101 Real Estate Magazine

JANUARY 2011 101 REAL ESTATE MAGAZINE | 1

101LAWYERS CORNERAdvice on ProPerty

YORK REGION 101review of york

WhAt IS A MORtGAGEcomPrehensive guide

ICE HOTEL: ICE COLD OR COOL?

J A N U A R Y 15, 2010V O LU M E 1 N U M B E R 1

2 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 3

Selecting the right real estate agent to help you buy or sell your home is essential to a smooth transaction. For the best possible experience, you should consider a professional’s

background, personality and responsiveness.

101 Real Estate Magazine is owned and managed by Mahdi Raza. It is not intended to solicit properties that are currently listed.

This publication, including all third party material and all schedules, appendices, pre-printed forms, standard clauses, processes, facts, information and any other material contained therein (the “Publication”), is summary in nature and not intended to replace direct research of original source documents and expert advice. Real estate practitioners and consumers should seek appropriate counsel in matters relating to real estate. At all times, diligence and prudence should be uppermost as all real estate transactions are unique. This Publication is strictly intended for educational purposes only. Mahdi Raza reserves the right to change or revise this Publication without notice, and will not be liable for any loss or damage incurred by you as a

result of such changes or revisions.Mahdi Raza, advertisers and others associated with this Publication (collectively referred to as the “Advertisers”) are not responsible for any deficiencies, defects, errors, omissions, or for the adequacy, sufficiency, completeness, suitability, accuracy, currency or applicability of the contents of this Publication. This disclaimer, and all that follow, applies regardless of whether this Publication is made available to you

in paper or electronic form.In the event that you access this Publication by means of the internet or other electronic transmission, you expressly agree that the Advertisers are not responsible for any damage to hardware or software, loss or corruption of data, or any other loss or damage, that may result from your use of this Publication or from your accessing any web-site related to this Publication or utilizing any other means of electronic transmission owned or operated by, or on behalf of, the Advertisers. The Advertisers make no warranty or representation that any such web site, electronic document or electronic transmission will meet your

requirements, will be uninterrupted, timely, secure or error-free or that defects, if any, will be corrected.The Advertisers disclaim all warranties of any kind, whether express or implied, including without limitation any warranties of merchantability or fitness for a particular purpose, related to this Publication. Further, the Advertisers are not liable for loss or damage, whether direct, indirect or consequential, and

whether or not it was foreseeable, arising from the utilization of this Publication.

101Real estate Magazine

editor-in-chiefMahdi Raza

executive editorSameen Jafri

J A N U A R Y 15, 2010 - V O LU M E 1 N U M B E R 1

101 reAL eStAte mAGAZineIs published monthly by Mahdi Raza at www.101realestatemagazine.com and is available always online. To order print please visit our website and

send an email under the contact form or call 416.659.6336. Copyright © 2010 101 Real Estate Magazine. All rights reserved.

M a h d i R a z a . c o m

http://www.mahdiraza.com



We are proud to present our launch of 101 Real Estate Magazine. The reason why I chose 101 is unique. I wanted to educate people from all walks. After speaking to many people over the past few years, I discovered something special. People like to know a little about everything. To read about things that are specially unique was key from my discovery. Wether it be real estate, mortgages, law, finance, technology, cars, clothing, travel & food. The other purpose of this magazine is to share with you my network of business professionals who I have built a strategic partnership with over the years. Over the course of the year I will add professionals from other faucets of business and they will publish up-to-date unique information for you, the reader.

What I want to bring to you in 2011 is a multimedia magazine that will continue to grow. Exciting videos, mind boggling flash, rich graphics, and thrilling content that will leave you with a breathe of fresh air. I would like to thank the partners in the magazine, and please send me a note anytime if you have any ideas, suggestions, or just want to say nice job!

I would like to wish you all the best for 2011 and please visit my website at www.mahdiraza.com.

Thank You,Mahdi Raza

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101Real estate Magazine

8 | LAwyerS corner // Saidaltaf Patel

10 | LAteSt condo trendS // mahdi raza

13 | women Love condoS // Sameen jafri

16 | iBm vS JeoPArdy // dan noSowitz

18 | Secret reciPeS // mahdi raza

20 | york reGion 101 // wikiPedia

22 | whAt iS A mortGAGe? // mahdi raza

25 | Pre-APProvAL SAveS time // mahdi raza

26 | why chooSe remAx // remax.ca

28 | ice hoteL // jane mclean


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What is title insurance?Title insurance is very important in all

types of real estate transactions. Basically it is a contract for insuring and indemnifying property owners or lenders against loss or damage from title risks in real estate transactions. The insured may claim for actual loss for the face amount of the policy.

Title insurance protects from defects in title as well as legal services related risks in real estate transactions and that protection is comprehensive no fault protection. Instead of suing lawyer for negligence, a policy holder may claim compensation from the title insurance company. Title insurance covers for unforeseeable losses unrelated to a lawyer’s negligence such as forgery, fraud, discrepancies not revealed by survey etc.

What does pre approval of mortgage mean? Should I waive the condition for mortgage approval in agreement of purchase and sale if I have pre approval of mortgage?

The pre approval of mortgage means your income is enough to qualify you for mortgage. The pre approval of mortgage is not a guarantee that you are going to get mortgage for particular house you intend to purchase.

It is not advisable to waive the condition of mortgage in agreement of purchase and sale based on pre approval of mortgage for the above mentioned reason.

When should I see a lawyer for my real estate transaction? Who are the other people I need for real estate transaction?

