Posts
Monday, April 30, 2012
Lynch Incoming BCREA Vice President
Elected At BCREA AGM April 2012
Posted: April 27th, 2012
Former Vancouver Island Real Estate Board (VIREB) President and 2011 REALTOR® of the Year Jennifer Lynch, can add one more accolade to her resume – Vice President of the British Columbia Real Estate Association (BCREA). Lynch, who has been a REALTOR® since 1994 was elected Vice President for the year at the BCREA Annual General Meeting in Victoria April 24th.
“It speaks well of the REALTORS® on Vancouver Island that one of our own would be elected to such an important position at the provincial level,” stated VIREB President Guy Bezeau.
“Jennifer has always demonstrated exceptional leadership skills in her business and in her relationship with the Board. We’re all very proud of her, and it’s no stretch of the imagination to say that they don’t get much better than her.”
Lynch, a Gabriola Island based REALTOR®, had previously spent four years as a member of the VIREB Board of Directors and served as Board President in 2007. In February of this year she was awarded REALTOR® of the Year for 2011 for her outstanding community involvement and her dedication to excellence which has had a profound influence on the professional image of Vancouver Island REALTORS®. She begins her term of office May 1st.
Posted File: lynch_elected.pdf
Blog Courtesy of the Vancouver Island Real Estate Board
Saturday, April 14, 2012
Public Art: Gabriola Streets about to be more Colourful
If you live in the Islands View/Coho/Thomspons/Spring Beach neighbourhood and want to be part of this project, please let me know, there are ways that everyone can be included in this fun endeavour.
We have the pole painting set for Saturday, May 5th from 1pm on, and a pole celebration for all our neighbours set a little later in the day.
** The above photos is from one of the poles that were painted in Whitefield, to see their colorful poles visit http://www.mainething.com/ .
Saturday, April 7, 2012
10 Most Commonly Asked Mortgage Questions - Week 4
In the final week of our series on the 10 most commonly asked mortgage questions this week we look at closing costs & mortgage payment caluculations. The blog is written by our guest blogger, John Eivindson, from Dominion lending, who services Gabriola, and has provided a wealth of information on lending practices.
How much will I have to pay for closing costs?
As a general rule of thumb, it’s recommended that you put aside at least 1.5% of the purchase price (in addition to the down payment) strictly to cover closing costs. There are several items you should budget for when it comes to closing costs. Property Transfer Tax is charged whenever a property is purchased. The tax will vary from jurisdiction to jurisdiction, but I can help with the calculation. GST/HST is only charged on new homes, and does not affect homes priced at less than $400,000. Even homes that exceed the price threshold are only taxed on the portion that exceeds $400,000. Certain conditions may apply. Please contact you lawyer/notary for more detailed information. Your lawyer/notary will charge you a fee for drawing up the mortgage and conveyance of title. The amount of the fee will depend on the individual that you use. The typical cost is $900. If you’re purchasing a single-family home, you’ll need to give your lender a survey certificate showing where the property sits within the property lines. Some exceptions are made, however, on low loan-to-value deals and acreage properties. A survey will cost approximately $300-$350, but the lender will often accept a copy of an existing survey. Other costs include such things as an appraisal fee (approximately $200), title insurance and a home inspection (approximately $350).
How much will my mortgage payments be?
Monthly mortgage payments vary based on several factors, including: the size of your mortgage; whether you’re paying mortgage default insurance; your mortgage amortization; your interest rate; and your frequency of making mortgage payments.
How much will I have to pay for closing costs?
As a general rule of thumb, it’s recommended that you put aside at least 1.5% of the purchase price (in addition to the down payment) strictly to cover closing costs. There are several items you should budget for when it comes to closing costs. Property Transfer Tax is charged whenever a property is purchased. The tax will vary from jurisdiction to jurisdiction, but I can help with the calculation. GST/HST is only charged on new homes, and does not affect homes priced at less than $400,000. Even homes that exceed the price threshold are only taxed on the portion that exceeds $400,000. Certain conditions may apply. Please contact you lawyer/notary for more detailed information. Your lawyer/notary will charge you a fee for drawing up the mortgage and conveyance of title. The amount of the fee will depend on the individual that you use. The typical cost is $900. If you’re purchasing a single-family home, you’ll need to give your lender a survey certificate showing where the property sits within the property lines. Some exceptions are made, however, on low loan-to-value deals and acreage properties. A survey will cost approximately $300-$350, but the lender will often accept a copy of an existing survey. Other costs include such things as an appraisal fee (approximately $200), title insurance and a home inspection (approximately $350).
How much will my mortgage payments be?
Monthly mortgage payments vary based on several factors, including: the size of your mortgage; whether you’re paying mortgage default insurance; your mortgage amortization; your interest rate; and your frequency of making mortgage payments.
Thursday, April 5, 2012
Gabriola Island - Easter Weekend
While there is so much happening on this incredible island for Easter weekend, there is also an opportunity to take a moment and enjoy the amazing scenery around Gabriola. So, if you're out and about on the island this weekend, please take some photos, if you're willing to share them, send me an email, and I'll post them on an upcoming blog. I can't wait to see what you get up to on the island this Easter weekend!!!
