People say I’m very different from the “flock” of real estate agents out there. Instead of hounding strangers for business and pestering people with cold calls, I spend my time building relationships,making friends, and providing the absolute highest quality service available anywhere. That’s why most of my business comes from referrals and recommendations from elated clients and good friends like you. If you or anyone you know is thinking of buying or selling real estate, or who simply has questions about their home,and wants a dedicated, competent professional and friend, please
call me at 604-825-7007.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Thursday, August 09, 2007
Monday, July 23, 2007
Interesting Numbers
Here are some recent numbers you may find “interesting”.
The price of feeding your family has risen 2.3%.
The cost of operating a motor vehicle has risen 2.8%
Housing prices continue to climb to keep pace with rising Mortgage Rates
Mortgage interest costs rose 5.7%
Homeowner replacement costs rose 6.1%
The two provinces really feeling inflationary pressure are Alberta up 6.3% and Saskatchewan at 3.2 percent, both mainly due to rising costs in housing.
On a happier note, the cost of clothing and computers eased with computer pricing falling 17.3 percent with clothing for men lowering by 2.7% and women’s apparel by 2.1%.
Happy house hunting!
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Monday, June 25, 2007
Joel's Adventures
I know I have been blessed as a Realtor. I know that having clients is hard nowadays but I seem to have favor with many clients who buy & sell from me. There is nothing special about the way I sell. I just work hard & have fun. I would ask myself why? I guess the answer is simple. BE BLESSED & BE A BLESSING. My wife & I have always had a heart for missionaries & what they do. Simply, they would lay down their lives to help others in need. There is no fame or glory in what they do but they still do it.
Joel Reimer is one of the missionaries we bless. He is a friend from Abbotsford, graduated from MEI & has been in Asia for almost 8 years. He is currently in Cambodia, which is considered the "armpit" of Asia. What would possess a young man like him to go all the way across the world to help out a people who does not even speak his own language? Maybe he has a vision bigger than himself & what he can get for himself.
Here is a link to his blogsite: http://joelreimer.blogspot.com/
Catch his vision & help him out
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Friday, June 22, 2007
Mortgage rates to edge up in 2007 and 2008
Mortgage rates are once again on the rise after dipping in the second half of 2006 and the first quarter of this year. According to BCREA’s June 2007 Mortgage Update, BCREA expects mortgage rates to edge up to 7.3 per cent in 2007 and to 7.5 per cent in 2008.
“While the resulting increase in mortgage carrying costs will constrain some potential buyers in the long run, sales may rise in the short run as new buyers take advantage of their pre-approved rates and avoid further rate hikes,” said Cameron Muir, BCREA Chief Economist.
Source: BCREADavid Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Thursday, June 21, 2007
The Role of a Realtor
Here is a partial transcript from a live radio interview Jim McCaughan, of Landmark Realty, performed on May 18 on Evolution 107.9 FM. The interview aired on the program Making Contact with host Kim Robertson. The focus of the interview: getting into the housing market.
Q: What’s the role of the real estate agent?
A: There are three things that a REALTOR® mainly provides and they are: advice, expertise in the market and probably most importantly, our negotiation skills. A REALTOR® is actually your business partner. Realizing that you’re making one of the largest financial transactions that most people will ever make, it’s our job to guide you through this.
Q: There are two types of real estate agents. We’ve got the buyer’s agent and then the seller’s agent. Give us an idea of what the role of each agent is.
A: A REALTOR®’s job is to promote and protect the interests of their client, whether it be the buyer or the seller. In fact, the relationship that we operate under is called agency and through that we are required to protect and promote the best interests of the client. If we represent the seller, we want to obtain the highest possible offer, with the current market conditions. And when we work for buyers, we’re attempting to get the buyer the best property that meets their needs.
Q: What are some of the advantages to actually using a real estate agent as opposed to if I’m selling my property, going it alone and doing a for-sale-by-owner?
A: The advantages of a REALTOR® are that if you’re the seller, trying to sell your home is not easy for a lot of people. The majority of people want to have the professional guidance and expertise of a REALTOR®. We help people set the right price, which is very important because if you over-price a property you probably won’t sell it, and if you under-price a property you probably will lose money.
