Welcome 2 Canada 05312010

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Home Buyer's Seminar

Speakers: Real Estate Agent, Mortgage Agent, Lenders, CMHC, Home Inspector, Lawyer
- Newcomer's to Canada
- First Time Home Buyer's
- Investors
- Existing Home Buyer's

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Welcome 2 Canada 05312010

  1. 1. WELCOME TO CANADA HOME BUYER’S SEMINAR
  2. 2. #welcome2canada
  3. 3. 324-2664 276-7077
  4. 4. TonyMcDermottRealEstate.com
  5. 5. <ul><li>AGENDA </li></ul><ul><li>“ Working with a Realtor” - Tony McDerrmott, Century 21 Action Power Team </li></ul><ul><li>“ Benefit of a Mortgage Agent” - Reg Bertrand, Mortgage Alliance </li></ul><ul><li>“ Down Payment” & “Pre-approval” - Tom Taylor, First National Financial LP </li></ul><ul><li>“ Credit” - Shannon Parker, Home Trust </li></ul><ul><li>BREAK (5-10 mins) </li></ul><ul><li>“ Newcomer’s” - Anny Le, CMHC </li></ul><ul><li>“ Why Home Inspection” - Jim Lepine, Fore Front Home Inspection </li></ul><ul><li>“ Closing Day” - Paul Kelly, Kelly Manthrop Law Offices </li></ul><ul><li>Panel Q&A </li></ul>
  6. 6. Tony McDermott Century 21 – Action Power Team
  7. 7. <ul><li>Thanks for coming out, and for the opportunity to present to you valuable information on the home buying process. </li></ul><ul><li>The CENTURY 21 Customized Home Search System is designed to help provide you with a full service, successful real estate experience. </li></ul><ul><li>I strive to deliver the highest level of service in the real estate industry. </li></ul><ul><li>I seek to address all concerns that buyers are challenged with when purchasing a home. </li></ul><ul><li>Let me show you how easy your real estate purchase can be. </li></ul>
  8. 8. My Professional Experience My philosophy: “ Customer relationships are at the heart of what I do. If you don’t feel that I’ve built a strong relationship with you by the time we’ve purchased your home, then I haven’t done my job.” My mission statement: “ I strive to make the purchase of your home and all of the associated activities free of stress, easy to understand, and at times, even fun. My goal is to exceed your expectations and provide you with exceptional service throughout our relationship.”
  9. 9. <ul><li>Overview </li></ul><ul><li>Agency Relationships </li></ul><ul><li>CENTURY 21 ® Customized Home Search Services </li></ul><ul><li>My Personalized Services </li></ul><ul><li>CENTURY 21 ® Connections </li></ul><ul><li>Comparative Property Analysis </li></ul>
  10. 10. Agency Relationships
  11. 11. <ul><li>CENTURY 21 ® Customized Home Search Services </li></ul><ul><li>www.century21.ca </li></ul><ul><li>My Company Website </li></ul><ul><li>My Personal Website </li></ul><ul><li>Property Quick Search </li></ul><ul><li>E-mail Communication </li></ul><ul><li>Online Marketing </li></ul><ul><li>National Advertising </li></ul><ul><li>Global Referral Network </li></ul><ul><li>Seller Service Pledge </li></ul><ul><li>Quality Service Survey </li></ul><ul><li>AIR MILES ® Reward Program </li></ul>CENTURY 21 Customized Services Ordinary Services
  12. 12. Online Marketing The Internet influences home buying behaviour
  13. 13. <ul><li>Home Buyers </li></ul><ul><li>Nearly 3 out of 4 home buyers use the Internet as a tool when searching for a home* </li></ul><ul><li>84% of recent home buyers found photos “very useful”* </li></ul><ul><li>60% said the same about virtual tours* </li></ul><ul><li>* 2007 NAR Profile of Home Buyers and Sellers </li></ul>
  14. 14. Internet Statistics 2007 NAR Profile of Home Buyers and Sellers Buyers use the internet to search for homes 84% Buyers found their home on the Internet 29% First time home buyers used the Internet to search for a home 84% Repeat buyers used the Internet to search for a home 54%
  15. 15. What is the implication? Where Buyer First Learned About the Home They Purchased The Internet should be leveraged to attract more buyers Real Estate Agent Internet Yard Sign
  16. 16. The World’s Best Real Estate Website www.century21.ca
  17. 17. My Personalized Services
  18. 18. Professional advice As your CENTURY 21 ® sales representative, I am trained to answer your questions, provide professional advice and handle all the details.
