Affiliated Real Estate Agent
CENTURY 21 Leading Edge Realty Inc., Brokerage*
- 165 Main Street North
Markham, ON L3P 1Y2
Welcome to my Website
Beverley Gonsalves has been a Markham/Unionville resident since 1989.A tireless worker, she has also found time to involve herself with community at large.
She is a contributing member of the following organizations: The Markham Board of Trade, and the Markham Prayer Breakfast committee (chaired by our Mayor). Her charities include The Rouge Valley Community Hospital Foundation, The Christian Blind Mission, loves to help underpreviledge families, and with Unionville Alliance Church, the church that she and her family attend.
Beverley is devoted to her family and to her extended family in Jamaica. She is married to Sydney and she has three adult sons, two of whom are married. She makes time to have regular Sunday dinners for the entire family who relish her excellent culinary skills. She thoroughly enjoys entertaining friends and relatives, since hospitality and caring are her gifts. She is also involved with Pastoral Care visiting the sick and caring for those in need.
Pre-Qualified Does Not Mean "Approved"
Pre-qualified is only a guide. Being pre-qualified for a mortgage means that a mortgage professional has taken a peek at what you earn, what you owe, and calculated a standard approach to affordability to arrive at an amount that tells you - how big a mortgage, or how many dollars you should be able to get from a Lender. Pre-qualified is only a guideline.
Pre-approved gives you a comfort zone. Mortgage pre-approval means that a Lender has verified income, outstanding credit balances, and has looked at a credit report in about the same detail as if you had already applied for the mortgage loan.
With a pre-approved mortgage, you know where you stand as a borrower. You have a clear picture of the type of mortgage, the interest rate and what your mortgage payments will be. Plus, most Lenders will give you a rate-lock for 60 or 90 days after the pre-approval date, so you`re not caught if market rates change while you`re home hunting.
When you buy and submit the mortgage application, the Lender will re-verify assets, income and debt to ensure nothing has changed since the pre-approval. The property will be appraised to ensure it meets Lender and Lending Ratio Guidelines. And it`s important to note that even when you`re pre-approved, the property must also be approved by the Lender, before you can get a `Mortgage Commitment`.
There are so many choices it can make your head spin. Some types of insurance are optional in a home purchase - others are a matter of picking the best option. Here`s a top-line comparison to give you an idea of the differences.
Mortgage Loan Insurance (aka High Ratio Insurance) is required by law if the mortgage is more than 80% of the appraised value of the property. it covers the Lender in case of mortgage default.
Mortgage Life Insurance (aka Creditor Life) is designed to pay off the principal sum of the mortgage in the event of tragedy. The drawback is that the payments remain the same for the life of the mortgage, even though the principal amount of the mortgage decreases through amortization.
Life Insurance is widely available to protect families. It`s not tied to a specific property or Lender. Unlike Mortgage Life Insurance, the amount doesn`t decrease as the mortgage balance decreases and, if needed, a payout can be applied where best needed.
Title Insurance protects the property owner and Lender against losses related to the property`s title or ownership.
Homeowner Insurance protects the property and valuables, as well as providing liability protection. Think of it as protection against the possibilities. This type of insurance is usually a must-have as part of the mortgage covenant.
Get to know the options as there will be differences in premiums, coverage, and benefits.
Home Hunting - Bring ID
Used to be, unless a buyer required a mortgage, property purchases in Canada could be almost anonymous. Cashing a cheque required more information and more proof.
In June 2008, that changed. Now, when purchasing real estate anywhere in Canada - buyers are required to provide their name, permanent address, date of birth, as well as their principal business or occupation. And all of these need to be confirmed by Photo ID (using a Passport, Drivers License, or Birth Certificate with serial number) to the Agents of the transaction.
It`s the law. And it was passed so FINTRAC, a Federal Government agency, could track deposit and purchase monies used in real estate transactions.
The requirements seem aggressive, but it`s part of an international effort to halt, or at least reduce, money laundering from illegal activities. FINTRAC stated that 63T of these types of money are cleansed or transferred through the buying and selling of real estate.
These strict new regulations, supported by Federal Legislation include dealings with foreign or off-shore buyers too. And when the purchaser is a corporation, Agents are required to obtain corporate documentation along with the names of the corporation`s directors.
Credit Reports and Credit Scores
Lenders use Credit Reports and Credit Scores to help determine, 'ìs there risk'? But there can be errors on the Credit Report. Inaccuracies recorded on your Report by Lending Institutions or Credit Card Companies can be unfair and ruin what may otherwise be a good credit history. But Lenders only go by what`s in the report.
How do you guard against mistakes? Get a copy of your credit report and review it for accuracy. On Credit Reports, mistakes take patience and time to correct.
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