Canadian Homeowners: 1 simple tip to save THOUSANDS!

I had an fascinating conversation with a mortgage broker the other day about renewing current homeowners renewing their mortgages, and what he had to say, SHOCKED me!  He gave me some statistics that the Canadian Mortgage and Housing conducted and I couldn't believe it.

FACT #1:  89% of homeowners remain with the same lender.

FACT #2:  68% of homeowners just accept the renewal from their current lender.

So what is the problem?  The original lender must be offering the best rates, right?  Sadly, the answer is likely "no".

Often, the original lender will offer you a "much better rate" as a "preferred customer" for your loyalty to the company and will be able to save you tremendous savings from the posted rates.  This is all true, but they can do better.

This can be best illustrated with an example:

example:  $250,000 mortgage, 5 year fixed term, 25 year ammortization, paid monthly

The lenders "posted" rate may be 5.29%, which is quite common in January 2012.  As a cherished and preferred customer, they might offer you a rate of 3.79%.  WOW!  Where do I sign!?  Right?

Hold on!  The problem is that an even better rate can be easily obtained, and it only takes a phone call to a mortgage broker.

In January 2012, rates of 3.29% can easily be found, through more than one lender.  Yes, HALF a percent difference than your "preferred customer" rate.  So you might be thinking, does it really make a difference?  Here's the math:

Rate                                           3.79%                          3.29%

Monthly mortgage                  $1286.75                     $1220.63

           Monthly savings:           $66.12

           Five year savings:      $3967.20

Using the figures in the example above, a homeowner can save just shy of $4,000.00 in five years by simply making a phone call and merely shop around.  Most brokers do not charge a fee for inquiries or advice and there are no legal costs when transferring a mortgage at the end of a term. 


If you agree with me, you can contact me at GetStephen@live.com or at my office at 905-723-5944.  I urge you to make a phone call to a local mortgage broker right away, especially if you are up for renewal soon.

The agent that inspired me to write this blog is John Greenlee at The Mortgage Centre.  He can be contacted at jgreenlee@durhammortgage.com or at 905-436-8010.

Happy savings!

Stephen Young
www.GetStephen.com

Coyote Attacks in Whitby

For the second time in as many months in the same area of Whitby, a dog was attacked and killed by coyotes.

The second incident happened on April 22, around 9 p.m., when Durham Regional Police were called to a home in the Thickson Road and Burns Street area. The complainant reported his small dog, described as a maltese-poodle cross, was attacked in the unfenced yard. The owner witnessed the incident and was able to retrieve the deceased dog from a nearby hydro easement property, where the coyotes were last seen running towards.  The dog owner wasn't physically hurt.

In March, a dog was snatched by coyotes in the Dundas Street and Nichol Avenue area.
For more information on coyotes, call the Ministry of Natural Resources (MNR) office at 905-713-7400, or your local animal services office.

The MNR website gives a number of safety tips regarding coyotes:

1)  Do not approach them. They're usually wary of humans, but they're wild and should not be approached.
2)  Do not feed them. It makes them less fearful of humans and habituates them to food provided by people. Plus, they may return to the area for more.
3)  If you encounter a coyote, don't turn your back on it or run from it. Back away from it while remaining calm. It's a good idea to use whistles and personal alarm devices to frighten them if they do approach or pose a threat.

4)  Secure garbage by properly storing it and maintaining garbage containers. Place trash bins inside an enclosed structure to prevent small rodents.
5)  Put garbage at the curb the morning of the pickup, rather than the night before.
6)  Use enclosed compost bins rather than exposed piles (NOTE:  coyotes are especially attracted to dog and cat waste, meat, milk and eggs).
7)  Keep bird feeders from overflowing as coyotes like fruit, nuts and seeds. Keep pet food indoors.
8)  Close off crawl spaces under porches, decks and sheds. Coyotes can use these areas to raise their young.

If you feel a coyote is posing an immediate threat or a danger to public safety, call 911.

MLS Zoning Realignment: How will it affect you?

It has just be announced that on July 5, 2011, the Toronto Real Estate Board (TREB) will restructure the existing districts as they currently are.  The idea, was to improve the search characteristics of the MLS system already set in place.  Gone will be the existing "coding" system and replaces by a "true geographical region" that Realtors and the public can better relate to.

