Better Homes and Gardens Real Estate Signature Service

Mortgage Brokers Can Save You Money

Thu, 18 Nov 2010 04:29:15 -0700

Choosing the right mortgage can be overwhelming. Although going to your bank might be the logical move, you don’t know if this will net you the best mortgage plan for your budget, lifestyle and prospects. And searching by yourself can give you the feeling that there is just too much to know.

That’s why mortgage brokers seem to have become an increasingly popular channel for consumers to find the right mortgage for them. According to the Canadian Association of Accredited Mortgage Professionals Fall 2009 Canadian Mortgage Industry Snapshot, 23% o all mortgages in 2009 were handled by a mortgage broker, including 32% o all new mortgages.

Albertans lead the trend, with 34% o all mortgages in that province being handled by brokers. Most Ontarians and those living in the Atlantic Provinces prefer going through one of the Big Five Banks. And Credit Unions/Caisses Popularies are strongest in French Canada and the Prairies.

It appears that young people are the ones driving the success of mortgage brokers. In 2009, 28% o mortgages amongst 18-34 year-olds were through a broker, while only 17% o Canadians older than 55 used one. This is likely because young people are more uncertain about how to choose the right mortgage and because brokers are still relatively new to Canadians.

The most important finding from the research is that Canadians use brokers for new mortgages, but they tend to neglect them for their renegotiations. This could be a mistake. The data in this report shows that brokers can be an effective way to get lower interest rates. Those Canadians who renegotiated their mortgage through a broker reduced their interest rate by 125 points compared to the 114 point reductions consumers got when they went through a Bank or Credit Union.

Rob Daniel, the Managing Director of Maritz Research Canada (the group that conducted the research), had this to say: “The Broker channel has done a good job marketing the effectiveness of its service for originations, but Canadians are defaulting to their lender or Banks when it comes time to renegotiate. Brokers need to let their customers know that their services are very useful – and financially beneficial – during the renegotiation process as well.”

Of course, using a broker may not always be in your best interest, particularly if you have a good relationship with your bank, and are confident you are getting the best rates. But if you have any doubts, getting a mortgage broker might be one of the best ways to save you money in the long term.

Contact Signature Service Financial today for more information.

www.signatureservicefinancial.com

Image: Stefano Valle / FreeDigitalPhotos.net

Taber Real Estate and Coaldale Real Estate

Wed, 03 Nov 2010 12:46:38 -0700

Taber Real Estate and Coaldale Real Estate
With over 1000 Active Real Estate Listings, Taber Real Estate and Coaldale Real Estate is available for all price categories. Signature Service Real Estate was built with you in mind and our Real Estate professionals are here to help you find your next home. We are only one of the most successful Taber Real Estate Offices and Coaldale Real Estate Offices because we focus on providing you with everything that you need for your Taber Real Estate and Coaldale Real Estate Needs.

Taber Real Estate Board and Coaldale Real Estate Board
The Taber Real Estate Board and Coaldale Real Estate Board are a part of the Lethbridge Real Estate Board which serves the local REALTORS® who provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and farm/ranch. As members of the Alberta Real Estate and Canadian Real Estate Associations, we subscribe to a high standard of professional service and a strict code of ethics.

North Battleford Real Estate

Wed, 03 Nov 2010 12:45:54 -0700

North Battleford Real Estate
With over 450 Active Real Estate Listings, North Battleford Real Estate is available for all price categories. Signature Service Real Estate was built with you in mind and our Real Estate professionals are here to help you find your next home. We are only one of the most successful North Battleford Real Estate Offices because we focus on providing you with everything that you need for your North Battleford Real Estate Needs.

North Battleford Real Estate Board
The North Battleford Real Estate Board serves the local REALTORS® who provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and farm/ranch. As members of the Association of Saskatchewan REALTORS®, Saskatchewan Real Estate Commission and Canadian Real Estate Associations, we subscribe to a high standard of professional service and a strict code of ethics.

Moose Jaw Real Estate

Wed, 03 Nov 2010 12:43:45 -0700

Moose Jaw Real Estate
With over 500 Active Real Estate Listings, Moose Jaw Real Estate is available for all price categories. Signature Service Real Estate was built with you in mind and our Real Estate professionals are here to help you find your next home. We are only one of the most successful Moose Jaw Real Estate Offices because we focus on providing you with everything that you need for your Moose Jaw Real Estate Needs.

Moose Jaw Real Estate Board
The Moose Jaw Real Estate Board serves the local REALTORS® who provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and farm/ranch. As members of the Association of Saskatchewan REALTORS®, Saskatchewan Real Estate Commission and Canadian Real Estate Associations, we subscribe to a high standard of professional service and a strict code of ethics.

Lloydminster Real Estate

Wed, 03 Nov 2010 12:43:00 -0700

Lloydminster Real Estate
With over 700 Active Real Estate Listings, Lloydminster Real Estate is available for all price categories. Signature Service Real Estate was built with you in mind and our Real Estate professionals are here to help you find your next home. We are only one of the most successful Lloydminster Real Estate Offices because we focus on providing you with everything that you need for your Lloydminster Real Estate Needs.

Lloydminster Real Estate Board
The Lloydminster Real Estate Board serves the local REALTORS® who provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and farm/ranch. As members of the Alberta Real Estate Association, Association of Saskatchewan REALTORS®, Saskatchewan Real Estate Commission and Canadian Real Estate Associations, we subscribe to a high standard of professional service and a strict code of ethics.

