Wednesday, 13 December 2017

The Smartest Way to Tap Your Home Equity


Tapping your home equity is often the most convenient way to come up with a significant amount of cash in a relatively fast way. There is no need to sell taxable holdings and incur extra taxes and all you need is an approval.
Here are 3 ways to tap your home equity with secondary home loans:

Apply for a Second Mortgage

A second mortgage also goes by home equity loan and is considered to be the most structured among the home loans, more or less mirroring your primary mortgage.
Second mortgages can have a variable or a fixed interest rate with the rate oftentimes higher than the first mortgage. They can have a set term and are often amortized in the beginning. Note that payments are very much like in primary mortgage with the principal and interest listed separately. A second mortgage also can’t be further drawn upon after being issued.

Get a Home Equity Line of Credit

A home equity line of credit, also referred to as a HELOC, is the most flexible secondary home loan in this list. There is often a minimum amount that has to be dispersed although no funds is usually released upon approval because a HELOC acts like a credit card, not a lump sum loan.
When you are approved for a HELOC, you’ll have the flexibility to just withdraw whatever amount you need as long as it does not exceed your limit. Most HELOCs nowadays come with a debit card and/or a checkbook making your life even easier when it comes to accessing your funds. Another feature is that you can avail of future amortization because of this loan type’s structure. Payment isn’t as strict because you can choose to just pay for the interest each month as long as you can pay for your entire balance at the end of the loan term.

Go For a Cash-Out Refinance

A cash-out refinance is different from the two other secondary home loans above because this option doesn’t necessarily involve a second loan. In a cash-out refinance, the homeowner can just refinance the home for a larger sum and get the difference as a cash-out. A downside would be that this type of loan can have really high closing costs depending on several factors.

Tap Your Home Equity in A Smart Way

Don’t forget that failure to pay any of the 3 secondary home loans above will mean losing your home to foreclosure; so choosing an option that fits your ability to pay, and not just your desired amount to borrow is crucial. Amounts that will be granted to you will also be dependent on several factors such as the desirability of your location, your home’s value, and your ability to pay. You’ll have to have an idea of your future cash flow before signing anything. To be on the safe side, it is best if you can consult with refinancing or second mortgage experts before deciding on one.
Need help and more information about the smartest ways to use your home equityContact us and we’ll assist you soonest!

Bank of Canada Expected to Make No Changes on Interest Rates


It looks like the central bank is not going to announce changes in interest rates soon, as can be inferred by economists regarding the matter.
Senior deputy governor Carolyn Wilkins and governor Stephen Poloz of Bank of Canada will provide an update soon; but experts are not expecting them to give an update on the central bank’s outlook that may hint on a future interest hike. This is in view of the cooling Canadian economy in recent months.

Economists Concur

Economists agree that the Bank of Canada is not likely to announce a drastic change anytime soon, and that any changes will be very small. The key target for overnight rate is currently at 1%, already boosted twice this year by 0.25% in July and again in September.
Nomura global foreign exchange analyst Peter Dragicevich shared in a recent research note that they are expecting that the Bank of Canada will give gradually increasing interest rates based on the central bank’s outlook.

Impressive Economic Performance

The strong growth in the Canadian economy is the background by which the bank’s 2 rate increases took place. It was ended in July after 8 strong months of increasing gross domestic product. The latest update was released on October 31 by Statistics Canada.
Economist Benjamin Reitzes of BMO Capital Markets said that there are likely to be changes to the growth outlook in the bank’s monetary policy report because the GDP for the second quarter was way above what the bank expected.
Reitzes shared in a recent commentary that changes in the growth outlook may result to 2017 revised by as much as 3.1%, a figure that will match the best pace in the past 12 years. He added that the GDP for the third quarter is likely to hold steady at 2% and that the same is expected for the last 3 months of 2017.

