Friday, May 30, 2014

SOLD #206-8880 No. 1 Road: 1 Bed & Den Condo For Sale in Richmond BC



This property is now SOLD, please check out our other listings for sale.

#206 - 8880 No. 1 Road
Richmond BC, V7C 4C1, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
www.michaelcowling.com/206-8880-no-1-road-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Seafair
MLS® No.: V1067531
Bedrooms: 1 & Den
Bathrooms: 2
Total sq.ft.: 920 sq.ft.


Description:
Updated West facing 1 bedroom and den with 2 bathrooms, den can easily be a second bedroom. Convenient West Richmond location on bus routes and easy walking distance to Safeway and Seafair shopping centre. Recreation facilities include: clubhouse , entertainment facilities, indoor and outdoor swimming pools and pond with gardens.

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RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
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Friday, May 23, 2014

SOLD #201-9300 Parksville Drive: 2 Bed 1 Bath Condo for Sale in Richmond BC



This Property is now SOLD

#201-9300 Parksville Drive
Richmond BC, V7E 4N9, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/201-9300-parksville-drive-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Seafair
MLS® No.: V1064993
Bedrooms: 2
Bathrooms: 1
Total sq.ft.: 817 sq.ft.


Description:
Pleasant peaceful outlook from this 2 bedroom corner suite overlooking well-manicured green space. Solid concrete construction for safety and noise protection. Extra windows for brightness. Facilities include, pool, sauna, whirl pool andlounge with pool table and more. Walking distance to transit, West Richmond Community Centre, Pitch and Putt Golf Course, Hugh Boyd Secondary School and Seafair Shopping Centre.  New roof in 2010.  No pets. No rental restrictions

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RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Wednesday, May 21, 2014

New Mortgage Guidelines Push CMHC to Embrace Insurance Basics

The Canada Mortgage and Housing Corp. was created by the federal government nearly 70 years ago with a mandate to help smooth the way toward home ownership for millions Canadians who might not otherwise achieve their dream.
As a tool of social policy the CMHC has done a pretty good job, but when it comes to market discipline, maybe not so much. In fact critics say that by pursuing its social policy goals so zealously it has distorted the country’s real estate market, helping to push up prices to record levels.
Now Canada’s financial regulator wants to fix the problem.
After two years of planning, the Office of the Superintendent of Financial Institutions on Monday released a set of draft guidelines for mortgage insurance providers aimed at tightening standards around underwriting and risk management.
The proposed rules essentially tell mortgage insurers to pay attention to the basics of their business, like ensuring that the banks they deal with maintain strong lending practices and that the insurance purchasers have good credit quality. It sounds like business 101, but the very fact that OSFI felt it needed to bring in the rules suggests things in the mortgage insurance market were not as they should be.
In a statement, OSFI said the so-called Guideline B-21 rules will “provide clarity about best practices in respect of residential mortgage insurance underwriting, which contribute to a stable financial system.” The long-awaited rules — the regulator first revealed it was developing new standards back in April 2012 — are open for public comment until May 23.
They’re built around several basic areas, including governance and underwriting practices, standards for assessing mortgage lenders, and criteria for determining insurable loans.
The mortgage insurance industry consists of just three companies: the CMHC, which controls the bulk of the market, Genworth MI Canada and Canada Guaranty.
Their policies are backed by Ottawa, and ultimately by the taxpayer.
Perhaps more than anything else, the guidelines put players on notice that they must do a better job of maintaining business discipline and handling risk, and that they will be subject to much closer scrutiny by OSFI.
The bill establishes a framework where regulators “would be responsive to a market where there was more risk-based pricing,” said Finn Poschmann, vice president of research at the CD Howe Institute.
One section that’s garnering much attention in the mortgage industry is a section on down-payments required to qualify for insurance.
As it stands, borrowers who are unable to put down a minimum 20% of the price of a house must purchase default insurance. In the past, some lenders have given the green light to borrowers with no down-payment as long as they bought insurance. They did that by offering certain types of cash-back mortgages. The new guidelines would eliminate that loophole.
“A federally regulated mortgage insurer should establish minimum down payments, as well as acceptable sources of down payment in its criteria,” according to OSFI’s draft document. “In particular, the [insurer] should specify where traditional sources of down payment (e.g., borrower’s own equity) are required and cases where non-traditional sources for the down payment (e.g., borrowed funds) may be used… Incentive and rebate payments (i.e., “cash back”) should not be considered part of the down payment.”
As well, mortgage insurers will be required to consider “acceptable methods” for determining the credit history and quality of borrowers. They will also have to closely scrutinize lenders’ methods of income and employment verification.
Of the roughly $1.2-trillion of Canadian home loans outstanding, more than half are covered by government-backed insurance underwritten either by the CMHC or one of the two smaller providers.
Critics argue that the easy availability of such insurance has significantly boosted the number of potential buyers, pushing up prices and adding froth to the market.
For the past several years, the federal government has been closely scrutinizing the CMHC, with former Finance Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.
Observers compared this latest move to an earlier set of guidelines focusing on banks’ mortgage underwriting processes. OSFI’s B-20 Guideline, presented in draft form in April 2012, included set of principles around mortgage lending that put responsibility for underwriting standards on the shoulders of banks and their top executives.
Observers say the move helped cool a housing market that appeared to be bubbling over.
(Source: John Greenwood, Financial Post)