Medicine Hat Real Estate

Wed, 03 Nov 2010 12:42:24 -0700

Medicine Hat Real Estate
With over 1300 Active Real Estate Listings, Medicine Hat Real Estate is available for all price categories. Signature Service Real Estate was built with you in mind and our Real Estate professionals are here to help you find your next home. We are only one of the most successful Medicine Hat Real Estate Offices because we focus on providing you with everything that you need for your Medicine Hat Real Estate Needs.

Medicine Hat Real Estate Board
The Medicine Hat Real Estate Board serves the local REALTORS® who provide real estate brokerage services to buyers and sellers of all types of property - residential, commercial, industrial and farm/ranch. As members of the Alberta Real Estate and Canadian Real Estate Associations, we subscribe to a high standard of professional service and a strict code of ethics.

Are You a Client or a Customer Know the Difference

Wed, 01 Sep 2010 11:10:57 -0700

The real estate industry sometimes uses language that appears at first glance to be clear, but do you as a consumer know what some terms really mean? At first glance, the words “Client” and “Customer” seem pretty clear-cut, but they mean completely different things to a REALTOR®. It also means a tremendous difference in how seriously you are taken as a Buyer.

Think we’re splitting hairs? The words “Client” and “Customer” and the way they relate to the REALTOR® as individuals make a tremendous difference in the types and level of service you receive. After you read why, you’ll know absolutely whether you want to be one or the other.

First, let’s start with a little history. REALTORS® have always worked with home Sellers to list their homes for sale on the market. Along with this service comes the responsibility to advertise the homes, network with other REALTORS® to find a Buyer, negotiate the sales contract and guide the Sellers to successful closings. Because of the time and expenses incurred by the sales representative and broker which will not be reimbursed until the closing of the home, Sellers have always been required to sign a listing contract. This contract enables the sales representative/broker enough time to properly market the property, find a Buyer, negotiate a contract and get the property to closing within the time frame allowed. It also protects the agent from home owners who wish to use services without fairly compensating the professional.

The real benefit, however, is for the home owner. Once the home owner has signed the contract, the sales representative/broker has the fiduciary responsibility to get the highest price possible for the home and to protect the Seller’s interests above all else. The sales representative must also follow provincial and federal mandated regulations as to ethics and legalities that are enforceable by a provincial council in conjunction with the local Real Estate Association. In other words, the contract is legally binding with the REALTORS® performance at stake.

Now that a contract has been signed, the home owner is a “Client” of the sales representative/broker, and enjoys the full privileges of a close, working relationship.

Buyers have historically worked with REALTORS® too, but it wasn’t until fairly recently that they have been asked to sign ”Buyer Representation Agreement.” This is a change that has come about because of two reasons…abuse to Buyer’s agents and increased consumer awareness.

Without a contract the Buyer’s agent was particularly vulnerable to working without getting paid. Too often, Buyers would ask them to show them house after house, and then buy from another sales representative. One favourite Buyer trick is to attend open houses without their REALTOR® and tell the listing sales representative they aren’t working with anyone. Buyers mistakenly believe that they are learning about more homes without a sales rep. at their side, or that they may possibly get a better deal. The truth is…they don’t! They usually pay more for the home than they have to when they buy from the listing sales representative directly.

Then consumer awareness dawned. Buyers began to realize that whoever represented them at the closing table was on the side of the Seller, not theirs. They realized that they deserved to have a true advocate, and the Buyer’s agent was born. The only way was to create a binding agreement that protected both parties.

Good REALTORS® didn’t want to be burned again so the ”Buyer Agency Agreement” (now called the Buyer Representation Agreement) was created. Again, it was a protection for the REALTOR®, but it generates much more benefit for the Buyer. The main advantage is that it releases the agent from a fiduciary responsibility to the Seller and enables the agent to pursue the Buyer’s goals without any agenda.

Once the contract is signed, the sales representative goes into motion searching the MLS® for homes, and seeking homes through other avenues – foreclosures, FSBO’s, and their own database. At negotiations, the contracted Buyer’s agent becomes a “bulldog for the Buyer”, unrestricted by the Seller or Seller’s agent. Now they can make more demands, get a better price and better terms of sale for the Buyer.

Despite these advantages, some Buyers are still reluctant to sign. They don’t want to be “tied down” or they may mistakenly think that getting several REALTORS® to work with them will get them a better home or deal. They won’t. Part of the strength of the industry is the REALTOR® communication network. A Buyer working with several sales rep’s will quickly become a joke.

Without a contract, the Buyer is clearly not a Client. He/She is a “Customer” and when a good listing comes on the market either by word of mouth, e-mail from another REALTOR®, or on the MLS®, who do you think the Buyer’s agent will notify first…the uncommitted Buyer (Customer) or the contracted Buyer (Client?).

A contract makes a difference in other ways. For example, there are things the Seller may not want disclosed to the Buyer such as their urgency to sell, which could compromise their bargaining position. A REALTOR® who then discloses this information is in ethical violation and can be brought before the Real Estte Council of Ontario (RECO) on charges. Some offenses are serious enough to have a REALTOR® license to practice suspended or revoked completely.

But the Buyer has no such protections without a contract! Anything they say to an un-contracted REALTOR® may be passed along to the Seller. Why? Because, any REALTOR® who works for the Buyer without a contract automatically becomes a sub-agent for the listing broker, and is therefore working on behalf of the Seller.

Surprised? It’s all spelled out – in the listing contract and in the “Buyer Representation Agreement.”

A contract makes the difference in whether you are a “Customer” or a “Client” in a real estate transaction.

Which do you want to be?

Welcome To Signature Service Real Estate

Thu, 26 Aug 2010 01:53:48 -0700

Hello and Welcome

This is just a note to introduce you to our new site and to our company Blog. We hope you will check back frequently, as this will become a hub of useful information for you and your Real Estate experience.

Thank you for joining us,