Also, exposure to the world is very important. We have one of the most valuable marketing tools out there called mls.ca. It’s one of the most used websites of its kind in the world.
Q: If somebody is going to choose to try and tackle selling their home on their own, what are some of the things they should be cautious about?
A: Most people are not in a position to negotiate face to face like they can when they have someone who’s their advocate. The nice part about a real estate agent is that they can be the go-between, whereas when you’re dealing directly with somebody, whether it’s the buyer or the seller, it’s a bit hard to open their closets while they’re standing there showing you the property. It’s a little bit easier when you have a professional REALTOR® guiding you.
Q: Who would be writing the offer in this case, if you’re selling your home privately, do you go to a lawyer to write the offer… Or…?
A: I haven’t had any experience in that as a private seller. I would assume people try to write their own offers, but it’s critical to be able to write an offer that’s legal and binding. There needs to be some protections in there, most especially for the buyer, to allow them to do their due diligence and these are all the things that REALTORS® are trained to do. We’re highly skilled at being able to write a contract that is binding for both parties and gives both protections.
Q: What seems to be the buyer’s expectations of an agent?
A: We are expected to be able to understand the needs and the wants of a buyer. We look at: What does a buyer want? What can they afford to buy? And, what’s available? Also, we negotiate on behalf of our client the best price and the best terms available, but some of the most valuable work that REALTORS® do and I think this will be surprising to many buyers, is after the contract is negotiated and signed.
Things like helping to arrange for financing, for home inspections and if it’s a strata, which of course in the Lower Mainland there’s a lot of, we need to do a lot of due diligence with the leaky condo crisis we had a few years ago still having implications. We get 24 months of the minutes, the financials, the bylaws, the rules and regulations and one of our jobs is to help our buyers understand those. So, those are all some of the things that REALTORS® have value in providing to the public.
Source: Jim McCaughan-Landmark Realty Corp.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Q: What’s the role of the real estate agent?
A: There are three things that a REALTOR® mainly provides and they are: advice, expertise in the market and probably most importantly, our negotiation skills. A REALTOR® is actually your business partner. Realizing that you’re making one of the largest financial transactions that most people will ever make, it’s our job to guide you through this.
Q: There are two types of real estate agents. We’ve got the buyer’s agent and then the seller’s agent. Give us an idea of what the role of each agent is.
A: A REALTOR®’s job is to promote and protect the interests of their client, whether it be the buyer or the seller. In fact, the relationship that we operate under is called agency and through that we are required to protect and promote the best interests of the client. If we represent the seller, we want to obtain the highest possible offer, with the current market conditions. And when we work for buyers, we’re attempting to get the buyer the best property that meets their needs.
Q: What are some of the advantages to actually using a real estate agent as opposed to if I’m selling my property, going it alone and doing a for-sale-by-owner?
A: The advantages of a REALTOR® are that if you’re the seller, trying to sell your home is not easy for a lot of people. The majority of people want to have the professional guidance and expertise of a REALTOR®. We help people set the right price, which is very important because if you over-price a property you probably won’t sell it, and if you under-price a property you probably will lose money.
Also, exposure to the world is very important. We have one of the most valuable marketing tools out there called mls.ca. It’s one of the most used websites of its kind in the world.
Q: If somebody is going to choose to try and tackle selling their home on their own, what are some of the things they should be cautious about?
A: Most people are not in a position to negotiate face to face like they can when they have someone who’s their advocate. The nice part about a real estate agent is that they can be the go-between, whereas when you’re dealing directly with somebody, whether it’s the buyer or the seller, it’s a bit hard to open their closets while they’re standing there showing you the property. It’s a little bit easier when you have a professional REALTOR® guiding you.
Q: Who would be writing the offer in this case, if you’re selling your home privately, do you go to a lawyer to write the offer… Or…?
A: I haven’t had any experience in that as a private seller. I would assume people try to write their own offers, but it’s critical to be able to write an offer that’s legal and binding. There needs to be some protections in there, most especially for the buyer, to allow them to do their due diligence and these are all the things that REALTORS® are trained to do. We’re highly skilled at being able to write a contract that is binding for both parties and gives both protections.
Q: What seems to be the buyer’s expectations of an agent?
