A Painless Way To Cut Expenses

With the current economic uncertainty, many people are looking for ways to reduce expenses.  A relatively painless way to reduce your monthly expenses is to have a second look at the way you’re managing your debt.

Over time, most of us take out a variety of loans for different purposes.  These can include things like credit card debt, car loans, home renovation loans and, of course, the mortgage.  And if you have more than one loan, you’re most likely paying a different interest rate on each loan.  One of the easiest ways to reduce your monthly interest costs is to consolidate your debt at the lowest rate.  Typically, your lowest-rate debt will be a loan that is secured by an asset, such as your home. 

If you have sufficient equity built up in your home, consider switching to a product that allows you to access your equity, such as a home-equity line-of-credit.  Then, use this line of credit to repay your higher-interest loans. In this way, you’ll be bringing all of your debts together into a single account, at a single rate. Some line-of-credit products even allow you to track debts separately within the account so you can continue to keep track of interest costs and repayment separately.  Not only will debt-consolidation save you interest but it will make it easier for you to keep track of what you owe and how you’re progressing in paying it down.

Reducing your monthly expenses is one way to deal with economic uncertainty – and it doesn’t have to be painful.  By borrowing smarter you can reduce your interest costs and increase your cash flow each month.

If you’d like to learn how to reduce your monthly interest costs, give me a call and I can discuss some options with you.
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Jaspreet Jagpal is a Financial Advisor, Insurnace Specialist and a RESP Representative
She's fluent in English, Punjabi, Urdu and Hindi and works with clients in the Greater Toronto Area.
T: 416-312-9742 | Email: jjagpal@rogers.com | www.LetsMakeADeal.ca

 

Posted via web from Markham's #1 Real Estate Blog

Don’t Mock. It is in you to give!

I’ve been asked (mocked) why am I donating 20% of my net commissions to charitable organizations? Why give away thousands when you don’t need to in our business. The looks say it all.

Why do I give? It comes down to my father’s influence and my spiritual beliefs. I remember, my father telling me, from when I was young, “Son, it does not matter how much money you amass in this world, when you die, not even the clothes on your back will go with you, let alone the hordes you may have buried. Your true value here and in the heavens is determined by how much you give. Besides prayer, only that what you gave, helps you in the after life. At the very least, a Sikh must donate 10% of his earnings. We ignorantly say that it is “our money”, but what would we do if the giver (God) who gives you all and asks you only to give back 10% stopped giving you 100%?. My son, money is important to have, work honestly and earn your keep, but give as much as you can. Remember, your life is like cotton string, every breath is invaluable, cut it and your just pile of dirt.”

My father’s wisdom and my experiences have taught me, greed kills the human spirit. To truly help people with their largest investment of their life, you can’t work from a mindset of greed. My goals are different. I want to build “life-time” relationships. Create charitable, referral partnerships. Work with clients that appreciate the value of giving. I want to be my clients “family realtor”.

Now you know why I give 20% of my commissions. If I’m the type of person you want as part of your team give me a call and let me help you buy or sell your home and together help your favorite charity.

Jas Jagpal, Sales Representative, RE/MAX Dynasty Realty Inc. jasjagpal@rogers.com | Cell: 647-272-6629 | www.jasjagpal.com

29 Essential Tips That Get Homes Sold Fast (And For Top Dollars)

Tip No. 2 -Once you know, keep it to yourself.

Your reasons will affect how you negotiate the sale of your home,
but they shouldn’t be given as ammunition to the person who
wants to buy it. For example, a prospective buyer who knows you
must move quickly has you at their mercy in the negotiation process.
When asked, simply say that your housing needs have changed.
Your reasons are nobody’s business but your own.

If you are in the market to buy or sell and would like to receive Jas’s
special report, contact him at 647-272-6629 or email him at jasjagpal@rogers.com

Posted via web from Jas Jagpal Toronto Real Estate Updates

If you are seriously thinking to buy Real Estate- You must read this!

Federal government urged to go slow on tightening mortgage-eligibility rules

Mon Dec 21, 5:58 PM
By B.H. Mckenna, The Canadian Press

TORONTO - Hints by Finance Minister Jim Flaherty that Ottawa may tighten mortgage eligibility rules if it sees evidence of a housing bubble developing sent ripples through the industry Monday, with analysts urging a cautious approach.

"The main risk here is overshooting, over-responding and basically shutting down or slowing down significantly the housing market," CIBC senior economist Benjamin Tal said in an interview.

