Sales Drop

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.
At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

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February Housing report by The Real Estate Board of Greater Vancouver (REBGV), dated March 02, 2012. Read full report here.

Greater Vancouver housing market trends near long-term averages as spring market approaches

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800

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Pests are a common problem in households around the world. From little mice to ant colonies pests come in all shapes in sizes. Since we have been dealing with them for so long, now we have tools that we can use to help us eliminate the pest with ease and efficiency. There are three main types of Pests; Rodents which are commonly rats and mice, colonizing insects which are ants and termites, and the standalone pest such as centipedes and the occasional wasp. All three of these pests have a variety of ways to deal with and eliminate them, however I took the liberty of choosing the one method that seems the most effective for the job. With these tools in mind you can quickly eliminate any pest problem that you may ever encounter.

Rodent Traps

The Best way to deal with your rodent problem would be with the use of Rodent traps. Traps are the most effective way to deal with rodents because rodents are very cunning and sneaky and can work around many of the other methods used against them. Also the bait that is used for them has chemicals that can hurt other animals in the house and that is not recommended. The two best types of rodent traps are the common spring loaded trap and the electric trap, the electric being the most efficient and humane possible. The spring loaded trap is useful in the fact that it moves to fast for the rodent to escape, however sometimes it doesn’t always kill the rodent and it can leave a mess if it is successful. Electric traps are sure to kill the rodent and also make disposing of the body easier and cleaner as well.

Colony Baits

The best way to deal with colony insects is through the use of baits. The three most common colony insects are termites, ants, and roaches. Roaches are in fact colony insects as well and do live together in large groups. The reason why baits are the greatest tool to use against colonies is because the bait will allow the colony to take care of itself. The baits are taken into the colonies and the insecticide is spread to the younger generations that begin to die off as well as the older insects that brought the insecticide. For colony insects the largest percentage of the colony will never be seen by you and therefore makes methods such as sprays largely useless, when looking for a method to use against these pests, baits are the way to go.

Standalone Sprays

For pests that are largely alone such as centipedes and wasps that happen to come into your house, the best method for dealing with them is the contact spray. Contact sprays are your every day Raid and other household insecticide that is used when a bug is in a place it shouldn’t be. These sprays work best for this type of insect because it will quickly kill the insect and will not leave too heavy an odor or a large percentage of insecticide behind. These sprays work well with other methods but alone are not enough.

John Sams has written many articles on home pest control, at this site you’ll find some of the products he feels are the best ant killer and best for overal pest elimination. To learn more please visit www.domyownpestcontrol.com

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Smart ways to gain from a mortgage deduction in Canada

Mortgage interests are generally calculated on a secured loan, which has your first or second home as collateral. You can make use of a home mortgage calculator to find out which interest rate will make the mortgage payments affordable for you. A mortgage is considered as a good debt, and so the mortgage payments are usually tax deductible in the United States. However, the state of Canada is exceptional in this regard. The Canadian federal income tax doesn’t allow tax deductions on mortgage interests, if the home owner uses the house for his residential purpose or has kept it for personal usage. A Canadian will only be able to enjoy tax deductions on his mortgage payments, when he uses it for income-generating purposes like, for a business etc.

However, if you want to make your mortgage payments tax deductible, you can take advantage of a provision that a Canadian tax law provides. The following steps might be able to help you out.

Steps to make mortgage payments tax deductible

The Canadian tax law permits tax deduction if you swap assets. It can be done if the following course of action is taken:

1. Try to find out whether your existing mortgage can be paid off before the pre-determined term period of the loan. Check whether mortgage prepayment will attract penalties.
2. Search out the loan documents, and calculate the outstanding dues on your home mortgage loan by using a home mortgage calculator.
3. If you have enough investments, find out how much of it can you withdraw at short notice. However, you must be cautious so that you don’t have to pay penalties for the withdrawal.
4. You can withdraw the full amount equal to your outstanding mortgage balance.
5. Pay off the existing mortgage with the amount you have extracted from your investments. You become the title holder of the house.
6. Within one week, take out a new loan from any trustworthy financial institution. The loan will be a secured one, with your house as collateral against it.
7. The amount you take out as the new loan should be invested, so as to generate taxable income. The investments may be through mutual funds or to set up businesses etc. Investments in Registered Retirement Savings Plan (RRSP) or Tax Free Savings Account (TFSA) will not generate taxable revenue, and so, they should be avoided.
8. Maintain a detailed record of the interest payments from your new investments. Go through the Canada Revenue Agency regulations to know which investment option is tax deductible and which is not.

You can calculate the tax deductions on your mortgage payments by using a home mortgage calculator. It is advisable to get help from a professional tax specialist to know about your alternatives. The experts will be able to guide you in a better way. A bit of negligence might cost you a lot, since you’ll be handling multiple assets at the same time.

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Greater Vancouver housing market trends near long-term averages as spring market approaches

VANCOUVER, B.C. – March 2, 2012 – Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 percent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996. At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

Read the full report here.

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

Read the full report here…

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Using Emphasis in your Interior Design

I spend a lot of time working on a fixer-upper that I call my house. Since I don’t have the luxury of a high income so I can hire a designer, I do most of the designing and work with a lot of help from my girlfriend. She was an art/film/writing major in school, and the first time I attempted to design a room she immediately saw a flaw in my work. I was lacking emphasis in a room, and it just looked like a bland mess.