  19. 19. <ul><li>Help you succeed in your home search </li></ul><ul><li>Check MLS daily for new listings. </li></ul><ul><li>Saving you time by screening for properties that best suit your needs. </li></ul><ul><li>Network with ALL realtors with listing inventory in the desired area. </li></ul><ul><li>Provide you with virtual tour information whenever available to assist in pre-qualifying properties. </li></ul><ul><li>Consult and advise in representing your best interests; acting as a guide to help you make the most informed decisions. </li></ul><ul><li>Maintain confidentiality. </li></ul><ul><li>Monitor all activities/handle the details. </li></ul><ul><li>Provide a Competitive Market Analysis on desired properties. </li></ul><ul><li>Discuss financing options. </li></ul><ul><li>Negotiate most favourable terms possible. </li></ul><ul><li>Using a base of experience, knowledge, tools and training to best serve you. </li></ul>
  20. 20. My Personalized Services No stone goes unturned! My experience has taught me that the best properties are sold before they hit the market. My job is to actively search for those homes for you through proven marketing techniques. Active pursuit of properties not yet listed...
  21. 21. Peace of Mind Like you, today’s consumer wants comprehensive services from their real estate professional. CENTURY 21 ® sales representatives offer the services you want and provide you with the peace of mind you deserve.
  22. 22. Did you know... Buying a home through me will generate AIR MILES ® reward miles for you! $200,000 home = 400 air miles Do you have an AIR MILES Collector card? <ul><ul><li>® TM Trademarks of AIR MILES International Trading B.V. Used under license by Loyalty Management Group Canada Inc. and Century 21 Canada Limited Partnership. </li></ul></ul>
  23. 23. <ul><li>Making An Educated Offer To Purchase </li></ul><ul><li>If you are planning to finance your purchase, the offer should be written as “conditional upon financing, (by a certain date).” </li></ul><ul><li>Banks can only finance the appraised value or the offer value, whichever is the lesser of the two. </li></ul><ul><li>The appraisal method of determining value for residential real estate is customarily the Comparison Approach and traditionally, appraisers use the same database of information as realtors in determining property values. </li></ul><ul><li>The following information, drawn from the MLS database, will assist you in making an educated decision on what your offer price should be. </li></ul><ul><li>An appraiser determines value based on WHAT BUYERS ARE WILLING TO PAY in today’s marketplace from properties that have recently SOLD! </li></ul>
  24. 24. Together we will execute a plan that will fulfill your dreams of home ownership. Is there any reason why we can’t help you find your dream home?
  25. 25. Reg Bertrand Mortgage Alliance / ServingYou.ca
  26. 26. Working with a Mortgage Agent We Know You Really Don’t Want a Mortgage, You Want A Home!! The  RIGHT   counsel, the  RIGHT   service, the  RIGHT   convenience - all to help put you in the  RIGHT   home.