A: We are expected to be able to understand the needs and the wants of a buyer. We look at: What does a buyer want? What can they afford to buy? And, what’s available? Also, we negotiate on behalf of our client the best price and the best terms available, but some of the most valuable work that REALTORS® do and I think this will be surprising to many buyers, is after the contract is negotiated and signed.
Things like helping to arrange for financing, for home inspections and if it’s a strata, which of course in the Lower Mainland there’s a lot of, we need to do a lot of due diligence with the leaky condo crisis we had a few years ago still having implications. We get 24 months of the minutes, the financials, the bylaws, the rules and regulations and one of our jobs is to help our buyers understand those. So, those are all some of the things that REALTORS® have value in providing to the public.
Source: Jim McCaughan-Landmark Realty Corp.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Friday, June 15, 2007
New Self-Insured Mortgage?
Some great news for strong borrowers…one of our lenders has just introduced a self-insured mortgage which can help your clients buy the home of their dreams—for less. With a Self-Insured Mortgage, a home buyer with a 5% down payment and a $250,000 mortgage can save $1,000 or more off the traditional one-time mortgage insurance payment required for high ratio mortgages. Rather than the traditional 2.75% premium ($6,875 on $250,000) that the borrower would be paying through CMHC/Genworth/AIG, the borrower will only be paying a 2.35% premium ($5,875 on $250,000) under this product. As stated this product is available to strong borrowers. i.e. excellent credit history.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Monday, June 04, 2007
Osoyoos 2007
 |
| Osoyoos 2007 |
Osoyoos 2007! Need I say more? Fun, family and fellowship. Enjoy the pictures! Click HERE to link to a slideshow.
ps Full size printable files can be found at Landmark.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Tuesday, May 29, 2007
Rates are going up :(
Rates are up across the board.
The Bank of Canada meets tomorrow morning to discuss key interest rate policy and it should be a very interesting discussion to say the least. One thing is for certain, Prime Rate will not decrease tomorrow.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
The Bank of Canada meets tomorrow morning to discuss key interest rate policy and it should be a very interesting discussion to say the least. One thing is for certain, Prime Rate will not decrease tomorrow.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Wednesday, May 16, 2007
First-Time Home Buying from A to Z Podcast
Check this out. A great way to learn about how to buy real estate for the first timer.
Welcome to the First-Time Home Buying from A to Z podcast, an advice-oriented series for Canadians looking to become home owners for the first time.
We’ve developed this podcast series in cooperation with Sandra Rinomato, real estate expert and host of a popular reality TV show for first time home buyers. Over the course of this series, we'll be providing advice, answering some questions and de-bunking the myths around buying a home, drawing on experts from a number of fields, including some BMO Bank of Montreal experts to get you on the right path toward buying your first home.
Click HERE
Source: BMO.com
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Welcome to the First-Time Home Buying from A to Z podcast, an advice-oriented series for Canadians looking to become home owners for the first time.
We’ve developed this podcast series in cooperation with Sandra Rinomato, real estate expert and host of a popular reality TV show for first time home buyers. Over the course of this series, we'll be providing advice, answering some questions and de-bunking the myths around buying a home, drawing on experts from a number of fields, including some BMO Bank of Montreal experts to get you on the right path toward buying your first home.
Click HERE
Source: BMO.com
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Saturday, May 05, 2007
Knowing Your Local Home Market
Knowing the Real Estate market for both home buyers and home sellers is crucial. Knowing what is taking place within a market at the time you are buying or selling a home can have a huge impact on whether you pay too much for your home or sell for less than what you may have been able to get. The Real Estate market in any community is similar to the stock market or any other commodity-based market. It is cyclical and as a buyer or a seller you certainly want to know what part of the cycle you are in. This will not only help you make a decision on buying or selling, it will
also help you understand what price to offer, or at what price list your home. The best way to receive this information is from a Real Estate Professional that truly understands the market. Do not rely upon rumor or what you read in the newspaper or magazines. This information may not be accurate or could possibly not even be relevant to the particular market you are in. For example, home sales in Vancouver, BC could be outstanding; a true sellers market, and at the same time be very slow in Calgary, Alberta; a buyers market. Each market is uniquely cyclical and you need to have the correct information in order to make a wise decision.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
also help you understand what price to offer, or at what price list your home. The best way to receive this information is from a Real Estate Professional that truly understands the market. Do not rely upon rumor or what you read in the newspaper or magazines. This information may not be accurate or could possibly not even be relevant to the particular market you are in. For example, home sales in Vancouver, BC could be outstanding; a true sellers market, and at the same time be very slow in Calgary, Alberta; a buyers market. Each market is uniquely cyclical and you need to have the correct information in order to make a wise decision.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Friday, March 30, 2007
Landmark’s realtor awards & target night !!!
