Posts Tagged ‘USD’

How to Hold an Online Garage Sale

Sunday, April 3rd, 2011

With Spring’s arrival, you may be thinking about emptying closets and ridding yourself of unwanted items. And if you’re thinking about moving, one important step is to get rid of clutter that may have accumulated around your home.

Organizing a traditional garage sale can be a hassle when you have to gather all your unwanted items, tag inventory, post neighborhood signs and online ads, and then spend your weekend haggling prices. If you don’t have that much time, consider holding your garage sale online.

Swap boards, donation directories and even online auction sites make it easy to do. Craigslist, Kijiji, and eBay are the best known of these sites, but there are many to choose from. What’s more, eBay once estimated that the average household has $2,000 worth of unused goods waiting to be sold. You may already be thinking of a few items that should find a new home casino online before you do.

Here’s how to hold a successful online garage sale:

Plan—or Not – The beauty of an online garage sale is that you don’t need to gather all your unwanted belongings at once. Instead you can post them online as soon as you decide to get rid of them.

Price It Right – Search online to learn prices of comparable items. Remember: if you don’t want to lug that item to your next home, it may be worth selling at any price. But if you’re still attached to it, you can set the price a little higher.

Show and Tell – Multiple photos are important—they draw attention to your item over similar ones. Also use them to answer anticipated questions. If you’re selling a piece of furniture, for example, include close-ups of unique details, dings and the upholstery pattern. Also provide detailed written descriptions.

Deliver the Goods – If you’re selling locally and have a vehicle big enough to hold your item, offer to deliver for a small fee. If you’re auctioning the item, you can add a flat shipping fee to the price, or allow buyers to compute and pay for shipping costs.

By getting rid of unwanted items through an online garage sale, you’ll have fewer items to pack when you decide to make a move.

Please contact us any time if you have any questions.

TD’s Mortgage Gamble

Friday, February 25th, 2011

The statement that not all mortgages are created equal came up again recently with regards to TD and how they register their residential mortgages. Effective October 11, 2010, TD started registering all their residential mortgages as collateral mortgages. These changes make it easier for homeowners to tap into their equity and harder for them to switch to another lender upon renewal. Here are some highlights with my comments:

1) Mortgages will be reported to Equifax

This is interesting since traditional mortgages in Canada do not report on your credit history. Lines of credit ( which are registered as collateral charges ) do appear on the credit history. So does this mean that these mortgages will?

2) Collateral mortgage can be registered up to 125% of the borrower’s home value upon close.

This allows you to borrow more money ( if you qualify and your home goes up in value ) in the future and avoid legal costs ( $600 to $900 savings ) – this might be okay but read on. One further issue with this practice is that Realtors will often pull title on a property prior to listing it to see if there is enough left over from the sale to pay their commissions. With a mortgage registered at 125% of the home value this could create concern in the eyes of the realtor.

3) The collateral mortgage is assignable

This means that TD will allow you to transfer this mortgage to another lender at maturity – here is the big negative – there are no lenders at this time that will accept a collateral mortgage for a mortgage transfer. This is important because these mortgages will not qualify for a NO-FEE transfer to a new lending institution – so the borrower must now pay legal and appraisal costs to move to another bank. Currently mortgages that are registered normally can be transferred to a new lender upon renewal at NO COST to the borrower. With TD’s collateral mortgage you will incur these costs to switch to get a better rate.

4) TD will not accept another lenders collateral mortgage charge for transfer

This pretty much confirms it – TD will not accept this type of mortgage at this time and no other lender will accept them either.

So, in summary, in my mind, these changes are more negative than positive because if you loose leverage to negotiate, it could cost you a lot in the form of higher interest rates upon renewal. This move again reinforces why mortgage clients should deal with a qualified Mortgage Broker to help consumers decide what mortgage product is best for them.

Canada Mortgage Direct

Bob Alexander, B.Comm, CMA, AMP

Phone: 403-875-5270
Email: bob@mortgagedoctors.ca
www.mortgagedoctors.ca