It is highly recommended that you see a lawyer as soon as you intend to buy or sell a house or property. The lawyer can review the agreement of purchase and sale thoroughly and advise you properly. As soon as you sign the agreement of purchase and sale, it becomes a binding contract enforceable under law. The agreement of purchase and sale is a complex contract and must be reviewed with your lawyer. A lawyer can advise what should be or

what should not be there in agreement of purchase and sale. As for example if the agreement of purchase and sale does not speak anything about chattels such as fridge, stove, washer dryer etc., The seller can take the chattels with him upon sale and buyer cannot do anything legally.

Also a lawyer plays very important role in closing of real estate transactions. he does title search and other relevant searches to ensure that you get the title free of all encumbrances and defects. he communicates with other side’s lawyer and lender. A lawyer helps you to close the transaction with hassles to you.

Another important person in your real estate transaction is a real estate agent. The real estate agent is expert in his field and helps you to choose best suitable house for you. The real estate agent can advise you in which locality you should buy a house. he can guide you through the process.

Mortgage broker and home inspector are also very important in real estate transaction.

Legal disclaimer: This is general information and contains no legal advice. This does not establish any client lawyer relationship.for specific legal advice, contact a lawyer.

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When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating

styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.

WHAT’S HOT

CLUTTER-FREE LIVING

The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.FLOWING DECOR

When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.DRAMATIC WOOD FINISHES

It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be

outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.STREAMLINED STORAGE

Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.

WHAT’S NOT

GARISH PAINT COLOURS

Lime green may be your favourite colour–and very in to boot–but that doesn’t mean lime is a wise paint colour choice. If you love it, don’t shy away completely, but don’t make it the main focus of your space, either, as rich colours tend to dominate. Instead, choose boldly-coloured accessories such as blankets, throws, candles and vases. If you simply must paint in a dramatic shade, choose a single wall to adorn with shocking colour. FADING FLOORS

Even if you didn’t upgrade your floors, it’s important to keep them in great condition. Laminate floors should not be washed with water, because it can leak through cracks and cause bubbling. Instead, sweep well and spot clean with a damp cloth. If you have hardwood, keep it in mint condition by cleaning and waxing regularly. If you plan to sell, a floor sand and refinish may be a good investment.TOO MUCH BULK

You may not plan to live in a condo forever, and thus would rather invest in furniture that will make the transition from condo to house with ease – but big, bulky, house-size furniture just doesn’t compute in a small condo. Choose your stuff wisely, and don’t break the bank on condo furniture. There are bargains to be had, especially on small, streamlined stuff.

Latest Condo trends

By mAhdi rAZA

Left: Brazilian hardwood touched with a 25m lap pool complete with a children pool and a splash court. Hydrotherapy treatment is integrated into the bays of spa seats lining the 2 lengths of the pool.

Bottom: Granite back drop with modern and contemporary furniture to make all the envy of your suite.

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CONDOREALESTATE

.CO

M over the past ten years, there has been a huge increase on the number of women home buyers. for many of these women buyers that I speak to, a new condominium is the perfect choice.

Women are noticing various cool amenities which are offered by new condo communities are extremely appealing, with varying combinations of commercially equipped gyms, aerobics/yoga/pilates areas, beautiful swimming pools and whirlpools, wireless media lounges, fabulous party rooms for entertaining, outdoor terraces with phenomenal views.

Modern women of 2011 enjoy the freedom and luxury that comes with being able to travel the world and just lock the door on their way out, without worrying about lawn maintenance, snow removal, heavy repairs, up keep of the exterior and the like. This carefree lifestyle includes having neighbours close by who can look after plants and feed pets during vacations.

one of the most appealing aspect of the condominium lifestyle for women is the security that comes with services including a 24 hour concierge and infrastructure features such as monitored cameras in underground parking garage, enter phone or in-suite security systems, and the list keeps growing. The other day I say motion detectors inside the suite!

Last but not least, the condo price that women are about to fall in love with is also a major factor. The average condo is less expensive then a typically low-rise home or a semi-detached homes, making it more affordable on a single salary.

for the above reasons along with a whole list of others, it is great to see more and more women every day benefitting from the perks of owning one’s own home. for more information on great condos that have awesome amenities for women please email me at [email protected].

WOMENLOVE

CONDOSBy SAmeen JAfri

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That may seem like a bold title for this column, but I believe it’s true for a larger percentage of the population than people may realize. Whether you are 18, 30, 50 or older, I think there’s a good chance that you will opt for condo living at some point. You may not agree right now, but consider the reasons for my theory.

We have had an aging population for quite a while, and empty-nesters who find themselves ready to leave their large homes for the freedom of condominium living. They appreciate being able to spend their leisure time enjoying life rather than mowing lawns, shovelling snow and cleaning rooms for hours on end. Many baby boomers and seniors like to travel several months of the year, and it’s so much easier from a condominium building. You can simply close the door and leave with the confidence that your home will be looked after while you’re gone.

Most condominium suites are single-level designs, which is perfect for seniors. As we age, climbing stairs becomes more difficult, so having everything handy on one floor is a comfortable luxury. And as mobility issues arise, it is wonderful to have everything under one roof. going to the pool for a swim, heading to the fitness centre for an aerobics class, or meeting friends for a game of bridge in the lounge can be as easy as an elevator ride.

