Men and Women are different

Kim Kargus was recently divorced and looking for a home to buy for herself and her daughter. The 36-year-old child protection worker loved the look of a three-bedroom house in Cobourg, but was a bit nervous about putting in an offer.

She had always rented and was concerned about taking on the debt, a mortgage and the day-to-day responsibilities, from plumbing to electrical, of home ownership.

“When you are renting and something goes wrong, you can call your landlord to come and fix it. But when you buy a house, it all falls on you,” she says. After doing some research, she knew she was ready to take the plunge.

“I had heard lots of other people’s stories, both good and bad. And so I was kind of anxiously waiting and hoping everything was going to go well,” she says.

Kargus’ situation is a good example of how men and women differ in attitudes towards buying a house. Studies by Genworth Financial Canada found more women than men want an easy to understand mortgage structure, and low monthly payments.

Women are also more anxious about their financial future, find shopping fora home more stressful then men, but like men find the notion of home ownership comforting.

A recent Bank of Montreal study made similar findings, noting that women are more likely to report feeling overwhelmed by the home buying process. This trend – and the fact that more women are buying their own homes – has led to a rise in services catering to women.

Banks are focusing on female buyers in their marketing materials and mortgage brokers, such as Marcy Berg, have sprung up. Berg runs the Cobourg-based Mortgages for Women, which courts female clients.

Berg’s clients include separated and divorced women as well as the never-married, single crowd. The latter group is on the rise. A 2007 Royal LePage survey found that 30 per cent of women who have never been married already own their own home. And of those who didn’t, 31 per cent said they planned to purchase a home within three years.

Kargus met Berg three years ago and was preapproved by a mortgage company for a mortgage but the interest rate was fairly high – partly because rates were generally higher at the time but also because Kargus had some debt.

Berg encouraged Kargus to postpone her purchase and pay off her debt to improve her credit rating. She also suggested Kargus wait at a year to buy to give housing prices and rates a chance to drop. “It was one of the best pieces of advice that I ever got,” Kargus says.

Two years later, when she returned to Berg, houses were more affordable. Thanks to paying off her debt and interests rates dropping, Kargus received a lower rate.

Looking back, Kargus says, it was worth the wait. “I don’t regret it all. I absolutely love my house.”

Some single women are purchasing a home with a friend or friends, says Laura Parsons, Bank of Montreal’s manager of specialized sales.

“We just put three waitresses into a mortgage last year,” said Parsons. “They work together. They were all paying rent at $1,200 a month. Why would they not go together? It’s an investment.”

Regardless of whether women who are buying real estate are single, separated, divorced, or coupled up, the home-buying process should begin the same way, Parsons and Berg say.

Sit down with a mortgage specialist or mortgage broker to find out what you can afford. Don’t get rushed through the process over the phone. “There is so much disappointment in that,” Parsons says.

With a mortgage, don’t just focus on the monthly payments. Pay attention to the amortization schedule, which shows, over the entire term of your loan, how much of each payment goes towards interest and how much goes towards principal. (The allocation will change over time.)

“You have to look at how much money this is going to cost you over the life of the mortgage,” Berg says. “People look at the monthly payment and say, ‘I can afford this.’ Well, you can afford the payment, but is it the smartest payment to make?”

After meeting with a mortgage specialist or mortgage broker, don’t be discouraged if the conclusion is that now isn’t the best time for you to buy. Get help setting up a plan that will lead you towards home ownership, Parsons and Berg say.

Naomi Carniol is a Toronto freelance writer.

http://www.moneyville.ca/article/879753--how-women-differ-from-men-in-home-buying-stress

David Pylyp; When you are ready, lets work out your financing details, and without any pressure or drama, find a place for you, your place to start building your own equity. Call or email.

Girls Just wanna have fun? or Security?

Home is where her heart is: 3rd annual TD Canada Trust Women and Home Ownership Poll reveals the growing importance of having a place to call your own

Although financial security continues to top the list of home ownership benefits, the comforts of home are increasingly important to Canadian women. According to the third annual TD Canada Trust Women and Home Ownership Poll, which surveyed women who have purchased a home independently, key features of home ownership, including being able to renovate to suit individual tastes and having a garden, are now more essential to Canadian women than they were in 2008.

