If you’re still sitting on the fence regarding whether it’s a good time to buy or not, here are the latest rates that I can get for you. Now is absolutely the time to pick up a pre-approval and lock in. Remember, your pre-approval rate will be guaranteed for 90 days, so even if the rates go up in April as anticipated, you’ll still be able to use these rates when it comes time to buy a home.
Contact me if you’re interested in getting these rates.
1 year fixed: 3.25%
3 year fixed: 3.75%
4 year fixed: 3.69%
5 year fixed: 3.89%
** UPDATE **
The 5 year rate is now 3.80%
Lately, I’ve been getting some inquiries regarding the option of buying a house with no down payment. In reality, there are no more ‘zero down’ mortgage programs available. However, there is a program that exists that is very similar and that can help you purchase a property with no money as a down payment.
It’s called a free down payment mortgage, and essentially the bank offers to pay your 5% down payment on your behalf when you qualify for a 5 or 7 fixed year mortgage. What will you need to qualify?
- An employment record of at least 1 year at your current job
- A credit score of at least 640
The current rate for a 5 year fixed zero down payment mortgage is 5.50%.
If you’d like more information on this program or would like to apply for a pre-approval, you’re welcome to contact me here.
Although this article may be useful for people living in older homes, purchasers of newer homes can also benefit from this. A home in not unlike a car – it’s made up of a variety of components that have different life expectancies and that need to be replaced throughout various stages of it’s use. If you live in a new home, this list is merely something to keep in mind down the road as your house ages. If you’re living in a older home, it’d be wise to check up on the different parts of your home to see if it’s time for them to be replaced.
Here is a list of important items in your home and their average life expectancies:
The Roof
- Standard asphalt shingles – 12-15 years.
- Premium asphalt shingles – 15-30 years.
- Wood shingles – 10-20 years.
- Concrete or clay tiling – 20-40 years.
- Asbestos cement – 40-80 years.
- Slate tiles – 40-80 years.
- Roll roofing – 5-15 years.
- Tar and gravel – 15-25 years.
- Metal – 60 years.
Heating
- Forced air furnace – 10-25 years.
- Oil tank – 20 years.
- Welded steel water/steam boiler – 15-30 years.
- Cast iron water/steam boiler – 30-50 years.
- Water/steam circulating pump – 10-25 years.
Cooling
- Central air – 10-25 years.
- Heat pump – 10-15 years.
- Window air conditioning – 10-20 years.
Plumbing
- Galvanized water pipes – 20-25 years.
- Hot water heater – 5-15 years.
- Septic/sewer pump – 5-10 years.
- Well pump – 10 years.
Appliances
- Dishwasher – 5-12 years.
- Dryer – 10-25 years.
- Garbage disposal – 5-12 years.
- Oven/range – 15-20 years.
- Washing machine – 5-15 years.
As always, this is only a general guide. Some components may need to replaced sooner due to wear and tear, while others may last longer because of great quality.
Till next time!
If you’ve been a long time resident of Brampton, you’ll know that the condo selection is relatively small. Aside from the cluster of condo buildings near Bramalea City Centre, and a few other buildings scattered around the city, there haven’t been any new condo developments in the last while.
You’ve probably also seen signs around the city promoting a new development called Park Place Condos. Here are some information tidbits for you if you’re interested in looking at these units in the future.
- Park Place is being built in the heart of Brampton, at 4 Corners (Highway 10 and Queen St.) Click here to see map.
- The building will be 27 stories.
- In addition to being steps from City Hall, Rose Theatre, and the Peel Museum & Art Gallery, Park Place will also boast a 2000 acre nature park in the backyard.
- The building will feature a full time concierge, library, yoga studio, fitness room, dining and party room, rooftop terrace with BBQ area, billiard room, theatre, and guest suites.
- 9′ ceilings throughout with pre-finished laminate flooring in living, dining, hallway, den, and bedrooms.
- One parking spot and one locker is included with the purchase of every suite.
To contact their sales office and presentation centre, call (905) 451-7001 or visit www.parkplacecondos.ca to see online floor plans.
In the coming weeks, I will preview some more coming real estate developments in Brampton, so stay tuned!
If you’re a first time home buyer, you may be wondering what sort of costs you’ll be facing down the road when it comes time to close the sale on your home. Because there are so many fees, expenses, and taxes to pay, it may be a little scary and overwhelming. Below is a list of the general costs you’ll need to be aware of when you’re closing the deal.