Sunday, April 1, 2012
Beach Clean Up & Up-cycle
It's easy for me to admit that I'm a beachcomber. I can't go to the Gabriola shorelines without searching through the rocks and pebbles in my hands and looking at all the driftwood pieces. At times, I'll find wood pieces or styrofoam from boats and I'll stop and think about ways I could use these found materials. I was on the beach the other day and found this piece of styrafoam, I thought it would be easy to shape it and decided that I will use it to make either a mosaic fish or a junk bird. I will post you a picture with what it becomes, and hope that the transformation does up-cycle it from discarded garbage on the beach to a piece of art.
Saturday, March 31, 2012
10 Most Commonly Asked Mortgage Questions - Week 3
In week three of our series on the 10 most commonly asked mortgage questions this week we look at fixed vs. variable mortgages & credit scores. The blog is written by our guest blogger, John Eivindson, from Dominion lending, who services Gabriola, and has provided a wealth of information on lending practices.
Should I go with a fixed- or variable-rate mortgage?
The answer to this question depends on your personal risk tolerance. If, for instance, you’re a first-time homebuyer and/or you have a set budget that you can comfortably spend on your mortgage, it’s smart to lock into a fixed mortgage with predictable payments over a specific period of time. If, however, your financial situation can handle the fluctuations of a variable-rate mortgage, this may save you some money over the long run. Another option is to opt for a variable rate, but make payments based on what you would have paid if you selected a fixed rate. Finally, there are also 50/50 mortgage options that enable you to split your mortgage into both fixed and variable portions.
What credit score do I need to qualify?
Generally speaking, you’re a prime candidate for a mortgage if your credit score is 680 and above. The higher you can get above 700 the better, as you will qualify for the lowest rates. These days almost anyone can obtain a mortgage, but the key for those with lower credit scores is the size of the down payment. If you have a sufficient down payment, you can reduce the risk to the lender providing you with the mortgage. Statistics show that default rates on mortgages decline as the down payment increases.
What happens if my credit score isn’t great?
There are several things you can do to boost your credit fairly quickly. Following are five steps you can use to help attain a speedy credit score boost: 1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards so they’re below 70% of your limits. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on. 2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month. 3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1,000 to $1,500 – it may appear to the credit-scoring agencies that you’re regularly maxing out your cards. The best bet is to pay your balances down or off before your statement periods close. 4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. Use these cards periodically and then pay them off. 5) Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.
Should I go with a fixed- or variable-rate mortgage?
The answer to this question depends on your personal risk tolerance. If, for instance, you’re a first-time homebuyer and/or you have a set budget that you can comfortably spend on your mortgage, it’s smart to lock into a fixed mortgage with predictable payments over a specific period of time. If, however, your financial situation can handle the fluctuations of a variable-rate mortgage, this may save you some money over the long run. Another option is to opt for a variable rate, but make payments based on what you would have paid if you selected a fixed rate. Finally, there are also 50/50 mortgage options that enable you to split your mortgage into both fixed and variable portions.
What credit score do I need to qualify?
Generally speaking, you’re a prime candidate for a mortgage if your credit score is 680 and above. The higher you can get above 700 the better, as you will qualify for the lowest rates. These days almost anyone can obtain a mortgage, but the key for those with lower credit scores is the size of the down payment. If you have a sufficient down payment, you can reduce the risk to the lender providing you with the mortgage. Statistics show that default rates on mortgages decline as the down payment increases.
What happens if my credit score isn’t great?
There are several things you can do to boost your credit fairly quickly. Following are five steps you can use to help attain a speedy credit score boost: 1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards so they’re below 70% of your limits. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on. 2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month. 3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1,000 to $1,500 – it may appear to the credit-scoring agencies that you’re regularly maxing out your cards. The best bet is to pay your balances down or off before your statement periods close. 4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. Use these cards periodically and then pay them off. 5) Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.
Wednesday, March 28, 2012
Gabriola Real Estate Testemonial
From time to time we receive feedback from our clients on the service we as the Lynch's provide to Buyers & Sellers on Gabriola. Here's an email we recieved from a client who said we could pass it along...
Three years after I bought my land at 1046 Harrison Way in Nov. 2008, I was still benefitting from the expertise and thoroughness of having dealt with the Lynch's as realtors. They gave me so many important papers, things I did not, at the time, realize I would need. Most recently, after purchasing a mobile home from Gordon's Homes, the Regional District of Nanaimo insisted more than a year later that they must see the proper Letter of Certification re: the septic system. Luckily the Lynch's had providied that with the sales file. in fact I seem to recall it was an item they were insisting must be completed before my purchase was finalized. I did not understand why it was important at the time, but it certainly was. ...
A. Torchia
We are always greatful for the opportunity to work with so many wonderful clients!
We are always greatful for the opportunity to work with so many wonderful clients!
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