You may be thinking, well, sure -- it’s safe to say that people over 50 will choose to live in a condo, but I’m still in my teens, 20s, 30s or 40s. Why me?

first of all, the market has been flooded with first-time home buyers who appreciate the advantages of owning in the gTA rather than paying out high rents and, for many of them, a compact condo suite is an affordable starter home. Single professionals, young couples,

and even roommates who pool their resources are buying condos to start earning equity and set themselves up for a bright future. plus, younger people are frantically busy these days. A lot of these buyers are not interested in using their time maintaining a low-rise home. They love the fact that they can own a smaller suite and are still able to entertain friends in the building’s theatre, party room, billiards room, rooftop garden, etc. of course, condominiums are usually close to public transportation and many are in the hub of downtown Toronto, which may mean a quicker work commute for professionals. Some may even be able to walk to work, which is amazingly convenient.

Last but not least, let’s not leave families out of the equation. We are seeing more people opting to raise their children in the city. This is a familiar concept for people who

immigrate here from Europe, Asia and elsewhere. Toronto, and in fact the entire gTA, has great schools

and every municipality is dotted with natural areas such as lush parks. Even in the heart of Toronto you can walk your dog and take the kids to the park to play.

There are a lot of other scenarios. parents are buying condo suites for their grown children to live in while attending university, and then selling them for a profit after a few years. Some purchasers select a two-bedroom suite and rent out the second bedroom. And of course, there are those who buy a condo strictly as an investment and rent it out from the beginning. With the population of the gTA growing by leaps and bounds, condominiums will be in demand for years to come.

You never really know where life will take you. I may not be a psychic, but after many years in the industry, I feel confident saying that there is a condo in your future!

“YOu cAN SImplY clOSe THe dOOr ANd leAve...”

THE FUTURE OF CONDOMINIUMSBy mAhdi rAZA

Neeta Sambrook | Audi Brand Specialist | o. 905.907.2834 | f. 905.907.0904 | [email protected] Jane Street | Vaughan, Ontario L4K 2M9 | (877) 494 - 9001

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Watson, an artificial intelligence program created by IBM (and named after Thomas J. Watson, IBM’s founder, not Sherlock holmes’s roommate), is designed as a question-and-answer bot, able to interpret and respond to questions posed in normal human language patterns. The natural use for such a program is, of course, the greatest game show that ever was or ever will be: Jeopardy!. In february, Watson will be facing off against two of Jeopardy!’s toughest competitors ever:

Ken Jennings, whose 74-day winning streak was the longest in the show’s history, and Brad Rutter, whose $3.3 million winnings are the show’s highest.

Creating an AI that can compete on Jeopardy! is an incredibly difficult task for any programmer. The venerable show poses questions not only as simple shows of trivia knowledge, but also puns, various forms of wordplay, trick questions, riddles, and other complex queries. It takes uniquely flexible and quick thinking to succeed at Jeopardy!, placing Watson on a pedestal with chess-playing robot (and IBM sibling) deep Blue.

on february 14th, Watson will go head-to-head-to-head on a very special episode of Jeopardy!, playing against trivia legends Ken Jennings and Brad Rutter. (In case you were wondering, Watson’s spot at the challenger podium will be taken by an avatar--no word on what strained anecdote Trebek will coax out of him and then casually mock.) Watson has been prepping for the battle by sparring with other Tournament of Champions competitors, though neither IBM nor Jeopardy! has released the trivia-bot’s record against human competitors. You can see in the video above that some wordings can trip him up, so nobody knows exactly how capable a competitor he’ll be.

The winner will receive $1 million--if Watson wins, IBM will donate the money to charity, and both of the human competitors have pledged to donate half the prize if either wins.

IBM VS JEOPARDY

By dAn noSowitZ

One of the Internets largest and best-known online cellular repair and consultant sites is designed to help put together an effective way to repair and restore your communication device fast and efficiently. Staff technicians are well-equipped with the latest equipment and tools to fix most problems, while providing easy access to some of the brightest talent in the workforce today. Services include: Water damage, Charging Port repair, LCD and trackballs. Includes; Ipad, Blackberry Torch.

Gear 4 Tech focuses on customer service and responding to clients needs in a timely fashion while only using OEM parts (Original Equipment Manufacturer).

Located conveniently In Oakville just off the QEW and Trafalgar in Oakville Place Mall. Our trained and knowledgeable staff are always willing to spend the time to explain the process or provide you with a quick solution. Gear 4 Tech has been in operation for well over 8 years..

Staff members always willing to go the extra mile and that is to offer pickup and delivery service available only in the GTA. Convenient for larger corporations and for people who are not able to make it out in a busy schedule. Please let us know how we can assist. Corporate rates available as well as recycling system set up for old handset and equipment.

240 Leigh Land Avenue | Oakville, Ontario | 416.802.3794We are in the centre of Oakville Place Mall Right in front of Customer Service

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SECRET RECIPES

By mAhdi rAZA

IngredIents•3 eggs •1/3 cup water •About 1 cup hot red pepper sauce•2 cups self-rising flour •1 teaspoon pepper•House seasoning, recipe follows •1 (1 to 2 1/2-pound) chicken, cut into pieces•Oil, for frying, preferably peanut oildIrectIonsIn a medium size bowl, beat the eggs with the water. Add enough hot sauce so the egg mixture is bright orange. In another bowl, combine the flour and pepper. Season the chicken with the house seasoning. Dip the seasoned chicken in the egg, and then coat well in the flour mixture.Heat the oil to 350 degrees F in a deep pot. Do not fill the pot more than 1/2 full with oil.Fry the chicken in the oil until brown and crisp. Dark meat takes longer then white meat. It should take dark meat about 13 to 14 min-utes, white meat around 8 to 10 minutes.House seasonIng:•1 cup salt •1/4 cup black pepper •1/4 cup garlic powderMix ingredients together and store in an airtight container for up to 6 months.

