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Their are four main types of mortgages offered by lenders in Canada.  They are referred to as closed, open, fixed and variable rate.  Many lenders offer products that can be combined with the mortgage type, so ask questions when you meet with them!

Here is an overview on the above mentioned types of mortgages:

Closed Mortgage

Within a closed mortgage, the payments remain unchanged for the duration of the load period (term).  This format provides stability but penalizes a borrower who wants to terminate the mortgage early.   Typically there are set terms for the loan, usually ranging from a term of 6 months up to even twenty years.  The norm is to secure a term of five years as this provides a locked in rate for a good number of years but allows you to change your mortgage after five years.

Open Mortgage

This form of a mortgage allows the flexibility of pre-payment of the mortgage which is in contrast to the closed mortgage format.

Variable Rate Mortgage

In a variable rate mortgage, the interest rates can change during the term.  The advantage of this format is that the borrow may take advantage of lower interest rates than in a fixed rate mortgage.  On the downside, this mortgage exposes the borrower to change, which could mean the interest rate could go up or down thus affecting the monthly payments.

Fixed Rate Mortgage

Here you have a mortgage that has a constant interest rate throughout the term of the loan, even if the rates rise in the marketplace.  On the flip side, if rates go down in the marketplace, the borrower is locked into the fixed rate until their term is up.  The desireable element of this form of a mortgage relates to the stability of the payments for the borrower.

There are a number of variations of the type of mortgages available in the marketplace.  To explore these more, I would encourage you to visit with a lender, be it a bank or a mortgage broker, to discuss what would be best suited to you & your lifestyle.  If you need a recomendation on where to start, please give me a call or email me. 

Upon pre-approval with a lender, let’s get started on finding you a new house or condo!

A fall home show in Ottawa yielded some interesting trends occurring in the housing market.  Check out the captivating trends for 2009 below:

1. Pools

Once considered a liability by some real estate agents — what with the high maintenance and the short summer season — pools are a must-have once again. Now with the option to throw away the chemistry set and opt for salt to control bacteria, viruses and algae, there is no longer the need to labour over the chlorine balance. Just toss in a bag of salt and relax. These days LED lit pools are the glowing centrepiece of a backyard sanctuary, where you can escape from the hectic world that extends beyond your driveway. And it’s hard to find a major renovation without one. Whether it’s a sleek lap design, a cool infinity edge or a whimsical amoeba shape, pools are where you want to be when the temperature spikes.

2. White kitchens

What some may have considered staid and cold in the past, is now considered fresh and sleek. The modern white kitchen has grown up, and now exudes an elegant style.  Durable cream or grey-toned marble, granite or quartz is typically used with a light-coloured backsplash for a subtle blend — all contrasted by a rich dark walnut floor.

3. Windows

In a city that is plunged into a deep freeze half the year, home owners want to feel the warmth of the sun streaming through windows.

4. Libraries

Whether you work at home, or just love to be surrounded by modern and classic stories, this room — some designed with sitting areas, book bars, reading nooks and fireplaces — is becoming a major trend. The private library/den is a retreat, where book lovers can read and showcase their rare editions and collectables. Whether the space consists of simple and contemporary built-in shelving or soaring wall-to-wall shelves of exotic woods, the library adds a touch of sophistication to a home

5. Quartz countertops

Move over granite and marble and make room for your cousin, quartz. According to sales representative Peter Hibbert of Marble Unlimited, whose business specializes in selling all three surfaces, quartz is catching on quickly. Hibbert says the big difference between granite and quartz comes down to maintenance. Granite requires the owner to apply a sealer, and if the slab is a lighter colour, you may need to maintain it yearly or it will stain. “The beauty of quartz is you can get into lighter colours and not have to worry about it.” says Hibbert. “There is absolutely no porosity to it, there’s no maintenance. So you don’t ever have to seal it.”

6. Mosaic tile

Much like the craze for cultured stone, ceramic or glass mosaic tile adds texture and a punch of colour to walls, bathrooms, kitchens and pools. With an endless variety of colors, textures and sizes, this feature can inject a unique spark into any room. Because tiles are impenetrable, and not easily breached by liquids, they are ideal for places that get wet often and are easy to clean with a wet cloth.

