Many homeowners are unaware of the dangers posed by identity thieves when it comes to their real estate investment.  Unfortunately, real estate title fraud is on the rise.  According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), real estate industry insiders now peg the average case of real estate fraud at $300,000.  In comparison, the RCMP estimates the average credit card fraud case in Canada to be $1,200.

Protect yourself and your investment with these tips:

1.  Check your credit reports (www.equifax.ca, www.transunion.ca), financial and bank statements regularly for inconsistencies, unknown charges and unauthorized credit inquiries.

2.  Don’t give out personal information in person, over the phone or on the Internet unless you know who you are dealing with, how it will be used and if it will be shared.

3.  Protect your mail, be alert to billing cycles and when bills or mail haven’t arrived.

4.  Shred any documents or materials with personal or financial information prior to discarding them.

5.  Seek advice from a real estate expert who is licensed in your area when shopping for a home.

6.  Speak to a Averbach Mortgages about how title insurance could help protect your investment.

Call Justin Blacklock today at (604) 736-1855.

Think of your mortgage renewal as a valuable opportunity.  A chance not only to take advantage of today’s great rates, but also get a mortgage product that better fits your current needs.  When you receive a renewal form from your current lender, don’t simply sign it without knowing all your options.

If you do so, you could be paying a higher rate, and end up with a mortgage that might not be best suited to your needs.

Instead, talk to Averbach Mortgages’ manager, Justin Blacklock.  He will discuss your interest rate options, and can arrange a rate hold for you.

Justin will also help you with a customized mortgage strategy.  By the time your mortgage comes up for renewal, you are most likely in a different financial position than when you first obtained the loan.  As our financial and life circumstances change, so does the mortgage product that is best for our needs and goals.  For example, you may wish to access your home’s equity to consolidate other debts, or perhaps help pay for post-secondary education.

At renewal time, make sure you get the most from your financing.  Justin can speak to any concerns you may have about interest rate trends and advise you on what to do as your mortgage renewal approaches.

Call Justin Blacklock today at (604) 736-1855.

Have you thought about your mortgage lately? Your financial picture can change significantly over time, and having the right mortgage strategy is an important part of making sure your financial needs and goals are met.

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A personalized mortgage check up from Averbach Mortgages is an easy, no-obligation way to:

• ensure that your repayment approach suits you, for example with payments structured to maximize mortgage principal reduction
• ensure any consumer debt you may have (such as credit card balances) is transferred to a lower interest rate
• ensure you have access to the lowest-cost funds for renovations, education or other major expenditures.

Common reasons for a mortgage check up

• You are planning to have children
• You want to explore your investment options
• You or your spouse have had a change in employment
• You are looking to start or buy a business
• You would like to renovate your home
• You would like the assurance of fixing your mortgage payments
• You are trying hard to manage your payments
• You can’t remember the last time you assessed your home financing strategy

It can pay to book an appointment with Averbach Mortgages to have a quick look at where your money is going, discuss what interest rates are up to, and determine if you are getting the most use out of your mortgage features.

Schedule your checkup now!  Give Justin a call at 604-736-1855.

It’s easy to get caught up in the idea that comparing mortgage rates will guarantee you get the best bang for your mortgage buck. While this may be true for particular situations, there are many scenarios where this strategy is not effective. Following are three reasons why it doesn’t always pay to make a decision based solely on rates.

Reason #1
Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate.

For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you’re charged an insurance premium, which is usually added to the mortgage amount. But if you’re not planning on keeping the property for a long enough time to offset that cost, it may be better to take an uninsured mortgage with a slightly higher rate. The cost difference you will pay with the higher interest rate may still be less than what you may pay in insurance premiums.

As another example, if you prefer to budget for a consistent payment and can’t handle rate fluctuations, it may be better to go with a higher fixed-rate mortgage. If you think current rates are low enough and you will be living in your property for at least five years, it may be wise to also opt for a mortgage with a longer term.

Reason #2
One of the biggest mistakes people make when merely comparing mortgage rates is failing to consider important factors such as prepayment options to help pay off the mortgage faster, whether secondary financing options are allowed, early payout penalties, or what fees are involved.

It’s not enough to simply compare mortgage rates because you have to know what “clauses” are contained within the mortgage deal. There may be cases where you will find a lender with the lowest rate and willing to pay for your closing costs, or even provide you with cash-backs after closing. I will always look at the clauses and inform you on what’s truly involved in signing up for your mortgage.

Reason #3
Lenders can change their rates at any time. As such, if you’re shopping for rates with one lender and then approach another that gives you a lower rate, it’s quite possible that the first lender has also dropped its rates. This is why it’s important to get pre-approved with a lender once I’ve helped find you a mortgage that fits your needs. In some cases, we can secure your rate and conditions for up to 120 days.

These are just three reasons why it’s not enough to merely compare mortgage rates. The mortgage rate you may qualify for is also highly dependent on your credit score among other things. In order to get the best mortgage deals, you need to have solid credit.

As always, if you have any questions or concerns about finding the best mortgage product for your unique needs or your credit score, Justin Blacklock and Mike Averbach are here to help! Just give us a call 604-736-1855  or fill our our on-line contact form.

Every month we offer our friends and clients the opportunity to participate in our referral incentive program.

This month you could earn yourself a $200 VISA Gift Card. You can use the card however you see fit. Buy yourself a dozen of your favorite movies, or get the latest iPod. The card can be used anytime,  for anything you like that accepts Visa.

Simply refer a friend, family member or co-worker to Averbach Mortgages and we will take care of the rest. The referral program works as follows:

1. Give a friend, family member or co-worker a personal testimonial to our great services along with the name and contact information for one of our brokers.

2. Should they select our services for a mortgage you will receive our appreciation in the form of a $200 Best Buy Gift Card with no expiry date.

And it gets even easier! If you use Averbach’s services for your own mortgage refinance, as a repeat client; you will receive the same offer!

As always, your referrals will receive the top customer service that you received yourself on your own mortgage.

Your business is very important to us and your continued satisfaction through the term of your mortgage is something that we take very seriously so that we may do business again when your term is up or a change is being made.

A referral incentive is just another way for us to say …

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

All About Agency

In Canada, real estate buyers generally work with one real estate agent, who is responsible for finding all available properties in their price and preference range, setting up showings, performing due diligence on potential acquisitions, and representing the buyer in all negotiations.

Understanding client needs and motivations are integral functions of producing positive results and building long-term relationships. Macdonald Realty sales associates are licensed real estate agents that work within a legal framework called ‘Agency’. Agency provides sales associates with the authority to represent your principal interests when dealing with other parties.

Sales associates owe fiduciary duties to clients with whom they represent through agency relationships. They include

• a) Undivided loyalty;
• b) Obeying all lawful instructions of the principal (client);
• c) Exercising reasonable care and skill in performing all assigned duties;
• d) Accounting for all money and property placed in a Brokerage’s hands while acting for the principal.

Another interesting twist on agency and how it pertains to real estate is the issue of Dual Agency. While Buyer’s and Seller’s Agency seem intuitive, the idea of representing both sides of a transaction is strange to most people. Effectively, this type of agency restricts the agent from divulging insider information to either side and limits their role to providing information about the subject property and the general market, and providing professional assistance in the writing of any contracts or addendums.

Working with a sales associate offers an exclusive arrangement between agent and client, ensuring that your best interests are always protected. Macdonald Realty sales associates pride themselves on being industry leaders possessing an array of facilitation skills not commonly found in today’s real estate industry.

Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact one of us at the address below.

September 2009 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911