Should you discover a mould presence in your home, you need to act quickly so as to limit its spread, even if it seems to be an insignificant amount. Mould is in fact a microscopic fungus that is harmful to your health. This type of fungus, unlike those that are harmless such as yeast, develop in humid areas where it finds the nutritive elements it needs.

In a home, damp zones may be created by water infiltration, by regular activities that require water (shower, laundry or dishwashing), by a deficient ventilation system that keeps humidity in and/or by construction materials which may themselves contain sufficient moisture to allow the formation of mould.

Mould can be difficult to detect. It does not always manifest itself in a visible recognizable form, however it is extremely important to be vigilant in checking for its presence. Some of the indications of mould that you should check for are fading or black, white, orange, yellow, blue or violet spots. To differentiate mould from regular run of the mill spots, pour a drop of Javel water on it. In the case of mould, the stain should disappear or change color. A typical musty or earth smell can also indicate a mould presence even if you can’t see it. If you see any water spots, water condensation or a leak, it is likely that, sooner or later, mould will grow in these areas.

Mould has two major effects. First, it can cause material degradation that could damage your property structure. Of course, it all depends on the quantity of mould and its development stage. It can also cause serious health problems, especially among pregnant women, babies, the elderly and those who suffer from other health and respiratory problems.

Mould presence can be divided in three categories. Firstly, it is considered to be a “small zone” when the mould covers an area smaller than one square meter. You can clean a “small zone” yourself using a detergent solution such as an odorless dishwashing liquid. Note that, contrary to popular belief, bleach cannot be trusted for disinfection purposes, since too many immeasurable factors must be taken into account.

When cleaning, make sure to wear a mask, rubber gloves and protective glasses. Use a cloth soaked in detergent and water to clean hard surfaces, and rub the affected area. Then, rinse with clean water with another cloth and dry the infected area as soon as possible with a fan. When cleaning gypsum and softer materials, one must use baking soda and a damp cloth to rub the area. Painting over mould will not be an effective remedy. This will only act as a temporary camouflage as the stains will reappear shortly after. It is therefore important to clean and dry the surfaces before painting.

If you detect more than 3 mould plates each covering less than one square meter, or if combined they cover an area greater  than one square meter, but less than three square meters, you are in the presence of a “middle zone”. It is still possible to clean a “middle zone” yourself, however, if mold reappears after washing, it is recommended to contact a specialist to assess its origin, because the problem could get worse with time.

Finally, if the affected area is greater than the size of a sheet of plywood, you’re facing a “large zone”. In such cases, it can cause serious health issues and you should not attempt to clean these surfaces yourself. Contact a specialist who will find the source of the problem and will establish an appropriate intervention plan. At this level, you might need to replace the materials rather than simply washing them.

The best way to avoid the appearance of mould in your property is to always keep it as dry as possible. Your goal therefore is to reduce moisture sources and, if necessary, change some of your habits. Immediately repair any damage that could cause water leakage, frequently clean all surfaces and recycle any unused items instead of storing them in your garage or basement. Tour your property regularly to detect mould and check all areas subject to water leakage. Use a dehumidifier if your house is prone to humidity and use a hygrometer to maintain the relative humidity below 45% in winter. Install a good extractor fan in your bathroom, take shorter showers and choose a high quality kitchen hood to make sure the air is well evacuated to the outside.

In short, when facing mould, it is very important to act quickly to avoid its negative effects and before it spreads to other surfaces. Prevention is always preferable to the remedy!

The title fraud begins with identity theft. The criminal can get the information he needs to steal your identity in many ways: looking through your dumpsters, stealing your mail, or by computer hacking. Once he has the information, he can use your identity to assume the title of your property. He can then sell the house or get a new mortgage and once it is done, he disappears with the money. Over all, the worst part is that the victim may never know about the fraud until the mortgage lender calls concerning mortgage payments he has not made or until the new owner shows up at the door claiming to own the place.

The second possible fraud is less common. It happens as part of a legal process called foreclosure. This process is established to help an owner who is unable to make his mortgage payments. He can call upon a mortgage lender who will take possession of the house and sell it to cover the debt. In these cases, a criminal will offer the owner to lend him money to cover his expenses and consolidate loans in exchange for an agreement to transfer the property title. Once it’s done, the criminal may keep the victim’s payments without paying back the debts. He may also sell the house or get another mortgage and then disappear with the money. Unfortunately, in all these scenarios, the victim may end up on the street with debts he has no way of repaying.