She took the time to show me how the principal of emphasis is a concept that crosses most artistic boundaries, and how important it is for a total room design.

The Definition of Emphasis:

Emphasis has a myriad of definitions, so in its most basic sense, using something as emphasis is to draw the eye to that part of the room. For example, using a focal point creates a point of emphasis in the room, serving to anchor the rest of the design, if in fact it is based around the same focal point. I’m going to continue using a focal point throughout this article as an example however color, light, shape, and even texture can be used for emphasis.

Using emphasis is the difference between good decorators and great ones. The ability to look at a room, and choose which type of emphasis to use, within a clients budget is the hallmark of a good designer. The room and furniture you have to design decide which type of emphasis to use.

Architectural Emphasis:

Of the two types of emphasis, architectural emphasis is the easiest to explain, simply because it is the easiest to visualize. This type of emphasis is a way of “letting the room speak for itself”, according to designers in the industry.

This concept uses an architectural point in the room as a focal point, and the rest of the room is designed around it. The most obvious example of this is if a room in your house has a fireplace. A fireplace is an architectural feature of your house (its built right into the wall, and cannot be moved easily) that will naturally draw your eye toward it. In a room like this, designing the room around the fireplace is an excellent example of architectural emphasis. You can match the color of furniture to the paint on the mantle, or use the fireplace as a focal point and face most of the furniture towards it.

There is only one risk in using this sort of emphasis is when you start to incorporate strong features in contrast to the architectural feature. For example, a large painting over the fireplace would change the proportions of the entire room. This doesn’t mean that you should avoid decorating your mantle, but you should consider the decoration and how it fits in with the rest of the room.

Piece Emphasis:

The other option if you wish to use emphasis is to select an added feature to the room and design around it. This causes the eye to drift to the piece that you want to be the focal point of the room, and accentuates its importance in the overall design.

This type of emphasis is most commonly seen with designers that are also passionate about antiques. The very act of purchasing antiques is assigning a higher value to things that are from a certain period in time, or of a certain style. Creating a design around a focal element is a little different than an architectural focus, but with the right element, it can be more powerful.

For example, if you found a beautiful dresser that was built a century ago, it would be an effective use of emphasis to put that piece in your creative space. If you design a room around it, then it’s clear that you are striving for classic designs that stand the test of time; which is an awesome mantra for any creative mind. Designing the room around it is how you can get people to look at that piece.

Initially, this method of emphasis may be a tad easier to grasp to those new to the concepts of design, but in practice it is much easier. When you consider architectural features to focus on, those pieces most likely will not move, nor will the shape or color change drastically. However, a picture can be moved, a chest can be broken, and the hardware of your centuries-old dresser could rust. With the possibility of change comes the inherent need for a more flexible design. Incorporating that flexibility is pretty difficult, but when you figure it out, will ultimately be more fulfilling.

Pete Wise is an Inbound Marketer working closely with Discount Decorating. They have the largest online selection of wallpaper and wallpaper borders on the web, with some of the most competitive prices around. If you liked the article, follow pete on Twitter: @MySEOHeadache or check out his portfolio for Denver SEO.

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Vacations are supposed to be a time to relax and refresh. But, if you don’t properly prepare your home before heading out of town a getaway could be an additional source of stress. In order to make sure that your vacation is spent unwinding, and not worrying, follow the steps below.

1.       Don’t make your absence obvious: Piles of uncollected mail and newspapers, an overgrown lawn, and a completely dark house are clear signs to a potential burglar that nobody is home. To create the impression of a lived in house, arrange for somebody to cut your grass (only if it’s summertime, of course), collect your deliveries, and install automatic timers to switch on lighting at regular intervals.

2.       Alert your neighbors:  Speak with your neighbors and let them know the exact dates you’ll be away so that they can keep an eye out for any suspicious activity. You should also entrust a neighbor or friend with an extra house key and information on how and where to contact you in case of an emergency.

3.       Plan for the weather: Depending on when you go on vacation, you’ll want to protect your home and electronics against extreme heat and cold. This can be done by adjusting your thermostat to maintain a minimum or maximum temperature or setting a programmable timer to run heat/air conditioning at certain times. Keeping a minimum temperature in your home is especially important if you go away during wintertime in order to prevent frozen pipes.

4.       Protect your valuables: Any particularly valuable items should be stored in a safe or a safety deposit box. Protect the information on your computer by backing up files on an external hard drive and locking it up. You should also unplug electronics to keep them from frying in the event of a power surge. Finally, take photographs of your valuables and write down serial numbers so that you can substantiate your losses if a break-in occurs.

5.       Secure your property: Take special care to secure all of your doors, gates, and windows. If your garage uses an automatic opener, disconnect it, and make sure the door is locked. Padlock all gates and freestanding buildings (sheds, etc.) in addition to closing your blinds and drapes. Before you leave, be sure to alert your home security monitoring company that you’ll be out of town and provide them with your contact details.

Don’t have a home alarm system? Consider installing one for added peace of mind before you take your next vacation. The cost of a home alarm system is far less than replacing valuables.  Also, it will give you the peace of mind knowing that someone is monitoring the wellbeing of your residence while you’re miles away.

Julia Smith is a blog writer for home security publications.

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