Tag Archives: house buying

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

Dealing with Mould in Your Home

Black Mould on a Wall

Black mould growing on a wall

We spend a lot of time in our homes, and the state of our homes can have a direct impact on our health. That is why the “mould issue” should never be overlooked. Nobody wants to buy a home and then find out it has a mould issue. It can be time consuming and costly to fix, not to mention negative on your health. That’s why ever responsible Realtor should always represent their client’s best interest and ensure that the home they’re interested in is tested by a certified professional, for mould and air quality before signing the final papers.

Almost all homes, especially the older ones have a certain degree of mould inside. Basements are notorious for mould. Over the years the insulation weakens and allows for moisture to get in, creating the perfect environment for mould growth. Other times pluming leaks, heavy rain, melting of snow in spring, wet location, poor air circulation and moisture flow are the causes of this dangerous health hazard.

What is mould?

  • Mould is any fungus that grows on food or damp materials.
  • It can be black, white or almost any colour.
  • It often looks like a stain or smudge and it may smell musty.
  • It needs moisture and a material it can live on.

Effects of mould

As the mould grows it releases tiny little “spores” into the air. As we breath them in they can negatively impact our health. Some of the effects are:

  • Eye, nose and throat irritation
  • Coughing and phlegm build-up
  • Wheezing and shortness of breath
  • Symptoms of asthma
  • Allergic reactions

Detecting mould

  • Most common places for mould to grow indoors are on window sills, fabrics, carpets, and walls in kitchens, bathrooms, and laundry areas.
  • Look for stains or discolourations on floors, walls, window panes, fabrics, carpets and other indoor surfaces.
  • Also use your nose to identify if there is a musty, “earthy” odour.

Getting rid of mould

  • Clean the mouldy surface with water and dish detergent. There’s no need to use bleach.
  • Fix the underlying cause, whether due to water damage or excessive humidity.
  • When removing mould, you should wear proper protective equipment, including rubber gloves, eye protection and a dust mask.
  • You might consider hiring a professional if there is a large amount of mould or if the mould keeps coming back after you clean it. A large amount of mould is often also the result of a larger problem, such as a leak in the foundation or a major flood, which may require professional help to fix.

Home buyers! Rememebr to always hire a certified and licensed mould inspector to test for indoor air quality and mould before you sign the final papers. You can’t afford to gamble with your family’s health. For more information on mould, how to clean it and prevent it, visit Health Canada website.

Considering Purchasing A Home? Here Are Some Tips

You have made a decision to purchase a completely new home. But before you sign anything – in fact, before you even start looking – take a close look at your way of living, and get the responses straight down on paper. How you live can without a doubt allow you determine where you live; things like pastimes, the amount of socializing you do, just how much hours you spend at home, and even what sporting activities you get pleasure from – all these may have a effect on the home you ultimately opt for.

It’s interesting, but a majority of folks don’t give as much consideration to their way of life as they do to the structure quality of the home.

While a profile needs to be created for each family member, form a list for the family as a whole, charting family priorities or the strongest and weakest tastes of each member. It might be difficult to fulfill every person’s wish list equally, but this kind of user profile is going to specify which components are generally most important to all.

Likewise, writing it down don’t just helps keep them in mind when you’re house-hunting, but could also make you aware about traits you could have in any other case neglected. The following are some points to bear in mind in drawing up the profiles.

Recreation. The majority of people enjoy some kind of leisure-time activity, whether a sports activity or a hobby. Regardless, it could have an impact on the home you decide on. In case you lean toward active sport, then you certainly should look for a home and community that allow you to fulfill these requirements handily and simply.

In case you are still working, to enjoy the most time at home, opt for a site suitable to your job, or very near to a fast commute. And in the event that your spare time is limited, chances are you’ll want to have a home in an area where virtually all of the outdoor maintenance is done for you. Residence living is the greatest option for a low-maintenance lifestyle that amplifies spare time.

Exactly how effective do you reckon you will be in starting a new way of living? Most individuals are creatures of habit in certain regard and they follow the same likes and dislikes and pursuits even though they’ve moved to a different location. Other individuals regularly develop new interests and new approaches to have a great time. People are most likely to be pleased in a home and neighborhood which gives them precisely the same fulfillment they enjoyed before.

Could there really be room for everything? You could have an amount of china or artwork, an excellent library or wine cellar. Your kids may have favorite items, too. Select a home in which these items can be shown and cherished.

How about price? Exactly how much do you want to invest in your home in relation to other interests? A mature adult couple now residing in a single-family home may decide to use their resources to move into a similar condo. In contrast, a more youthful couple may want to spend more on a home in a recreation-oriented community for them to enjoy activities that would cost them much more individually.

As you answer these questions regarding your personal way of living, you may discover additional questions you should ask yourself, to help you to determine precisely how you desire to live. Once you answer them all, the search will be a lot simpler.