As most fraud begins with identity theft, the best advice we can give is to protect your personal information. It is wise to never give your personal information to people you don’t know. Also, shred all documents with your personal information on it, protect yourself from mailbox theft and order a copy of your credit report every year to see if all the information is accurate. In doing this, you will be able to quickly discover if someone is using your identity. To prevent foreclosure fraud, you should, if you have problems with your mortgage payments, contact your mortgage lender first. Also, should you need to transfer your property title, you are best to consult a lawyer. He would be the best person to help you with this. Finally, you can look into getting title insurance which will cover losses related to title fraud.

It is best to inform yourself about all these security measures. As the old saying goes: Better safe than sorry!

When pondering whether to make such a large investment, it is normal to have certain doubts and fears. Is it the right time? Can I afford to finally become a homeowner? How much would monthly mortgage payments be?  What is the difference between the monthly cost of a property mortgage as opposed to the current rent that I am paying my landlord?  How much can I afford to invest?  ? To help you, a mortgage calculator found on this website, can calculate what your borrowing capacity may be while taking into account, taxes, services, and other amounts that you would not normally pay as a tenant.

• Do you have a down payment? Your mortgage broker can explain the latest rules regarding the percentage of the purchase that you can finance. Generally, a minimum down payment of 5% is required. Does it come from your savings, a gift, or cash back on your mortgage? If you have already contributed to an RRSP, you could withdraw money – tax free – and use as a down payment with a HOP (Home ownership plan).

• Is your credit score good? Your credit score will determine whether your mortgage application will be accepted or refused.

• Have you allocated ample funds to deal with closing costs such as moving costs, legal fees, and land transfer tax (welcome tax)? You will however be happy to know that an amount of up to $ 750 could be reimbursed to you through a federal tax credit.

Finally, according to an Ipsos-Reid poll published in 2010, 91% of Canadians believe that home ownership is a good investment. More Canadians expect to purchase a home within the next two years than did in the two years previous..  Owning a home may not be for everyone, but the fact remains: More and more Canadians look forward to owning their little piece of paradise.

The problem that the banks have with new immigrants for the most part is that they don’t have a solid employment record, and although they have stellar credit bureau scores in their countries of origin, they have not as yet established a credit history for themselves in Canada.

Lack of established credit and an as yet unproven employment record are certainly excellent reasons for being cautious in the granting of a loan. The banking institutions are after all in the business of making money as opposed to giving it away in a benevolent fashion. There are however several banks that are open to new immigrants and they in fact have programs labeled “Welcome to Canada”. These programs are certainly not for everyone but they do cover a large number of newcomers. There are several criteria which must be met but the banks will offer mortgages with at least a 35% down payment. This program coupled with an offer from CMHC Insurance allows a permanent resident to put as little as 5% down, and a non permanent resident can get a loan of up to 90% of the property value.
The following are some of the guidelines the banks follow in order to process a loan.

A Conventional Mortgage Financing requires that the property be:
•?Owner-occupied Purchase Financing up to 65% LTV
•?Owner-occupied ETO (Equity Take Out) Financing up to 65% LTV
•?Single Advance
•?Maximum amortization is 25 years

All applications for New Immigrants must be supported by:
•?Offer to Purchase (where applicable)
•?Copy of MLS listing (where applicable)
•?Applicants must be residents in Canada (Landed Immigrant Status) or confirm an application for Landed Immigrant Status has been made and received or acknowledged by Immigration Canada
•?Cannot be a resident of Canada for greater than 3 years

New immigrant applicants must have one of the following:
•?Satisfactory international credit bureau
•?Satisfactory letter of reference from a Bank within their country of origin
•?Evidence of liquid assets equal to at least 6-12 months principal, interest and taxes, in addition to the down payment. The investment statement or confirmation must be dated within 60 days of the application date.