Cook Time:14 min LeveL: easy yieLd: 4 servings

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DIALING INSTRUCTIONS:INTERNATIONAL CALL:Dial 10-10-738 + 011 + International Number

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YORK REGION

The Regional Municipality of York, also called York Region, is a regional municipality in Southern Ontario, Canada, between Lake Simcoe and Toronto. It replaced the former York County in 1971, and is part of the Greater Toronto Area and the inner

ring of the Golden Horseshoe. The regional seat is in Newmarket.

The 2006 census population was 892,712, of which 50,815 residents inhabited rural areas in the municipality, and 841,897 resided in urban areas. Its growth rate of 22.4% from 2001 to 2006 was the third highest amongst all census divisions in Canada, and the Government of Ontario expects its population to surpass 1.5 million residents by 2031.

GEOGRAPHYYork Region covers 1,776 square kilometres from Lake

Simcoe in the north to the city of Toronto in the south. Its eastern border is shared with durham Region, to the west is peel Region, and Simcoe County is to the northwest. A map of the region showing its major roads and communities is available. Towns and cities in York Region include: Town of Aurora, Town of East gwillimbury, Town of georgina, Township of King, Town of Markham, Town of Newmarket, Town of Richmond hill, City of vaughan, Town of Whitchurch-Stouffville

York Region’s landscape includes farmlands, wetlands and kettle lakes, the oak Ridges Moraine and over 2,070 hectares of regional forest, in addition to the built-up areas of its municipalities.

GOVERNMENTThe region is governed by a group known as York Regional

Council, which consists of 20 elected representatives from each of the constituent towns and cities in the region, including each of the nine mayors and 11 regional councillors, who are elected from specific municipalities as follows: 1 from each of georgina and Newmarket, 2 from Richmond hill, 3 from vaughan, 4 from Markham.

The leader of Council is referred to as “Regional Chair and CEo”.

In october 2008, the York Regional Municipality was named one of greater Toronto’s Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.

ECONOMYThe economy of York Region is a mix. In general, the

economies in its southern communities include a full range of businesses from industrial to high-tech. further north, beginning in the northern sections of vaughan and Markham, extensive wetlands and farmland still remain, although new housing developments continually consume space year after year. There are ongoing conflicts between conservationists and developers over land use. Most contentious is the conflict use of the oak Ridges Moraine.

SHOPPINGMajor shopping centres located in York Region

include: Markville Shopping Centre (Markham), pacific Mall (Markham), The promenade Shopping Centre

(vaughan), and vaughan Mills (vaughan)

TRANSPORTATIONThe road network in York Region is remarkably ‘grid-

like’, meaning most roads run north-south or east-west. The topography of the land has permitted roads to be set in predominantly straight lines. York Region assigned approximately 50 roads as York Regional Routes, meaning that the cost of maintaining of these roads is paid for by York Region.

The major highways in the Region are: highway 7 (East-west), highway 9 (East-west), highway 11 (north-south), highway 27 (north-south), highway 48 (North-South), highway 400 (North-South), highway 404 (North-South), highway 407 (East-west) and highway 427 (North-South)

York Region is served by: York Region Transit (YRT), which also runs viva (bus rapid transit)

go Transit, which offers bus and train services in the greater Toronto Area

Toronto Transit Commission, which has several bus routes which cross York’s southern border, and which offer limited services in vaughan, Richmond hill and Markham.

EDUCATIONpublic schools, with classes up to grade 12, are

administered by the York Region district School Board, which operates 180 schools. In addition, the York Catholic district School Board operates 95 schools with a curriculum based in Roman Catholic doctrine.

Seneca College of Applied Arts and Technology has three

campuses located in York Region, in King, Markham and Newmarket. York University is located just outside of York Region’s southern border, in Toronto.

In addition, there are many other religious and private schools located in the Region. These include: Academy for gifted Children (Richmond hill), The Country day School (King City), holy Trinity School (Richmond hill), Leo Baeck day School (Thornhill), Netivot haTorah day School (Thornhill), pickering College (Newmarket), St. Andrew’s College (Aurora), St. Thomas of villanova College (King City), Town Centre Montessori private School (Markham) and Blyth Education (Thornhill)

NEWS MEDIAYork Region Media group, first Local/Rogers Tv York

Region, CKvR - A (based in Barrie), CfU758 - 90.7 RAv fM (Thornhill) and CKdX 88.5fM - foxy 88-5 (Newmarket) and Yorks finest oulets.

York’s news media is also served by the outlets based in Toronto.

ATTRACTIONSYork Region has an unusual assortment of points of

interest, ranging from nature reserves to pioneer-era museums, to a modern amusement park.

In vaughan, the major attractions include the McMichael Canadian Art Collection, located in the community of Kleinburg and features works by Canadian artists including Inuit and first Nations artists. Canada’s Wonderland, which features roller coasters and other rides, concerts and fireworks shows, is also in vaughan.

DEMOGRAPHICSThe Regional Municipality of

York is one of the fastest growing census divisions in Canada; from 2001 to 2006, its population increased by 22.4%. The 2009 mid-year population estimate by Statistics Canada was 1,016,379 residents. It is the third-largest census division in ontario, next to that of Toronto and peel Region,[9] and seventh-largest in Canada.[10] Its population density of 506.7 residents per square kilometre is 11th highest in Canada.