When asked to describe the best things about home ownership, Canadian women said it is about making a house a home. Having a place of their own (34%), being able to decorate or renovate the way they want (34%) and having a backyard or garden (32%) were some of the responses that increased dramatically from the first survey conducted in 2008. Women had cited having a place of their own at 22%, being able to decorate or renovate the way they want at 14%, and having a backyard or garden at only 5% back in 2008.

"Even though the comforts of home have become increasingly important to women, the financial reasons for home ownership have also increased in importance," says Chris Wisniewski, Group Product Manager, Real Estate Secured Lending, TD Canada Trust. This year 44% of women ranked financial security as the best thing about home ownership compared to 23% of a similar sample of women in 2008. Second on the list of best things about owning a home was not having to pay rent or pay other people (38% versus 13% in 2008).

"It's not surprising that the financial reasons for ownership have increased in importance for people. People are looking for ways to feel financially stable again and see home ownership as a way to build equity and invest in their future."

The financial commitment of owning a home can be a double-edged sword; for many women home ownership offers a sense of financial security yet the financial responsibility can be a headache for others. Twenty-nine per cent of women say that the additional expenses and financial responsibility related to owning a home are their least favourite things about home ownership.

"With interests rates still fairly low, there are affordable financing options available for women considering purchasing a home," says Wisniewski. "However, as interest rates are expected to rise in the near future, it's important that home buyers consider their financial options carefully. We know home buyers have questions, especially those purchasing for the first time so we hope they will come to a branch for some great advice about the options available. For even greater convenience TD has mobile mortgage specialists who can work around their schedule to meet them anytime, anywhere."

In fact, getting more advice when talking to experts and asking even more questions is something most women surveyed wished they had considered when buying their first home. When asked which topics they wish they knew more about when they purchased their home, 40% of women wished they had more knowledge about the fees and costs associated with purchasing a home, 32% wanted more information about the expected annual expense of owning a property and 30% wanted more information about mortgage options.

To discuss financial options for buying, selling or renovating a home, including things like expected costs, Canadians can visit any TD Canada Trust branch or arrange to meet with its mobile mortgage specialists at a time and place that's convenient for them. For more information about mortgages and home equity lines of credit or TD Canada Trust Mobile Mortgage Specialists, visit www.tdcanadatrust.com/mortgages or call 416 629 5363 Denise Pisani.

About the TD Canada Trust Women and Home Ownership Poll

The TD Canada Trust Women and Home Ownership Poll surveyed women 18 years of age and older from across the country, to explore home ownership behaviour among women. The survey was conducted by Angus Reid Strategies with English and French speaking Canadians using the Angus Reid Forum. The sample size includes 1,000 women who have purchased a home independently. The answers from 361 women aged 20 to 45 were used to compare to the 2008 poll which surveyed this age group exclusively.

Beware as Lenders Tighten on Condo Mortgages Toronto

We have seen that Condo buyers are facing stricter lending guidelines, dropping values (especially for in-construction buildings) and, if they're self-employed or buying for investment purposes, new rules and restrictions.

In fact, situations where people who bought suites two years ago and thought they had a big enough mortgage to cover 75 per cent of the price are now being told 65 per cent is all their lender will put up.

New condo buildings can go down in value due to builders cutting back on extras and upgrades to increase affordability, says a Globe and Mail reporter.

Along with dropping values, self-employed condo buyers in particular have to show higher credit scores (in the 680 range, up from 620).

In addition, real estate investors face more restrictions - for example, lenders can only count 50 per cent of rental income toward revenue needed to qualify for a loan when it used to be 80 per cent.

Make sure you know your facts and that you consult a real mortgage professional (accredited and licensed) who will make your buying or refinancing experience pain-free, stress-free and enjoyable. With over 50 lenders available in Canada, there are simple and easy way to make sure you get the right mortgage tool to get you where you want to be.

Danny D. Kellman, MBA, AMP, EPC [ddkellman@mortgages4women.ca] is a principal with

The Mortgage Diversity Group Their blog is Mortgages 4 Women, Toronto, Ontario. Danny Kellman and Marcy Berg concentrate their efforts on bring information and knowledge to the growing base of women only mortgage business. Danny can be contacted at 300 - 40 Wynford Dr., Toronto, ON, M3C 1J5

Phone: 647-929-5346 Toll-free: 1-888-372-7367 ddkellman@mortgages4women.ca

Be Aware of Mortgage Penalties

Sometimes the deal is just too good....