We enjoyed a delicious STEAK AND KING CRAB DINNER tonite at Landmark! (DARTS & PAINTBALL) THE TEAM WITH THE HIGHEST SCORE WINS A TEAM LUNCH !!! RED team won the contest! Congrats! Thank you to all who contributed to the fun evening.
Congratulations to all who won an award. Keep up the good work.
Enjoy the pictures. Please click HERE for the slide show. Remember to click the back button to go back to this webpage.
Check out Bob Johnston shooting a paintball gun. Click HERE to view the video clip.
 |
| Bob Johnston ripping it up |
Note: Please email me if you you want me to email you large printable files
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Thursday, March 29, 2007
Check out CREA's new advertising campaign at howrealtorshelp.ca.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Thursday, March 22, 2007
Not Following through to THE END
The deal has gone through and you are about
to take possession. You must still be vigilant,
for there are mistakes to be made even now:
* Possession Date - Make sure you and the
seller both know when you are to have vacant
possession - that is, when they and their stuff
is to be gone. If you think it's 12:01 a.m. and
the seller thinks it's noon, there can be
big problems.
* Insurance - Make sure you have arranged for
adequate home insurance and that it's timed to
come into effect so there is no gap between the
seller's insurance and yours.
* Final Check - Do a thorough walk-through before
you close and before you take possession to ensure
that all conditions are met. Are the light fixtures all
in place? Are all the appliances you agreed to buy
still there?
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
to take possession. You must still be vigilant,
for there are mistakes to be made even now:
* Possession Date - Make sure you and the
seller both know when you are to have vacant
possession - that is, when they and their stuff
is to be gone. If you think it's 12:01 a.m. and
the seller thinks it's noon, there can be
big problems.
* Insurance - Make sure you have arranged for
adequate home insurance and that it's timed to
come into effect so there is no gap between the
seller's insurance and yours.
* Final Check - Do a thorough walk-through before
you close and before you take possession to ensure
that all conditions are met. Are the light fixtures all
in place? Are all the appliances you agreed to buy
still there?
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Sunday, March 18, 2007
The Emotional Buyer - Keep your emotions under control.
Here are five emotional mistakes first-time
home buyers often make:
*************
1. Love Hurts
*************
Falling in love with a home. As discussed at the
top of this article, the buyer has to reconcile
dreams with realities. It's often difficult to look
at the pros and cons of a home rationally if you
let yourself become too emotional about a
particular property. Beware of real estate agents
trying to play on your emotions to encourage
you to say yes. Never buy the first home you
see without looking at some others.
*************
2. Keep Control
*************
Losing control of the situation is frustrating and
can lead to imprudent decisions. Don't let
yourself be swayed or sidetracked by an assertive
agent or by undue advice from family or friends
(they don't have to live there, you do!). Personality
clashes with agents, mortgage brokers or others
with whom you are trying to work with can also be upsetting.
*************
3. Decisions, Decisions
*************
Not being able to make a decision. If you can't
decide about anything from budgets to what kind
of house you want then maybe you aren't ready
to commit to home ownership. If you're simply
worried that something better will come along after
you've made your offer, remember that there's
more than one home out there with your name on
it. Take the time you need to make a sound decision,
but don't be afraid to commit to a new home purchase.
*************
4. What are you getting into?
*************
Not realizing the responsibilities of home ownership.
It's great to own your own home, but it takes time
and commitment to maintain this large investment.
Make sure you are prepared.
