Here are some tips to create a captivating kitchen:

You can cut down on visual clutter by removing items you normally store on the counter.  This will help your kitchen look more spacious.

Your eat-in kitchen should have a table and chairs in it.  Buyers like to see an eat-in kitchen, but often don’t have the vision to see it as such without the furniture.

Remove window screens in the kitchen.  Screens take away from allowing natural light inside.  Plus, no one will notice they are missing.

It’s a good idea to keep some toll-house cookie dough on hand, and bake up a few cookies just before a showing…but don’t overdo it.

Keep the exotic spices and fish to a minimum when cooking the night before a showing.  Work towards achieving a “clean” smell.

Thoroughly clean all your appliances and cupboards, including the inside of your oven and microwave.

Set the dinner table with your best china to stimulate your buyers’ imagination of the dinner parties they’ll host.

Many buyers will look inside your cabinets, so make sure the inside is organized and clean.  Also store non-essential items elsewhere to make the cabinets look more spacious.

Clean as much as possible off the countertops.  Items such as the coffeemaker, toasters, can openers, salt and pepper shakers, recipe boxes, and dish draining rack can be put away.

Make sure that your counter is spotless and shiny.

If you keep fruit or flowers on your counter, be sure they are always fresh.

If your cabinets show wear and tear, you might want to paint them.  A simple trick to update the look of your cabinet doors is to replace your current knobs with new ones.  It’s much cheaper than getting a new kitchen, and it sure can make a difference.

Shine your faucets and knobs and use spot remover to prevent water spots.

Remove notes, pictures, and coupons from the refrigerator door.

Empty your trash cans.  Garbage and recycling bins must be out of sight.

You may want to make your home more attractive by having us approve a rate hold on the home you’re selling.

That way if rates rise, your buyer gets a lower rate!

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret

A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072

W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Here’s a quick video rundown on qualifying rate….

QUALIFICATION RATE

The biggest rule change affects borrowers who put down less than 20% and want a variable or 1- to 4-year fixed term.

Yesterday, you might have qualified for a high-ratio $250,000 variable-rate mortgage with a 3.8% qualifying rate.

Today, lenders will demand you qualify with a 6.10% rate.

That means your income needs to be around 25% higher today than it did yesterday to be approved for the same variable or 1- to 4-year fixed rate mortgage!

Nothing changes with 5- to 10-year mortgage terms.

The qualification rate will still be based on the rate you’re quoted.

REFINANCES

Starting today, insured refinances will be limited to 90% loan-to-value.

2ND HOMES

Second homes now qualify for high-ratio insured financing if, and only if, they have no more than one unit.

RENTAL FINANCING

People buying rental properties now have to put down 20% (instead of 5% last week) to get insured financing.

You can put down less than 20%, but you’ll generally need to use an uninsured lender, which means higher interest rates.

In short:

When a subject property or owner-occupied property generates rent:
50% of gross rent is added to the borrower’s income
Property taxes and heat are excluded from Total Debt Service (TDS) calculations.
For non-owner occupied rental properties:
100% of net rental income is added to the borrower’s gross income
The mortgage payment, property taxes, and heat are excluded from TDS calculations.

Net rental income:

A 2-year average of rents is required to establish net rental income (we’re checking on what exceptions may be permitted)
Net rental income is proven via the borrower’s T776 Statement of Real Estate Rentals OR lenders can use their own guidelines to validate rental income. Net rental income can be grossed up 15% if the borrower takes deductions for depreciation or amortization, or rental-related self-employed income.

PS  on Investment property

However, the 20-per-cent minimum down payment rule is less likely to make a significant dent in real estate activity as there are no rules as to where those funds can come from. There is nothing in the rules that would prevent homeowners from withdrawing equity from their primary residences to meet the 20 per cent threshold on a second investment property, for example.

Creative financing will become increasingly popular.

Here again, I can’t stress how important it is to get the

RIGHT ADVICE – AT THE RIGHT TIME…

Ultimately, I think home buyers will continue to tap their personal credit lines and family connections to get the money they need to enter the housing market.

Bottom line – If you’re going to invest in real estate, you’ll have to put down a minimum of 20 per cent.

You may want to contact me to discuss Email me

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Housing starts across British Columbia remained depressed in the first quarter of 2009, falling almost 70 per cent from the same quarter of 2008, Canada Mortgage and Housing Corp. reported Wednesday.

While housing starts ticked up slightly in March on a national basis, builders in B.C. started work on 2,517 new homes in the first three months compared with 8,532 in 2008.

Locally, the declines in starts ranged from almost 93 per cent in Kelowna, where builders started on 72 new homes compared with 985 in the first quarter last year; to 31 per cent in Nanaimo, where builders started on 170 new homes vs. 247 in the same months a year ago.

New-housing construction slipped in March to a pace that would see builders across urban B.C. start work on 10,000 units in 2009, compared with a pace of 12,000 units seen in February.

In the Lower Mainland, Metro Vancouver saw starts fall by two-thirds, 1,829 units compared with 5,131 in the first quarter of 2008.

Robyn Adamache, senior analyst for Canada Mortgage and Housing in Vancouver, said the drop in starts now is a lagging response to the dramatic fall-off in sales that the Lower Mainland and other regions experienced through last summer and fall.

Comparing the current real-estate market correction to the past couple of market cycles, Adamache added that “it seems like builders have responded a little bit more quickly to the downturn in the resale market.”

Across Metro Vancouver, West Vancouver saw the steepest drop in the first quarter at 92 per cent, with the Tri-Cities and Surrey not far behind at 91 per cent.

Delta was the only municipality to see an increase in housing starts. Builders there started work on 81 new housing units, an increase of 55 per cent in the first quarter from a year earlier.

B.C., and Metro Vancouver in particular, did see a significant rise in the value of building-permit applications in February, which signals higher levels of building in future months.

Adamache added that current housing starts are well below her forecast for Metro Vancouver, so the permit numbers are evidence backing her expectation for “things to start improving a bit by the end of the year.”

Peter Simpson, CEO of the Greater Vancouver Home Builders’ Association, said record attendance of almost 900 participants at his organization’s seminar for first-time homebuyers indicates to him that there is demand in the market that will support more housing starts later on.

“That [seminar], for me, was the litmus test of where we are,” Simpson said in an interview.

If the seminar had low attendance, coupled with low housing starts, “I’d say that’s going to be a long-term [situation],” Simpson added.

In the meantime, however, Simpson said the low level of starts does not bode well for employment in the construction sector.

Adamache said rising unemployment in B.C. is one factor that will weigh on housing in the months to come.

Douglas Porter, an economist with BMO Capital Markets said, “You are starting to see very real job losses in B.C. B.C. is, unfortunately starting to catch up with Ontario on that front.”

On the bright side, Porter said falling prices and lower interest rates have made homes more affordable, which will help mitigate the effects of higher unemployment.

Across Canada, home construction rose unexpectedly in March, led by Ontario and Quebec, CMHC said.

There were 154,700 housing starts on an annualized basis during the month, up from a revised 136,100 units in February, the government agency said. Many economists had expected housing starts to dip to 130,000 units in March.

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