  27. 27. Working with a Mortgage Agent &quot;The lowest rate will save you hundreds, but the wrong term can cost you thousands.&quot;   
  28. 28. <ul><li>Working with a Mortgage Agent </li></ul><ul><li>Popular Fixed Terms… </li></ul><ul><li>1-yr, 2-yr, 3-yr, 4-yr, 5-yr </li></ul><ul><li>Longer Fixed Terms… </li></ul><ul><li>7-yr, 10-yr </li></ul><ul><li>Variable Terms… </li></ul><ul><li>5-yr closed, 3-yr, 1-yr, 5-yr capped, 5-yr open    </li></ul><ul><li>Other Terms and Features… </li></ul><ul><li>5-yr Cash Back, 5-yr no-frills, Readvanceables, HELOC, Hybrids </li></ul>
  29. 29. <ul><li>Working with a Mortgage Agent </li></ul><ul><li>Working with me becomes more then just a mortgage. </li></ul><ul><li>Help navigate the process of securing financing for your home. </li></ul><ul><li>Can become the eyes and ears to the market place for you. </li></ul>
  30. 30. Tom Taylor First National Bank
  31. 31. <ul><li>Mortgage Down Payment </li></ul><ul><li>What? </li></ul><ul><li>Why? </li></ul><ul><li>When? </li></ul><ul><li>Where? </li></ul><ul><li>How? </li></ul>
  32. 32. <ul><li>Mortgage Down Payment </li></ul><ul><li>What? </li></ul><ul><li>Your Equity Stake </li></ul><ul><li>Acceptable Risk </li></ul>
  33. 33. <ul><li>Mortgage Down Payment </li></ul><ul><li>Why? </li></ul><ul><li>Client – </li></ul><ul><li>Reduced Mortgage </li></ul><ul><li>Mitigates Fees </li></ul><ul><li>Lender - </li></ul><ul><li>Reduced Risk </li></ul><ul><li>Greater Flexibility </li></ul>
  34. 34. <ul><li>Mortgage Down Payment </li></ul><ul><li>When? </li></ul><ul><li>Before Broker Meet </li></ul><ul><li>During Process </li></ul><ul><li>At Lawyers </li></ul><ul><li>etc….. </li></ul>
  35. 35. <ul><li>Mortgage Down Payment </li></ul><ul><li>Where? </li></ul><ul><li>Family </li></ul><ul><li>Friends </li></ul><ul><li>Loan Facilities </li></ul><ul><li>Savings </li></ul><ul><li>Income </li></ul><ul><li>Previous Home </li></ul>
  36. 36. <ul><li>Mortgage Down Payment </li></ul><ul><li>How? </li></ul><ul><li>Gift Letter </li></ul><ul><li>Bank Statements </li></ul><ul><li>Sales Agreement </li></ul><ul><li>RRSP Statement </li></ul><ul><li>Corroboration </li></ul>
  37. 37. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>What? </li></ul><ul><li>Why? </li></ul><ul><li>When? </li></ul><ul><li>Where? </li></ul><ul><li>How? </li></ul>
  38. 38. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>What? </li></ul><ul><li>Pre-qualify </li></ul><ul><li>Acceptable Risk </li></ul>
  39. 39. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>Why? </li></ul><ul><li>Client – </li></ul><ul><li>$$$ Amount </li></ul><ul><li>Rate Hold </li></ul><ul><li>Reduced stress </li></ul><ul><li>Lender - </li></ul><ul><li>Reduced Risk </li></ul><ul><li>Less Paperwork </li></ul>
  40. 40. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>When? </li></ul><ul><li>Before Shopping </li></ul><ul><li>Before Realtor </li></ul><ul><li>Before Offer </li></ul><ul><li>etc….. </li></ul>
  41. 41. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>Where? </li></ul><ul><li>Bank? </li></ul><ul><li>Friends? </li></ul><ul><li>Internet? </li></ul><ul><li>Broker…. </li></ul>
  42. 42. <ul><li>The Mortgage Pre-Approval </li></ul><ul><li>How? </li></ul><ul><li>Appointment </li></ul><ul><li>Discussion </li></ul><ul><li>Options </li></ul><ul><li>Decision </li></ul><ul><li>Financing </li></ul>
  43. 43. Shannon Parker Home Trust