Monday, May 12, 2014

What are the General Requirements to Qualify for Homeowner Mortgage Loan Insurance?

CMHC's new premium rates will be effective for new mortgage loan insurance requests submitted on or after May 1, 2014.
  • The home is located in Canada.
  • For CMHC-insured mortgage loans, the maximum purchase price or as-improved property value must be below $1,000,000, when the loan-to-value ratio is greater than 80%.
  • You will typically have a down payment of at least 5% of the purchase price of the dwelling, depending on the dwelling type.
    • Single-family and two-unit dwellings (5% minimum down payment)
    • Three- or four-unit dwellings (10% minimum down payment)
  • Normally, the minimum down payment comes from your own resources. However, a gift of a down payment from an immediate relative is acceptable for dwellings of 1 to 4 units. For eligible borrowers, additional sources of down payment, such as lender incentives and borrowed funds, are also permitted. Check with your lender for qualifying criteria and availability.
  • Your total monthly housing costs, including Principal, Interest, property Taxes, Heating (P.I.T.H.), the annual site lease in the case of leasehold tenure and 50% of applicable condominium fees, shouldn’t represent more than 32% of your gross household income (Gross Debt Service (GDS) ratio). Use the GDS form to calculate how much you can afford in housing costs to be eligible.
  • Your total debt load shouldn’t be more than 40% of your gross household income. The Total Debt Service (TDS) ratio is your P.I.T.H. + the annual site lease in the case of leasehold tenure and 50% of condominium fees (if applicable) + payments on all other debt / gross annual household income. Add up your costs and determine your Total Debt Service ratio using the TDS form.
  • You also need to think about closing costs (for example, legal and land transfer fees) equivalent to 1.5% to 4% of the purchase price. Many first-time buyers are surprised by these costs. That is why, when qualifying for CMHC’s Mortgage Loan Insurance, our Home Purchase Cost Estimate worksheet form will help you calculate your total homebuying costs.

    Closing costs include but are not limited to one-time items such as lawyer fees, GST and PST as applicable, land transfer tax if applicable, adjustments, etc., to allow you to complete the house purchase.
    Other requirements may apply and are subject to change. For details, please contact your lender or mortgage broker.
(Source: Canada Mortgage and Housing Corporation)

Wednesday, May 7, 2014

SOLD: 9431 Seacote Road: 4 bed 3 bath House for Sale in Richmond BC



9431 Seacote Road
Richmond BC, V7A 3Z9, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/9431-seacote-road-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Shellmont
MLS® No.: V1062265
Bedrooms: 4
Bathrooms: 3
Total sq.ft.: 2809


Description:
Nicely updated and well maintained family home in popular Ironwood area Cul-De-Sak. Three bedrooms up and one down. Master bedroom with ensuite. Kitchen with eating area and walkout to comfortable bright sunroom professionally added in 2003. Down has a bedroom and rec-room with French doors taking you to a professionally installed covered patio with well landscaped fenced backyard and shed. Shows very well. Age of updates Approximate: Roof and windows 2 years, Furnace 7 years, Extension 10 years.