No Patterns and No Scripts

Bank of Canada governor Stephen Poloz said in a recent speech that the central bank won’t follow a script when it comes to rate hikes, even in view of the Canadian economy’s standing this year. He further said that what the bank will do is just to pay close attention to data changes in the economy to determine possible future changes in interest rate policy. He added too that monetary policy will almost always be data dependent and can swing in either direction with the data.
It should be noted that the bank is equipped to ascertain how things will turn out. They can model how today’s stronger exchange rate and interest rate may impact those with large debts to slow down consumption and housing.
Other factors may affect economic growth. Ontario’s new minimum wage might have a significant impact on inflation rates and the new mortgage rules might switch things around.
Want to know if these recent turn of events can affect your eligibility for getting a home equity loan or a second mortgageContact ustoday so we can talk about this with you.

5 Steps to Consolidate Debt


Waiting for magic and hoping your debts and bills will go away won’t happen without a little help from you. Know that although you can’t really make debt disappear, you have the power to make it easier to pay via debt consolidation.

Why Consolidate Debt?

Managing several debts with various interest rates and due dates can be very stressful. Consolidating your debts into one helps you keep track of payments faster and even opt for a lower overall interest rate. Yes, the initial step of documenting what amounts you owe and to whom can be daunting, but the long term benefits outweigh the initial effort you have to put in.
Consolidating debts is a big challenge for most people, that’s why we listed the 5 steps that you can take with the help of a financial expert to make things more manageable for you. Read about them below!

Get to Organizing

Find out what you owe and to whom. This allows you to have a better awareness of your credit status and credit rating, the crucial numbers that you’ll help improve as you pay off your debts after consolidation. Note that fees will usually be involved in this stage.
Start with contacting your credit bureaus and move to taking a detailed inventory of your debts. Take small steps. Don’t forget to keep accurate records more so when you start paying everything off.

Find Available Debt Consolidation Options for You

Depending on your area, you may seek the help of mortgage brokers to guide you in the debt consolidation process. Some options may be better for you compared to other means based on your needs and means. Private lenders, banks, or credit unions may all have solutions for you, the trick is finding the best one to avoid future problems.

Apply for a Loan

Once you already know how much you need and have picked a lender for debt consolidation, the next hurdle is actually getting approved for it. Knowing how the process work counts the most in terms of getting approved.
Make sure that you’ll be applying for a loan that will cover all your debts to avoid future issues. Choose the one with payment terms that you can afford. The last thing you want is to end up in worse financial status after this. Get a mortgage broker to go over your list and the payment terms to ensure you’re not missing anything important.

Bounce Back

Bouncing back can mean the actual process of paying for your debts or reapplying for a loan if you got turned down. If your application wasn’t approved, then note your mistakes and don’t be afraid to ask about what went wrong.

Consolidate Your Debt

Once you get approved, be sure to pay off your existing debts and use any extra money to pay the loan back. Remember that paying your debt on time will ensure you incur only the bare minimum of interest and help improve your credit rating and financial record.
Need the help of a mortgage broker so you can consolidate your debts? Contact us today! We’ll be happy to assist you towards your goal.

How Toronto Property Values Will Benefit from New Public Transport


It is often the case that politicians will clamor to take credit for new transportation improvements such as the opening of a new subway. Though certain figures and political  parties will surely benefit from having better access to cheaper and easier transportation, no one could be happier than the residents of the area who would be reaping the benefits of such an event.

Real Estate Benefits

Easier  travel and commute is just the tip of the ice berg as far as the benefits of a new transport system can bring. Almost all the real estate along the route or the track is sure to gain an increase in value!
It isn’t a secret that properties that have good access to roads and transportation generally are worth more than their less accessible counterparts. In fact, a US-based study showed that even in times of economic crisis, homes that are near public transit are able to maintain more of their value as compared to homes that are in non-transit areas.
The stability of property values is also affected by the types of transit available nearby. A phenomenon called the “transit premium “ is the term for this. This phenomenon is when property values tend to remain higher in areas with consistent public transportation access, such as what is true for properties near train stations and highways. The values usually drop the farther you are away from the train lines or highway. Too often, buyers were observed to follow a deal breaker rule, often considering more than 8 minutes walk to be a deal breaker when renting or purchasing a home.