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22 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 23 ?what is amortgageA F I V E M I N U T E C O M P R E H E N S I V E C R A S H C O U R S E

A mortgage is made up of two parts: principal and interest. principal is the actual amount borrowed. Interest is the lender’s fee you are charged for borrowing. You’ll have to decide on an amortization period (the length of time it will take to completely pay off the mortgage) and the term, or length of time each mortgage agreement guarantees the interest rate. Before you go to a

financial institution or mortgage broker, keep in mind that there are many mortgage options available. Shop around for the best rates and the best terms. Negotiate. Everyone wants your business, but it’s up to you to look after your interests. of course, the key thing to remember is to negotiate a mortgage that fits into your lifestyle, and doesn’t take over your life! Your mortgage broker can help guide you through this process and supply you with information. OBTAINING A PRE-APPROVED MORTGAGE

Why go house hunting only to find that you don’t qualify for a mortgage on the dream home you’ve found? having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest-rate increases while you look for your new home because your lending institution will “lock your rate” for a certain amount of time (usually 90 days) in case the rates go up. A bonus is that if rates go down, you’ll automatically get the lower rate. PRE-APPROVED MORTGAGE FEATURES TO LOOK FOR:

1) Competitive interest rates. You may be willing to pay a little more to get the flexible features you desire.

2) A 90-day rate guarantee. This will protect you against rising interest rates while allowing you to take advantage of falling rates. While this is usually the standard, ask to make sure just in case.

3) flexible payment options. discuss payment frequency and lump-sum payment options. find out if your lending institution will allow you to skip a payment in special circumstances or double-up on your payments. Some mortgages are very flexible and some are not, make sure you get the best one for you.

Applying - When applying for a mortgage, provide prospective lenders with enough information about your work history, debts and assets. They’re looking at the state of your personal finances. They will look at your gross income and potential mortgage payments and property tax expenses to come up with a gross debt Service ratio (gdS). This is usually limited to 30-35% of your gross income. To that lenders will add all other debts to come up with a Total debt Service ratio (TdS), which can’t exceed more than 40 percent of your gross earnings. WHAT LENDERS LOOK FOR

Lenders are looking at the risk factors from two points. first, will you be able to make your scheduled monthly payments? Second, if you default (don’t make your payments) can the financial institution get enough money from the sale of the house to repay the loan? APPROVAL PROCESS

You’ll be asked about your net worth, the difference between the value of everything you own and the amount you owe. Lenders take into account your bank balance, any types of investments, other real estate, cars and boats, other loans, credit card balances and many other things. Remember to be as specific as possible. So if you have a coin, significant stamp or art collection, have it appraised! Your credit rating is your history of loan repayment and will be used by lenders as an indicator of your ability to repay your mortgage. It covers how you’ve managed past debts or if you’ve filed for bankruptcy. You’ll be asked to sign a form

allowing your financial institution to gather information from your employer, creditors and credit rating agencies.

If you’ve had credit problems, it may be a good idea to check and clean them up before you apply for a mortgage. You can check your own credit rating by contacting a company that compiles the information. The two companies that take sure of credit are: Trans Union and Equifax. They both have websites or you can check for their contact numbers in the yellow pages. Although your credit may not be perfect, it does not mean you are unable to purchase a home. Make sure you talk to a mortgage broker about your situation before you give up on your dream. Even if you can’t buy now, your mortgage broker can help you re-establish your credit so that one day you will be able to live your dream of owning a home.

TyPES OF MORTGAGES: CONVENTIONAL AND HIGH RATIO MORTGAGES -

To qualify for a conventional mortgage, you simply have to have a 25% down payment of the purchase price, with the mortgage not exceeding 75% of the appraised value. If your down payment is less than 25%, then you qualify for a high-ratio mortgage. This type of mortgage requires loan insurance, which can cost an additional 0.5% to 3.75% of the mortgage amount. With this type of mortgage you could also be limited to a maximum house price. You’ll be paying those extra fees to the insurer – either Canada Mortgage and housing Corporation (CMhC) and gE Capital Mortgage Insurance Canada (gEMI).

Second Mortgage - of course, you may need to consider a second mortgage to be able to get the funding to obtain the house you desire. Each mortgage uses your home as security and gives the mortgagee the right to take your home if you default on your loan. The first mortgagee gets paid first in cases of default and has the best chance of recovering all of its money. So it only goes to figure that a second mortgage will have a higher interest rate. ASSUMING AN ExISTING MORTGAGE

Say the seller of the home you want has a dynamite mortgage – meaning the rate is low. By assuming the existing mortgage, you may be able to save on the usual mortgage fees such as appraisal and legal fees. You’ll save time, since you don’t have to negotiate to arrange financing from another lender and the existing mortgage on the home may be less than the current market rates. Unless otherwise specified, you’ll still have to qualify with the lender first!

Seller Take Back - With an STB, the Seller also becomes a lender, holding all or some of the mortgage. Sometimes the seller will offer this loan at lower than bank rates. MORTGAGE FEATURES:

prepayment - This is a wonderful option if you receive regular bonuses or if your income fluctuates throughout the year. With a pre-payment privilege, you have the right to make payments toward the principal portion of your mortgage over and above the monthly payments. A mortgage with a pre-payment option is closed. An open mortgage means you can pay the entire principal sum without notice of bonus.

portability - If you still have time remaining on that fantastic loan you negotiated, portability is one option you’ll want to discuss with your lender. Quite simply, it means transferring the balance of your current mortgage at the existing rates and with the existing terms and conditions, to your new home.

Expandability - If you need additional funds down the road, will your mortgage terms allow you to increase the principal amount? Usually, your new rate will be a blended amount of the initial mortgage rate and the prevailing rates. It’s a great option to discuss with your lender if you foresee large expenses in your future like renovation or education

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Interest Rate - Quite simply, interest is the cost of borrowing money. There are two types of rate structures: fixed and variable.