"That is a risk they have to take into account, because the housing market is a major, major contributor to overall economic growth and we are still in a very fragile state of the recovery."

Continue

Staging Works! 8 Easy Tips to Sell your home faster and get more!

Staging your home is very important. In controlled tests, staged homes sold on average in *half the time of unstaged homes. Also a staged home will sell, on average, for **17% more than an unstaged home.

What can you do?
1. De-Personalize - #1 rule in staging is to pack up those personal photographs and family heirlooms.

2. De-Clutter - almost every home shows better with less furniture. Pack up those cute knickknacks, clean off everything on kitchen counters, remove personal items from bathroom counters, have minimum furnishings.

3. Rearrange Closets and Cabinets - Every Buyer will open closets. Reduce contents to half-full, organize and neatly arrange all items.

4. Remove "Favourite" items. If Buyers don't see window coverings, fixtures, they won't want it in the deal.

5. Make Minor Repairs - yes replace burned-out light bulbs, patch holes in walls, fix leaky faucets and ensure doors close properly. Consider painting the walls a neutral colors

6. Create Great Curb Appeal - It's simple if Buyers don't like the outside, you can't get them inside. Mow the lawn, paint faded window trim, plant flowers, keep sidewalks clean.

7. Make the House SHINE - Wash windows inside out, re-caukl tubs, showers and sinks if necessary, clean out the refrigerator, vacuum regularly, dust furniture, ceiling fan blades and light fixtures, replace worn rugs, hang fresh towels, replace old shower curtain!

8. Showing Your Home - If the house looks comfortable but not personal you are ready. Just open the drapes to let the sunshine in and turn on the lights. Add fresh flowers if you can, keep the temperature comfortable, have something baking in the oven and keep outdoor decks and living spaces clean and organized.

If you put these steps into action, not only will you house sell faster, it will sell for more!

Contact: Jas Jagpal, Sales Representative, and get a free report on "Squeezing Every Last Dollar From Your Home Sale". Also email him any questions you have so he can answer them on his blog.

Re/Max Dynasty Realty Inc., Brokerage. E: jasjagpal@rogers.com C: 647-272-6629
Servicing the Greater Toronto Area, including Markham, Pickering, Ajax

(* Real Estate Staging Associates, **US Department of Housing and Urban Development)

Top 20 Mortgage Mistakes Home Buyers Make (and How To Avoid Them)

Mortgage Mistake #1 - Not improving your credit score when you have the opportunity to do so.

A solid credit history can mean qualifying for a larger loan, lower interest rate and lower monthly payments. A high credit score makes you more creditworthy in the eyes of lenders.

Prior to shopping for a home loan, do everything you can to improve your credit score. Pay your bills on time—payment history can account for up to 35 percent of your credit score, according to the Canadian Bankers Association. The longer you pay your bills on time, the better.

Pay off or pay down credit cards, auto loans and other obligations that affect your creditworthiness. Amounts owed account for another third of your score.

Watch out for red flags like minimum-only payments, late payments and dipping into a credit line to pay for living expenses— these suggest you may be in financial difficulty.

And it goes without saying that you need to know your credit score before you sit down with a broker. Know your financial situation and be prepared to explain any potential concerns.

If you give yourself a good six months to correct errors in your credit report, and identify and address potential problem areas, you’ll be in a much better position to buy when the time comes.

If you are in the market to buy or sell and would like to receive Jas's special report, contact him at 647-272-6629 or email him at jasjagpal@rogers.com

Jingle bells, real estate smiles, jingling all the way...

Jingle bells, real estate smiles, jingling all the way...oh what fun it is to buy real estate today! Hey! ..... Contact Jas today, and get your home sold fast, before it's too late and you have to pay HST sales tax! Hey Jingle bells, real estate smiles, jingling all the way...:-)

http://www.nationalpost.com/homes/story.html?id=2330526

29 Essential Tips That Get Homes Sold Fast (And For Top Dollars)

Tip No.1 - Know why you're selling.

The reason you look closely at why you want to sell is that your motivations play an important role in the process. They affect everything from setting a price to deciding how much time and money you’ll invest to getting your home ready for selling.
For example, what’s more important to you: the money you walk away with, or the length of time your property is on the market? If your goal is a quick sale, that can dictate one kind of approach. If you want to maximize your profit, the sales process will almost certainly take longer.

If you are in the market to buy or sell and would like to receive Jas's special report, contact him at 647-272-6629 or email him at jasjagpal@rogers.com

Greater Toronto Area Market Statistics & Charts

Treb Housing Market Charts November 2009

View more documents from Jas Jagpal.