Current TREB map
 (east)

The current system used by TREB divides regions two ways:

1. By one of four areas Central (C), North (N), West (W), and East (E). 
2. Numbered districts (1-21)



Snip of new TREB map (July 2011)



The new system to be used by TREB will implement "three tiers of address" and will include:

1. Area (Regions/Counties)
2. Municipality (City/Town)
3. Community (Neighbourhood)

As a professional real estate agent working in Durham region, I am extremely excited about these changes.  Instead of living in E16, I live in Durham-Oshawa-Lakeview.  Which one tells the better story?  For your convenience, I have posted maps of all the new Durham region communities on my website.

Sure there might be some growing pains, such as transitioning from the old system and educating the public of all the new AMCs (Area-Municipality-Community), but the bigger picture is that we will now be living in a "community"  and not living in a "code".  Now if only Canada Post would do something with LIJ7Z5.

If anyone wants to know what AMC they will be living in, email me and I will be happy to send you the information.

Stephen Young

10 Tips on How to Start a Flower Garden

Homeowners in Durham Region should be very proud of the beautiful gardens they produce each year.  As a professional real estate agent, I get the priviledge of showcasing some of these homes as they come up for sale.  Here are TEN starter tips on how to start a beautiful flower garden.

1.  The "Decision".

By reading this blog, you are likely already made the decision.  But have you?  Is a garden for you?  People are busier than ever before and gardens require at least some daily and weekly commitments.  Make sure you are committed to doing the work so you can reap the rewards.

  Bigger is not always better.

2.  Choose a Site.

Seems like a no-brainer but your flowers and plants require sunlight in order to grow.  Growing flowers in shaded areas of your property are possible, but you may limit your choices of flowers.  Also, remember that you will need to water your flowers and walking back and forth filling your watering can may be trying on your patience, and your tired feet.  Try to select a location that you will see the garden from the house.  It's difficult to neglect when you see it all the time.

3.  Start Small.

Many would-be gardeners fail because of over-ambition.  Start small.  20-25 square feet is a good start for your first year as a beginner.  At the end of the season, you can re-evaluate and add next spring.



Squirmish?



4.  Soil.



Now that you are committed, and chosen the perfect site, it's time to get down and dirty.  If the site you have chosen has sod, you will need to remove the sod.  Dig down about 18"-24" and remove and rocks that might be in the way.  Add a time-released fertilizer with the soil.  Rake until the soil is even and water.  Don't worry about earthworms.  They are great for your garden by aerating the earth and fertilizing the soil.

5.  Choose Your Flowers!

Finally, the reason you decided to start a garden, the flowers!  Take note of the decisons you made earlier regarding the size, location and your commitment level. This will determine the flowers you choose.  For smaller gardens, select three types of annuals (need to replaced every season), and one or two perennials (regrow each season).  There are thousands of types of flowers you can choose.  Too many to list here.  Go to your local nursery and ask an expert for what is best for your garden and commitment.

They WILL get bigger.  I promise.

6.  Planting/Seeding.

If you start early enough, you can seed, but for your first season I suggest you transplant your flowers from the cells they come in.  Select budding plants as opposed to already flowered.  When you get home, water your baby-buds, and head over to your garden with a trowel and a watering can.  Dig a small hole, pop out the plant from the cell, spread out their roots without breaking any, and carefully set them in the hole.  Cover and firm the soil surrounding it.  Water.  NOTE:  Make sure you give enough room between plants for them to grow without congestion.

7.  Label Your Plants/Keep Records.

As a beginner, I suggest keeping records.  You are going to make mistakes.  Some plants will die.  It is better to learn from our mistakes then to repeat them.

8.  Water Your Garden.

Make sure the soil surrounding your plants is kept moist and well-watered.  That being said, there is a fine line between well-watered and drowning. Use your own judgement.  Common sense will prevail.

9.  The FOUR letter word:  W-E-E-D.

Weeding is necessary, but let's not obsess with it.  A little bit of time each day or two is all that is usually necessary to maintain a healthy and beautiful garden.  Be careful not to get careless and pull out some of your plants or destroy their roots.

Patience for impatiens?  You don't need it.  They're tough to kill.

10.  Enjoy Your Garden.

Is this one obvious?  A garden should be something to be enjoyed on a daily basis, not feel like a chore.  Take pride in all that you have accomplished.  Share it with your loved ones.  Take time to smell the roses.  You might be surprised how simply Mother Nature can humble us.