Choosing Security or flexibility - Mortgages are available with closed, open and convertible options, with fixed or variable rates. The options you choose will reflect your beliefs about the market -- is it going up or down? -- and your short-term goals and desire for long-term security. TWO RATE STyLES OF MORTGAGE TO CHOOSE FROM:

A fixed-rate mortgage will remain the same for the length of the negotiated term. Your payment schedule is established in advance. You can choose either an open or closed mortgage, depending on the term. If you are going to need a high-ratio mortgage, the mortgage broker may require that you take a longer term mortgage (usually, at least 3 years) so you don’t get into trouble if rates rise in the short term. The mortgage will always be closed but with privileges. often mortgages only come in two terms; 6 months and one year. Both are generally at higher rates than a closed contract for the same time period.

A variable-rate mortgage fluctuates with the prevailing market cycles. Your monthly payment will remain constant (usually for a year or two), but the amount allocated to your principal will vary. If the market trend is toward lower rates, this may be a good option. If rates are rising, you may choose to convert to a fixed-rate mortgage. But if you’re on a tight budget, you may not like the feeling of uncertainty. You may be willing to pay more for peace of mind. THREE PAyMENT STyLES TO CHOOSE FROM:

open Mortgage - This type of mortgage offers a great deal of flexibility, as it can be repaid in part or full at any time without penalty. This is a great mortgage if you believe interest rates are moving down or if you plan to move in the near future. The term may be limited to six months or one year.

Closed Mortgage - here the interest rate is fixed for the full term of the mortgage, and you will have to pay a penalty to change the agreement conditions. This type of mortgage is ideal for buyers who suspect that interest rates will rise and who are not planning to move in the near future. This type of mortgage is usually available in a wide variety of terms.

Convertible Mortgage - With this mortgage, you’ll enjoy the same peace of mind as a closed mortgage, plus the flexibility to convert to a longer closed mortgage at any time without penalty. If you think rates will drop, this will allow you to wait until you feel they have hit bottom, or if rates rise, you can lock in. MORTGAGE TERMINOLOGy:

Mortgage Term - over the course of your amortization period, you may have many different mortgages. The term is simply the length of time that interest rates, payment schedules and obligations to the lender exist. When the term comes to a close, you will have the option to renew your mortgage (taking into account current market conditions) at your current or new lending institution. You can also put a lump sum toward the principal without restriction, or pay off your entire mortgage without penalty. If you wish to change the structure of your agreement during the term you may have to pay a substantial fee to the lender.

Amortization - This is the amount of time over which the entire debt will be repaid. Most mortgages are amortized over 15-, 20-, or 25-year periods. The longer the amortization, the lower your scheduled mortgage payments, but the more interest you pay in the long run.

There Are Ways to Reduce Your Interest payments: 1) Negotiate a shorter amortization period. (That’s the

number of years over which you’ll pay off the total amount of the mortgage. don’t confuse this with the term of the mortgage, which can run from 6 months to 10 years and must be renegotiated.) A shorter amortization period will mean higher monthly payments, but you’ll be paying more principal with each payment. Consider this:

2) Accelerating your payments. opt for a weekly or biweekly payment schedule. More payments per month mean less overall interest.

3) put lump sum payments toward your principal. When negotiating your mortgage, ask how frequently you can make a lump sum contribution. Most financial institutions allow a percentage of your overall mortgage to be contributed on your annual mortgage anniversary date. depending on the type of mortgage you select, you may also be able to negotiate additional monthly, or even weekly, payments. These payments will rocket you toward mortgage freedom.

Additional Costs: Before you calculate the amount of your down payment

and determine what you can afford, it’s a good idea to set aside a few thousand dollars to cover the extra costs that seem to spring out of nowhere. here is an overview of costs you could encounter. The good news is that not all of them will apply.

Mortgage Loan Insurance premium and Application fee - Mortgage loan insurance will be necessary if you have a high-ratio mortgage (less that 25% down payment). The application usually costs $75 with a valid appraisal, otherwise it’s $235. The actual insurance premium will range from .5% to 2.9% of the purchase price and is added onto the mortgage.

Mortgage Loan Insurance - As a first-time home buyer,

chances are, you’re not walking into your deal with a huge down payment. As you may have already discovered in other areas of the site, you can purchase a home with as little as 10% down, or even a 5% down payment if you qualify with CMhC’s first home Loan Insurance. Bottom line, if your down payment is less than 25% of the value of the home, you must purchase mortgage loan insurance. In Canada, most lenders are legally required to insure these high risk mortgages. This insurance means that if you default on your mortgage, your lender receives their money from the Canadian Mortgage and housing Corporation (CMhC) or other insurer. And it’s coverage like this that gives most lenders the confidence to finance up to 90% of your purchase.

What does it Cost? The actual premium of the loan ranges between 0.5% and 2.9%, and is based on the size of the loan and value of your home. You can make your premium in two ways: as a lump sum when you make your purchase or as part of your monthly mortgage payments. But keep in mind, if you’re paying it monthly, you’re also paying interest on the premium!

CMhC first home Loan Insurance - This is a special product for first-time purchasers. It allows you to mortgage up to 95% of the value of your home. Any type of home is eligible, as long as it meets the following criteria:

* The home must be occupied by you and be in Canada.* You can’t have owned a home in Canada during the past

five years. (If there is more than one owner, only one has to meet this criterion.)

All housing payments - mortgage principal and interest, property taxes, heating (and if applicable, 50% of your condominium fees) can’t total to more than 32% of your gross household income, or be more than 40% of your entire debt load.

SO THERE yOU HAVE IT...MORTGAGES DEMySTIFIED!

Buyers with a mortgage pre-approval have a distinct advantage when they find the home of their dreams and are ready to make an offer. An approved mortgage establishes a home or condo buyer’s purchasing power.