Down Payment
•?Minimum down payment of 35% plus closing costs must be confirmed without recourse to borrowing, and funds must be in Canada at the time of application – Secondary Financing is not permitted

Maximum Loan Amount
•?$1,000,000
•?Maximum two (2) properties may be financed under equity lending policy provided an immediate family member resides in 2nd home and total mortgage amount cannot exceed $1,000,000

Rates and Terms
•?Conventional Mortgages
•?Fixed Rate 6 months to 7years, and 10 years
•?Closed VIRM (Variable Interest Rate Mortgage)
•?Standard Pricing Applies

Eligible Properties
•?Maximum 4 units where 1 unit is owner occupied principal residence
•?New Construction or Resale – Single Advance
Appraisal
•?Full appraisal of the subject property required in every instance
•?Title Search may be ordered by Credit Centre where deemed necessary

Insured mortgages with CMHC
As mentioned earlier CMHC will fund a mortgage to a higher ratio of between 90-95% however once again certain criteria must be met.
The CMHC may not necessarily look at your credit score but they will study your payment habits over the past year. They will examine your last 12 months payment history for things such as rent, and utilities (such as Bell, Cable, and Hydro) as well as things such as daycare. Another important item that they will look at is whether within the past year you have been able to establish certain credit lines such as savings accounts and opening up credit card accounts in good standing.

As you can see there is more than one way for an immigrant to obtain a mortgage but one must be cognizant of the fact that it is never too soon to try and establish credit.

To find out if you qualify for this or any other type of mortgage loan please contact me, or fill out the contact form on my home page at www.mortgageratemontreal.com so that I may contact you.

Should you discover a mould presence in your home, you need to act quickly so as to limit its spread, even if it seems to be an insignificant amount. Mould is in fact a microscopic fungus that is harmful to your health. This type of fungus, unlike those that are harmless such as yeast, develop in humid areas where it finds the nutritive elements it needs.

In a home, damp zones may be created by water infiltration, by regular activities that require water (shower, laundry or dishwashing), by a deficient ventilation system that keeps humidity in and/or by construction materials which may themselves contain sufficient moisture to allow the formation of mould.

Mould can be difficult to detect. It does not always manifest itself  in a visible recognizable form, however it is extremely important to be vigilant in checking for its presence. Some of the indications of mould that you should check for are fading or black, white, orange, yellow, blue or violet spots. To differentiate mould from regular run of the mill spots, pour a drop of Javel water on it. In the case of mould, the stain should disappear or change color. A typical musty or earth smell can also indicate a mould presence even if you can’t see it. If you see any water spots, water condensation or a leak, it is likely that, sooner or later, mould will grow in these areas.

Mould has two major effects. First, it can cause material degradation that could damage your property structure. Of course, it all depends on the quantity of mould and its development stage. It can also cause serious health problems, especially among pregnant women, babies, the elderly and those who suffer from other health and respiratory problems.

Mould presence can be divided in three categories. Firstly, it is considered to be a “small zone” when the mould covers an area smaller than one square meter. You can clean a “small zone” yourself using a detergent solution such as an odorless dishwashing liquid. Note that, contrary to popular belief, bleach cannot be trusted for disinfection purposes, since too many immeasurable factors must be taken into account.

When cleaning, make sure to wear a mask, rubber gloves and protective glasses. Use a cloth soaked in detergent and water to clean hard surfaces, and rub the affected area. Then, rinse with clean water with another cloth and dry the infected area as soon as possible with a fan. When cleaning gypsum and softer materials, one must use baking soda and a damp cloth to rub the area. Painting over mould will not be an effective remedy. This will only act as a temporary camouflage as the stains will reappear shortly after. It is therefore important to clean and dry the surfaces before painting.

If you detect more than 3 mould plates each covering less than one square meter, or if combined they cover an area greater  than one square meter, but less than three square meters, you are in the presence of a “middle zone”. It is still possible to clean a “middle zone” yourself, however, if mold reappears after washing, it is recommended to contact a specialist to assess its origin, because the problem could get worse with time.

Finally, if the affected area is greater than the size of a sheet of plywood, you’re facing a “large zone”. In such cases, it can cause serious health issues and you should not attempt to clean these surfaces yourself. Contact a specialist who will find the source of the problem and will establish an appropriate intervention plan. At this level, you might need to replace the materials rather than simply washing them.

The best way to avoid the appearance of mould in your property is to always keep it as dry as possible. Your goal therefore is to reduce moisture sources and, if necessary, change some of your habits. Immediately repair any damage that could cause water leakage, frequently clean all surfaces and recycle any unused items instead of storing them in your garage or basement. Tour your property regularly to detect mould and check all areas subject to water leakage. Use a dehumidifier if your house is prone to humidity and use a hygrometer to maintain the relative humidity below 45% in winter. Install a good extractor fan in your bathroom, take shorter showers and choose a high quality kitchen hood to make sure the air is well evacuated to the outside.

In short, when facing mould, it is very important to act quickly to avoid its negative effects and before it spreads to other surfaces. Prevention is always preferable to the remedy!