The Course of Development

It can’t be denied that development follows subways. Although we don’t have the specific numbers for Toronto right now, the fact remains that the most desirable Toronto neighbourhoods are all well-served by transit access. We are well aware that this is just one of the many factors for an area’s desirability but we also can’t overlook the fact that for many homebuyers, especially first time homeowners, a short commute to work is near the top if not the top priority.

How Toronto’s Real Estate Market Is Shaped by Transit

Affordable areas have been known to skyrocket in value as demand surges when said area is made accessible. This is true for both residential and commercial spaces. Rents are known to be normally 40% more expensive in the 500 meters radius around subways or light rail tracks.
Due to  this intensifying urbanization, an 83% population growth is predicted for Toronto by  year 2031. It should be noted though that this intensifying urbanization isn’t just taking place in the middle of the downtown bur rather at ‘outer communities’. Such is the case for communities along Eglinton and Finch, where the demand has been steadily giving rise to further increase in property values.
Curious about what impact urbanization may have a profound effect on the possibility of you getting approved for a home equity loanContact us and we’ll walk you through the process.

Your Home Checklist for December 2017



We’re about halfway into the month and it isn’t too late yet to spruce up your home for the awesome holidays up ahead. What better time than now before winter fully sets in or before you’re too busy, right?
Here are some December home checklist for you ranging from the most time-consuming to some that can be done in just under an hour!

Ensure Holiday Home Safety

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Making sure your outdoors are well-lighted, that all your locks are working, and that your shrubs and trees are trimmed can deter those with bad intentions from targeting your home. This is a must whether you’re staying or going somewhere for the holidays.

Plan for Winter Storms

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The last thing you’d want is to be snowed in without even a shovel. Get yourself some shovels, a window scraper, extra weather stripping, heavy duty winter gloves, some reflective tapes for your driveway, batteries, and don’t forget a few days’ worth of bottled water and non-perishable food. Have a family protocol too if other family members are going to school or at work. You better be sure that you also have an emergency kit with fresh supplies.

Freshen the Guest Room

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It is nearly inevitable that you’ll have some guests staying over due to the holidays or bad weather so it pays to be ready. Have a set of fresh clean sheets ready, clean towels, and basic toiletry. Whoever will be staying in your guest room will be delighted.

Liven Up Your Indoor Recreational Areas

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The idea is to have a designated indoor area for recreation. You’d be surprised at how much of an impact a new rug or new throw pillows can bring to your ‘chill’ space or how much kids will adore new organization bins for their toys.

Clean Your Chimney

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A certified chimney cleaner will ensure you won’t have issues when its time to light your first fire of the season. This will also prevent the likelihood of a house fire.

Decorate for the Holidays

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Time to bring out the ornaments and the lights and start decorating! You will want to start as early as possible so that you’ll have a chance to replace broken décor or busted lights. More importantly, you will want to have plenty of time to enjoy and admire your decorating skills.

Address Snow Build Up

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Snow can pile up on tree limbs and eaves of roofs so make sure you shake them up after a particularly heavy snow fall. Doing this will make for a safer winter overall.

Shut Off Some Water Supply

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This is a must for those who garden and live in Ontario. You will want to disconnect hoses and make sure they have no water to keep them functioning well until next year.

Make Space for Winter Gear

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Preferably near your main entrance. You will want to be able to hang your coats, scarves, and other winter clothing for easy access right before heading out.

Have a Designated Gift-Wrapping Station

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And be sure you have enough tape, wrapping paper, plain boxes, ribbons, and cards. You want to be ready for a marathon in gift wrapping later in the month. Don’t wait until the last minute!
Just settling in your new Oakville home or looking forward to moving soon? No matter how long have you been living in Oakville, it isn’t too late to get to know your town even better. Who knows? You might even find your ultimate dream home in Oakvilletoo! Browse the available ones in your target Oakville neighbourhoods and contact usshould you want to schedule a viewing.