TEN Steps to help a Buyer, get the most from a real estate transaction

Most people who have never bought a property are usually confused about the buying process and are often anxious and stressed out. Most Realtor® don't help Buyers by not taking the time to explain to them the entire buying process.

Here are 10 steps to guide you, not written in stone, but if known will provide you as a Buyer some comfort in knowing what to expect when you are thinking of making your 1st purchase.


Step 1. 1st time Buyers should contact their bank and get a pre-approval done. A pre-approval gives you a guideline on how much you can borrow without burdening your finances. In addition, before considering buying, you want to make sure you have saved, outside of your emergency fund, a minimum of 5-10% for down-payment and 2% for closing costs of the total amount the bank says you are approved for.
So if the bank gives you a pre-approval for $200,000, you want a minimum of $10K to $20K in savings and additional $4K for closing costs.

Step 2. Once you know how much you can borrow you want to consider the location you'd like to live in. Drive by, and consider the pros and cons to living there. How does it affect your drive to work, amenities, clubs, malls, schools, etc.

Step 3. Consider your family needs and if your looking to add to it (baby). You want to consider a home/ condo that you would live in for at least 2 years so you can recoup your investment if you need to sell.

Step 4. Now that you know how much you can afford, where you want to live, what size and type of property. You want to hire a real estate agent to help you do the search, show you the properties, negotiate, do the paper work and guide you through till closing. When viewing properties remember the 70-15-15 rule. No home is "perfect". If it meets 70% of your needs and you can change 15% and the other 15% you can live with, then you have a property you should consider putting an offer on. Sometimes it takes just one property and at other times ten or more before you find the property you like. On average five to seven but don't discount the first, just because it so happened to the be the first on the list. Often it is the best.

Step 5. Your Realtor® will do market comparisons of properties listed and sold and guide you to a price for your offer. You can do three things. If you agree offer that price. If not, a lower or a higher price. At the end of the day you decide what you are comfortable in offering. Your Realtor® is obligated by Law to provide you with fiduciary services and is required to write whatever you want. However, he/she will make it known to you if your offer is too low or too high, in order to take care of your best interests and fulfill their legal obligations.

Step 6. You'll enter several rounds of negotiations depending on the type of market you are buying in. Or your offer can be rejected and dies. Currently in a hot Seller's market, where there are multiple offers on properties, Buyer's end of paying listing price or more and have to put in firm offers with large certified deposits and waive most conditions to be successful.

Step 7. After negotiating and acceptance of offer. If there are conditions, such as inspection or financing, they must be waived within the contract period in order for the deal to become firm. Your Realtor® will guide you and help you setup the inspections and you would take a copy of the contract to your bank and get a firm mortgage approval.

Step 8. The firm deal is now taken/faxed to your Lawyer, who will now handle the final stage of closing the deal and will deal directly with the Seller's lawyer. In the meantime, your Realtor® will periodically keep in touch with you and should be available for any questions. You should also prepare to start packing and plan your move on or after closing day.

Step 9. Your Lawyer will do the Title search and make sure there are no hiccups to closing your deal. The lawyer's office will contact you and setup an appointment and ask you to bring the closing funds from your bank, usually in the last week before closing.

Step 10. On closing day, the Lawyers will electronically close the deal, transfer funds, and you will get the Key to your home.

* NEVER PURCHASE A LARGE TICKET ITEM until AFTER you have CLOSED. The amount the bank will lend to you depends on what your debt to earning ratio is (T.D.S). If you accumulate more debt before your home closes, even though you have a firm mortgage commitment, the banks will REDUCE what they lend you and you would have to come up with the difference on closing. Some times people can't come up with the dollar difference and close the transaction. Not only do they not get the home, to make matters worse, they lose their DEPOSIT!


Learn how you can be part of Jas's 20% commission plan to help charities at: www.LetsMakeADeal.ca and while your there read his Personal Biography and see if he's a Realtor® you would enjoy working with.

Jas Jagpal, Sales Representative, RE/MAX Dynasty
Cell 647-272-6629 E: jasjagpal@rogers.com

Housing performance expected to accelerate in 2010 as economic stability returns to Canadian markets, says RE/MAX

Fifteen markets to set new records for average price in 2009

In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released by RE/MAX.

The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets --Ottawa and Quebec City -- are expected to hit historic highs in the number of homes sold. Average price should post new records in 65 per cent of markets surveyed this year. As economic performance ramps up across the country, so too will residential real estate. Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The remaining markets will match 2009 levels.

Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per cent increase over one year ago. Canadian housing values are forecast to close the year at $318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold is predicted to climb another two per cent to 475,000 units. The average price of a home is also expected to experience an uptick, rising two per cent to $325,000 – the highest level in Canadian history.

2009 was, without question, the year of the house. Real estate not only defied industry and analysts’ predictions in 2009—it’s performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home.

The upswing in residential housing values speaks volumes. By year-end 2009, average price is expected to increase in 15 of the 23 markets surveyed, led by St. John’s, NF (15 per cent); Quebec City, QC (eight per cent); Regina, SK (seven per cent); Saint John, NB (six per cent); and Winnipeg, MB, Ottawa, ON, and Greater Toronto, ON (five per cent). Other noteworthy developments include shattered price benchmarks in Greater Vancouver at $600,000; Toronto at $400,000; Ottawa at $300,000; and Quebec City and St. John’s at $200,000. St. John’s will once again lead the country in terms of percentage increase in average price in 2010 with a projected upswing of 11 per cent. Quebec City and Regina are expected to experience escalation of six per cent, while Calgary, Kelowna, and Victoria are forecast to climb five per cent next year. Victoria, Kelowna, Edmonton and Calgary – all down marginally in 2009 – are all positioned for growth in 2010.

Some of the greatest percentage gains were reported in Western Canadian markets in 2009– demonstrating the higher the peak, the lower the valley. That said, the recession barely registered on year-over-year activity in most major centres. The economic fundamentals in place going forward ideally position the ten provinces, and the sector overall, for further growth.

The major frontrunners in terms of unit sales appreciation in 2010, are all located in Western Canada , including Kelowna with an anticipated upswing of 10 per cent in housing sales; Calgary with an expected increase of eight per cent: and Victoria, which rounds out the top three with a seven per cent hike forecast for unit sales.

Canadians continue to demonstrate their commitment to homeownership – regardless of the economic climate. No where in Canada is that more evident than in Quebec. The province, with one of highest percentage of renters in the country, is well-poised for an escalation in homeownership levels as renters enter the market en masse to take advantage of ideal market conditions. Prices remain well under the national average, making ownership more attainable and leaving more room for appreciation that’s been long overdue.

A number of factors will help prop up activity going forward, including improved economic conditions, continued low interest rates, rising consumer confidence and solid capital spending which will buoy employment. Inventory will once again assume the wildcard role, with any decline placing upward pressure on prices. Multiple offers will remain the exception in most markets, more commonplace on quality entry-level product which remains in tight supply.

Jas Jagpal Re/Max Dynasty - 647-272-6629, LetsMakeADeal.ca, jjagpal@rogers.com

10 Common Mistakes Sellers' Make

10.  Not fixing creaking floors, squeaking doors and faucet leaks (buyer’s may think a lot more is wrong)
9.  Not taking a critical look at the house’s “curb appeal”- this is one thing you want to make sure is pleasing.
 Would you look at a home that looks torn up from the outside? Many buyers don’t and drive away. 1st impression is everything...
 so cut the lawn, clean the porch, remove any waste, plant some flowers, etc.
8.  Not understanding the process of how their home is listed and sold  - (ask and find out)
7.  Not removing pets and animals from home - pet odours, barking dogs drive away many perspective buyers
6.  Thinking the full amount spent on upgrades can be added  in full to listing price
5.  Being present when showings occur - you want people to dream,  talk about your home and see themselves living there.  They won’t  do this if you are present.
4.  Not staging the property for sale  (Declutter, Paint, Lighting,    Music,Fireplace, Fragrance, etc.)
3.  List property based on commission -  Remember  “What you pay is what you get” .  If I’m willing to cut my commission  so easily, what else am I willing to cut to make a sale?
2.  Try to sell their own home -For Sale By Owner-  Again most list with  agents and lose valuable time and money.
1.  Priced too high - Don’t do it.  In a falling Market, you’ll waste  precious time, be frustrated and lose money.    Note:  The longer your home stays on the market, buyers will start    thinking there is a problem with it.  Then it becomes a Market    Rejected Home (MRH) and usually ends up being relisted for a    far lower price.  Don’t let that happen to you.    Contact me if you have any questions or concerns!
                 Jas Jagpal ReMax Sales Professional - 647-272-6629
               Visit: www.jasjagpal.com or Email: jasjagpal@remax.net