To speed the process and strengthen their offer position, many home buyers check their credit report and get pre-approved for a mortgage before they even start looking for a house or condo.

ADVANTAGES TO PRE-APPROVAL* pre-approval will determine the maximum you can

spend on a house before you shop, so you know what price range to target. Many shoppers aim too high, bidding on a home that they later learn is beyond their means because of unforeseen debts or other financial factors.

* A pre-approved loan is the equivalent of a cash offer. Sellers are more likely to accept such a secure bid over other, simultaneous bids for which financing is still pending -- even if those bids are higher.

* The contract you sign upon submission of your bid allows a finite period in which to find a mortgage -- typically 30 days or less. If you fail to secure financing within that period, the seller may drop your bid. In the meantime, another buyer may offer the seller a higher bid -- or even a lower one -- and bump you out of the picture. Some contracts allow the seller to find a mortgage for you if you miss the deadline, possibly with no consideration of the terms and how they affect you.

* pre-approved buyers can rush the closing if the seller is in a hurry to deal. pre-approval gives buyers bargaining power.

APPROVAL VS. QUALIFICATIONKnow the difference between pre-approval and pre-

qualification. Some loan officers and mortgage brokers pre-qualify applicants based on a cursory check, never going through the full appraisal necessary to guarantee a loan. Without written certification, it’s not a true pre-approval and it carries no weight. In a true pre-approval, the lender will present you with a letter or certificate bearing your name and the maximum mortgage loan amount. It proves that an underwriter has completed all

the checks and will guarantee your loan. Many lenders pre-approve applicants, mostly because

it lessens the chance that the buyers will look to other lenders once they find a house. pre-approval, however, does not preclude shoppers from changing prospective lenders at any time.

HOW LONG DOES IT TAKE?The length of the pre-approval process varies,

depending on the lender and applicant. Some banks can complete it in one day. Lenders that promise 20-minute pre-approval usually take that amount of time to gather and discuss the applicant’s information, but the approval is still pending a review of the filer’s resources, income and debt. Some lenders perform these checks over the phone.

Take a moment and consider getting pre-approved for your mortgage. We suggest it to all of our clients because it both speeds and simplifies the buying process, making everyone’s life easier.

Pre-ApprovAl

SAveSTIMe

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When you choose a RE/MAX Sales Associate to sell your home or help you in the homebuying process, you’’ll experience an exemplary level of service.

RE/MAX agents are The hometown Experts With a World of Experience®. They are the most knowledgeable agents, with the experience and community connections to assist you in the homebuying process. Across the globe, they’re the people next door, or just down the block.

RE/MAX agents have the experience to get the job done in today’s market. That’s why customers going through the homebuying and selling process know RE/MAX Associates as The Real Estate Leaders® and why no one in the world sells more real estate than RE/MAX.

CUSTOMER SATISFACTIONThe proof of quality service is in repeat customers and in customers who refer RE/MAX Associates to friends. RE/MAX Sales

Associates typically generate a large percentage of their business from past customers and referrals.

EDUCATIONAt RE/MAX, advanced education is a priority. RE/MAX Associates dominate the Accredited Buyer Representative (ABR),

Certified distressed property Expert (CdpE), Certified Residential Specialist (CRS) and Seniors Real Estate Specialist (SRES) ranks.

HOME OF THE BEST AGENTS®RE/MAX agents average more sales than other real estate agents. They are better qualified to set the right price for the homes

they list, better equipped to market those homes, and likely to find clients engaged in the homebuying process in a shorter period of time. That experience and education also means they are better qualified to find the right home for any buyer. The homebuying process can be a daunting task. But with the expertise of a RE/MAX agent, buyers can rest easy.

COMPETITIVE ADVANTAGEThe real estate network that has the most competitive advantages to offer homebuyers and sellers will be an industry leader.

RE/MAX is that leader. Thanks to its global network and stellar reputation, it’s no wonder people turn to RE/MAX when they embark on the homebuying or selling process.

When you look for the highest quality real estate service, look to a RE/MAX Associate. RE/MAX Associates are The Real Estate Leaders®. You can depend on RE/MAX Associates to make the sale or purchase of a home as effortless and seamless as possible.

ADVERTISINGExtensive advertising by individual RE/MAX agents, combined with national television advertising and broad Internet

exposure, inspires buyers and sellers to seek out RE/MAX Associates. When you list your home with a RE/MAX agent, it will receive wide exposure.

MIRACLE HOME® PROGRAMWhy list your home with a RE/MAX Associate? Your home may be designated as a Miracle home®. If it is, your RE/MAX

agent will make a contribution to the local hospital affiliated with Children’s Miracle Network once the transaction is complete. The funds raised in your community remain in the area to benefit local families.

HOME FOR THE CURE™This program gives your RE/MAX agent the opportunity to designate your home as a home for the Cure property to benefit

Susan g. Komen for the Cure. Upon completion of the transaction, your RE/MAX agent will make a donation to the local Komen Affiliate to help support the breast cancer movement. programs like these make the homebuying process an even sweeter deal for buyers who are indirectly contributing to the Komen mission of finding a cure for breast cancer.

PREMIER MARKET PRESENCE®The real estate network with the greatest market share has the most to offer buyers and sellers. The sum total of all RE/MAX

momentum, growth and Associate production over more than 35 years is reflected in current RE/MAX market strength. RE/MAX has achieved 30-percent-and-higher market share in area after area across North America and is growing in market share around the world. A measure of business leadership, premier Market presence (pMp) results from community-minded, high-producing Associates giving superior customer service under a respected brand.