*************
5. Is it the right time?
*************
Buying before you are ready. If you are suffering
cold feet over becoming a homeowner, sit down and
take stock of the situation. Examine your motives for
thinking you should take this giant step, looking at
what it will mean to your lifestyle and budget. Talk it
over with your financial counselor, your real estate
agent and your mortgage professional. Remember that
there are two million first-time buyers a year and most
of them felt the same trepidation as you. Most of them
are happily taking on their exciting new challenge.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
home buyers often make:
*************
1. Love Hurts
*************
Falling in love with a home. As discussed at the
top of this article, the buyer has to reconcile
dreams with realities. It's often difficult to look
at the pros and cons of a home rationally if you
let yourself become too emotional about a
particular property. Beware of real estate agents
trying to play on your emotions to encourage
you to say yes. Never buy the first home you
see without looking at some others.
*************
2. Keep Control
*************
Losing control of the situation is frustrating and
can lead to imprudent decisions. Don't let
yourself be swayed or sidetracked by an assertive
agent or by undue advice from family or friends
(they don't have to live there, you do!). Personality
clashes with agents, mortgage brokers or others
with whom you are trying to work with can also be upsetting.
*************
3. Decisions, Decisions
*************
Not being able to make a decision. If you can't
decide about anything from budgets to what kind
of house you want then maybe you aren't ready
to commit to home ownership. If you're simply
worried that something better will come along after
you've made your offer, remember that there's
more than one home out there with your name on
it. Take the time you need to make a sound decision,
but don't be afraid to commit to a new home purchase.
*************
4. What are you getting into?
*************
Not realizing the responsibilities of home ownership.
It's great to own your own home, but it takes time
and commitment to maintain this large investment.
Make sure you are prepared.
*************
5. Is it the right time?
*************
Buying before you are ready. If you are suffering
cold feet over becoming a homeowner, sit down and
take stock of the situation. Examine your motives for
thinking you should take this giant step, looking at
what it will mean to your lifestyle and budget. Talk it
over with your financial counselor, your real estate
agent and your mortgage professional. Remember that
there are two million first-time buyers a year and most
of them felt the same trepidation as you. Most of them
are happily taking on their exciting new challenge.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Messing Up The Offer
It's not over once you've found the house you
want. Now you have to make an offer. Some
common mistakes at this stage include:
* Low-balling - New buyers often offer too little
or want too many concessions from the seller.
That can alienate the seller, with the result that
he simply rejects the offer without even a counter.
* Paying too much - Avoid bidding wars at all costs.
Sometimes the threat of another buyer is simply a
ploy to scare you into upping your offer. Even if there
is another buyer, don't play the game. Whoever
eventually "wins" will be the loser because the price
will be too high. In case there isn't another buyer, let
the seller know you'll be interested if the deal falls through.
* Being afraid to negotiate - Most of us hate to
haggle, but negotiation is the key to the best deal.
Know your bottom line and be prepared to walk away
if you can't meet it. Knowing as much as possible
about the seller's situation, including his time frame,
is an enormous help (a Buyer's Agent can be very
helpful here). Likewise, try to keep information about
your own financial situation to yourself; the seller will
be looking for information about you that they can use
to their advantage during negotiations.
* Being pressured into a quick deal - Don't let the
seller's side pressure you to a quick close. It could
be a sign that something's not right. If the property
has been on the market for a long time, there's
probably no rush. Remember, there's always another
place that's right for you.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
want. Now you have to make an offer. Some
common mistakes at this stage include:
* Low-balling - New buyers often offer too little
or want too many concessions from the seller.
That can alienate the seller, with the result that
he simply rejects the offer without even a counter.
* Paying too much - Avoid bidding wars at all costs.
Sometimes the threat of another buyer is simply a
ploy to scare you into upping your offer. Even if there
is another buyer, don't play the game. Whoever
eventually "wins" will be the loser because the price
will be too high. In case there isn't another buyer, let
the seller know you'll be interested if the deal falls through.
* Being afraid to negotiate - Most of us hate to
haggle, but negotiation is the key to the best deal.
Know your bottom line and be prepared to walk away
if you can't meet it. Knowing as much as possible
about the seller's situation, including his time frame,
is an enormous help (a Buyer's Agent can be very
helpful here). Likewise, try to keep information about
your own financial situation to yourself; the seller will
be looking for information about you that they can use
to their advantage during negotiations.
* Being pressured into a quick deal - Don't let the
seller's side pressure you to a quick close. It could
be a sign that something's not right. If the property
has been on the market for a long time, there's
probably no rush. Remember, there's always another
place that's right for you.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Location - Location - Location!