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RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
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FOLLOW me on TWITTER
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How to Qualify for a Mortgage When You’re Self-Employed

Ten years ago 387,200 British Columbians were self-employed. Today, this number has increased by 18% to 416,500. Nearly one in every five British Columbians now works for themselves. When it comes time to getting a mortgage or refinancing an existing mortgage, self-employed workers are treated differently from salaried employees.

Who is Self-Employed?

Typically, lenders at financial institutions consider someone self-employed if they:
• run a business alone as a sole proprietor, with a partner, or as a corporation;
• receive 25% or more of their income from the business;
• work on short contracts for different employers; or
• are paid solely on a commission basis.
In contrast, a salaried employee is someone who receives a regular paycheque from an employer, or even several paycheques for part-time work for multiple employers.

Different Rules For The Self-Employed

Since 2011, the federal Department of Finance has imposed a range of stricter rules on mortgages for all borrowers, for example:
• reducing maximum amortization periods to 30 from 35 years;
• restricting the percentage borrowers can refinance; and
• requiring borrowers with less than a 20% downpayment to meet standards for a five-year fixed rate mortgage.
For the self-employed, new rules brought in two years ago by Office of the Superintendent of Financial Institutions require anyone working for themselves applying for a mortgage or refinancing from a federally-regulated financial institution to have a minimum downpayment of 35% of the home price.
The mortgage must also be insured by Canada Mortgage and Housing (CMHC), Genworth or Canada Guaranty.
Credit Unions, however, are not federally regulated and may require self-employed workers to have a downpayment as low as 20% without requiring mortgage insurance.

Self-Employed Need Proof

Self-employed borrowers will have to prove they have a viable business, a good credit rating and a good history of paying bills and a good history of paying bills and loans on time.
Borrowers in business for three or more years are required to verify net taxable income - what remains after business deductions are subtracted from gross earnings.
Lenders will want to see the past two years of these documents:
• monthly bank statements;
• Canada Revenue Agency assessment notice;
• business balance sheet and profit-and-loss statement;
• business credit card statements; and
• credit references or letters from financial institutions.
 Lenders may also ask for a letter from the borrower’s accountant, proof that rent is paid on time, and a personal balance sheet showing assets such as stocks, and debts such as credit card or car loans.
Self-employed borrowers in business for three or more years are required to verify net taxable income – what remains after business deductions are subtracted from gross earnings.
Self-employed borrowers in business for less than three years will also be required by CMHC (or other mortgage insurers) to complete a stated income application. For information on CMHC’s program for self-employed, see: www.cmhc.ca/en/hoficlincl/moloin/hopr/upload/CMHC-Self-Employed.pdf

Averaging Net Income

Just because a self-employed worker had a net income of $120,000 the previous year, does not mean they will qualify for a mortgage based on this amount.
Instead, a lender determines the amount a self-employed borrower will qualify for by reviewing several years of earnings and averaging them.
For example, a self-employed borrower’s income for the last three years might be analyzed as:
YearNet Income
2013$120,000
2012$80,000
2011$30,000
Average net income = $76,666
 The lender will base the amount loaned on the average income of $76,666.
As the number of self-employed workers continues to increase, REALTORS® should advise their self-employed buyers to take the time to collect the documents mentioned here and to make copies and prepare a binder to give to lenders to demonstrate their credit worthiness.
 (Source REBGV)

Tuesday, May 6, 2014

SOLD #104-8300 Bennett Road: 2 Bed 2 Bath condo for Sale in Richmond BC



This property is now SOLD

 #104-8300 Bennett Road
Richmond BC, V6Y 1N5, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/104-8300-bennett-road-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No.: V1062136
Bedrooms: 2
Bathrooms: 2
Total sq.ft.: 1186 sq.ft.


Description:
Bright spacious corner 2 bedroom 2 full bath condo, very well maintained and nicely updated with laminate floors. Large kitchen Bright west exposure. In-suite laundry, gas fireplace, secured underbuilding parking and extra storage locker. Central yet quiet, conveniently located; walk to schools, transportation, shopping and Canada Line. Close to all amenities. No rentals. Pets allowed.
--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling