Credit Scoring: Remediation

Google the term “credit repair” and 19 million results are instantly generated. With so much information available, and so much of it conflicting, how do you know which credit repair company is legitimate and which ones are really just looking to take advantage of desperate consumers?

The following are steps you can take to know exactly what to expect from a legitimate credit repair company or professional and the valuable services they provide:

Get a referral from your mortgage professional. Not only do we work with credit repair specialists on a regular basis, our business depends on your success. It’s in our best interest to make sure you are represented by professionals who are experienced in dealing with creditors, the credit bureaus, and collection agencies.

Don’t believe the hype. Credit repair takes time. Don’t fall for advertisements from companies promising miracles in just a few days or weeks. Remember, it took time for your score to get where it is, and it will take a legitimate credit professional time to fix it, depending on your situation. For the most part, expect 3 to 6 months for the best results and up to a year or more if you have more serious problems like bankruptcies or identity-theft issues.

Don’t spend more than $1,500. Depending on your situation, expect to spend between $800 and $1,500 for a legitimate credit repair company. Again, if you have major issues, expect to be in the higher range and vice versa. In today’s market, where FICO scores one point below 680 could cost you thousands of dollars in interest and monthly payments, you’ll be glad you made this investment in your financial future.

Monitor your progress. Be sure to communicate with both your mortgage professional and your credit repair representative throughout the process. To ensure success, we all need to be on the same page. With the right team of professionals, you can expect your credit score to increase between 10 to 220 points over the course of 6 weeks to 6 months. That’s going to save you a lot of money on your mortgage, credit cards, auto loans, and even student loans.

Credit repair is a valuable, worthwhile service when you’re working with the right company. If you have questions about credit repair and how it affects your chances of securing a mortgage or refinance, don’t hesitate to call. I will be glad to review your credit and see what, if anything, needs to be done to help you meet your financial goals and needs.

If you or anyone you know has any questions about credit scores or what can be done to repair them, please don’t hesitate to call.

Written by Danuta Levitzki. Conseillère en Financement Hypothécaire | Mortgage Loan Specialist
For current interest rates or to get more information on mortgage financing feel free to visit her website or call direct at 1-800-605-6154.

Image of the Day: Old Montreal Street

Photo: Deya Bautista

Top 10 Real Estate Articles of 2008

It was a busy year for the Montreal Real Estate Blog. While some months were more active than others, we still managed to post 153 articles, counting this one. From there, we’ve created great affiliations; new contributors joined the blog, adding a new dimension, various topics and an extra (and more needed) language to our articles. Then again, if it wasn’t for our loyal readers we would not be posting as often. Thank you so much for your support.

We will still work on the improvement of the site. For the next year, we’ll be implementing podcasts and even some video posts! Of course, the market reports and new condo developments updates will continue, as well as the tutorials on real estate transactions.

Now, here is the Top 10 list of the most popular articles from the blog in the year 2008.
We’ll be back to our regular posting schedule on the first week of January.

Happy New Year - and have one on us!

Warm wishes,

Deya Bautista & the Montreal Real Estate Blog Team ( jeez, what a mouthful)

The Montreal Real Estate Blog Top 10 Articles for 2008

1. How to Repossess your Income Property
   http://montrealrealestateblog.com/repossess-your-income-property/
   
2. The MLS upgrades to Realtors.ca: website review
   http://montrealrealestateblog.com/the-mls-upgrades-to-realtorsca-website-review/
   
3. How do you know if a condominium is in good financial condition?
   http://montrealrealestateblog.com/reserve-fund/
4. SLEB: The criminal scandal behind the luxury project.
   http://montrealrealestateblog.com/sleb-the-criminal-scandal-behind-the-luxury-project/
5. How to Calculate Montreal Welcome Tax
   http://montrealrealestateblog.com/calculate-welcome-tax-montreal/
6. Making an Offer to Purchase
   http://montrealrealestateblog.com/making-an-offer-to-purchase/
7. Should you lock in your mortgage?
   http://montrealrealestateblog.com/should-you-lock-in-your-mortgage/
8. La taxe de bienvenue: C’est quoi et comment la calculer?
   http://montrealrealestateblog.com/la-taxe-de-bienvenue/
9. The Comparative Market Analysis: CMA
   http://montrealrealestateblog.com/the-comparative-market-analysis-cma/
10. What Undivided Co-ownership means
    http://montrealrealestateblog.com/what-undivided-co-ownership-means/

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Montreal Market Forecast 2009 - CMHC

In 2009 the Montreal Real Estate market will become gradually more balanced, according to the CMHC 2009 market forecast.

Given that sales will fall and listings will rise, the market will ease slightly over the coming year. Average resale prices will continue to increase, but more slowly than in recent years.

A higher proportion of condominium sales will take place in the suburbs and in the less expensive sectors on the Island of Montréal, which will contribute to limiting the growth in prices. For the market overall, prices will therefore rise by 4 per cent in 2008 and by 3 per cent in 2009. Still, on the whole, the market will remain favourable to sellers in the short term and gradually ease toward more balanced conditions in 2009.

Here is the break down of the report:

• Mortgage rates are expected to be relatively stable
• Resale market will be moderately slow
• Condominiums will maintain more demand than single family houses
• Supply of home listings with increase slightly.
• Affordable homes are expected to register increases in starts.
• Prices for single family homes and plexes will go up by an average  4 % in 2009
• Condo prices are expected to grow by 3%

Now, let’s take a look at the details >>

Happy Holidays!

Photo Credit: Krisdecurtis

The Montreal Real Estate Blog wishes you:

Merry Christmas!   Joyeux Noël!   Feliz Navidad!

Warm wishes for you and your family.
May Santa bring you everything you asked for…even lower interest rates.
In this holiday season, it’s time to eat, drink and be merry. (Easy on the egg nog!)

The Real Estate Procrastinator

By Brian Madigan LL.B.

We all know the type: they look, look and look, but they never buy. For some strange reason, however, they keep on looking!

Five or ten years can easily pass, then they kick themselves for all the deals they have missed. Frequently, they can often recite all the features of a home including frontage, square footage, price and financing a decade later. Naturally, it’s now more than doubled in price. But, why didn’t they buy?

Oftentimes, the real estate procrastinator will have full market knowledge and just be apprehensive about actually doing the deal. There is always one more piece of information, one more item at the office, one more piece to the puzzle before they can say “yes”, let’s put in an Offer.

More frequently than not, these individuals will be highly-educated. They will require a great deal of information about a property before they can make a decision. But, why is this? Find out more >>

Square Benny: Green Condo Development in NDG.

An Environmentally friendly construction.

Photo Source: McGill Immobilier

When we think about green, we imagine trees, open air and nature. The words green development will make us envision a home community surrounded by gardens and trees, but we also think about eco-friendly housing: energy efficiency, recovered (recycled} construction materials, and all this we thought to be the way that our future homes will be built.

The Square Benny Condo Community was created by a private developer named McGill Development, the same who created the 777 Gosford, Orleans and M9 in Old Montreal.

Located in NDG, the Square Benny consist on two small buildings; 3 to 4 floor high, surrounded with, you guessed it, a lot of green spaces. Something that not many new condo projects are doing now-days.

Unlike other mid-rise buildings, this project is made with a concrete structure, and with 8 inches of concrete slab in between each floor, the neighbours downstairs won’t hear you drop the spoon on the kitchen floor. Superb soundproofing.

Let’s talk about the heating and cooling system.

The first time I read the term “Hybrid Condos”, I thought: “What the heck? Another publicity stunt?”
Maybe some alien technology only available at this particular project. Then I heard: 55% of savings on your heating/cooling (energy) consumption. Now we’re talking…>>

Où sont passés les documents importants?

Les documents sur les titres, la situation et les dépenses de votre immeuble seront obligatoires lors de la vente, ils seront demandés par le notaire et les agents immobiliers qui doivent avoir des copies de ces documents à leurs dossiers.

Première étape: faites le GRAND MÉNAGE de vos papiers. Fouillez la maison et le bureau de fond en comble. Vous les trouverez souvent dans une boîte ou un tiroir oublié.

Ils ne sont nulle part: communiquez avec votre banque car ils ont peut être omis de vous les remettre lors du dernier renouvellement de votre hypothèque. Sinon tentez de localiser le notaire chez qui vous avez notarié, vous avez peut être oublié de récupérer les papiers une fois finalisés par le notaire. S’ils sont complètement disparus, le notaire de l’acheteur de votre propriété pourra sûrement les retracer mais il y aura des frais à payer.

Pour le certificat de localisation, si vous êtes propriétaire depuis de nombreuses années Read more >>

Montreal Real Estate Prices Up, Sales Down

Last month’s MLS® residential sales in the Montréal Metropolitan Area decreased by 31 per cent compared to November 2007.
A 6% decrease in year-to-date sales compared to the same period last year, according to the Greater Montréal Real Estate Board (GMREB). While sales have decreased, single-family home median prices are up by 6% year-to-date.

“Montréal’s real estate market has done quite well this year especially when you consider that prices are up and we’re comparing today’s sales with 2007, the year that broke all sales records,” said Michel Beauséjour, FCA, GMREB’s Chief Executive Officer. “All being said and done, Montreal’s market continues to be a good investment, particularly when comparisons are made with other major Canadian cities such as Toronto, Calgary and Vancouver where sales of single-family homes have dropped by as much as 37 per cent year-to-date, whereas we’re only at a decrease of 9 per cent,” he said.

Source: CIGM

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Real Estate Market News: Morning Edition

Housing sales fall sharply in Canada: MLS [CBC News]
“The number of homes sold through the Multiple Listing Service dropped to 27,743 units in November — the lowest level recorded since January 2001, the Canadian Real Estate Association said Monday.”

Fed Cuts to ~0% and Prints Money [Canadian Mortgage Trends]
“Many think they’re getting ready for another rate cut on January 20. If so, that would be a boon for variable-rate mortgage holders (assuming banks pass along the cut). Canada’s key policy rate is currently at 1.50% so there is room for the BoC drop more.”

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