Auto Insurance System Reform Being Pushed by Ontario to Slash Rates and Fight Fraud


Ontario has the highest auto insurance premiums in Canada despite the province having low rates of collisions and deaths – a big factor to that is the prevalence of auto insurance fraud.

Changes Ahead

Ontario is looking into ways to push for changes in the auto insurance industry to help try to combat fraud and eventually reduce premiums. This is in view of the reported cost of auto insurance fraud totaling to an estimated $1.6 billion a year as shared by Finance Minister Charles Sousa. He said it is now time to put a stop to the fraud, a move that may create new challenges for real crash victims.
Sousa shared that there are plans for the government to develop standard treatment plans for commonplace collision injuries such as whiplash and sprains. They will also create neutral and independent examination centres for the medical assessment of more serious cases and tackle fraud in the system by establishing a Serious Fraud Office. He hopes that getting rid of fraud will significantly reduce costs and subsequently lower premiums.

The Numbers

Ontario found out earlier this year via a government-commissioned report that the province pays Canada’s most expensive auto insurance premiums despite having the lowest numbers of fatalities and accidents. The higher cost is for covering loses due to auto insurance fraud.
All of the above comes at a time when the Liberal government is still working on their promise of a reduced rate. Although they are about halfway of their goal right now, they missed their self imposed deadline in August 2015.

Lawyers Say New Plan Will Unfairly Target Victims

Personal injury lawyers are not fans of the proposal, pointing out that the new process will work unfairly against real victims.
Michael Smitiuch of Smitiuch Injury Law based in Toronto stated that it seems the current government has a talent for punishing people who truly needed help the most as it will create unnecessary  roadblocks for victims. The lawyer also said that a cookie cutter approach like what the province is proposing will not be enough to adequately meet the needs of injured victims. He further voiced out that he sees more problems in the future regarding claiming of benefits and making sure that they are paid out.
Neinstein Personal Injury Lawyers’ consultant Sebastian Gallagher said the proposed system will do the opposite of providing clarity and lessening confusion.

A Different Time for The Same Mistakes?

Critics expressed that the new plan have concerning similarities with the failed Designated Assessment Centres introduced in 1994 and shut down in 2006. The DAC failed because the process was usually long, drawn out, and a sinkhole of resources.
Should the new proposal be implemented, proving fraud or the absence thereof might become even more difficult. Some people will do anything for fraud. Luckily for you, we specialize in uncovering cases of it through the use of our Mississauga private investigation services and techniques. Contact us should you wish to get data on someone or place them under personal surveillance the right way.

Tuesday, 14 November 2017

Could a New Phone Scam Trick You?


The communities of Greater Toronto Area has fallen victim to some scams lately as recently reported by Insauga, with the neighbourhoods of Brampton and Mississauga getting much of the scam attacks. The thing with this scam attacks is that they can target even the most unsuspecting of victims, and can happen digitally because of advancements in technology.

Scam and Technology

Not long ago, contracts and purchases had to be made in person for a transaction to push through. Things are very different now as technology had made it possible to sign a contract or authorize a purchase just by voice recognition. ‘Yes!’ is not something you simply say over the phone any more as scammers have found a way to use voice recordings to authorize financial transactions and confirm a purchase in your name.
This is because the act of saying “yes” can be construed to mean the same as “I Agree” or “I Accept” by some websites or when completing certain online transactions. Banks and insurance companies sometimes use the same confirmation when authorizing money transfers and account changes via mobile device or phone call.
This is certainly alarming and it goes without saying that you won’t want to fall victim to this. To help you avoid being a victim of this new phone scam, we’ve compiled a list of safety measures in the next section.

Avoid Falling Victim to a New Phone Scam

While it is best to do financial transactions and account changes in person, it is still possible to be targeted for a phone scam. Minimize your risk by observing the following precautions.