  44. 44. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>What is a Credit Score? </li></ul><ul><li>A Credit Score is a numeric “snapshot” of your credit risk at a particular point in time. It indicates the credit risk associated with the corresponding credit application. </li></ul>
  45. 45. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>Credit Bureau Quiz???? </li></ul><ul><li>What is the range of credit scores? </li></ul><ul><li>300-900 </li></ul><ul><li>Who are the two providers of credit bureaus in Canada? </li></ul><ul><li>Equifax </li></ul><ul><li>TransUnion </li></ul>
  46. 46. How to Maximize your Credit Score Elements of a Credit Score
  47. 47. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>Factors That Lower Your Score </li></ul><ul><li>Too many consumer finance company accounts </li></ul><ul><li>Account Balances are too high (must be below 65% of your limit) </li></ul><ul><li>Not enough recent and revolving account information </li></ul><ul><li>Loan balances are too high in comparison with loan amounts </li></ul>
  48. 48. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>How to Improve My Credit Rating? </li></ul><ul><li>Pay or satisfy all outstanding collections and or judgments </li></ul><ul><li>Bring all trades up-to-date and within the limit </li></ul><ul><li>Establish a minimum of 2-3 trades with good repayment history for 24 months </li></ul><ul><li>Trades should be a mix of credit cards, installment loans, and department cards </li></ul>
  49. 49. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>How to Improve a My Credit Rating? </li></ul><ul><li>Illustrate use and repayment on a regular basis </li></ul><ul><li>Limit credit seeking </li></ul><ul><li>Limit the number of open trades and balances </li></ul>
  50. 50. <ul><li>How to Maximize your Credit Score </li></ul><ul><li>Things to remember, </li></ul><ul><li>Always pay your bills by the due date, it’s best to set up automatic payments through your bank account that way you will never forget or be late. </li></ul><ul><li>If you pay your bills online remember it can take up to 5 business days to process, so pay early just to be sure. </li></ul>
  51. 51. How to Maximize your Credit Score Remember, YOUR CREDIT RATING IS UP TO YOU
  52. 52. Anny Le Canadian Mortgage & Housing Corp (CMHC)
  53. 53. <ul><li>Canada’s national housing agency </li></ul><ul><li>CMHC offers: </li></ul><ul><ul><ul><li>Innovative Financing Options </li></ul></ul></ul><ul><ul><ul><li>Housing Expertise and Advice </li></ul></ul></ul><ul><ul><ul><li>Programs to support Affordable Housing </li></ul></ul></ul><ul><ul><ul><li>Housing experience and expertise globally </li></ul></ul></ul><ul><li>Millions of Canadians continue to benefit from mortgage insurance and much more from CMHC </li></ul>
  54. 54. <ul><li>CMHC Newcomer </li></ul><ul><li>With Permanent Residence Status: </li></ul><ul><ul><li>Purchase up to 95% Loan-to-Value (1-2 units) </li></ul></ul><ul><ul><li>Purchase up to 90% Loan-to-Value (3-4 units) </li></ul></ul>
  55. 55. <ul><li>CMHC Newcomer – Permanent Residents </li></ul><ul><li>Credit history: </li></ul><ul><ul><li>Recommended Beacon Score: 600 </li></ul></ul><ul><ul><li>Alternatives: </li></ul></ul><ul><ul><ul><li>International Credit Bureau </li></ul></ul></ul><ul><ul><ul><li>Alternative Sources of Credit History </li></ul></ul></ul>