7. Walk-in pantry

Pantries are a chef’s delight, keeping food, toasters and coffee makers organized and out of the way.

8. Wine racks, coolers, cellars

Whether your budget calls for a wine niche or a full custom cellar, there’s no doubt these trends are hot. Incorporated into kitchen islands, cabinetry, basements, they are a coveted feature for the wine connoisseur. Whether formed with luxurious woods or ornate metal, the key function is to keep wine in an environment free of vibrations, light and temperature variations.

9. Breakfast bar

This feature has become the anchor of the kitchen, where cooks can prep, while family members sits on a stool to watch, do homework, or sip a beverage.

10. Built-in cabinets

Known for saving space, options for built-in furniture runs the gamut, keeping cabinetmakers busy, working with large and independent builders on innovative designs for window seats, cupboards and wine cabinets.

Excerpts Borrowed from Paula McCooey, The Ottawa Citizen               Published: Saturday, October 24, 2009

For the full article, please visit the original Ottawa Citizen article.

Are you in the market to build a new home?  Now is the time to start thinking about building if you want to get into your new house for the Spring/Summer 2010 and avoid paying the new HST taxes!

As a local REALTOR who specializes in both Resale Homes & New Construction, my partner & I are a perfect fit to help you secure your newly built home.  We understand what goes into the construction of new homes, the selection process and the details needed to ensure that you get what you envision!  Below are some existing and upcoming locations in Kingston to build a new home – all of which we can represent you in the purchase of this new home!

1. Lyndenwood, located behind Rona, just off Princess St.

Area Pricing for New Construction: High $200,000’s to $600,000.

Type of New Construction Available: Single Detached, Custom Homes

Builders: Geertsma Homes, V. Marques Homes, Caraco, James Selkirk, Haynes Classic Homes, Dehoop Homes.

2. West Hampton, located East of Costco off Centennial Drive.

Area Pricing for New Construction: Low $200,000’s to high $300,000’s.

Type of New Construction Available: Single Detached

Builders: Caraco, Dehoop Homes, Braebruy Homes

3. Greenwood Park, located on the East side of Kingston near CFB Kingston.

Area Pricing for New Construction: Low $200,000’s to $400,000’s.

Type of New Construction Available: Single Detached, Towns

Builders: Caraco, Braebury, Tamarack Homes, James Selkirk, various small custom builders.

4. Conservatory Pond, located just south of No Frills off Bayridge Dr.  Only 2-3 spec homes available here.

Area Pricing for New Construction: mid $200,000’s to $300,000’s.

Type of New Construction Available: Single Detached

Builders: Braebury Homes

5. Stonebridge, located south of Taylor Kidd, just off Centennial Dr.

Area Pricing for New Construction: High $200,000’s to $600,000.

Type of New Construction Available: Single Detached, Towns

Builders: Caraco, Braebury Homes, various small builders.

6. Westbrook Meadows, located off of Wesbrook Rd, just West of Collins Bay.

Area Pricing for New Construction: High $200,000’s to $500,000.

Type of New Construction Available: Single Detached, Custom Homes

Builders: Any builder of choice that follows area covenants.

7. Lakeview in Amherstview, head west on Bath Rd to Speers Dr in Amherstview.

Area Pricing for New Construction: low $200,000’s to $300,000’s.

Type of New Construction Available: Single Detached, Good Entry Level options.

Builders: McFarland Construction, Barr Homes, Royal Palm Homes

8. Rural Building Lots

There are a number of rual building lots available to purchase and build to suit.  In this case, you can secure the lot and select the builder of your choice to cosntruct the home.  There are various ways to structure the purchase of the lot & the deal with a builder – ask for details!

9. Highgate Creek in Woodhaven, North-West corner of Bayridge Dr & Princess St. *** COMING SOON ***

Highgate Creek in Woodhaven is the next big development in the west end of Kingston.  With pricing starting in the range of $190,000 for a town house and upwards of the low $300,000’s – this area is sure to draw a lot of interest when it’s released in the Fall of 2011 (tentative date). 

The area is comprised of Single Detached homes, Semi-Detached and Townhouses.  Plus with walking paths and the future location of the next Limestone District School boards elementary school, there is tons to enjoy in this area.

To be kept up to date on product availablility in this area, please send me an email to be added to the list.