THE RE/MAx BALLOON LOGOThe red, white and blue RE/MAX Balloon, with its “Above the Crowd®” slogan, is one of the most recognizable business

logos in the world. RE/MAX boasts a global fleet of more than 100 hot Air Balloons, which make more than 6,000 appearances around the world each year.

THE SIGN THAT BRINGS yOU HOME®The red-over-white-over-blue RE/MAX yard sign and your RE/MAX agent lead you to properties in areas in which you’ll

want to live and work. If you want to sell your property, the RE/MAX yard sign attracts those in the homebuying process. Nobody sells more real estate than RE/MAX.

GLOBAL ExPANSIONWith offices in more than 80 countries worldwide, and more than 90,000 agents, the power of the RE/MAX name boosts

business and attracts homebuyers.More Than 35 Years “Above the Crowd®”RE/MAX – now an established industry leader - celebrated its 35th anniversary in 2008 and looks ahead to even greater

real estate achievements in the years to come. Whether you’re in the homebuying process or looking to sell, choose a RE/MAX Associate. When you choose a RE/MAX Associate, you’ll have a real estate agent for life.

WHy CHOOSE REMAx?

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Ice hotels are a kind of destination hotel found in northern climates. The Quebec Ice hotel (french: hôtel de glace, oh-tel de glass) is the only one in North America.

The notion of staying in an ice hotel may be a romantic one (possibly the word "cosy" comes to mind); but what are the cold, hard facts of staying in this arctic accommodation? Let me answer some of the most common questions about staying

at the Quebec Ice hotel. In 2011, the Quebec Ice hotel moves its location closer to Quebec City at The Quebec Ice

hotel is about 30 mins out of downtown Quebec City or about 20 mins from the Quebec City International Airport. The Ice hotel itself is set just apart from a simple lodge where guests check in and leave belongings in a locker room.

The temperature inside an ice hotel runs between -3°C and -5°C. Like an igloo, the 4-foot thick ice walls insulate the interior and protect guests from the wind.

Ice hotel are available until the early evening, but ticket holders may stay on at the Ice Bar until midnight, after which the hotel remains open only to those people who have bought an overnight package. for an additional cost, tours can include transportation to and from hotels in Quebec City.

The Quebec Ice hotel is a unique, fairytale-like structure. The artistry and work that has gone into its erection are truly impressive, and the interior lighting gives the Quebec Ice hotel a strange and glorious glow. All of this magic is best appreciated at night when fewer people are actually in the hotel. Tours stop in the early evening, the dJ amps it up, and the hotel is turned over to the brave souls planning to stay the night.

Another advantage to staying at the Ice hotel overnight? don’t underestimate bragging rights. “I stayed at the Quebec Ice hotel” is a statement bound to intrigue and impress.

Staying overnight at the ice hotel is for hardy people who don’t mind foregoing the comforts of a conventional hotel for the experience of sleeping in an upscale igloo. After a drink in the ice bar and a soak in the outdoor hot tub (however, not hot enough to warm us up), we moved to the sauna (thankfully, hot). Upon bedtime, we followed exactly the instructions as laid out earlier by Ice hotel staff. I got into my sleeping bag, warm and dry and enjoyed 3 or 4 hrs of sound sleep; after this, even my -30°C North face sleeping bag couldn’t save me from the chill of the Quebec night and I arose cold and miserable.

Certainly, there is a novelty and indeed a magic to staying in an ice hotel. I’m glad I did it. Would I do it again? Not a chance.

do I Actually Sleep on a Bed of Ice? Yes, but you are separated from the solid ice base by a wooden boxspring and mattress. A heated structure adjacent to the outdoor hot tubs and sauna has electricity, male / female changerooms, flush toilets, hair dryers and lockers.

Rooms at the Quebec Ice hotel do not have doors, but do have a pull curtain for privacy.

Noise does not seem to be a problem. Most people conserve their energy and retire quietly into the hollow silence you would expect of an igloo. Beds have a light switch built right onto the bed for convenience.

If you want to stay at the Ice hotel? first decide whether a night at the Ice hotel is really something you want to do, or is it just a romantic notion. I saw some shivering, shell-shocked people in the locker room and lobby at 6 am, who, when I talked to them, were just not versed in the realities of staying overnight in an ice hotel. Remember, a tour and a drink at the Ice hotel is an option (and there’s a glorious and warm lodge just a stone’s throw away from the Ice hotel for accommodation).

If you decide that staying at the Ice hotel is what you want, check out the promotions and packages available online. Most packages include a delicious dinner and a room at the neighbouring Auberge duchesnay (a kind of insurance policy against the cold). promotions are more bare-bones.

promotions and packages vary in price and in what they include. overnight stays include an Ice Bar cocktail, access to the *hot* tubs (not too hot the night we were there!) and sauna, gear to sleep in the Ice hotel rooms (thermal sleeping bag and camping pillow) plus instructions on how to stay warm, and hot morning beverage. Many promotions also offer a hot breakfast at the Auberge duchesnay, just a 3-minute walk up the road.

packages are more comprehensive in their offerings, including a room at the Auberge duchesnay - either as back-up or primary accommodation - and dinner at the Auberge restaurant. packages generally have themes, such as romance or adventure.

Rates run from about CAd$180 - over $500 per night, per person plus taxes.

ICE HOTELBy JAne mcLeAn

Find out what it’s like to stay at the Quebec Ice Hotel

outside Quebec City

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get help chosing the mortgage that best suits your needs.

secure the best rate in the market for four months..

have support throughout the process and after sale service..

Canada Trust


We’re not just delivering packages We’re delivering solutions.

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