  56. 56. <ul><li>CMHC Newcomer - Permanent Residents </li></ul><ul><ul><li>Alternative Sources of Credit History include: </li></ul></ul><ul><ul><ul><li>Rent or Room and Board plus one other obligation for the preceding 12 months </li></ul></ul></ul><ul><ul><ul><li>Or </li></ul></ul></ul><ul><ul><ul><li>3 monthly obligations for the preceding 12 months </li></ul></ul></ul><ul><ul><li>Examples of obligations include: </li></ul></ul><ul><ul><ul><li>Utilities </li></ul></ul></ul><ul><ul><ul><li>Cable </li></ul></ul></ul><ul><ul><ul><li>Childcare expenses </li></ul></ul></ul><ul><ul><ul><li>Insurance premiums </li></ul></ul></ul><ul><ul><ul><li>Documented regular savings </li></ul></ul></ul>
  57. 57. <ul><li>CMHC Newcomer – </li></ul><ul><li>Non-Permanent Residents </li></ul><ul><ul><li>Foreign workers with a valid Canadian Work Permit </li></ul></ul><ul><ul><li>Special situations where a borrower is legally eligible to work in Canada where a work permit is not required, which may include: </li></ul></ul><ul><ul><ul><li>Performing Artists </li></ul></ul></ul><ul><ul><ul><li>Athletes and Coaches </li></ul></ul></ul><ul><ul><ul><li>Clergy </li></ul></ul></ul><ul><ul><li>For a complete list of jobs that are exempt from work permit requirements, see Citizenship and Immigration Canada’s website (www.cic.gc.ca) </li></ul></ul>
  58. 58. <ul><li>CMHC Newcomer – </li></ul><ul><li>Non-Permanent Residents </li></ul><ul><ul><li>Purchase transactions, with a maximum loan-to-value ratio of 90% </li></ul></ul><ul><ul><li>Amortizing loan applications </li></ul></ul><ul><ul><li>Single advance loans </li></ul></ul><ul><ul><li>One-unit owner-occupied properties </li></ul></ul><ul><ul><li>No additional premium surcharge </li></ul></ul><ul><ul><li>Diplomats are not eligible </li></ul></ul>
  59. 59. <ul><li>CMHC Newcomer – </li></ul><ul><li>Non-Permanent Residents </li></ul><ul><ul><li>Purchase transactions, with a maximum loan-to-value ratio of 90% </li></ul></ul><ul><ul><li>Amortizing loan applications </li></ul></ul><ul><ul><li>Single advance loans </li></ul></ul><ul><ul><li>One-unit owner-occupied properties </li></ul></ul><ul><ul><li>No additional premium surcharge </li></ul></ul><ul><ul><li>Diplomats are not eligible </li></ul></ul>
  60. 60. Jim Lepine Fore Front Home Inspections
  61. 61. <ul><li>Fore Front Home Inspections </li></ul><ul><li>Protecting Your Investment </li></ul><ul><li>Active member of </li></ul><ul><ul><li>International Association of Certified Home Inspections ( InterNACHI) </li></ul></ul><ul><ul><li>The Professional Home Property Inspection of Ontario ( PHPIO ) </li></ul></ul><ul><ul><li>International Association of Certified Indoor Air Consultants ( IAC2 ) </li></ul></ul><ul><ul><li>Follows Standards of Practices </li></ul></ul><ul><li>Up and coming changes within the Home Inspection Business </li></ul>
  62. 62. <ul><li>Why have your home Inspected? </li></ul><ul><li>Who should perform a home inspection? </li></ul><ul><li>Where should your home inspector be looking? </li></ul><ul><li>What should a home inspector be looking for? </li></ul><ul><li>Tarion Inspection Process PDI, One year, Second year </li></ul><ul><li>Why Inspect a new home? It comes with a warranty </li></ul>
  63. 63. <ul><li>Questions to ask your home inspector </li></ul><ul><ul><li>Training </li></ul></ul><ul><ul><li>Insurance – Errors & Omissions and Property Liability </li></ul></ul><ul><ul><li>Duration of inspection time </li></ul></ul>
  64. 64. Paul Kelly Kelly Manthrop Law Offices
  65. 65. What to Expect on Closing Day
  66. 67. http://www.slideshare.net/servingyou Title: Welcome 2 Canada 05312010

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