Remember when people keep telling you to ALWAYS read the fine print? This is just such an example. Danny Kellman recently relayed a story about a mortgage client who did not read the fine print, sold their house based on a job transfer and then was shocked to find that the pay out penalty was 10's of thousand of dollars and not the three months interest that they were expecting.

Danny Kellman went on to say some mortgages carry a full payment of interest until renewal of term, so that in those cases 2 or 3 years of interest payments may be due as a penalty to the lender on discharge. Read your contract carefully is the advice!

Danny then directed my attention to a recent CBC video on this exact topic. This video is available here; http://www.cbc.ca/national/blog/video/consumer_watch/mortgage_contracts_the_

fine_pr.html and is from the Consumer Watch with Reporter Reg Sherren taking a closer look at the fine print on many mortgage contracts, and finding many Canadians don't realize how costly it can be to renegotiate.

Danny stressed the importance of having a Mortgage Specialist in your corner and reflected on the success of her group Mortgages 4 Women and their focus on an entirely female based clientelle. Danny remarked "with more women working in the financial district in downtown Toronto, we decided to relocate our offices to Bay Street to be closer to the clientelle we serve.

Be careful out there, as it was not the case for this particular situation but these clients signed a contract which allowed the bank to get their money. The issue was that the couple did not get professional advice before signing the contract. This types of advice is priceless as they could have saved thousands. Call Danny or Marcy for all your mortgage explanations or needs.

Danny D. Kellman, MBA, AMP, EPC [ddkellman@mortgages4women.ca] is a principal with

The Mortgage Diversity Group Their blog is Mortgages 4 Women, Toronto, Ontario. Danny Kellman and Marcy Berg concentrate their efforts on bring information and knowledge to the growing base of women only mortgage business.

Danny Kellman can be contacted at 300 - 40 Wynford Dr., Toronto, ON, M3C 1J5

Phone: 647-929-5346 Toll-free: 1-888-372-7367 ddkellman@mortgages4women.ca

First time buyer? Time to divorce your landlord and say, "I do" to real estate!

We understand how difficult it can be when you've never purchased a home before. For women especially, it can be a real internal struggle. If you are single, you must make all of the important decisions alone, so you need to seek as much information as you can find about the whole process. You want to deal with people you can rely on and who have the knowledge and experience to cut through all the gobbledygook and give you the information you need for peace of mind.

Let us help you. Being women, we understand the needs of women. We have years of experience in mortgages and with over 40 lenders, we can find you the mortgage that offers you security and the best rate. Call us now at 1-888 372-7367 and see why Mortgages for Women is a woman's best choice for mortgages.

I was graciously invited to a morning meeting with Marcy Berg of Mortgages4Women this morning at the Grenedier Restaurant in High Park in Toronto. The entire conversation was consumed with the benefits of women dealing with Trusted Business Advisors with their life plan, goals and decision making process.

Marcy shared some interesting details with me about the demographics of the group she serves. They are; an average of early 30's with property ownership aspirations but tend to live in the 905 and work in the 416. They are aware that real estate is the best form of equity acquisition in the long term.

Marcy Berg has assembled an entirely female staff of Financial Planners, Mortgage Brokers, and Lawyers, to advise you correctly about what is proper and appropriate for you as a five and ten year plan. Those especially effected are women with nearly college age children that need post divorce financial understanding and explanations.

Marcy and I met during the course of one of my video's about; Common Law Do you need his permission to sell the house. No you don't. This was a candid conversation, Q&A with Stan Gelman Lawyer Mississauga

This relationship has developed to "How can we jointly provide value to Readership and Ultimately our Clientelle". Marcy has recently acquired commercial space at 401 Bay Street, Toronto to be in heart of the Financial District of Toronto. With onsite staff and financial planners readily available for appointments, women can slip in during the work day to have their matters attended to.

The Mortgages 4 Women Group will attend with your financial planning assessments, portfolio reviews, mortgage applications and choices, assistance with First Time Buyers, Debt Consolidation and Business for Self.

David Pylyp works in the west sections of Toronto including Bloor west Village, Roncesvalles Village, the Humber Bay Shore Community and points west into Mississauga and Oakville. David be reached directly at 647 218 2414