Tag Archives: buying a home

What Should I Do Before/After My Closing Day?

When buying or selling a home, the Closing day can be intimidating – so much to do! Here’s a quick checklist for Buyers and Sellers to help take the stress away and make your moving day a GOOD DAY!

Closing Day Tips

If you are selling a home, make sure to do the following:

  • Call the Municipality to cancel your automatic monthly property tax and provide your real estate lawyer with your tax statement.
  • Call the Utility companies to advise of your move and to cancel your accounts and stop automatic debits from your bank account. The meters will be read on your closing day.
  • Call your telephone, cable etc., providers to advise of your move.
  • Call your home insurance provider (you must maintain insurance through your closing day).
  • If you are selling a condominium, call your property management company to cancel the automatic withdrawals of your monthly common element fees/condo fees.

If you are buying a home, make sure to do the following:

  • Instruct your mortgage lender/bank to send your mortgage instructions to your real estate lawyer’s office (We need your mortgage instructions 2 weeks prior to your closing date).
  • Call the Municipality after you move in to set up your automatic property tax withdrawals if you wish to be on monthly payments.
  • Call the Utility companies to advise of your move and to set up your accounts.
  • Call your telephone, cable, etc., providers to advise of your move.
  • Call your home insurance provider. We will need to have your “insurance binder” the day before your closing date.
  • If you are buying a condominium, call your property management company immediately after you move in to set up the automatic withdrawals for your monthly common element fees/condo fees.

If you are selling your home in Burlington, or moving to Burlington and looking to buy a home – contact Lori VanDinther and her team. As a long time residents of Burlington, they are well familiar with all the neighbourhoods, amenities and good locations to either get your first home, start/raise a family or happily retire.

Alton Village West – Burlington’s New Development

The new master planned community, Alton Village West, is coming to the beautiful Burlington, Ontario! During the initial home development proposal the builder, Sundial Homes, has received an overwhelming amount of positive responses.

AVW_Site-Aerial-Photo-1024x673

Basically, the new development is located north of Dundas St and west of Walker’s Line. The community will be designed around the natural areas like the parks, pond and creek. It’ll definitely be a designer community, and lots of focus will be on the greenfield, nature, etc.

The exact completion of phase I is yet to be known but the sales have already started at the beginning of April 2016. You can register at builder’s website for more info and next steps. Consider getting a buyer’s agent first.

Living in one of Burlington’s most charming neighborhoods, will be grand and comfortable! With the offered 31′ and 36′ single detached, two story, modern, Victorian style homes, there is plenty of space to live and entertain!

Contact Lori VanDinther to help you make the right moves when selecting, negotiating and buying your home in Burlington’s Alton Village West. Having a buyer’s agent to represent you at the sales center is key when buying these kind of homes!

Alton Village West

Major Changes to Mortgage Insurance for Second Home Buyers

Canada Mortgage and Housing Corp. has declared that they will be tightening up the types of mortgage insurance it will offer. The Crown corporation said Friday that it is going to stop offering mortgage insurance on second homes. It will also stop offering mortgage insurance to self-employed people whose income cannot be validated through traditional means.

These changes affecting those who buy second homes also means that if they currently have an insured mortgage; they will not be eligible to act as a co-borrower on another insured mortgage.The CMHC says that its second home program and its self-employed-without-third-party-income-validation programs account for less than 3 per cent of its insurance business volumes in terms of the numbers of mortgages insured. A recent press release stated:

“Given the limited use of these products, their discontinuation is not expected to have a material impact on the housing market.”

The Crown Corporation has been offering insurance on second homes since 2005. This has enabled people to buy more than one home with a smaller down payment than they would otherwise need. It has been offering insurance to self-employed people without strong income validation since 2007. CMHC will cease offering both products as of May 30.The CMHC also noted that

“self-employed Canadians can still qualify for CMHC insured financing through CMHC homeowner products with a validation of their income using traditional methods.”

Those might include a notice of assessment, audited financial statements, or unaudited financial statements prepared by an independent third party.

For the full article go to: http://m.theglobeandmail.com/report-on-business/economy/housing/cmhc-tightens-mortgage-insurance-offerings/article18224612/?service=mobile