Did I mention location? Location is the key.
The value of your home is affected by those
around you. The home may be perfect, but look
carefully at the neighborhood too. No home is
an island (usually) and the value is affected by
the homes that surround it.
Factors determining the best location include:
* Surrounding homes - the condition of other
homes, including buildings and grounds
* Size Matters - the relative size of your potential
home compared to the others. A small home
surrounded by large ones may have taxes
disproportionately high because of the neighborhood.
* Placement - the outer edge of an area is less
desirable than being in the middle, surrounded
by similar homes, except if the property borders
woods, a park or other open space such as a golf
course.
* Best Buy - the least expensive home in the best
area or in an area in transition is a best buy. You
can buy low now to sell high later.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
The value of your home is affected by those
around you. The home may be perfect, but look
carefully at the neighborhood too. No home is
an island (usually) and the value is affected by
the homes that surround it.
Factors determining the best location include:
* Surrounding homes - the condition of other
homes, including buildings and grounds
* Size Matters - the relative size of your potential
home compared to the others. A small home
surrounded by large ones may have taxes
disproportionately high because of the neighborhood.
* Placement - the outer edge of an area is less
desirable than being in the middle, surrounded
by similar homes, except if the property borders
woods, a park or other open space such as a golf
course.
* Best Buy - the least expensive home in the best
area or in an area in transition is a best buy. You
can buy low now to sell high later.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Saturday, March 10, 2007
5 More Mortgage Tips
1. What goes up, must come down
Interest rates tend to move in cycles. After a prolonged increase, a slow drop usually occurs. Savvy shoppers should keep track of longer-term trends and wait to buy until rates decline.
3. Natural disaster
Early preparation reduces financial loss from tropical storm, tornadoes, floods, wildfires and other natural disasters. Insurance, home improvement loans to fortify against major damage, and safeguarded paperwork help sustain homeowners and business through disasters.
3. 40-year mortgages
The 40-year mortgage reduces monthly payments if you need more help purchasing a home. But it also has major drawbacks -- a radically higher interest bill over the life of the loan and a much longer time to build up equity. Also, these longer amortizations don’t come free. For example, on a purchase with 5% down payment, you can expect to pay an insurance premium of 3.35% on the mortgage amount to set your mortgage up with a 40 year amortization.
4. When you assume, you can save
Assuming an existing loan can slash your monthly loan payments and save thousands of dollars in interest if the interest rate on the assumable loan is lower than current rates.
5. Be honest
Tell your broker about any strange purchase conditions you meet or about any unusual circumstances in your situation when you apply for your loan. Sometimes what you put on the application doesn't tell the whole story. You may get pre-qualified based solely on a cursory credit check and review of your application data. This could prove to be insufficient for a final approval.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Interest rates tend to move in cycles. After a prolonged increase, a slow drop usually occurs. Savvy shoppers should keep track of longer-term trends and wait to buy until rates decline.
3. Natural disaster
Early preparation reduces financial loss from tropical storm, tornadoes, floods, wildfires and other natural disasters. Insurance, home improvement loans to fortify against major damage, and safeguarded paperwork help sustain homeowners and business through disasters.
3. 40-year mortgages
The 40-year mortgage reduces monthly payments if you need more help purchasing a home. But it also has major drawbacks -- a radically higher interest bill over the life of the loan and a much longer time to build up equity. Also, these longer amortizations don’t come free. For example, on a purchase with 5% down payment, you can expect to pay an insurance premium of 3.35% on the mortgage amount to set your mortgage up with a 40 year amortization.
4. When you assume, you can save
Assuming an existing loan can slash your monthly loan payments and save thousands of dollars in interest if the interest rate on the assumable loan is lower than current rates.
5. Be honest
Tell your broker about any strange purchase conditions you meet or about any unusual circumstances in your situation when you apply for your loan. Sometimes what you put on the application doesn't tell the whole story. You may get pre-qualified based solely on a cursory credit check and review of your application data. This could prove to be insufficient for a final approval.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Thursday, March 08, 2007
Top 5 Mortgage Tips
1. Steer clear of high-cost, high-fee loans
Avoid loans that roll a balloon payment, prepayment penalty, mortgage life insurance or other provisions into one loan. These loans often make the combined financial burden too much to bear for average borrowers.