Avoid picking up calls from unknown numbers

Do you know that by just picking up the call, you are signaling to criminals that they can use your details for scams? Scammers may call you telling you that you won a trip, or that a loved one is in the hospital and they need your details. It is easy to be emotional and throw common sense out the window when you are excited or worried so to avoid being victimized by this ploy, simply do not answer calls from unknown locations.
Think about it, if something is really important, the caller will contact you via other means or perhaps leave a voicemail…or even call again. Scammers don’t usually call the same number again and again because they want to move on as fast as possible to their next possible victim.

Exercise caution and skepticism when taking calls from unknown sources

Be extra careful when the caller asks you questions that require a Yes or No answer (such as “is this ___?” or “are you home?”). When you picked up a call that asked something like that and you don’t know who is calling, it is better to reply with another question such as “who is calling, please? or “may I know why you are asking that?”. This usually throws off the scammer and shows that you’re not someone easily manipulated.

Don’t give personal information to strangers

Whether they ask for your personal information or someone you know, just refuse to give personal information. No matter if they claim to be legitimate companies such as your bank or insurance, give an excuse and hang-up. You can always call the company (do not use the call back feature, dial from scratch) to verify.
Not sure if you’ve already been targeted for a phone scam? Our private investigation services may help. Contact us at Haywood Hunt at your earliest convenience to inquire for your free initial consultation.

8 Features That Can Make Your House Surprisingly Harder to Sell

We usually think that the more features a house has and the more amenities are nearby, the easier it would be to sell the house later on, right? Well, the thing is, the features and amenities you like may be the exact opposite of what others prefer. Here are some of the most common features and amenities that are unappealing to some home buyers to help you in deciding your purchase and set your expectations if you are selling.  

A Busy Location

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Some love the convenience of having stores, restaurants, and cafes just outside the door but some prefer a more quiet and ‘slow’ location. Know too that homes on busy streets usually have less value compared to a similar home in an interior street. This is something to think over if you’re buying now.

The Size of Your Yard

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Some people just don’t want anything to do with maintaining a yard, period. Some won’t want to move in unless the yard is big enough for big parties or to provide a substantial distance away from the neighbours.. It’s just near impossible to find the perfect balance.

Bedroom Location

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This is a big factor when purchasing a home. There are people who would balk out of buying a beautiful dream home just because one of the bedrooms is downstairs. The stakes go higher when it is the master’s bedroom that is in an unusual location, such as next to the kitchen. Generally speaking though, those in their senior years or near retirement usually want a one story home or for the bedrooms to be downstairs.

A School Just a Few Steps Away

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Having a school practically next door is heaven-sent for some but the very definition of a nightmare for other people. You may love the idea of walking your children to school but for someone who has no children, the idea of having children coming and going on the street right next to their house isn’t something they’d want. Not to mention the school buses and vehicles of parents dropping off and picking up kids for most of the year.

Fancy Renovations

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A granite kitchen or beautifully landscaped lawn can make buyers think that a home is a pain to maintain, more so if not situated in an affluent neighbourhood.

Having Tile Flooring

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Let’s face it, tile flooring isn’t the easiest to maintain. They are also difficult to remove, replace, and/or repair. Note too that tile patterns you love might be off-putting for some people. Hardwood is often the safest bet.

Having a Swimming Pool

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A swimming pool might be something you’ve always dreamed of having but someone who hates swimming or don’t want the cost of maintaining a pool will definitely not be into it. You may even have to take a loss when it’s time to sell a home that has a pool.

A Deck or A Patio

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It all boils down to maintenance being an issue. If you love being out in the yard while still being comfortable then, having a patio or a deck is something you love, but some would think that having them is just an inconvenience that they will be forced to take when buying a home. Just like having a pool, this might shave a few thousands off your home’s selling price.
With spring still more than a season away, selling your Oakville home may not be as easy more so in the upcoming weeks and months. Let our outstanding agents help you! Contact us today!