As a rule of thumb, expect and budget approximately 2 – 3% of the purchase price of your home for closing costs. That means if you’re buying a $200,000, you’re looking to pay around $4,000 – $6,000 in total for closing costs. Of course, this is only a general outline, so make sure to ask every person involved in the deal to get a better scope of your costs.
- Home Inspection – A qualified inspector will assess your property for any potential defects as well as give you vital information on your home. Expect to pay anywhere between $250 – $350.
- Appraisal - The lender will arrange for an appraiser to provide a professional opinion on the current market value of your home. This will cost anywhere between $100 – $300.
- Legal Fees - Your lawyer will be handling all the vital paperwork related to the purchase of your home. You will be paying for the legal fees for closing your home and mortgage, as well as paying additional disbursement fees that cover things such as courier costs, photocopies, faxes, supplies, and other registrations. Remember to ask for a quote including the disbursement fees so you’re not in for a surprise later. Fees vary, but they generally range from around $1,000 – $1,300 depending on the circumstances and the lawyer.
- Land Survey or Title Insurance – The seller will most likely provide you with a survey of the home. If no survey is available, you can usually get a replacement for around $600 – $900. However, many lenders will also accept title insurance instead, and that alternative will only cost you a couple hundred dollars. Make sure to ask your lender and check your options.
- Fire Insurance – Be prepared to arrange and maintain fire and extended coverage insurance for the balance of the mortgage or the replacement value of the building. This cost will vary depending on your home, the amount of coverage, the insurance company, and even the city, but expect to pay anywhere between $250 – $600 annually.
- Ontario Land Transfer Tax – Read my previous article about land transfer taxes and how to calculate them for your purchase.
- Interest Adjustment – Oftentimes, mortgage payments are due on the first of the month. If you closing date does not fall on this day, you’ll usually have to prepay the amount of interest accruing up to the 1st of the following month. This is known as the interest adjustment date. If you’ve opted for bi-weekly or weekly payments, this period will be shorter.
- Mortgage Insurance & PST - If your mortgage is insured, the insurance premium will usually be added to the mortgage so you don’t have to pay in cash on the closing date. You will, however, have to pay the provincial sales tax of 8% on closing.
- Closing Adjustments – This typically covers the utilities that the seller has prepaid for and will recover from you.
Are you buying a new home? Don’t forget that you must pay GST on brand new home purchases! Resale homes already have the GST included in the price. Other costs that you should think about are moving costs, appliances, decorating, repairs, tools, and utility hook ups.
As always, I’m always on the lookout for building/renovation costs to provide to my readers as a general basis before taking on renovation tasks. It’s tough sometimes knowing where to begin or knowing who to ask regarding large projects and the costs that are associated. Hopefully, my previous articles have been of some help. Today’s pricing list is a general guideline for those interested in paving their driveways or building garages.
Garage
Detached Carport – $4000+
Detached Wood Frame (Single Car) – $8000+
Detached Wood Frame (Double Car) – $13,000+
Detached Block (Single Car) – $18,000+
Detached Block (Double Car) – $24,000+
Removal of Existing Garage – $1,500+
Overhead Doors
Automatic Garage Door Opener – $200-$300
Cladboard (Single) – $450-$650
Cladboard (Double) – $750-$1,000
Metal (Single) – $700
Metal (Double) – $1,100
Wood (Single One Piece) – $725
Wood (Double Sectional) – $1,250
Driveway
Asphalt Paving (Existing Base) – $3-$5/square foot
Asphalt Paving (New Base) – $3-$5.50/square foot
Asphalt Seal – $50-$75
Stamped Concrete – $5-$10/square foot
Interlocking Brick/Stone – $8-$10/square foot
In the coming days, I will have more pricing lists for other renovation/construction projects available!
** Update – August 25, 2009*
Thanks to reader William for submitting the following update:
Having been in the business of Concrete driveways and decorative curbing for over 3 years now, I would have you adjust your pricing for stamped concrete driveways. The average cost to have someone come in and do this is between 13 and 20 dollars per sq ft depending on pattern and shape of driveway. There are many factors involved and you are managing the buyers expectations poorly. Colour concrete alone is close to 200/yd which will be almost $4/sq ft…not including anything else. It would be greatly appreciated if you could adjust this area on you site to reflect market pricing.
Hi Tim It's currently at 3.80% for a 5 year fixed. Lang
please give me a quote for 5 year fixed rate.thanks