2. Adjustable-rate mortgages
Adjustable-rate mortgages (ARMs) are favourable when rates are going down or your salary is going up. Otherwise, each rate adjustment can sting. ARM holders can reduce the impact of worst-case rate hikes by saving money during the initial low-payment period, buying down loan balances and budgeting.
3. Clean up your credit before shopping for a home
Cleaning up your credit report before you're in the mortgage process can result in better loan rates and terms. General guidelines for strengthening your report include: paying bills on time, limiting outstanding credit, closing out unused credit cards, resolving outstanding bills and correcting inaccurate information.
4. Watch out for inflated appraisals
When you're buying a home, a property appraisal should determine the mortgage's current market value. This is done by comparing the home against other similar homes that have sold recently. Make sure and do your homework to ensure the house you’re buying is worth the price you’re paying; otherwise you could end up with a home that’s worth less than you owe.
5. Don't apply for too many loans
Each time you apply, lenders request a copy of your credit report. Frequent inquiries can be a sign of “credit seeking behaviour” and can adversely affect your credit rating. Here at Greenwood, we pull your credit only once and use that one credit bureau with multiple lenders.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Avoid loans that roll a balloon payment, prepayment penalty, mortgage life insurance or other provisions into one loan. These loans often make the combined financial burden too much to bear for average borrowers.
2. Adjustable-rate mortgages
Adjustable-rate mortgages (ARMs) are favourable when rates are going down or your salary is going up. Otherwise, each rate adjustment can sting. ARM holders can reduce the impact of worst-case rate hikes by saving money during the initial low-payment period, buying down loan balances and budgeting.
3. Clean up your credit before shopping for a home
Cleaning up your credit report before you're in the mortgage process can result in better loan rates and terms. General guidelines for strengthening your report include: paying bills on time, limiting outstanding credit, closing out unused credit cards, resolving outstanding bills and correcting inaccurate information.
4. Watch out for inflated appraisals
When you're buying a home, a property appraisal should determine the mortgage's current market value. This is done by comparing the home against other similar homes that have sold recently. Make sure and do your homework to ensure the house you’re buying is worth the price you’re paying; otherwise you could end up with a home that’s worth less than you owe.
5. Don't apply for too many loans
Each time you apply, lenders request a copy of your credit report. Frequent inquiries can be a sign of “credit seeking behaviour” and can adversely affect your credit rating. Here at Greenwood, we pull your credit only once and use that one credit bureau with multiple lenders.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Saturday, March 03, 2007
Ryan & Sophia's big move
Tonight my wife & I had the honor of helping one of our customers move into their first condo! Here are some pictures.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
Friday, March 02, 2007
Sloppy Buyers - Have the house professionally inspected!
In your agreement with the sellers, one of the
conditions should be a favorable report from a
house inspector. To find a good inspector, ask
for recommendations, then make sure the
inspector is certified (the home-inspection industry
is not licensed or regulated). Ask how many
inspections they have performed and what kind of
report is provided to you (you might confirm how
long it will take to get the report). Also ask if you
can be present during the inspection. If they say
no, find someone else.
The inspector's job is to check the property and tell
you what defects need to be repaired or replaced.
Based on this report, you might want to walk away
from the property or negotiate with the seller for
repairs or an allowance for repairs. In most
jurisdictions, sellers are required to make complete
disclosure of defects in writing. Make sure you have
this disclosure and so does your inspector.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
conditions should be a favorable report from a
house inspector. To find a good inspector, ask
for recommendations, then make sure the
inspector is certified (the home-inspection industry
is not licensed or regulated). Ask how many
inspections they have performed and what kind of
report is provided to you (you might confirm how
long it will take to get the report). Also ask if you
can be present during the inspection. If they say
no, find someone else.
The inspector's job is to check the property and tell
you what defects need to be repaired or replaced.
Based on this report, you might want to walk away
from the property or negotiate with the seller for
repairs or an allowance for repairs. In most
jurisdictions, sellers are required to make complete
disclosure of defects in writing. Make sure you have
this disclosure and so does your inspector.
Happy house hunting,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
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